DPR Announces Commencement of Marginal Oilfield Bids

By Dipo Olowookere The last trading day of November 2023 on the floor of the Nigerian Exchange (NGX) Limited ended on a bullish note by 0.11 per cent on Thursday. Mild bargain-hunting in industrial goods equities like Lafarge Africa, supported by Airtel Africa, GTCO and other financial stocks left the market in the green territory at the close of business. Consequently, the All-Share Index (ASI) increased by 81.91 points to settle at 71,365.25 points compared with the preceding day’s 71,283.34 points, and the market capitalisation grew by N44 billion to N39.052 trillion from N39.008 trillion. Business Post reports that the

By Adedapo Adesanya The boards of insurance companies operating in the country have been charged by the National Insurance Commission (NAICOM) to embrace the measures put in place to tackle the challenges of unpaid claims. The Commissioner for Insurance, Mr Sunday Thomas, expressed worry over the number of outstanding claims in the sector despite efforts by the regulator to address the issue. Mr Thomas, who is also the chief executive of NAICOM, said the organisation, in collaboration with members of the Insurers’ Committee, has taken decisions and incepted measures designed to tame the menace of unpaid claims. Speaking at the

By Aduragbemi Omiyale President Bola Tinubu has said the 2024 budget presented to the joint session of the National Assembly on Wednesday was designed to achieve macroeconomic stability, a better investment environment, greater access to social security, poverty reduction and enhanced human capital development. According to him, if these goals are achieved, the standard of living of Nigerians will improve and the citizens will enjoy the dividends of democracy. While presenting the 2024 Appropriation Bills to the parliament yesterday, the President said this was why he christened the budget proposal as the Budget of Renewed Hope. Mr Tinubu told the

By Adedapo Adesanya The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) on Thursday asked Nigeria to produce about 1.5 million barrels of crude oil per day in 2024, lower than the 1.78 million barrels per day benchmark it proposed in the 2024 Appropriation Bill presented to the National Assembly on Wednesday for passage. The output ceiling was around 1.8 million barrels per day before it was cut down to 1.5 million barrels yesterday at the group’s virtual meeting, a huge blow to Nigeria’s revenue target for the fiscal year. OPEC had tasked three consultancies – IHS, Rystad

By Adedapo Adesanya Operatives of the National Drug Law Enforcement Agency (NDLEA) have arrested two pregnant women at the Murtala Muhammed International Airport (MMIA), Ikeja, Lagos for attempting to import and export illicit drugs through the airport. In a statement on Sunday, the Director of Media and Advocacy at NDLEA, Mr Femi Babafemi, disclosed that the arrest was made after a Brazilian returnee, Mr Nworie Phillip Chikwendu was apprehended on Tuesday, May 3 during an inward clearance of passengers on a Qatar Airways flight from Sao Paulo, Brazil en route Doha to Lagos. He said that during a thorough search

By Modupe Gbadeyanka A Supreme Court has dismissed an application filed by Mrs Patience Jonathan, wife of former president, Goodluck Jonathan, seeking to upturn the interim forfeiture order by a Federal High Court, Lagos placed on the sum of N2.4 billion linked to her. The Economic and Financial Crimes Commission (EFCC) had traced the said sum to her and alleged that it was proceed of illegal activities. The N2.4 billion, according to the EFCC, was surreptitiously kept in the bank account of La Wari Furniture and Baths Limited, domiciled with Ecobank Plc. Justice Mojisola Olaterogun had in 2017 ordered the

By Modupe Gbadeyanka The Nigerian currency recorded a slight appreciation on Thursday at the Investors and Exporters (I&E) segment of the foreign exchange market. Business Post reports that at the close of business yesterday, the Naira appreciated by 0.09 percent against the Dollar at the market window to close at N362.78/$ in contrast to N363.10/$ it traded the previous day. Also, the total value of transactions at the I&E forex segment went up as a total of $850.96 million was traded in 303 deals on Thursday compared with the total of $341.57 million exchanged on Wednesday in 340 deals. At

By Dipo Olowookere The PDP Presidential Campaign Organization has declared that President Muhammadu Buhari no longer has the moral standing to seek re-election until he directly answers its Presidential candidate, Atiku Abubakar, on the revelation that the President has soiled his hands in the alleged corrupt acquisition of Etisalat Nigeria and Keystone Bank PLC. The PPCO insists that President Buhari should perish the thought of going ahead with his re-election campaign without clearing this pertinent issue, because it directly bothers on his integrity both as a person and the exulted office of the President of the Federal Republic of Nigeria.

By Dipo Olowookere Central Bank of Nigeria (CBN) has given exporters 90 days grace period to repatriate proceeds of their exports back into the country or be ready to face heavy sanctions. Addressing newsmen in Lagos yesterday, Chief Executive Officer of Citibank Nigeria, Mr Akin Dawodu, said some exporters have failed to comply to the apex bank’s directive to them for the repatriation of their proceeds within the stipulated 90 days for oil & gas and 180 days for non-oil exports. Mr Dawodu was speaking after the Bankers’ Committee meeting held on Tuesday. The committee comprises chief executives of banks

By Modupe Gbadeyanka For Small and Medium-sized Enterprises (SMEs) and corporates looking to raise funds for their day-to-day operations, commercial papers and bonds can be issued instead of obtaining a loan from commercial banks. This is the view of FBNQuest Merchant Bank, the investment banking and asset management group of FBN Holdings Plc. A commercial paper, also known as CP, is a money-market security issued by companies with a maturity of not more than 270 days to get capital from investors to meet short-term debt obligations. On its part, a bond is a note issued by organisations to obtain funds

By Modupe Gbadeyanka Entries for the 2019 edition of the annual National Essay Competition organised by the corporate social responsibility arm of the United Bank for Africa (UBA) Plc, UBA Foundation, have commenced. At a media launch to herald the competition in its ninth series last week, the CEO of UBA Foundation, Mrs Bola Atta, explained that the educational contest will provide an opportunity for students in secondary schools across the country to put in their entries and to win prizes in the form of educational grants to study in any university of their choice on the African continent. At

By Adedapo Adesanya The economy of Africa is expected to rebound by 5 per cent next year after declining by 4.1 per cent this year, the UN Economic Commission for Africa (ECA) has said in its new report. In its report tagged Innovative finance for private sector development in Africa, it was stated that the recovery would be supported by effective response to the COVID-19 pandemic and the measures taken globally to aid economic recovery. According to the report, imported pharmaceutical products in the middle of a pandemic worth $44 billion would be required for the testing, personal protective equipment