Dangote Cement Intensifies Efforts to Meet Strong Market Demand

By Adedapo Adesanya  The Central Bank of Nigeria (CBN) has disclosed that the total value of the country’s merchandise trade experienced an increase of 1 per cent to $7.8 billion in August 2023 from the $7.72 billion that was quoted in July. This was disclosed by the apex bank in its latest monthly economic publication, where it disclosed that despite the rise month-on-month, Nigeria’s merchandise trade value in the period was almost 20 per cent lower compared to the value in August 2022 due to a significant decrease in import trade value. The total merchandise trade comprised an export trade

By Dipo Olowookere The International Monetary Fund (IMF) has said Nigeria’s revenue–to-gross domestic product (GDP) ratio of about 9 per cent was too low to trigger the economic growth projected by President Bola Tinubu in his Renewed Hope Agenda. Addressing journalists at its last press briefing for 2023 on Thursday, the global lender said the administration of Mr Tinubu must boost the government’s revenue to have funds to achieve his goals. On May 29, 2023, Mr Tinubu took over from Mr Muhammadu Buhari, promising to jump-start the economy and work tirelessly to address food security, end hunger, eradicate poverty, create

By Adedapo Adesanya Crude oil prices rose more than 2 per cent on Friday after data from the world’s largest oil producer, the United States, supported expectations of demand growth. Brent crude futures settled at $75.84 a barrel after chalking up $1.79 or 2.4 per cent, as the US West Texas Intermediate (WTI) crude futures traded at $71.23 after gaining $1.89 or 2.7 per cent. Despite the gain at the final session of the week, both benchmarks fell for a seventh straight week, their longest streak of weekly declines in half a decade, on lingering oversupply concerns. For the week,

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has urged the Nigerian National Petroleum Company (NNPC) Limited to disclose Nigeria’s daily oil production and exports as well as the total amounts of revenue generated from oil since the removal of subsidy on petrol in mid-2023. In a letter dated December 9, 2023, the group asked the chief executive of the NNPC, Mr Mele Kyari, “to disclose how much of the revenues generated from oil have been remitted to the public treasury since the removal of subsidy on petrol.” He was also requested “to disclose details of payment of

By Adedapo Adesanya The Brent crude futures traded lower at the market on Thursday by $1.26 or 1.1 per cent to $107.07 per barrel as the market remained muddled by a worrying outlook for demand amid supply disruptions from Libya. Also, the price of the US West Texas Intermediate crude futures slid by $1.20 or 1.16 per cent during the session to $102.62 per barrel as the demand outlook in China continues to weigh on the market. China, which is the world’s biggest oil importer, is slowly easing strict COVID-19 curbs that have hit manufacturing activity and global supply chains.

By Adedapo Adesanya Rand Merchant Bank (RMB) Nigeria aims to facilitate greater foreign capital flows while working to deliver constructive solutions to leading businesses across critical sectors in Nigeria. With this goal in sight, the investment company recently tapped Mr Dalu Ajene to take on the role of Chief Executive Officer of the company. He took up the role on November 1. In a welcome statement, RMB CEO Emrie Brown said: “We are excited to mark ten years of doing business in Nigeria by welcoming Dalu to his new role. He brings exceptional local and international investment banking expertise to

On Thursday, August 11, 2016, some villagers staged a demonstration outside a Chevron facility in Delta State. The protesters demanded for better attention from the company as well as placements in Chevron. During the protest, personnel of the Nigerian military were deployed to forestall any breakdown of law and order. The demonstrators, mainly from Ugborodo village in Delta State, stayed outside the company’s depot, carrying placards conveying different messages. President of the National Association of Itsekiri Graduates, Collins Edema, told AFP that, “The protest is fully on course.” He said further that, “We have brought a DJ and traditional drums

By Dipo Olowookere The enumeration of lands and buildings by the Oyo State government is slated to commence from Monday, July 24, 2017. The exercise is to ensure an increase in socio-economic benefits for the people of the state. According to the Commissioner for Lands, Housing and Survey, Mr Ajiboye Omodewu, the exercise will be carried out by members of the Nigerian Institute of Estate Surveyors and Valuers, Oyo State Branch. He said the enumerators are expected to inspect and carry-out survey exercise of the owners/occupants of the properties without collecting money from any individual. “Oyo State government is embarking

By Dipo Olowookere The postponement of the Annual General Meeting (AGM) of AIICO Insurance Plc is already making some market participants raise eyebrows. According to them, the reason given by the board of the company for the change in the date of the meeting is not convincing enough. On Tuesday, the insurance firm issued a notice to the Nigerian Stock Exchange (NSE) that it would no longer be having the anticipated AGM to discuss the financials of the company on September 30, 2020. In the disclosure yesterday, AIICO Insurance said this meeting will now hold on Tuesday, December 8, 2020.

By Modupe Gbadeyanka Some key stakeholders in the agricultural sector in Africa will gather at NAF Conference Centre and Guest House, Abuja, Nigeria from September 21 to 26, 2020 for the 2020 edition of an international conference organised by the Pan African Society for Agricultural Engineering (PASAE) and the Nigerian Institution of Agricultural Engineers (NIAE). President Kagame of Rwanda is expected to chair the opening ceremony on September 22, of which the AfDB President, Mr Akinwumi Adesina, will give the conference keynote. Six high-level workshops and master classes to serve as continuous professional development opportunities for Engineers will take the-centre

By Modupe Gbadeyanka No fewer than four persons have been feared dead during a suicide attack in Bama area of Borno State on Sunday morning. Two suicide bombers were killed in the early morning attack, while two persons worshipping at a mosque in the town were also slain by the terrorists. The terrorists were suspected to be members of the Boko Haram sect, who stormed a mosque around Bama Dina area of Shehuri /Mairi/ Hausari ward of Bama Local Government Area of Borno State. According to eyewitnesses, the suicide bombers were among worshippers praying at the mosque at about 5am

By Dipo Olowookere Chairman of the Copyright Society of Nigeria (COSON), Mr Tony Okoroji, has called on lawyers across the country to re-exhibit courage in the battle against the factors that have militated against the progress of the Nigerian nation and ensure that they stand firm in promoting the values that that will see Nigeria through its present challenges. “No great nation in the history of mankind has been built by cowards and Nigeria will not be an exception,” he said. Mr Okoroji observed that it is beginning to appear that Nigerian lawyers who used to form a bulwark against