CSCS, UBN Property Pull Unlisted Stocks Down by 0.14%

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 Adedapo Adesanya Crude oil prices settled gained almost one per cent higher on Tuesday as expectations of tighter supply outweighed worries that an uncertain economic outlook would hurt demand. Brent crude futures rose by 67 cents or 0.7 per cent to $93.96 per barrel and the US West Texas Intermediate (WTI) crude futures increased by 71 cents or 0.8 per cent to $90.39 per barrel. Oil supply remains tight as Russia and Saudi Arabia have extended production cuts to the end of the year. Market analysts noted that oil supply is expected to underwhelm demand in the foreseeable future

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 new Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has said he would adopt an evidence-based monetary policy as he assumed office upon confirmation by the Nigerian Senate on Tuesday. He said the new leadership of CBN would “adopt an evidence-based monetary policy and shall not be making decisions based on a whim.” The Godswill Akpabio-led Senate confirmed the nomination of Mr Cardoso’s nomination as well as that of the four Deputy Governors of CBN nominated by President Bola Tinubu. The four deputy governors whose appointments were confirmed by the Senate are Mrs

By Adedapo Adesanya The National Information Technology Development Agency (NITDA) will hold a virtual stakeholders engagement on national data strategy on Friday, November 11. This is happening as the rapid increase in the digital transformation of economic and social activities has resulted in an unprecedented expansion of data collection and usage. In line with its mandate provided in section 6 of the NITDA Act 2007 to standardize, coordinate and develop regulatory frameworks for all Information Technology (IT) practices in Nigeria, the regulator has developed a draft National Data Strategy (NDS), in line with the National Digital Economy Policy and Strategy

By Dipo Olowookere The Abeokuta train station, for the proposed Lagos/Abeokuta rail project, earlier scheduled to be located at the Trade Fair complex, Laderin, Abeokuta, is to be relocated to the Oba New City, a 6-km distance from the state capital. Minister of Transportation, Mr Rotimi Amaechi, disclosed this after an on-the-site visit to the project site, together with the Ogun State Governor, Mr Ibikunle Amosun, and engineers handling the project. He said the earlier chosen site, was declared unsuitable by the engineers, adding that the new location, which incidentally falls within the proposed new city of the Ogun State

By Dipo Olowookere The removal of six roundabouts along the Lekki-Epe Expressway has saved residents and motorists in the corridor about N87 billion yearly, a report of the Junction Improvement Works carried out by a construction giant, Planet Projects Limited, has revealed. The six roundabouts removed were at Ikate, Chisco, Jakande, Igbo Efon, Chevron and Victoria Garden City (VGC). The Lekki-Epe road, as at the time it was reconstructed, was designed to accommodate about 30,000 vehicles per day, but the vehicular movement along the axis had since increased to over 50,000 daily, thus necessitating plans to mitigate the impact on

By Adedapo Adesanya Nigerian authorities have reversed their decision to suspend the country’s basketball teams from all international competitions. The Permanent Secretary in the Ministry of Youth and Sports Development, Mr Ismaila Abubakar, disclosed this at a news conference in Abuja on Thursday. He explained that the decision to lift the ban on international basketball competitions was based on a letter of appeal from the Nigeria Basketball Federation (NBBF), signed by Mr Musa Kida. “President Muhammadu Buhari, being one that is committed to youth development and desirous of ensuring that they are availed of all opportunities in sports and other

By Adedapo Adesanya The iconic Organization of Petroleum Exporting Countries (OPEC) is marking its 60th anniversary today, Monday September 14, 2020. In a statement, OPEC said the diamond anniversary is a time to reflect and appreciate the efforts of all those who have worked very hard throughout its history to make OPEC the resounding success it has become. This, it said, includes generations of Heads of State and Government, Ministers, Governors and other high-level experts from outside the Secretariat and, from within the Secretariat, Secretary Generals, Management and Staff of every relevant discipline. It noted, “They have all enriched the

By Dipo Olowookere Members of the Niger Delta Avengers (NDA) have threatened to resume hostilities in the region, saying this time, their attacks would be brutal and fearless. The group, in a statement issued on Friday, warned that, “Our next line of operation will not be like the 2016 campaign, which we operated successfully without any casualties. “This outing will be brutish, brutal and bloody, as we shall crush everything we meet on our path to completely put off the fires flaring gas in our communities and cut every pipe that moves crude from our region. “We can assure you

A high level implementation committee for the newly launched Kwara State Infrastructure Development Fund (IF-K) has been inaugurated by the state governor, Abdulfatah Ahmed. Mr Ahmed charged the committee to create a programmed funding plan for all ongoing and new projects across the State. Speaking during the inauguration at the Government House, Ilorin on Friday, Mr Ahmed described the IF-K as a stand-alone funding scheme, which offers a reliable funding window for infrastructural projects. He explained that in view of the current economic realities, it was imperative for the state government to devise alternative funding options to meet its obligations

By Sodeinde Temidayo David Libya, one of Africa top crude oil exporters, has announced the commencement of the construction of a refinery in the south zone of the country. This was revealed after a cabinet meeting in the country where it was revealed that the refinery project was originally planned in 1980. The refinery is aimed to produce cooking gas and also produce 8,000 cylinders per day, jet fuel and other products, including 1.4 million litres of petrol per day and 1.1 million litres of diesel in a day. Libyan Prime Minister, Mr Abdelhamid Dbeibah, announcing in the ceremony at