European Equities Close Mostly Higher

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 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 Crude oil prices fell on Thursday members of the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) agreed to voluntary output cuts for the first quarter of next year, falling short of market expectations. As a result, Brent crude futures lost 27 cents or 0.3 per cent to close at $82.83 per barrel, and the US West Texas Intermediate (WTI) crude futures went down by $1.90 or 2.4 per cent to $75.96 a barrel. On a monthly basis, Brent fell by 5.2 per cent while WTI was down by 6.2 per cent. Saudi Arabia, Russia

By Sodeinde Temidayo David The Nigerian Institute of Public Relations (NIPR) is set to hold the 8th edition of the Lagos Public Relations Stakeholders’ Conference on Thursday, August 26, 2021. The summit will address Healthcare and Wellness in Nigeria and is themed Policy Communication for Sustainable Healthcare and Wellness in Nigeria and will be held at the MUSON Centre, Lagos. The event is expected to feature distinguished speakers including the Minister of Health, Mr Osagie Ehanire and the Governor of Lagos State, Mr Babajide Sanwo-Olu among others. The Lagos Public Relations Stakeholders’ Conference is the brainchild of Addefort Limited, a public

By Modupe Gbadeyanka The police command of the Federal Capital Territory (FCT) has urged the management of the Premium Times and the Nigerian Army to resolve and settle their dispute peacefully. The FCT Police Commissioner, Mr Mohammed Mustafa, appealed to the military and the media on the need to sustain mutual relationship towards protecting national security and interest. Mr Mustafa’s suggestion came when the Publisher of Premium Times, Mr Dapo Olorunyomi and Judiciary correspondent, Ms Evelyn Okakwu who were arrested on Thursday returned to the Police Command Headquarters on Friday morning. The Commissioner appealed to the two parties to settle

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By Dipo Olowookere The Presidency has reacted to reports that President Muhammadu Buhari’s administration was making effort to tame the judiciary, which is the third arm of government. But in a statement issued on Sunday by the President’s spokesman, Mr Garba Shehu, the Presidency assures Nigerians of the government’s highest respect for the institution of the judiciary as the third arm of government. To this end, the President will not do anything to undermine its independence, Mr Shehu said. The statement said President Buhari remains a committed democrat, in words and in his action, and will not take any action

By Dipo Olowookere Minister of Mines and Steel Development, Mr Kayode Fayemi, has disclosed that the Federal Executive Council (FEC) has approved the purchase of 38 patrol vehicles for Mines Inspectorates across the country. Briefing newsmen on Wednesday of outcome of the FEC meeting presided over by President Muhammadu Buhari in Abuja, the Minister said the total amount earmarked for the vehicles is N327 million. He said the patrol vehicles are for the mines and steel inspectorate division aimed at checking illegal mining activities in the country. Mr Kayode explained that each of the 36 states in Nigeria and the

By Modupe Gbadeyanka The urgent need for the reorganisation of the present structure of the financial market in Nigeria has been stressed by stakeholders in the Nigerian capital market, asset management and banking sectors. One of the experts, Mr Gbenga Adigun, the Business Head of Zimvest, noted that investors are gravely concerned with investment returns in light of the current low yield environment, while financial institutions are thinking of how their product development and service delivery should evolve with the changing needs of investors. Mr Adigun gave this submission at the Zimvest Economy Conversations, a thought-leadership series of Digital Private

By Modupe Gbadeyanka The Executive Director in charge of Finance and Administration at Abbey Mortgage Bank Plc, Mr Mobolaji Adewumi, has been appointed as the acting Managing Director of the company. He was chosen to fill the vacancy created by the MD/CEO of the lender, Mr Madu Hamman, who was selected by President Muhammadu Buhari as the new MD of the Federal Mortgage Bank, the apex mortgage bank in Nigeria. Mr Adewumi is an experienced professional with a deep knowledge of the financial services industry, possessing extensive working knowledge of sub-Saharan Africa. He obtained his MBA (specializing in Finance) from

By Modupe Gbadeyanka The United States Agency for International Development (USAID) in collaboration with the Alliance for a Green Revolution in Africa (AGRA), through their joint Scaling Seeds and Technology Partnership (SSTP) held a national dialogue on November 17 to 18 in Accra, to discuss the challenges facing the development of Ghana’s seed sector. USAID/ Ghana Mission Director, Mr Andrew Karas delivered remarks on the importance of the production and distribution of high-quality certified seeds in Ghana. The dialogue brought together representatives from the Ministry of Food and Agriculture, crop breeders, and the private sector to examine recommendations from the