Experts to Teach Ways to Trade Derivatives Futures Contracts

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 Adedapo Adesanya The House of Representatives has pledged to stop international oil companies (IOCs) operating in the Niger Delta from divestment of their offshore assets without being accountable to the environment. The Chairman of the House of Reps Committee on Host Communities, Mr Dumnamene Dekor, said this during a technical session on the implementation of the Host Communities Development Trusts (HCDT), organised by Spaces for Change (S4C) with support from Ford Foundation. Mr Dekor raised the alarm that since the passage of the Petroleum Industry Act in 2021, host communities have not experienced any positive change, rather have remained

By Modupe Gbadeyanka Strong inflationary pressures in November further negatively impacted companies in Nigeria, with new orders and output both falling as customers were either reluctant or unable to pay higher charges. Purchase prices rose at the fastest pace in almost two years amid exchange rate weakness and higher costs for fuel and materials. According to the latest Purchasing Managers’ Index (PMI) from Stanbic IBTC, business conditions remained under pressure, scoring 48.0 points last month compared with the 49.1 points it garnered in October 2023. Readings above 50.0 signal an improvement in business conditions, while readings below 50.0 show deterioration.

By Aduragbemi Omiyale President Bola Tinubu has said the 2024 budget presented to the joint session of the National Assembly on Wednesday was designed to achieve macroeconomic stability, a better investment environment, greater access to social security, poverty reduction and enhanced human capital development. According to him, if these goals are achieved, the standard of living of Nigerians will improve and the citizens will enjoy the dividends of democracy. While presenting the 2024 Appropriation Bills to the parliament yesterday, the President said this was why he christened the budget proposal as the Budget of Renewed Hope. Mr Tinubu told the

Interswitch Group is delighted to align with the Africa Tech For Trade Alliance, a partnership which was cemented at the recently concluded African Tech Summit 2023 in Washington D.C, USA, on April 12. The Africa Tech For Trade Alliance (AT4T) is a public-private partnership platform designed to promote the expansion of e-commerce and digital trade in Africa. The initiative is championed by Prosper Africa, the U.S. Government initiative to substantially increase two-way trade and investment between the United States and Africa and is positioned as Prosper Africa’s flagship tech alliance to drive e-commerce and digital trade across Africa. This alliance

By Modupe Gbadeyanka The Economic and Financial Crimes Commission (EFCC) on Tuesday, October 3, 2017 secured the conviction and sentencing of Prof. Benjamin Adefemi Ogunbodede, a former Director-General, Institute of Agriculture Research and Training, IART, Ibadan, Oyo State before Justice Nathaniel Ayo-Emmanuel of the Federal High Court sitting in Ibadan, Oyo State. Prof Ogunbodede had been prosecuted alongside the trio of Zacheaus Tejumola, Adenose Clement and Jalekun Omotowoju on a 17-count charge bordering on conspiracy, misappropriation and diversion of funds to the tune of N177 million. Trouble started for the convicts following receipt of a petition dated December 17, 2012

By Dipo Olowookere Reports reaching us indicate that First Nation Airways will no longer be resuming its flight operations on September 15, 2016, as earlier planned. The airline would now be resuming operations on September 17. First Nation Airways had suspended its operations on August 17, 2017, to enable aircrafts in its fleet undergo maintenance. It was learnt that the company only received the necessary equipment to fix the airplanes few days ago from the Nigeria Customs Service (NCS). The engineers are expected to complete the repairs on Friday to get ready for flight resumption on Saturday. The airline had

By Modupe Gbadeyanka In a bid to enhance cooperation and forge stronger relationships in promoting regional and global trade and investment between Indonesia and Nigeria, a Memorandum of Understanding (MoU) has been signed between the Indonesia Eximbank and the Nigerian Export-Import Bank (NEXIM Bank). The MoU, according to a statement issued by the Head of Corporate Communication Department at NEXIM, Chinedu Moghalu, is strictly limited to the expressed desires of the parties to enhance cooperation in respect of the matters set out in the document. It is not intended to impose or create any legally binding rights or obligations on

By Module Gbadeyanka The Speaker of the Ekiti State House of Assembly, Mr Funminiyi Afuye, has died, a statement from the state government has confirmed. Mr Afuye died on Wednesday evening at the Ekiti State Teaching Hospital (EKSUTH), Ado- Ekiti, the state capital. He was said to have died after suffering from a cardiac arrest. “The Government of Ekiti State regrets to announce the death of the Speaker of the State House of Assembly, Funminiyi Afuye.  “Afuye died Wednesday evening at the Ekiti State Teaching Hospital (EKSUTH), Ado- Ekiti, where he was receiving treatment after suffering a cardiac arrest. “The

By Modupe Gbadeyanka Commissioner for Budget and Economic Planning in Kebbi State, Mr Zailani Muhammad, has disclosed that the state government was planning to raise its Internally Generated Revenue (IGR) to N14 billion in 2017. Mr Muhammad, at an interactive session on Tuesday with officials of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC) in Birnin Kebbi, said already, the Governor Abubakar Atiku Bagudu-led administration has worked out plans to achieve this. He told his guests that at the moment, Kebbi State generates about N4 billion in IGR, but said hopes are high to increase this following different initiatives of

By Dipo Olowookere Goldberg, a brand from the stables of Nigerian Breweries Plc, has received royal blessings from His Royal Majesty, Oba Saliu Akanmu Olasupo Adetunji, the Olubadan of Ibadanland for being a preserver of the Yoruba culture and tradition in the Southwest region. The monarch made this proclamation when the team from Nigerian Breweries Plc paid a courtesy visit to the Oba in his palace on Friday, July 21, 2017 as part of activities for the grand finale of Ariya Repete, Goldberg’s talent hunt competition for indigenous Yoruba music, holding in the city on that day. The paramount ruler

By Dipo Olowookere In order to make shareholders enjoy the benefits of demutualisation and maximize returns, the Nigerian Exchange (NGX) Group Plc is currently undertaking some financial planning activities. These steps are being engineered by the Group CEO of the organisation, Mr Oscar Onyema, and they include the possibility of mergers and acquisitions, private equity investments, treasury management, capital allocation and fundraising. According to Mr Onyema, the company is well-positioned to achieve these goals, going by its financial performance in 2020, expressing optimism that these strategies would make the organisation’s shares attract investors when they are eventually listed on the