European Shares Close Higher in Bullish Trading

By Adedapo Adesanya Dangote Refinery is set to commence crude refining in the coming days as an OTIS Tanker, carrying 950,000 barrels of Agbami crude has reportedly set sail to Dangote’s offshore crude receiving terminal, Business Post has gathered. It is expected to arrive around 8 pm today, December 7, 2023. This development confirms expectations that the 650,000 barrels per day will commence operations before year-end and produce its first batch of petroleum soon after the company had initially announced that it would begin producing up to 370,000 barrels per day of diesel and jet fuel in October and gradually

By Adedapo Adesanya The President of the Dangote Group, the owners of the Dangote Petroleum Refinery and Petrochemicals plant, Mr Aliko Dangote, has said that following the purchase of 1 million barrels of Agbami crude grade from Shell International Trading and Shipping Company Limited (STASCO), it will be looking to ramp up its production in coming months. The 650,000 barrels per day capacity refinery is not expected to hit full capacity until 2025, but with a gradual ramping, it is expected that it will begin with begin producing up to 370,000 barrels per day of diesel and jet fuel. “We

By Adedapo Adesanya Oil prices fell further on Thursday touching a six-month low, as investors worried about sluggish energy demand in the United States and China. Brent crude futures dropped 48 cents to $73.82 a barrel and the US West Texas Intermediate (WTI) crude futures fell by 33 cents to $69.05 per barrel, with both benchmarks posting their lowest prices since late June. Analysts noted that the largest global importer of oil, China, is shuttering its interests in crude and this has created pressure on prices. Chinese customs data showed that crude oil imports in November fell 9 per cent

By Dipo Olowookere The House of Representatives Committee on Customs and Excise chaired by Mr Leke Abejide, has promised to ensure that all customs duties and levies collected by the Nigeria Customs Service (NCS) are accounted for and remitted to the nation’s purse. He gave this assurance during the inaugural meeting of the panel on Wednesday in Abuja, using the occasion to roll out the seven-point agenda of his group. The lawmaker, who contested in the recently-concluded governorship election in Kogi State under the African Democratic Party (ADC), listed the key focus of the team as oversight of the Nigeria

By Dipo Olowookere International flights will resume in Nigeria from Saturday, August 29, 2020, the federal government has announced. Minister of Aviation, Mr Hadi Sirika, made this announcement on Monday through his official Twitter page. In March 2020, the federal government, in an effort to control the spread of Coronavirus disease in the country, especially through those arriving from foreign countries, banned international flight operations. Nigeria recorded its first case of the virus in February 2020 through an Italian who was in the country for a business transaction. Thereafter, the country recorded more cases especially in March from those returning

By Aduragbemi Omiyale An opportunity has opened for commercial paper investors as CitiTrust Holdings Plc is offering the asset class at a coupon of 22.0 per cent per annum under its N50 billion commercial paper issuance programme. According to details of the exercise obtained by Business Post, the company, in the financial services sector, is selling the debt instrument in four tenors of 90 days, 120 days, 180 days and 270 days. The minimum subscription for prospective and potential investors is N5 million and can be purchased through any of the registered stockbrokers. The 90-day instrument is going for 16.1

By Modupe Gbadeyanka The Naira continued its further recovery run on Thursday afternoon when it exchanged at N500 to the Dollar at the parallel market. About two weeks ago, the local currency first reached the N500 per Dollar mark before climbing to N522 this week, on Monday to be precise. This forced the Central Bank of Nigeria (CBN) to release a new foreign exchange policy, which seems to have been working wonders. Business Post correspondent reports that Naira opened at N505 against the Dollar this morning, but gained N5 to trade at N500 this afternoon. Also, the Pound Sterling was

By Modupe Gbadeyanka The Corporate Internet Banking (CIB) portal of VFD Microfinance Bank called V Biz has been upgraded with new exciting features. The upgrade will make entrepreneurs in the micro, small, and medium enterprises (MSMEs) sector in Nigeria enjoy banking services for their businesses with convenience. The platform allows customers to assign roles and workflow permissions to a desired number of employees based on their organisational structure. They will also have access to flexible financial management, collaboration and financial information analysis in real-time. Some of the other features on the portal include Single and Bulks Transfers for (salary and

An alarm has been raised by the Federal Government over a fake malaria drugs in circulation and has warned Nigerians to be careful of them. The government said it has confirmed two falsified versions of Quinine Sulphate being sold in the market, which contain zero active pharmaceutical ingredients. A statement by the Federal Ministry of Health and signed by its Director, Media and Public Relations, Mrs Boade Akinola, revealed that the drugs were circulating in West and Central African countries. Mrs Akinola revealed that the two version of the drug were circulating in Cameroon and the Democratic Republic of Congo.

By Dipo Olowookere A significant update has been launched into the popular new Nike+ Run Club app. This was done by Nike Inc. on Tuesday, August 23, 2016. The app gives athletes access to a new adaptive coaching feature, expert guidance from the world’s best athletes and coaches and unrivalled motivation and community, all designed to make running easier and a lot more fun. “Through the new Nike+ Run Club app, we’re serving a running community that spans the globe with the most innovative and personalized experiences we’ve ever offered to runners,” said Nikki Neuburger, VP, Global Running Brand. “We’ve

Following the success of the second edition of Agrofood & Plastplack Nigeria 2016, the German trade fair specialists, Fairtrade, has announced dates for third edition of the programme. According to a statement issued on Wednesday, the 2017 edition of the fair would take place from March 28 to 30 at the Landmark Centre in Lagos. It was stated that for the first time, there would be an official German Pavilion with more than 20 German exhibitors at the event. Also, it was disclosed that the French Pavilion is already in for the third time to again present a French Live

Esteemed Stakeholders, What a year! A year like no other – 2020 was definitively historic and unprecedented. It defied science, challenged rationality, and confronted social norms. COVID-19 shook the world powers, tipped many economies – including our dear Nigeria – into the worst recession in decades, shattered social engagements and affected every facet of life as we knew it. Like a mystery, only to be told in a fiction, oil traded at negative prices, factories shut globally for weeks, and airlines grounded for months. Excitingly, the Nigerian capital market, like a few global peers, remained active through the crisis; many