Crude Oil Prices Tumble on Rise in US Inventory

By Adedapo Adesanya The Minister of Solid Minerals Development, Mr Dele Alake, has assured foreign investors of low production costs as they consider investing in the country’s mining sector. Speaking at the Mines and Money Conference in London, Mr Alake said President Bola Tinubu has embarked on reforms to boost investment by streamlining procedures and reducing hurdles to attract foreign investors. “The country’s geological bounty encompasses over 44 distinct mineral types, found in exploitable quantities across more than 500 locations,” the Minister said, according to a statement by his aide, Mr Kehinde Bamigbetan. “Recently, recognizing the evolving global landscape and

By Adedapo Adesanya  President Bola Tinubu has written to the House of Representatives seeking the approval for an $8.6 billion and €100 million external borrowing plan for critical infrastructure in areas such as power, roads, water, railway, and health. The President also forwarded the Federal Capital Territory (FCT) Supplementary Budget to the lower chamber for consideration. Meanwhile, the President will present the 2024 budget to the National Assembly on Wednesday. This was after the Federal Executive Council (FEC) approved a 2024 budget of N27.5 trillion. The approval followed the review of the Medium-Term Expenditure Framework (MTEF) earlier passed by the

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By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange fell into the danger zone on Tuesday, November 28, as it recorded a 1.14 per cent loss after the price of three securities on the platform closed lower. This chopped off N13.33 billion from the NASD OTC securities exchange at the close of transactions, going down to N1.158 trillion from the N1.171 trillion it ended in the previous session. Business Post reports that the effort of a price gainer yesterday could not save the NASD Unlisted Security Index (NSI) from declining by 9.84 points to 854.67 points from the 864.51 points

By Adedapo Adesanya The NASD Over the Counter Market ended the week on Friday, September 20, 2019 on a positive note as all parameters saw increases from the previous trading session. Market capitalization rose marginally on Friday for the second consecutive day at the market, this time, going up by 0.51 percent or N2.55 billion to close at N505.91 billion from Thursday’s N503.36 billion. The NASD Security Index (NSI) also moved up by 0.51 percent or 3.56 points from 700.63 points recorded on Thursday to close at 704.19 points on Friday. The activity level also improved as the volume of

By Dipo Olowookere Coordinator of the natnuPreneur Broiler Outgrower Scheme by natnudO Foods, Mr Gbolade Adewole, has put the value of the Nigerian poultry industry at over N1.2 trillion. Mr Gbolade, during a media chat with Business Post, disclosed that the Nigerian poultry industry has the capacity to generate more than N1.2 trillion in revenue if fully exploited. “It is important to state that the opportunities in the broiler market are substantial and all we need to do is to take a closer look at the value chain. Take for example, the Feed Mills. If we are allowed to produce

By Dipo Olowookere Fitch has announced placing a ‘B+(EXP)’ rating on the $2.5 Eurobonds issuance by the Nigerian government in the coming days. Last week, precisely on Tuesday, the Senate approved a request by President Muhammadu to seek foreign loan of $5.5 billion, part of which is the $2.5 billion Eurobonds issuance. The $2.5 billion Eurobond is to finance the 2017 budget, while the $3 billion is to refinance domestic debts. Last Wednesday, Fitch, in a statement, announced its rating on the Nigeria’s upcoming senior unsecured USD-denominated notes. The rating firm explained that the assignment of the final ratings was

By Dipo Olowookere Customs Street witnessed the return of the bulls on Wednesday following the 1.33 per cent rebound recorded by the Nigerian Exchange (NGX) Limited. This was influenced by renewed buying interest in some cement and bank equities by investors looking to make additional profits in the coming days. Also, the market saw an influx of dividend investors, who want a bite of the interim dividends expected to be announced by a few companies listed on the exchange in their half-year results, which should be coming in a few weeks’ time. When the bourse closed for the session, the

By Dipo Olowookere Toshiba Corporation last week broke ground on a new Hydrogen Application Centre at its Fuchu Complex in western Tokyo. Scheduled to start operation in April 2017, the centre will be built around a newly designed H2One™ hydrogen power system that will use renewable energy to produce hydrogen and supply it to fuel-cell powered forklifts operating in Fuchu Complex. Fuel cells can be quickly refuelled and are available 24 hours a day, a clear advantage over batteries. Mr Hiroyuki Ota, Project Manager of Toshiba’s Energy Systems and Solutions Company noted: “The Hydrogen Application Centre is a stepping stone

By Aliko Dangote and Bill Gates This week, more than 138,000 vaccinators will fan out across five African countries in the Lake Chad area in a push to eliminate polio in Africa and rid the world of this terrible disease forever. They will take boats across fast-flowing rivers, ride jeeps along sandy ravines, walk crowded street in towns and cities and navigate cramped quarters of refugee camps to ensure that every child is immunized. Traveling for hours a day, these dedicated women and men will visit children in homes, schools, train stations, and transit points across Nigeria, Niger, Chad, Cameroon,

By Modupe Gbadeyanka Lagos State Government has disclosed that the manufacturing sector in Nigeria has the potential to contribute 50 percent of the country’s Gross Domestic Product (GDP). In view of this, the state government has called for increased attention for the sector. According to the Commissioner for Commerce, Industry and Cooperatives in the state, Prince Rotimi Ogunleye, each state of the federation must look inward and initiate policies and programmes that would engender the development of the non-oil sectors as a panacea to the present economic recession. Mr Ogunleye, who spoke at the celebration of Africa Industrialization Day held

By Adedapo Adesanya Seplat Petroleum Development Company Plc has completed the transfer of the business activities and assets of OMLs 4, 38 and 41 from the holding company to its wholly owned subsidiary, Seplat West Limited. This was disclosed in a statement from the company secretary/chief governance compliance officer, Mrs Edith Onwuchekwa, who noted that the transfer is effective January 1, 2020. “This Intra-Group transfer has been planned for some time and will not result in any change to the current business strategy for any of the assets nor will it affect the way in which the Seplat Group commercially operates. “Therefore, the