Crude Oil Prices to Remain Low This Week

By Adedapo Adesanya Ultrasonic sensing technology company, Fluenta, has completed work on the Dangote Refinery in Nigeria, Africa’s biggest oil refinery, installing 18 ultrasonic flare gas meters on large pipelines around the plant. This company is using its technology to aid Nigeria’s flare gas reduction efforts and with Dangote Refinery set to begin operations soon, according to its management recently, this could be a step to fix inaccurate measurements of gas flaring. Nigeria currently imports refined petroleum products for its use, even though it is Africa’s biggest oil producer and with Dangote Refinery, the world’s largest single-train refinery capable of

By Aduragbemi Omiyale A new Code of Conduct for Approved Persons of Trading License Holders, otherwise known as stockbrokers, has been introduced by the Nigerian Exchange (NGX) Regulation Limited (NGX RegCo). It was disclosed that the ethical guideline was designed to ensure professionals dealing with the trading of shares at NGX Limited follow high standards. Furthermore, it highlights the expected standards and values that Approved Persons must display at all times when conducting their businesses at all times. The idea of the code of conduct for stockbrokers, according to the regulator, is to deepen the market and foster professionalism, integrity,

By Adedapo Adesanya  Africa Finance Corporation (AFC) has secured a $300 million loan from the Export-Import Bank of China (CEXIM) to drive increased trade finance and investment across the African continent, fostering economic growth and development. The infrastructure solutions provider on the continent announced the successful signing of the landmark agreement on the sidelines of the Asian Infrastructure Investment Bank (AIIB) Annual meetings in Egypt. The 3-year credit facility is a significant development in AFC’s long-standing relationship with CEXIM. The two institutions have collaborated since 2018, with AFC receiving $400 million in bilateral loans from CEXIM to date. According to

By Aduragbemi Omiyale The Vice President, Mr Kashim Shettima, has said Nigeria is in dire need of foreign direct investment (FDI) more than ever before, tasking domestic and foreign investors to make Nigeria their investment hub because efforts are being made to formulate business-friendly policies. Mr Shettima, while speaking when he hosted the management of First Surat Group, as well as top management of MTN Nigeria at the presidential villa in Abuja, charged MTN Nigeria to facilitate and spearhead digital mobile money and digital education. He assured that President Bola Tinubu was willing to partner with various stakeholders in the

By Modupe Gbadeyanka If the financial technology (fintech) industry intends to attract investors, then the sector must endeavour to put in place sound corporate governance principles. This was the submission of participants at the second edition of the Ecobank Fintech Breakfast Series held recently at Ecobank Pan African Centre (EPAC) in Lagos. One of the speakers at the event themed Strengthening the Ecosystem, a Partner at Aluko & Oyebode, Ms Tosin Iyayi, stated that to entrench sound corporate governance, an organization must put in place a well-constituted board of directors who will oversee and perform the roles of strategic planning and

By Modupe Gbadeyanka Commissioner for Science and Technology in Lagos State, Mr Olufemi Odubiyi, has disclosed that the plans by the state government to deploy about 13,000 High Definition (HD) Closed-Circuit Television (CCTV) cameras in strategic areas of the state to ensure safety of residents and businesses has been delayed by instability in the foreign exchange market in Nigeria. Mr Odubiyi made this disclosure on Monday while addressing newsmen in Ikeja at the 2017 ministerial briefing to mark the second year in office of Governor Akinwunmu Ambode. According to him, the state government plans to deploy 2,000 HD cameras with

By Adedapo Adesanya The Nigerian Automobile Technicians Association (NATA) Lagos State chapter has lauded Hyde Energy following an assessment of the quality of lubricants produced and distributed in the Nigerian market as well as adherence to international best practices by Hyde Energy Lubricant business. This came as the executive members of the association visited the energy trading company’s lubricant blending plant located in Ijebu-Ode, Ogun State. The lubricant plant, one of the largest lubricant manufacturing facilities in Nigeria, has the capacity to blend 30,000 litres of lubricant per day. The lubricants produced at the Hyde Energy blending plant undergo stringent

By Adedapo Adesanya Nigeria recorded a 120,000 barrels per day drop in crude oil production to 1.32 million barrels per day in April, a Bloomberg survey showed. This is partly due to strike action by Exxon Mobil workers in the country, which led the American company to declare force majeure on its Nigerian oil liftings. A force majeure absolves a company, in this case, Exxon Mobil, from liability in the event it cannot fulfil the terms of a contract or if attempting to do so will result in loss or damage of goods for reasons beyond its control. This affected

By Adedapo Adesanya The Department of Petroleum Resources (DPR) has said it will work closely with the electricity generating companies as regards the challenges present in the Nigeria Gas Transportation Network Code (NGTNC). This was disclosed by the Chief Executive Officer of the agency, Mr Sarki Auwalu, at the NGTNC engagement with the DPR, GenCos and the National Electricity Regulatory Commission (NERC) in Abuja. He said, “I appreciate the remark by one of the Managing Directors of the GenCos that they are sitting on gas. “We have 203 Trillion Cubic Feet (TCF) of gas that is proven, and 600 TCF

By Modupe Gbadeyanka The performance of the Naira against the Dollar at the foreign exchange market was not too impressive on Monday. This was because the local currency recorded a marginal loss in value against the Dollar at the forex market. Business Post reports that the Naira depreciated marginally by 0.02 percent at the Interbank FX market to close at N306.25/$. At the Investors and Exporters (I&E) FX window, the local currency also slightly went down further yesterday by 0.09 percent to settle at N363.11/$. According to data from the FMDQ OTC Market, a total of $586.83 million was transacted

By Modupe Gbadeyanka The board of directors of Access Bank Plc has announced the payment of 25 kobo per share as interim dividend to its shareholders. This announcement was made on Wednesday, August 23, 2017. In a statement issued today to the Nigerian Stock Exchange (NSE), the board said the interim dividend is for the period ended June 30, 2017. It added that the closure date is Thursday, Semptember 7, 2017, while the payment date is Thursday, September 21, 2017. Access Bank, which released its half-year earnings today, announced a profit before tax of N52.1 billion compared with N44 billion

By Modupe Gbadeyanka The Debt Management Office (DMO) has commenced the sale of the Federal Government of Nigeria (FGN) savings bonds for December 2022. The retail bonds are sold monthly to low-income earners and other interested investors as a way to raise funds from the capital market to finance budget deficits. For this month’s sale, the debt office is offering the papers in the usual 2-year tenor and 3-year tenor at a coupon rate of 12.255 per cent and 13,255 per cent per annum, respectively. Subscriptions for the notes started on Monday, December 5, 2022, and will close on Friday,