Equities Bleed Further by 0.53% After N61b Loss

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 Dipo Olowookere The Nigerian Exchange (NGX) Limited commenced the first trading session in December 2023 on a bullish note, with a marginal growth of 0.08 per cent. Sustained buying pressure kept Nigerian stocks in the positive territory, extending the dominance of the bulls on Customs Street, though the turnover waned. Business Post observed that investors cherry-picked equities in the banking and the energy sectors during the session, leaving them rising by 1.14 per cent and 0.05 per cent, respectively. However, the insurance counter lost 1.10 per cent, the consumer goods index depreciated by 0.08 per cent, and the industrial

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 Adeniyi Ogunfowoke With more hotels catering for the corporate travellers, the things you look out for in hotels for your business trip widen. But when you’re searching for your next trip, do you know what you’re looking for in these hotels? Jumia Travel, the leading online travel agency, offers some suggestions on what you should look out for in a hotel to accommodate your needs while on business. In-room and on-site facilities Usually, many hotel rooms offer a working area and you must remember that you will be working in your accommodation. It’s important to consider all of the

By Ashemiriogwa Emmanuel Traders who do business around the popular Oginigba abattoir market located at Trans Amadi layout in Port Harcourt, Rivers State, have lamented the loss of their fortune as a result of the demolition of the market by the state government. The immediate past chairman of the abattoir market, Mr Musa Baba Ahmed, on Thursday said the association was putting efforts to present its losses to the administration of Governor Nyesom Wike on the possibility of getting compensation. He, however, noted that traders were informed in advance to vacate the market premises on August 2 and that they

By Adedapo Adesanya The Naira depreciated against the US Dollar by 0.04 per cent or 17 kobo at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market on Thursday, April 7. During the trading session, forex end-users exchanged the Nigerian currency for the American currency at N416.67/$1 as against the N416.50/$1 it was exchanged in the previous session. One of the obvious reasons for the weakening of the local currency at the session was the forex scarcity the country has been battling with for a long time despite the performance of crude oil at the market. The

By Aduragbemi Omiyale One of the leading mobile network operators in Moldova, Moldcell, has commenced digital financial services in the country through a digital wallet known as Moldcell Money, bringing a new level of convenience and security to its customers. The service, which is available through the moldcell money app, allows subscribers of any mobile network in the country to easily transfer money and pay for services directly from their mobile wallet. This financial service is supported by Comviva, the global leader in digital financial solutions, which has deployed its flagship mobiquity Pay platform to make the service seamless. Users

By Dipo Olowookere One of Nigeria’s foremost financial institutions, Wema Bank Plc, has partnered with Etisalat Nigeria to introduce the WemaEasySavers, a Tier-1 savings account aimed at ensuring financial inclusion for more Nigerians, especially the youth. The newly launched WemaEasySavers is an easy to open and use account designed to enable under-banked and unbanked Nigerian youth to achieve their financial goals while operating a regular bank account through their mobile phones. This partnership will enable Wema Bank’s new drive to expand its presence in the youth market and also forms a strong part of Etisalat’s commitment towards driving the achievement

By Adedapo Adesanya Ugandan ride-hailing startup, SafeBoda, has announced its intentions to terminate operations in Kenya from Friday, November 27, 2020. In a statement via its official Twitter handle, the company announced that it would cease operations in the East African country due to the COVID-19 (coronavirus ) pandemic. The startup, which launched in Kenya’s capital in 2018, stated that while Nairobi has gradually started to recover from the pandemic, boda transportation has been hit hard. According to Safeboda, “This has meant our business cannot sustainably operate in this environment and unfortunately the timeline for a full recovery is not

By Dipo Olowookere President Muhammadu Buhari has expressed optimism on the release of more of the kidnapped Chibok girls, after 21 of them were freed by Boko Haram, following more than two years of captivity. Speaking at a joint press conference with the German Chancellor Angela Merkel on Friday in Berlin, President Buhari said negotiations will continue until all the girls secure their freedom. “On the Chibok girls, we have been able to secure the release of 21 of them, so over 100 more are still in the hands of the terrorists somewhere in the Lake Chad Basin area which

By Dipo Olowookere One transaction that caught the interest of stakeholders in recent time is the merger between Diamond Bank and Access Bank. What started as a rumour in late 2018 and then metamorphosed into denials by both parties has now finally into a reality. Last week, the court eventually legalised the process of the two financial institutions becoming a single entity. Some weeks ago, Business Post reported that managements of the two banks had agreed to have a new identity, which will reflect the two brands. A moment ago, a source who claimed to be in the know of