DPR Denies Revoking Refining Licences of BUA, 31 Others

By Dipo Olowookere In one week, investors bought and sold 2.543 billion shares worth N38.644 billion in 36,138 deals on the floor of the Nigerian Exchange (NGX) Limited. In the preceding trading week, a total of 2.425 billion shares valued at N22.665 billion were transacted by investors in 33,230 deals. It was observed that financial stocks led the activity chart as usual with 1.721 billion units worth N18.281 billion in 17,151 deals, contributing 67.68 per cent and 47.30 per cent to the total trading volume and value, respectively. Conglomerates equities trailed with 200.584 million units valued at N1.546 billion in

By Adedapo Adesanya Nigeria will accept and work with a production quota of 1.5 million barrels of crude oil per day in 2024 as the country aims to grow on the back of its oil resources, following a revision done by the Organisation of the Petroleum Exporting Countries and its allies, OPEC+. According to a statement issued by the Press and Public Relations unit of the Ministry of Petroleum Resources, Thursday’s meeting of the 23-man group addressed crucial aspects, including the completion of assessments by independent sources (IHS, Wood Mackenzie, and Rystad Energy) on the projected production levels for Angola,

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 Adedapo Adesanya Equinor and Chappal Energies have entered into an agreement for the sale of Equinor Nigeria Energy Company (ENEC), which holds a 53.85 per cent ownership in oil and gas lease OML 128, including the unitized 20.21 per cent stake in the Agbami oil field, operated by Chevron. Speaking on the deal, Equinor’s senior vice president for Africa Operations, Ms Nina Koch, said Nigeria has been an important part of Equinor’s international portfolio over the past 30 years, noting that, “This transaction realizes value and is in line with Equinor’s strategy to optimize its international oil and gas

By Modupe Gbadeyanka A foreign exchange (forex) trader based in Kano State, Mr Yusuf Yakubu, may have bitten more than he can chew as he has found himself in murky water. He was accused of diverting about N197.6 million belonging to his customers, who wanted him to exchange his Dollars to Naira. It was alleged that in January 2021, the Kano forex trader collected $870,000 with the promise to pay the Naira equivalent, but he refused to fully honour this pledge. Instead of returning the full amount, he only paid N220.3 million and allegedly diverted the balance of N197.6 million

By Modupe Gbadeyanka The Nigerian Stock Exchange (NSE) closed 0.56 percent higher on Wednesday to leave the year-to-date return at 37.26 percent. Business Post reports that at the close of midweek trade, the Financial Services sector led the activity chart with 212.322 million shares exchanged for N2.392 billion, while the Consumer Goods came next with 15.986 million shares traded for N1.031 billion. FBN Holdings transacted the highest number of shares, exchanging 40 million units worth N255 million. It was followed by Sterling Bank, which traded 32 million shares valued at N32 million, and Diamond Bank moved 26 million shares for

By Adedapo Adesanya The first trading session of the new week closed in the flat territory on Monday as the key performance indicators at the NASD Over-the-Counter (OTC) Securities Exchange remained unchanged at the close of business. Business Post reports that the market capitalisation of the NASD Exchange retained the previous value of N960.88 billion, while the NASD Unlisted Securities Index (NSI) remained unchanged at 729.92 basis points. The stalemate witnessed at the session came as there was no price advancer or decliner at the week’s opening session. At the close of transactions, investors traded a total of 461,806 units

By Dipo Olowookere The Chairman Emeritus of the Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, has commended the board and management of Zenith Bank Plc for the payment of dividends to shareholders. Speaking at the 31st Annual General Meeting (AGM) of the bank held on Wednesday, April 6, 2022, at the Civic Centre, Victoria Island, Lagos, he said investors love to have Zenith Bank’s shares in their portfolios because it never fails to pay dividends to shareholders. He praised the financial institution for being consistent in the payment of dividends to shareholders, just as it did yesterday by

By Adedapo Adesanya Global free music streaming platform, Audiomack, has announced its official expansion to Nigeria, marked with the establishment of a Lagos office. The service will be toeing the line of Apple Music, Deezer, Shazam and recently YouTube Music, which are all established in the country. Audiomack also announced that three Nigerians will lead its operations. Adeyemi Adetunji was appointed as head operations and commercial partnerships; Charlotte Bwana on business development and media partnerships; and Olive Uche on content strategy. Already established in 54 countries in the world, this domestication makes Nigeria the 55th country to have Audiomack’s presence.

By Modupe Gbadeyanka The federal government has said it has no plan to prevent youths from travelling abroad, stressing that reports insinuating such are totally untrue. A statement issued by Towoju Raphael on Saturday on behalf of the Director Press at the Ministry of Interior said the reports quoting the Permanent Secretary in the Ministry of Interior, Mr Shuaib Belgore, as saying so purely misinterpreted him. The Presidential Committee from the Office of the Secretary to the Government of the Federation (OSGF) had recently visited the ministry and Mr Belgore welcomed them on behalf of the Minister of Interior, Mr

By Modupe Gbadeyanka Lovers of football can be rest assured to see the Africa Cup of Nations’ (AFCON) qualifying match between Nigeria and South Africa live on SuperSport tomorrow, Saturday, June 10, 2017. Super Eagles will play their Bafana Bafana opponent at the Godswill Akpabio International Stadium in Uyo, Akwa-Ibom State in a bid to book a spot in the continental tournament slated for 2019. All active DStv Premium, Compact Plus and Compact subscribers have been urged to take the front row seats to catch the exciting line up LIVE on SS4 and GOtv Plus subscribers on SS9 at 4:30

By Modupe Gbadeyanka Founder and Senior Pastor of Omega Fire Ministries, Apostle Johnson Suleiman, has resolved to start dealing ruthlessly with his critics on social media as well bloggers in the country. While addressing his congregation recently, the controversial cleric said he has now got the formula on how to bring down any page operated by his critics on social media platforms. According to him, his foot soldiers are ready to go after such people, warning that it’s time to return fire with fire. “A blogger posted something about my father in the Lord about 3 days ago and I