Crude Oil Rises as US Producers Hold Back Supply

By Adedapo Adesanya A foreign oil company, Equinor ASA, has chosen a little-known Nigerian company, Chappal Energy, as the preferred buyer of its stake in one of the country’s largest deep-water oil fields, Agbami. According to a report by Bloomberg on Monday, the Norwegian energy giant is trying to sell its 20.2 per cent interest in the Agbami field – joining other international producers such as Shell Plc, Exxon Mobil Corporation and Eni SpA in looking to offload assets in Africa’s biggest crude producer, Nigeria. In January, Equinor launched the sale of its stake in an offshore Nigerian oilfield, joining

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 Adedapo Adesanya  The African Export-Import Bank (Afreximbank) is planning to use oil traders to fund a $3 billion loan to the Nigerian National Petroleum Company (NNPC) Limited, which is aimed at stabilising the weakening Naira. According to a Reuters report, the Cairo-based bank has made contact with traders to gauge their interest in lending their support to the oil-backed loan to Nigeria’s national oil company. The sources who spoke to the publication also disclosed that Afreximbank has made an attempt to come up with the terms that they will present to trading houses. “There is a lot of interest,

By Kester Kenn Klomegah For the second round this year, the Russian Chamber of Commerce and Industry together with the Coordinating Committee for Economic Cooperation with African Countries (AfroCom) have gathered corporate business leaders, urging them to look at the African market with much interest and work more systematically and consistently. The African market is competitive and complex, Russian business needs to work on it thoroughly and systematically in order to succeed, emphasized Sergey Katyrin, President of the Russian Chamber of Commerce and Industry, opening the meeting with the heads of business councils for cooperation with African countries. Russia lives

By Dipo Olowookere The second largest telecommunications company in Nigeria, Airtel Africa Plc, led the price gainers table on Friday after adding N26.50k to its share value to settle at N350 per unit. The stock was among the 31 counters that appreciated during the trading session as against the eight equities which depreciated. It was the first price appreciation shares of the telco were recording this week and in a long time since they were admitted on the Nigerian Stock Exchange (NSE) Tuesday, July 9, 2019. Seplat occupied the second position after going up by N10 to finish at N460

By Dipo Olowookere Acting Commissioner for Tourism, Arts and Culture in Lagos State, Mrs Adebimpe Akinsola, has stated that the just concluded Nigeria Beer Festival has enhanced the tourism potentials of the state and also broadened the perception of foreigners on the entertainment culture in the country. Mrs Akinsola made this submission at the inaugural edition of the festival organised by On and One Event (001) Limited and supported by the state government. The week-long event was held at the Eko Atlantic City Waterfront, Victoria Island. Mrs Akinsola, who commended the organisers for a well-planned event, stated that the Nigeria

By Dipo Olowookere Sterling Bank Plc has announced the appointment of Mr Emmanuel Emefienim as an Executive Director on the board of the lender. Mr Emefienim, armed with over 25 years of experience in the banking industry, has worked in various middle and senior management roles across Operations, Treasury and Sales. A statement issued by Sterling Bank yesterday disclosed that the appointment of Mr Emefienim has been approved by the Central Bank of Nigeria (CBN). The appointee started his banking career with Oceanic Bank Plc (now Ecobank Nigeria) where he worked from 1992 till 1997, rising to the position of

By Adedapo Adesanya Oil prices fell on the last trading day of the year on Tuesday, December 31, despite US President Donald Trump saying that the phase one trade deal between the United States and China would be signed on January 15 at the White House. Brent crude was down 67 cents or 1 percent at $66 per barrel while the US West Texas Intermediate (WTI) crude fell 62 cents or 1.01 percent at $61.06 per barrel. In a tweet on Tuesday, the US president said “high-level representatives of China” would attend an official ceremony at the White House, adding

By Kester Kenn Klomegah In an insightful long-ranging conversation, the newly appointed Rector of the RUDN University (Peoples’ Friendship University of Russia), Oleg Yastrebov, discusses the latest developments, educational reforms, and students’ enrollment as well as cultural diversity in his multinational university. During his meeting with our Media Executive Kester Kenn Klomegah, Rector Oleg Yastrebov, particularly stressed the importance of effective monitoring and evaluation of students’ performances by the hard-working academic staff. He unreservedly argues that the university staff and academic teams provide the necessary knowledge and cutting-edge skills for young aspiring leaders and that makes the university first-class among

By Adedapo Adesanya The Albinism Association of Nigeria (AAN) has called for increased innovation to drive sustainable development, which will help close the gap and destigmatise disability in the country. This call was made by the president of the albinism group, Mrs Bisi Bamishe, at an event used to commemorate the International Day of Persons with Disabilities (IDPD) on December 31, 2022. The day was marked in Lagos at the weekend with a roadshow and talk on an inclusive environment for people with albinism. Speaking at the event, she congratulated the community of persons with albinism in Nigeria for their

By Adedapo Adesanya Ahead of the proposed commissioning of the Dangote Refinery by President Muhammadu Buhari on May 22, the Lagos State Government has urged residents to plan their movement in and out of the Lekki-Epe corridor between 8 am and 2 pm. The Lagos State Commissioner for Transportation, Mr Frederic Oladeinde, issued the alert in a statement on Monday. Mr Oladeinde noted that the warning became imperative, particularly for regular road users in the Lekki-Epe zone, due to the high vehicular movement that would be witnessed on the axis as a result of the commissioning. The Commissioner further urged