Cross River Decries Exclusion from 13% Derivation

By Adedapo Adesanya The Nigerian National Petroleum Company (NNPC) Limited will alter how its crude cargoes are priced from January 2024. According to a new circular, the state oil company will start pricing its supplies against the monthly average of Dated Brent, the physical crude benchmark, raising worries that the nation’s barrels may become more risky. Prior to this latest move, Nigeria prices its crude cargoes based on Dated Brent’s average settlement in the five days after loading. NNPC plans to stick with the initial nominated loading dates for pricing purposes, according to the circular. Bloomberg reported that traders said

By Adedapo Adesanya The Nigerian Shippers’ Council (NSC) has expressed its readiness to partner with the Lekki Deep Seaport by promoting the seamless movement of cargo and the efficiency of the nation’s ports. The NSC Executive Secretary, Mr Pius Akutah, gave the assurance when the Managing Director, Lekki Port LFTZ Enterprise Limited (LPLEL) – promoters of Lekki Deep Seaport, Mr Du Ruogang, led the port’s management on a courtesy visit to the NSC in Lagos. Mr Akutah, who commended the Lekki Deep Seaport management for the visit, said the council would partner with the port in areas that would boost

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 Adedapo Adesanya  The prices of the crude oil benchmarks, Brent and the West Texas Intermediate (WTI) fell to a near five-month low on Tuesday on a stronger US Dollar and demand concerns. According to data obtained by Business Post, Brent futures went down by 83 cents or 1.1 per cent to $77.20 a barrel and WTI weakened by 72 cents or 1.0 per cent to $72.32 per barrel. The prices were the lowest for both crude benchmarks since July 6. This put the market down for a fourth day in a row on doubts over voluntary supply cuts announced by

By Modupe Gbadeyanka For three days, expert in the African economy converged in Abuja, Nigeria to discuss ways to boost the continent’s economy using agriculture. Over 300 participants attended the 11th African Economic Conference (AEC) co-organized by the African Development Bank (AfDB), UN Economic Commission for Africa (ECA) and United Nations Development Programme (UNDP) with the theme ‘Feed Africa: Towards Agro-Allied Industrialization for Inclusive Growth.’ During the three-day programme, participants had intensive discussions on how African countries can achieve agro-allied industrialization. It was agreed that to achieve an industrialised Africa, each government must put in place policies that would boost

By Adedapo Adesanya The week opened with the bulls retaining their presence on the floor of the NASD Over-the-Counter (OTC) Securities Exchange following a marginal 0.01 per cent rise. The bullish outcome came on the back of the growth recorded by NASD Plc as its equity went up by 51 kobo or 9.1 per cent to close at N5.61 per unit compared with N5.10 per unit it closed at the previous session. As a result of this, the NASD unlisted security index (NSI) moved up by 0.07 points to 737.94 points from 737.87 points, while the market capitalisation gained N60

By Modupe Gbadeyanka The Nigerian Stock Exchange (NSE) All-Share Index and market capitalization depreciated by 2.65 percent and 2.63 percent during this week’s trading to close the week at 35,005.57 points and N12.068 trillion respectively. Similarly, all other Indices finished lower during the week with the exception of NSE Oil/Gas index, which rose by 0.17 percent Also during the week, 23 equities appreciated in price during the week, lower than 28 of the previous week, while 45 equities depreciated in price, higher than 38 equities of the previous week, and 104 equities remained unchanged lower than 105 equities recorded in

By Desmond Utomwen Sometime in August, 2016, we received information bothering on allegations of corrupt enrichment by one Umar Faru, a serving Customs officer, currently posted to Lagos Command. The allegations held that Faru had deployed “proceeds of corruption” to acquire properties. One of such houses was valued at over N120million and located along Turaki Road, Gadabiyu Gusau, Zamfara State, opposite the residence of Alh. Ummaru Jibo, the Zamfara State Commissioner of Information. Faru was also alleged to have used his personal account (3034403649) and that of his wife, Maryam Sani Hassan (3057435285), both domiciled with First Bank of Nigeria

By Dipo Olowookere The secondary market for treasury bills finished bearish yesterday, with yields across maturities tracked during the trading session facing north. Business Post observed that activities at the market on Monday were characterised by sell-off across the tenors, which pushed the average yields higher by 0.11 percent to 12.12 percent. An analysis of the yesterday’s trading session showed that at the close of business, the one-month bill recorded a 0.02 percent rise in its yields to settle at 10.97 percent. Yields on the three-month instrument went up by 0.30 percent to close at 11.31 percent, while yields on

By Dipo Olowookere The acquisition of Multek, a leading provider of Interconnect Solutions, by Suzhou Dongshan Precision Manufacturing Co. Ltd has been finalised. DSBJ is a diversified manufacturer headquartered in Suzhou, China and with this development; Multek now becomes an indirect, wholly-owned subsidiary of DSBJ. Recall that the transaction was announced in March 2018 by Multek’s outgoing parent company, Flex, in the form of a divestiture. The completion of this transaction follows the receipt of all necessary shareholder and regulatory approvals, a statement by Multek said. Chief Executive Officer of Multek, Franck Lize, stated that, “We are pleased to complete

By Dipo Olowookere TRIGO has been awarded a strategic contract by PSA Group to provide extensive quality services in France for the upcoming years. The cooperation between TRIGO and PSA Group started two decades ago and has been developed in many locations worldwide where PSA Group operates. As a result of a proposal opportunity launched in France in 2016, TRIGO became the trusted quality service provider at 13 French PSA manufacturing sites. TRIGO’s innovative quality solutions are significantly facilitating the automotive manufacturer’s operations and improving its competitiveness by covering the complete OEM manufacturing process and offering a comprehensive quality service