European Refiners Worry as Nigeria’s Petrol Demand Plunges 30%

By Dipo Olowookere Ellah Lakes Plc can now go ahead with its plans to raise fresh capital through a rights issue to shareholders, the Securities and Exchange Commission (SEC) has declared. In 2022, shareholders of the company authorised the board to source about N2.90 billion. The board later filed an application to the SEC to carry out the transaction. In an update on Wednesday, Ellah Lakes informed the investing community that the apex regulatory agency for the country’s capital market had approved its request. The firm, which operates in the agricultural sector, intends to get N2.90 billion from shareholders from

By Precious Olisa The Nigerian Extractive Industries Transparency Initiative (NEITI) has said the Nigerian National Petroleum Company (NNPC) Limited only remitted 57.27 per cent of the revenue it generated in 2021 to the federal government. The agency made this claim in a report released earlier this week, noting that the country generated $23.05 billion from the oil and gas sector in 2021 compared with the $20.43 billion achieved in 2020, with the NNPC and others keeping some funds back. Analysis showed that about $8.67 billion came from the sale of crude oil and gas, $13.37 billion was from taxes and

By Adedapo Adesanya The key performance indicators of the NASD Over-the-Counter (OTC) Securities Exchange remained unchanged at the close of transactions on Tuesday amid a mixed activity level chart. Business Post reports that the stalemate occurred after the NASD OTC exchange recorded no price gainer or loser, as the prices of stocks on the platform closed flat. Also, the total value of the alternative equity market, measured by the market capitalisation, remained unchanged at N1.138 trillion, and the NASD Unlisted Securities Index (NSI) closed flat at 805.29 points. During the trading session, investors traded a total of 501,437 units of

By Adedapo Adesanya The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that Nigeria saw a 65.7 per cent or N76.77 billion increase in earnings from the solid minerals sector in 2021 to N193.59 billion from the N116.82 billion achieved in 2020. This upward trajectory has been on for the past five years, according to a report from the agency. The Executive Secretary of NEITI, Mr Orji Ogbonnaya Orji, however, lamented that this is still abysmal considering the potential of the sector to the Nigerian economy. He said this while presenting the solid minerals sector report in Abuja, noting that

By Adedapo Adesanya Crude oil prices rose more than 1 per cent on Thursday on expectations that global demand will strengthen following signals from the world’s top two economies: the United States and China. Brent futures increased by $1.35 or 1.6 per cent to settle at $87.47 a barrel, while the US West Texas Intermediate (WTI) crude improved by 86 cents or 1.1 per cent to settle at $81.01 per barrel. The US economy grew faster than expected in the fourth quarter, but a measure of domestic demand rose at its slowest pace in 2½ years, reflecting higher borrowing costs.

By Modupe Gbadeyanka The need for youths to be passionate about their cause to enable them to stay afloat in the face of debilitating challenges has been emphasised by an entertainer, Mr Debo Adebayo, otherwise known as Mr Macaroni. Mr Macaroni, who is also an activist, gave this advice during the Winning with Social Media breakout session of the 2021 Youth Leadership Series (YLS) organised by Stanbic IBTC Holdings held on Thursday, April 8, 2021. The actor was among the speakers invited to the virtual programme, which had youths from across Nigeria and various parts of the world including the

By Jerome-Mario Utomi Aside from being perceived as backward and degraded, occasioned by crude oil exploration, exploitation and production, the Niger Delta region means different things to different people. To some, it is a region where the communal right to a clean environment and access to clean water supplies is being violated in the Niger Delta. By its admission, the oil industry has abandoned thousands of polluted sites in the region which need to be identified and studied in detail. Aquifers and other water supply sources which are being adversely affected by industrial or other activities need to be recovered

By Dipo Olowookere The audited financial results for the year ended December 31, 2016 released by Guaranty Trust Bank Plc (GTBank) to the Nigerian and London Stock Exchanges revealed that the financial institution grew its gross earnings by 37 percent to N414.6 billion from N301.9 billion reported in December 2015. In the financial statements, the firm had positive performance across all financial indices, reaffirming its position as one of the most profitable and well managed financial institutions in Nigeria. It was observed that its performance was driven primarily by growth in interest income as well as foreign exchange income. Profit

By Modupe Gbadeyanka A social media user on Instagram with the handle @a.okelawal has accused Stanbic IBTC Bank of robbing him his hard earned N170,000. The customer claimed the error came from the bank, but that the financial institution is insisting he (customer) must bear the loss. The said customer has threatened to take a legal action against the bank. Below is what the said customer posted on his Instagram page: This is the Story of How Stanbic IBTC @stanbicibtc MESSED up my account and asked me to pay 170k (i.e. 170,000) for THEIR mistake. In June, I made a

By Modupe Gbadeyanka Celebrated Public Relations expert, Mr Godfrey Adejumoh, has left MTN Nigeria after four years to join Unilever Nigeria Plc. The former External Communications Officer of MTN Nigeria, a telecommunication giant in the country, is now the Corporate Communications Manager at Unilever Nigeria Plc, a conglomerate in the country. In his new role at Unilever Nigeria, Mr Adejumoh will use his expertise to create a smooth relationship between the company and the media. Mr Adejumoh, who holds a Master’s degree in Public and International Affairs from the University of Lagos and a Bachelor’s degree in Philosophy from the

By Modupe Gbadeyanka The inaugural Commercial Paper issuance of leading investment bank in Nigeria, Coronation Merchant Bank Limited, has recorded a very strong performance. This is because the exercise was oversubscribed by 80 percent, reflecting the huge confidence investors have in the lender. The financial institution had set out to raise the sum of N15 billion on the first tranche under its N100 billion Commercial Paper Programme. However, subscriptions worth N28 billion were received from both Institutional and high net worth Investors. The issuance comprised of two series of 180 and 270-days. While the 180-day paper was issued at a

By Adedapo Adesanya The 10th week of trading in 2023 at the NASD Over-the-Counter (OTC) Securities Exchange ended on a positive note for the third straight week due to the 0.33 per cent growth recorded last week. This increased the value of investors’ portfolios in the unlisted securities market by N3.19 billion at the close of transactions to N955.83 trillion from the N952.64 billion reported in Week 9. In the same vein, the NASD Unlisted Securities Index (NSI) appreciated by 2.43 points to wrap the week at 727.42 points compared with 724.99 points recorded in the previous week. In the