Construction of Nigeria’s First Gold Refinery Begins in Ogun

By Adedapo Adesanya Oil fell on Monday as traders approached the market with caution over plans by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) to cut production in the first quarter of 2024. Brent crude futures lost 85 cents or 1.08 per cent to finish at $78.03 a barrel while the US West Texas Intermediate (WTI) crude futures depreciated by $1.03 or 1.39 per cent to sell at $73.04 per barrel. OPEC+ announced voluntary production cuts at its meeting last week and this has raised doubts about whether or not producers would fully implement them. Investors

By Bliss Okperan Nigeria recorded an improvement in its trade surplus in the third quarter of 2023, according to data released by the National Bureau of Statistics (NBS), which was analysed by Business Post. The agency disclosed that in the period under review, the total value of exports stood at N10.347 trillion, while imports stood at N8.458 trillion, leaving the total value of trades at N18.802 trillion, 60.78 per cent higher than the N6.435 trillion achieved in the second quarter of 2023. Analysis showed that between July and September 2023, the country, which prides itself as the biggest economy in

By Adedapo Adesanya The African Development Bank Group (AfDB) has revealed that a $1 billion facility would be used to provide insurance to more than 40 million farmers across the continent against severe impacts of climate change. Initially unveiled at the Africa Climate Summit held in Nairobi in September, the Africa Climate Risk Insurance Facility for Adaptation (ACRIFA) brings together governments, development agencies, the insurance sector and the private sector, said the president of the bank, Mr Akinwumi Adesina, while speaking during a side event at COP28 in Dubai. He said ACRIFA aims to mobilise $1 billion of concessionary financing,

By Dipo Olowookere The online stock trading platform of Morgan Capital Securities Limited, iTrade, is now back online. The iTrade service went offline on Monday due to a technical glitch, which the company confirmed has been resolved, allowing its numerous clients to buy and sell shares and other securities without hassle. “Thank you for your patience and understanding. “This is to inform you that the trading platform (iTrade) is now fully up and running to enable you to trade seamlessly. “Our sincere apologies for any inconvenience caused as a result of this,” a statement from the company, which was sighted

By Adedapo Adesanya Almost a month after the Nigeria Railway Corporation (NRC) announced the proposed resumption of the Abuja-Kaduna passenger train service, the facility will start running on Monday, December 5, 2022, with only two return services. The announcement by the Managing Director of the NRC, Mr Fidet Okhiria, said the first train would depart Rigasa train station in Kaduna State to Abuja by 8:00 in the morning while from Abuja, the first train will depart Idu train station to Kaduna State by 9:45 in the morning. The NRC management also revealed that as part of the new security measures,

By Adedapo Adesanya Okomu Oil Palm Plc has released its interim report for the half year (H1) 2019 and from the analysis, the firm posted lower profit and turnover from what was recorded by the palm oil processing company in H1 2018. Total revenue generated as at the end of June 30  was N8.6 billion, lower than the N12.9 billion raked in H1 2018. This may have been impacted by the lower cost of sales recorded by the company in the period under consideration, which stood at N1.7 billion against N1.8 billion in the comparative period last year. As a

By Modupe Gbadeyanka A partnership aimed to give access to mobility entrepreneurs access to working capital has been entered into between OnePipe and Motor Africa, the trade name of envio Logistics Incorporated. It was gathered that the funds, under lending as a service (LaaS) proposition, would be provided to vehicle owners in the form of an overdraft to finance car repairs, purchase genuine spare parts, vehicle and personal insurance, smartphones, and cash for personal and family welfare support needs. This LaaS format utilizes hybrid telemetry IOT systems and allows lending partners to create loan products with interest rates and repayment

By Danjuma Gogo Few things rival honesty as the primary characteristic of a reputable journalist. Fairness, objectivity and honesty are three key factors that every good journalist must not jettison in his/her stories. While every journalist works hard to ensure he earns the trust of his audience, it is worth knowing that dishonesty is the surest way to violate that trust. I read on Friday, February 5, 2021, the story in ThisDay Newspapers written by my brother Shaka Momodu which he titled The ABC of a Recalcitrant Debtor. Only that headline caught my attention far away here, making me to

By Dipo Olowookere Yield on the one-year treasury bills at the secondary market increased on Thursday by 0.44 percent to settle at 14.98 percent, Business Post reports. This was as a result of renewed selloffs witnessed on the tenor and three other maturities tracked at the market yesterday. An analysis of the market on Thursday showed that only the one-month treasury bill recorded a decline in its yield, going down by 0.49 percent to finish at 13.03 percent. Yield on the three-month increased by 0.69 percent to close at 11.42 percent, while yield on the six-month maturity rose by 0.21

By Omoshola Deji Nigerian ethnic groups are enduring the pains, rather than enjoying the gains of unity. From 1960 to date, successive governments, both the militarily imposed and the democratically elected, has declared Nigeria’s unity non-negotiable. Double-edged, the willingness to retain a united Nigeria is contrasted by the unwillingness to allow the nationalities negotiate their terms of cohabitation. This inflames the countrywide demand for political-economic restructuring and the quest for Biafra in Southeast, Nigeria. Championing the immediate struggle for Biafra secession is Nnamdi Nwanekaenyi Kanu – the former director of the London-based Radio Biafra and recently dismissed leader of the

By Dipo Olowookere It was an abysmal outing for stocks in Nigeria as investors are gradually retreating from the market, preferring to watch happenings from a safe distance. At the market on Tuesday, equities depreciated by 0.36 per cent on the back of profit-taking, widening the year-to-date loss to 10.16 per cent at the close of transactions. Consequently, the All-Share Index (ASI) of the Nigerian Stock Exchange (NSE) went down by 86.01 points to 24,114.59 points from 24,200.60 points, while the market capitalisation reduced by N45 billion to N12.580 trillion from N12.625 trillion. The loss printed by the stock exchange

By Adedapo Adesanya The African Export-Import Bank (Afreximbank), the International Islamic Trade Finance Corporation (ITFC), the Trade Finance Arm of the Islamic Development Bank (IsDB) Group; and the Arab Bank For Economic Development in Africa (BADEA) are to launch a $1.5 billion Collaborative COVID-19 Pandemic Response Facility (COPREFA) to help the continent get back on its feet. COPREFA will be accessed by eligible central banks, commercial banks and businesses to finance the import of medical supplies, as well as agricultural equipment and fertilizers essential for addressing the pressing food production deficit. The programme is also designed to support African economies