Doherty Seeks Clarification on Lagos Budgetary Allocations

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 Adedapo Adesanya African Export-Import Bank (Afreximbank) has announced that the third Intra-African Trade Fair (IATF2023) held in Cairo from November 9-15 witnessed the conclusion of business deals and transactions valued at $43.8 billion. The lender said in the final tallies released in Cairo, the organisers of the continental event said that the amount represented the value of 426 deals concluded in 21 sectors covering 52 countries. At a press conference to announce the results, Mrs Kanayo Awani, Executive Vice President (Intra-African Trade Bank) at Afreximbank, also announced that 130 countries participated in the trade fair, which attracted 1,939 exhibitors

By Adedapo Adesanya Nigerian crude output fell by 30,000 barrels per day to 1.43 million barrels per day in November, according to data from an S&P Global Commodity Insight. This was lower than the 1.46 million barrels produced in October by Africa’s largest oil producer and 312,000 barrels per day short of its 1.742 million barrels per day target in 2023. Angola, Africa’s second-largest oil producer, saw output drop 20,000 barrels per day to 1.13 million barrels per day, according to the survey, compared with its quota of 1.46 million barrels per day. The drops impacted the wider output of

By Adedapo Adesanya More drama continues for Twitter as the company told employees that its office buildings would be temporarily closed with immediate effect. In a message, workers were told that the offices would reopen on Monday, November 21, while it gave no reason for the move. The announcement comes amid reports that many staff were quitting after the new owner, Mr Elon Musk, called on them to sign up for “long hours at high intensity” or leave. Mr Musk told Twitter employees that they had to commit to working long hours and would “need to be extremely hardcore” or

By Adedapo Adesanya The Nigerian Naira depreciated against the United States Dollar at the Peer-to-Peer (P2P) and black market segments of the foreign exchange (forex) market on Tuesday, October 18. However, it closed flat against the greenback during the session at N441.25/$1 in the official market segment, which is the Investors and Exporters (I&E), amid an increase in the demand for FX at the spot market. Data from the FMDQ Securities Exchange showed that the value of forex transactions at the NAFEX window was $74.33 million compared with the $46.21 million recorded at the session, representing an increase of $28.12

By Adedapo Adesanya The All Progressives Grand Alliance (APGA) in Anambra State has set up cooperative societies for members in the 21 local government areas of the state, the first political party in the country to do so. The party has resolved to use the cooperative societies to establish business concerns for members as part of the rebranding the repositioning of the party. The Anambra State chairman of the party, Mr Ifeatu Obiokoye, had earlier directed all the council chapters of the party to use those cooperative societies as a tool for resolving grievances with members and also to drive

By Adedapo Adesanya The latest data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has shown that Nigeria’s daily production of crude oil fell by 12.8 per cent to 1.29 million barrels per day in July from 1.48 million barrels per day the previous month. The figure includes condensates of almost 0.2 million barrels per day. Excluding condensates, the nation’s total crude oil output was around 1.08 million barrels per day compared with nearly 1.3 million barrels per day in June 2023. This decrease is the sharpest since April 2023, when total crude oil and condensate production dropped to 1.25

Thirty-five-year old Salihu Umar was diagnosed with COVID-19 after returning from a six-day trip to London in March 2020. Although asymptomatic, he tested positive and underwent treatment. Having recovered and back with his family in the Nigerian capital Abuja, the father of three stresses the importance of getting tested especially after having travelled to an area affected by the virus. “I initially did not show any symptoms. Knowing fully well about the guidelines for people who travelled to high risk areas like the UK, I self-isolated for a day and decided to get in touch with the Nigeria Centre for

By Adedapo Adesanya The Investors and Exporters (I&E) segment of the market closed on Wednesday, September 30 with the Naira depreciating by 25 kobo or 0.06 per cent to sell at N386/$1 as against N385.75/$1 it sold previously. This was despite the drop in the demand for forex at the market segment by $44.68 million or 37.1 per cent to $75.83 million from the $120.51 million achieved on Tuesday. However, at the parallel market, the local currency appreciated against the greenback by N5 to trade at N465/$1 on Wednesday in contrast to N470/$1 it was traded at the previous session.

By Dipo Olowookere Group Managing Director of the Nigerian National Petroleum (NNPC), Dr Maikanti Baru, has been pencilled down to deliver the pre-convocation lecture at the 40th convocation of the Ahmadu Bello University (ABU), Zaria, Kaduna State. Mr Baru is an alumnus of the prestigious university. The title of the lecture is ‘Oil and Gas Industry and the Nigerian State: Enduring Value, Promoting Economic Integration and Social Stability.’ The event, slated for Friday, November 24, 2017, will be chaired by the Oba of Lagos, Mr Rilwanu Akiolu. The event will also afford Mr Baru the opportunity to visit the Faculty

By Okechukwu Keshi Ukegbu Franklin D. Roosevelt aptly captures the collective responsibility of citizens in governance thus: “Let us never forget that government is ourselves and not an alien power over us. The ultimate rulers of our democracy are not a President and senators and congressmen and government officials, but the voters of this country”. After the May 29, the euphoria that greeted Gov. Okezie Ikpeazu’s second term victory will subside as the drummers will withdraw their drums, and the dancers will recede for work, which is the major essence of governance to assume the centre stage. The expectations in