A Disappointing FAAC Payout

By Adedapo Adesanya Forty-seven per cent of Nigerians are actively engaged with crypto, a new study shows as the country finds safety in the currency amid worries about the foreign exchange rate. According to insights by CoinJournal shared with Business Post, cryptocurrencies, including Bitcoin (BTC) and various alternatives, are no longer just investments for speculation, “They represent a significant change in how people view and use money, providing decentralized options compared to traditional financial systems.” CoinJournal analyzed the data for the past three years, providing a comprehensive understanding of the current status of cryptocurrency adoption in 2023, as well as

By Adedapo Adesanya Dangote Refinery is set to commence crude refining in the coming days as an OTIS Tanker, carrying 950,000 barrels of Agbami crude has reportedly set sail to Dangote’s offshore crude receiving terminal, Business Post has gathered. It is expected to arrive around 8 pm today, December 7, 2023. This development confirms expectations that the 650,000 barrels per day will commence operations before year-end and produce its first batch of petroleum soon after the company had initially announced that it would begin producing up to 370,000 barrels per day of diesel and jet fuel in October and gradually

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a further rise of 0.55 per cent, extending its stay in the green territory to a fourth straight session on Thursday, November 7. This increased the NASD Unlisted Security Index (NSI) by 4.81 points to wrap the session at 872.54 points compared with 867.73 points in the previous session, as the market capitalisation of the OTC exchange jumped by N6.52 billion to settle at N1.182 trillion, in contrast to the preceding trading day’s N1.176 trillion. The unlisted securities market ended the trading session with two price gainers, 11 Plc and

By Aduragbemi Omiyale Some retiring Nigerian military personnel have been educated on how they can unlock opportunities in the capital market after active service to the nation. At a seminar held on Thursday, December 7, 2023, at the Nigeria Armed Forces Resettlement Centre in Lagos, the participants were informed of the benefits of diversifying their investments for more earnings. They were also exposed to ways to invest and assess the market with technology, including via the recently launched NGX USSD Code. The Divisional Head of Business Support Services and General Counsel of the Nigerian Exchange (NGX) Limited, Ms Irene Robinson-Ayanwale,

By Dipo Olowookere Having considered that cyber security threats are among the most serious challenges of the 21st century, Babcock International Model United Nations (BIMUN) conference has encouraged member states to pay more attention to cyber security and broaden its definition beyond hacking, to enhance implementation of broader solutions. This was one of the resolutions reached at the simulation of the UN General Assembly First Committee: ‘Disarmament and International Security (DISEC)’, during the 2nd BIMUN conference (9 – 13 July, 2018) organised by Babcock University, Ilishan Ogun State, in collaboration with the United Nations Information Centre (UNIC) Lagos, and attended

By Adedapo Adesanya A court in the United Kingdom has ruled in favour of Nigeria in the P&ID case, squashing the $11 billion award against the African country, a decision that ends a five-year legal battle. In a judgment delivered by email on Monday, Mr Robin Knowles, Justice of the Commercial Courts of England and Wales, upheld Nigeria’s prayer on the ground that the ill-fated gas processing contract was obtained by fraud. For context, P&ID had agreed with Nigeria in 2010 to build a gas processing plant in Calabar, Cross River State, but the company said the deal collapsed because

By Garba Shehu When Bayo Omoboriowo, the restless Personal Photographer of President Muhammadu Buhari, barged in on the President requesting to have his picture taken as he watched the match between the Nigeria Super Eagles and the Indomitable Lions of Cameroon, it certainly didn’t occur to him that he was opening a window to the world on the facts of life of a man who is singly responsible for the 2015 victory for the All Progressives Congress, APC. Bayo said to me that it was the best picture of his short professional career. President Muhammed Buhari has been known to

By Adedapo Adesanya The socioeconomic situation of the urban poor in Sub-Saharan Africa has worsened following the COVID-19 pandemic, with millions of people facing acute food insecurity and malnutrition, according to a new report by the United Nations Human Settlements Programme (UNHABITAT) and the United Nations World Food Programme (WFP). The new report shines a spotlight on urban vulnerabilities and food insecurity amidst the global pandemic, revealing that the urban poor in Africa has been disproportionately affected. The analysis reveals that the urban poor often relies on the informal economy, live in overcrowded settlements, and have limited access to basic

By Adedapo Adesanya The Department of Petroleum Resources (DPR) is formulating a Maximum Economic Recovery (MER) strategy for Nigeria to attain maximum value delivery from its oil and gas resources. This was disclosed by its Director, Mr Sarki Auwalu, while speaking at the ongoing 2021 Nigeria Annual International Conference and Exhibition (NAICE) organised by the Society of Petroleum Engineers (SPE) on Tuesday in Lagos. Mr Auwalu said the industry initiative was one of the outcomes of the work of the National Oil and Gas Excellence Centre (NOGEC), Lagos inaugurated in January by President Muhammadu Buhari. He noted, “Following an in-depth

By Modupe Gbadeyanka Federal Government has strongly condemned the attack on Ogba Zoo and Nature Park in Benin, Edo State, on Sunday, during which three policemen were killed and the Head of the Zoo, Dr Andy Ehanire, was abducted by the attackers. Minister of Information and Culture, Mr Lai Mohammed, in a statement issued on Monday, described the attack on one of the country’s foremost tourist destinations as a big blow to ongoing efforts to lift the tourism sector in the country. “The success or failure of a tourism destination depends largely on a safe and secure environment. Incidences such

By Modupe Gbadeyanka Senate President, Bukola Saraki, has revealed steps to be taken by the red chamber of the National Assembly to tackle economic crisis in Nigeria immediately they resume from recess next week. Mr Saraki, while addressing newsmen on Monday in Kwara State, stated that the time for identifying the cause of the economic recession and those responsible was over and that all political leaders should start working together to find a solution. He said upon resumption, the Senate would call everyone involved in the management of the economy to address the Nigerian people through the parliament on the

By Adedapo Adesanya The Federal Road Safety Corps (FRSC) has urged motorists and entire Nigerians to celebrate the upcoming Yuletide responsibly and exercise caution on the roads. The Sector Commander of FRSC, Enugu State Command, Mr Joseph Udoabba, gave the advice on Saturday in Enugu. Mr Udoabba also pleaded with motorists to be moderate in their celebration as the season was known to have a high fatality rate. “You should not make your celebration a mourning period for others using the roads especially when you drink and drive,” he said. According to him, drinking and driving do not go together,