Crude Oil Prices Rise on Higher US Employment Data

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 Dipo Olowookere The last trading day of November 2023 on the floor of the Nigerian Exchange (NGX) Limited ended on a bullish note by 0.11 per cent on Thursday. Mild bargain-hunting in industrial goods equities like Lafarge Africa, supported by Airtel Africa, GTCO and other financial stocks left the market in the green territory at the close of business. Consequently, the All-Share Index (ASI) increased by 81.91 points to settle at 71,365.25 points compared with the preceding day’s 71,283.34 points, and the market capitalisation grew by N44 billion to N39.052 trillion from N39.008 trillion. Business Post reports that the

By Adedapo Adesanya Nigeria will accept and work with a production quota of 1.5 million barrels of crude oil per day in 2024 as the country aims to grow on the back of its oil resources, following a revision done by the Organisation of the Petroleum Exporting Countries and its allies, OPEC+. According to a statement issued by the Press and Public Relations unit of the Ministry of Petroleum Resources, Thursday’s meeting of the 23-man group addressed crucial aspects, including the completion of assessments by independent sources (IHS, Wood Mackenzie, and Rystad Energy) on the projected production levels for Angola,

By Ahmed Rahma A telecommunication company, 9mobile has commenced the National Identification Number (NIN) registration exercise in selected experience centres in Lagos and Abuja. In a statement on Monday, the telco stated that the development followed federal government’s approval granting telecoms the licence for NIN enrollment to ease the pressure of large crowd turnout at the various enrollment centres of the Nigeria Identity Management Commission (NIMC). The Chief Commercial Officer, 9mobile, Mr Stjepan Udovicic said, “9mobile  will always seek opportunities to collaborate with regulators and other stakeholders on initiatives that will enable Nigerians to achieve their full potential.” “We are

By Dipo Olowookere There was a massive dumping of Unity Bank Plc shares at the stock exchange on Tuesday and this was fuelled by a rumour that the Central Bank of Nigeria (CBN) was planning to revoke the operating licence of the lender. In 2018, the central bank revoked the licence of Skye Bank Plc and nationalised it to Polaris Bank and when this action was taken, some observers said Unity Bank should have also suffered this fate because its fundamentals were shaky too. According to investigations by Business Post, shareholders of the defunct Skye Bank are yet to be

By Modupe Gbadeyanka On Monday, March 4, 2019, the board of directors of Nestle Nigeria Plc will gather to deliberate on some issues. During the meeting, the board will specifically look into the financial statements of the leading maker of beverages in the country for the year ended December 31, 2018. In addition, the board will be taking a look into the possibility of rewarding shareholders of the firm with a final dividend payment. “We write to inform you that the meeting of the board of directors of our company is scheduled for March 4, 2019 in the afternoon to

By Modupe Gbadeyanka​ Friday, June 16, 2017 has been fixed for the third edition of NSE Bloomberg CEO Roundtable to take place at the Stock Exchange House in Marina, Lagos. The forum will bring together thought leaders with a wide range of perspectives on the economy, from the financial, agriculture, manufacturing, academic and public sectors, and will be headlined by the Minister of Finance, Mrs Kemi Adeosun. It will feature a keynote presentation, panel discussions and insightful research and analysis on the Nigerian Economy from a Bloomberg economist. The CEO Roundtable is an initiative of the Nigerian Stock Exchange (NSE)

By Aduragbemi Omiyale The Central Bank of Nigeria (CBN) has said it does not have any intention to prevent offshore investors from participating in its regular sale of short-term bills via the Open Market Operations (OMO). Recall that a few years ago, the apex bank barred local investors from buying the liquidity management instrument. The attractive financial asset was only made available to foreign portfolio investors (FPIs) as part of moves to boost foreign exchange (FX) inflows into the country, especially at a time the nation was experiencing a squeeze in FX liquidity, which was putting pressure on the Naira

By Adedapo Adesanya Nigeria is set to boost its coastal and regional waters security with the acquisition of a new warship, Tank – 100, Nigerian Navy Ship KADA (NNS KADA). According to the spokesman for the navy, Commodore Adedotun Ayo-Vaughan, the Change of Flag Ceremony was held in preparation for the ship’s journey to Nigeria, which would include port visits to Oman, Kenya, South Africa, Angola, and Gabon. This happened even though the NNS KADA is expected to arrive in Nigeria on May 27, 2022. In his address at the ceremony, the Chief of the Naval Staff, Vice Admiral Awwal

By Dipo Olowookere On Thursday, news went into town that a Supreme Court judge has directed Guaranty Trust Bank (GTBank) Plc to pay the sum of N12 billion to one of its customers, Mr Innocent Chukwuma. The report quoted spokesman of the company headed by Mr Chukwuma, Innoson Motors, Mr Cornel Osigwe, as saying the court ordered the bank to make the payment within 14 days. But reacting to this, GTBank said there was no court order directing it to make any payment to “any of its debtor customers.” In the statement obtained by Business Post, the leading financial institution

By Adedapo Adesanya The House of Representatives is set to investigate a petition against the Minister of State for Petroleum Resources, Mr Timipre Sylva and the Director of the Department of Petroleum Resources (DPR), Mr  Sarki Auwalu, over the revocation of the Dawis Island Marginal Field licence. The petition was received at the plenary on Tuesday, October 5 and was signed by Mr Onoriode Odjegba, the Managing Director, Eurafric Energy Limited. The company was also joined by Petralon Energy Limited in the action and said the licence was revoked in April 2020 for alleged failure to bring the field to