C&I Leasing Lists N10bn 7-Year Bonds on Nigerian Exchange

By Adedapo Adesanya  Angola, one of Africa’s top crude oil producers and a key member of the Organisation of the Petroleum Exporting Countries (OPEC), has officially rejected the proposed production quota for the year 2024 and may even exit the group. This was signalled by Mr Diamantino Pedro Azevedo, Angola’s Minister of Energy and Mineral Resources, confirming the nation’s decision and indicating a divergence from OPEC’s suggested allocations for both member and non-member countries. The announcement was made during the 26th OPEC+ Meeting on Thursday, where the organisation proposed 1.11 million barrels of crude oil per day production quota for

By Adedapo Adesanya A hybrid solar power solutions provider, Daystar Power, has signed an agreement with Nigerian Breweries to install and operate a 4.2MWp solar plant and 2MWh battery storage system that will help the firm reduce its high energy costs. The installation will be one of the largest solar and battery storage projects for an industrial manufacturer in Nigeria. The hybrid solar solution will generate 5,249 MWh of electricity – 42 per cent of its daytime power consumption – every year at Nigerian Breweries’ Lagos brewery. According to a statement, the integration of solar into the factory’s energy mix

By Adedapo Adesanya The House of Representatives has pledged to stop international oil companies (IOCs) operating in the Niger Delta from divestment of their offshore assets without being accountable to the environment. The Chairman of the House of Reps Committee on Host Communities, Mr Dumnamene Dekor, said this during a technical session on the implementation of the Host Communities Development Trusts (HCDT), organised by Spaces for Change (S4C) with support from Ford Foundation. Mr Dekor raised the alarm that since the passage of the Petroleum Industry Act in 2021, host communities have not experienced any positive change, rather have remained

By Dipo Olowookere Local equities rebounded by 0.34 per cent on Wednesday on the back of buying pressure on a few energy stocks and others at the Nigerian Exchange (NGX) Limited. According to data from the bourse, the bullish stance was attained despite profit-taking activities in the banking space amid plans by the Central Bank of Nigeria (CBN) to recapitalise the industry, leaving the market breadth index negative. This was because the number of price losers was more than the price gainers at 39 and 19 apiece, indicating a weak investor sentiment. Business Post reports that the energy counter grew

By Adedapo Adesanya The crude oil market appreciated on Thursday by 2 per cent as Germany seems to have dropped its opposition to European countries banning Russian energy imports. Russia, which supplies a chunk of gas Germans use for survival, invaded Ukraine in February, resulting in sanctions from the United States, the United Kingdom, Canada and others. After reports of war crimes on civilians in Ukraine, more sanctions were imposed and the European Union (EU) was urged to stop buying fuel from Russia as a punishment. While some EU countries agreed, Germany opposed this because of its heavy reliance on

By Adedapo Adesanya The Naira further appreciated against the United States Dollar at the Peer-to-Peer (P2P) on Friday but closed weaker at the Investors and Exporters (I&E), as well as the parallel market segments of the foreign exchange (forex) market. Data obtained by Business Post showed that the Nigerian currency gained N3 against its American counterpart yesterday to close at N752/$1, in contrast to the N755/$1 it was quoted a day earlier. But at the spot market, it depreciated by 73 Kobo or 0.16 per cent against the greenback to trade at N461.90/$1 compared with the previous day’s N461.17/$1, according to

By Jerome-Mario Chijioke Utomi About two years ago, when President Muhammadu Buhari removed Professor Charles Dokubo (now late), as the interim Coordinator of the Presidential Amnesty Programme, and in his place, appointed Mbiama, Ahoada West Local Government Area of Rivers State-born Colonel Milland Dixon Dikio (rtd), stakeholders were happy for varying reasons. Centrally, their happiness, going by commentaries, was anchored on the fact that as a Nigerian Defence Academy (NDA) 21st Regular Combatant Course graduate, who was later appointed the Academy Cadets Adjutant in recognition of his leadership qualities and voluntarily retired in the rank of Colonel in July 2004,

By Investors Hub The major U.S. index futures are pointing to a higher opening on Wednesday, with stocks likely to regain some ground following the weakness seen in the previous session. The markets may benefit from bargain hunting following the pullback on Tuesday, which saw the Dow slump by nearly 300 points. Notable strength seen in the overseas markets on the day may also generate some early buying interest on Wall Street. Trade concerns may continue to weigh on the markets, however, as traders worry about an escalating trade dispute between the U.S. and China. After showing a significant move

By Dipo Olowookere The presidency has clarified the role of Africa’s richest man, Mr Aliko Dangote, in the All Progressives Congress (APC) Campaign Council of President Muhammadu Buhari’s re-election bid. On Friday, the ruling party named Mr Dangote and Mr Femi Otedola of Forte Oil as Special Advisory Committee to President Buhari. This move was highly criticised by many Nigerians and the opposition Peoples Democratic Party (PDP) and shares of the companies of the two businessmen depreciated on the Nigerian Stock Exchange (NSE) yesterday. On Saturday morning, the presidency released a statement, stressing that Mr Dangote is not a member

By Dipo Olowookere Keystone Bank Limited has again restated its commitment to environmental sustainability with a partnership with Wecyclers Nigeria Limited, a company committed to improving recycling in Nigeria. The lender joined forces with the company for a clean-up exercise at the popular SURA Market in Lagos as part of its efforts to mark the 2019 ‘Global Recycling Day’. The Global Recycle Day is a global event commemorated annually to help recognize, and celebrate, the importance recycling plays in preserving precious primary resources and securing the future of the planet – earth. In celebrating this year’s edition held on Monday

By Modupe Gbadeyanka Shareholders of Tantalizers Plc, Nigeria’s foremost fast food company and the only quoted QSR Company on the Nigeria Stock Exchange (NSE), can be most certain that they will smile when the firm releases its full year 2017 performance. This is because management of the company has expressed business optimism regarding the efficiency of its on-going strategic initiatives aimed at reversing the recent declining profitability in the business. The initiatives, which commenced in the last two years, are designed to totally restructure the business, stem the declining performance and boost shareholders’ funds. Investigations show that as a result

By Modupe Gbadeyanka The Stanbic IBTC’s Purchasing Managers’ Index (PMI) has indicated that the index attained a five-month high, which was a reflection of an improvement in the macro-economy. This emerged after the Central Bank of Nigeria (CBN) revealed that its Manufacturing PMI stood at 52 index points in December 2016, also indicating an expansion in the manufacturing sector during the review period. The central bank’s PMI index had recorded decline in the preceding eleven months. Continuing, Stanbic IBTC explained that the headline figure was derived from its Purchasing Managers’ IndexTM (PMITM). Readings above 50.0 signalled an improvement in business