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By Modupe Gbadeyanka The Nigerian National Petroleum Company (NNPC) Limited is planning to grow its revenue to N4.5 trillion as it plans to end the importation of premium motor spirit (PMS), otherwise known as petrol, by December 2024. The chief executive of the company, Mr Mele Kyari, while speaking on Thursday, said the nation would not need to rely on fuel from outside the country because its refineries would have been fully operational. Nigeria is currently revamping its four refineries to make the product available to residents of the country as it officially stopped the payment of subsidy on petrol

By Adedapo Adesanya The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has admitted that the country recorded a revenue drop of $1.4 billion between 2015 and 2019 after imposing foreign exchange (FX) restrictions for import of 43 items over eight years. The apex bank governor made this known on Friday while delivering his keynote address at the 58th Annual Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos. The apex bank head, during the preparation of his monetary policy thrust, cited available data saying, “Studies have shown that during the period when the

By Adedapo Adesanya  The federal government, through the Nigerian Ports Authority (NPA), has announced plans to invest $1.1 billion to fully rehabilitate decaying port infrastructure at TinCan, Apapa, Rivers, Delta, Calabar, and Onne ports as part of efforts to improve the efficiency of the nation’s existing ports. Out of the estimated 47,000 kilometres of coastline in Africa, Nigeria makes up about 853 kilometres, creating the perfect opportunity to get access to its much-needed revenue. This coastline and a 200 nautical mile exclusive economic zone make up Nigeria’s coastline in the Gulf of Guinea. The coastline equals a maritime area of

By Adedapo Adesanya  Oil prices fell on Friday as the release of some hostages in Gaza reduced the geopolitical risk premium and indicated that the Israel-Hamas tensions may not have much effect on the oil market. Brent crude futures depreciated by 84 cents or 1 per cent at $80.58 a barrel, while the US West Texas Intermediate (WTI) crude dropped $1.56 or 2 per cent to close at $75.54. There was no settlement for WTI on Thursday owing to the US Thanksgiving holiday. Prices notched their first week of gains in over a month ahead of next week’s meeting of

By Dipo Olowookere The Independent National Electoral Commission (INEC) on Sunday declared the September 22, 2018 governorship election in Osun State “inconclusive.” INEC Returning Officer for the poll, Joseph Adeola, while announcing the results on Sunday afternoon, disclosed that the margin between the two major candidates at the election was too small to declare a clear winner. According to him, the number of cancelled votes was higher than the margin between Mr Gboyega Oyetola of the All Progressives Congress (APC) and Mr Ademola Adeleke of the Peoples Democratic Party (PDP). However, he said the date for the run-off election would

By Dipo Olowookere Every March 8, the world shuts down for women across the globe for the commemoration of the International Women’s Day (IWD). This year, Union Bank of Nigeria Plc, a financial institution known for placing premium value on women, joined the rest of the world to celebrate the female folks. At its headquarters in Lagos, the lender marked International Women’s Day with the launch of its women’s proposition platform known as Alpher. Alpher was unveiled as part of the bank’s annual celebrations to mark the global movement to accelerate gender parity across the world. Alpher is a platform

By Adedapo Adesanya The oil market rose on Friday but fell for the third straight week after a sharp decline earlier this week ahead of benchmark interest rate rises and on concern that the US banking crisis will slow the economy and affect fuel demand. Yesterday, Brent crude improved its value by $2.80 or 3.9 per cent to $75.30 a barrel, as the US West Texas Intermediate (WTI) went up by $2.78 or 4.1 per cent to trade at $71.34 per barrel. The Brent benchmark finished the week with a decline of about 5.3 per cent, while WTI plunged 7.1

By Aduragbemi Omiyale The management of Dangote Industries Limited has hinted that the much-anticipated commissioning of the Dangote Refinery in Lagos would happen before the tenure of President Muhammadu Buhari on May 29, 2023. This hint was dropped by the Group Chief Branding and Communications Officer of Dangote Industries Limited, Mr Anthony Chiejina, in a statement to rebuff reports that Mr Buhari commissioned the project during his two-day visit to Lagos on Monday. The oil facility, which has the capacity to refine 650,000 barrels of crude oil per day, is being built by a billionaire businessman, Mr Aliko Dangote. President

By Ebitonye Akpodigha The African Development Bank (AfDB) has promised to give Nigeria over $1 billion as budget support to tackle recession. This pledge was made by President of AfDB, Mr Akinwunmi Adesina, during his visit to President Muhammadu Buhari on Monday at the State House in Abuja. Mr Adesina, who also revealed other packages for Nigeria, appreciated President Buhari for the support the country gave when he ran for AfDB presidency in 2015, thus making him the first Nigerian to occupy such position since the bank was established in 1964. He also lauded Mr Buhari for successes recorded in

By Modupe Gbadeyanka The Ambassador of Nigeria to Morocco, Mr Mansur Nuhu Bamalli, has died at the age of 42. It was disclosed that the Ambassador died at a private hospital in Lagos while on transit to Morocco, with the funeral prayers to be announced later. Mr Bamalli He is survived by a wife, two children, and other family members, including his elder brother, the Emir of Zazzau. Recall that about a year ago, former President Muhammadu Buhari appointed Mr Bamalli as Nigeria’s Ambassador to Morocco. Before his appointment, he was a Deputy Director at the Ministry of Foreign Affairs.

By Dipo Olowookere One of the insurers listed on the Nigerian Stock Exchange (NSE), Great Nigeria Insurance Plc, has voluntarily delisted from the exchange. This followed the unanimous decision of shareholders of the company at its Extra-Ordinary General Meeting (EGM) held in Lagos last week. According to GNI, the delisting will afford it the opportunity to carry out an imminent corporate restructuring exercise to take advantage of emerging opportunities in the market and larger economy. The firm emphasised that the delisting will not in any way cause loss of its business as there are similar unlisted insurance companies commanding significant

By Modupe Gbadeyanka The board of MRS Oil Nigeria Plc has proposed the allotment of bonus shares to shareholders in the ratio of one for every five held by those whose names appear in the Register of Members at the close of business on July 6, 2018, subject to the approval of the appropriate regulatory authorities. The oil firm, in its financial statement for the year ended December 31, 2017 released to the Nigerian Stock Exchange (NSE), did not pay dividend to its shareholders as a result of the bonus shares. It stated that the register of shareholders would be