Dangote Cement Begins Sale of N50bn Tax-Free Commercial Paper

By Adedapo Adesanya  Oil prices rose by more than $1 a barrel on Wednesday as investors focused their attention on an upcoming OPEC+ output policy meeting and looked past a jump in crude stockpiles in the United States. Brent crude futures were up by $1.01 or 1.2 per cent to $82.69 per barrel, and the US West Texas Intermediate (WTI) crude futures gained $1.16 or 1.5 per cent to close at $77.57 a barrel. Prices were lifted by a media report that the Organisation of the Petroleum Exporting Countries and allies such as Russia, known collectively as OPEC+, was considering

By Adedapo Adesanya A milk-producing company, FrieslandCampina Wamco Nigeria, helped the NASD Over-the-Counter (OTC) Securities Exchange return to the green territory by 0.54 per cent on Wednesday, November 29. The firm improved its value by N3.50 in the midweek session to settle at N73.50 per share compared with the previous day’s closing price of N70.00 per share. It suppressed the 10 Kobo decline posted by Central Securities Clearing System (CSCS) Plc, which ended lower at N17.00 per unit versus Tuesday’s value of N17.10 per unit. Consequently, the market capitalisation of the alternative stock exchange went up by N6.28 billion to

By Adedapo Adesanya The House of Representatives has pledged to stop international oil companies (IOCs) operating in the Niger Delta from divestment of their offshore assets without being accountable to the environment. The Chairman of the House of Reps Committee on Host Communities, Mr Dumnamene Dekor, said this during a technical session on the implementation of the Host Communities Development Trusts (HCDT), organised by Spaces for Change (S4C) with support from Ford Foundation. Mr Dekor raised the alarm that since the passage of the Petroleum Industry Act in 2021, host communities have not experienced any positive change, rather have remained

In furtherance of my sacred duties and obligations as President of the Federal Republic of Nigeria, it is my honour to be here today to present my administration’s 2024 Budget Proposal to this Joint Session of the 10th National Assembly. This moment is especially profound and significant to me because it is my first annual budgetary presentation to the National Assembly. Distinguished Senators and Honourable Members of the National Assembly, I commend your swift consideration and passage of the 2023 Supplementary Appropriation Bills and the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper. Your prompt action underscores your devotion

By Adedapo Adesanya The prospect of Nigeria earning more from crude oil sales rose on Friday after the price of Brent appreciated by $2.16 or 2.37 per cent to $93.27 per barrel. This came amidst the Russia-Ukraine crisis and a deep freeze in Texas that disrupted some oil production in the United States. It was the highest level the oil grade has reached since 2014, while the price of the West Texas Intermediate (WTI) crude oil futures rose by $2.04 or 2.26 per cent to $92.31 per barrel. Recently, supply shortage and political tensions in Eastern Europe and the Middle

By Dipo Olowookere One of the candidates in the February 23, 2019 senatorial election in Oyo State, Mr Temitope Olatoye popularly known as Sugar, has been killed by some yet-to-be identified gunmen. The lawmaker, who contested the position under the platform of Action Democratic Party (ADP), but lost to Mr Lekan Folarin of the All Progressives Congress (APC), was shot dead after casting his vote for the governorship poll on Saturday. He was said to have been shot in the eye by his killers and was quickly taken to the University College Hospital (UCH), Ibadan, where doctors confirmed him dead.

By Modupe Gbadeyanka One of the financial institutions owned by fourth largest telecommunication firm, 9mobile, formerly known as Etisalat Nigeria, the United Bank for Africa (UBA) Plc, has disclosed that it has made a provision on loans to the company. This comes after Zenith Bank had earlier disclosed this month that it had made a 30 percent provision on its loan to 9mobile. Chief Executive of UBA, Mr Kennedy Uzoka, was quoted by Reuters to have said, “We have taken a general loan loss provision on Etisalat (Nigeria).” Though the bank did not give details of the provision, but said

By Dipo Olowookere President Muhammadu Buhari has appointed Mr Mohammed Abubakar Adamu, an Assistant Inspector General (AIG) of Police, to act as the Inspector General of Police (IGP). Mr Adama replaces Mr Ibrahim Idris, who retired from service on Tuesday, January 15, 2019 after clocking 60 today. A statement issued in Abuja on Tuesday by the police spokesman, Mr Jimoh Moshood, said Mr Idris has been directed by the President to handover to Mr Adamu. “The President and Commander-in-Chief of the Armed Forces, Federal Republic of Nigeria has consequently directed that the outgoing Inspector General of Police, IGP Ibrahim Kpotun

By Ayomide Oriade Clearly, Nigeria has climbed the plateau of Coronavirus crisis with the daily upsurge in the confirmed cases and deaths. Nearly the entire 36 states and Abuja, the Federal Capital Territory (FCT) are on the infected case chart. COVID-19 contagion is also now at the community transmission stage. Instructively, this stage of the pandemic is the most dreaded phase because of the potential bigger humanitarian crises that may result if the rate of spread is not curtailed with speed. In light of the above, drawing government attention to certain factors that can worsen the current pandemic statistics has

By Dipo Olowookere Trading in stocks can be risky, but those who understand the market very well still make a lot of money from the ‘volatile investment.’ Knowing what equity to buy and when to sell are very key tools retail investors must be armed with or else, they will see the market as unprofitable or a scam as some people in Nigeria have insinuated because of the 2018 crisis. As the country heads to the polls next year, governance will certainly come to a close in the third quarter of next year and foreign investors will want to quickly

By Dipo Olowookere A meeting has been scheduled for tomorrow, Monday, February 27, 2017, by the Federal Government with those in the exportation of agricultural products in Nigeria. The meeting, organised by the Federal Ministry of Agriculture and Rural Development, will be attended by the Minister in charge of the Ministry, Mr Audu Ogbeh. According to information available to Business Post, the event commences by 9am and it will take place at Eko Hotels and Suites, Victoria Island, Lagos. The theme of the occasion is Nigerian Agricultural Export Zero Reject Initiative: Stakeholders Interactive Session with Minister of Agriculture and Rural

By Adedapo Adesanya The Nigerian Senate on Tuesday passed a bill that prohibits sexual harassment of students in tertiary institutions, making the offence punishable by 14 years jail term and N5 million fine. The bill passed third reading after a clause by clause consideration of the report from its committee on Judiciary Human Rights and Legal Matters, led by the Chairman, Mr Opeyemi Bamidele (All Progressives Congress, Ekiti Central). According to the provisions of the bill, any educator found guilty of committing an offence of sexual harassment is liable on conviction to 14 years imprisonment or a fine of N5