ExxonMobil Resumes Export of Nigeria’s Qua Iboe Crude

By Dipo Olowookere The Nigerian Exchange (NGX) Limited retreated by 0.44 per cent on Tuesday due to selling pressure on some bellwether equities during the session. Shares of Dangote Cement, GTCO, Zenith Bank, Access Holdings, Oando, Lafarge Africa and others experienced a pullback yesterday as a result of profit-taking activities by traders. As a result, the All-Share Index (ASI) receded by 312.76 points to 71,041.05 points from 71,353.81 points and the market capitalisation moderated by N165 billion to N38.875 trillion from N39.040 trillion. The level of activity at the market waned on the second trading session of the week, as

By Adedapo Adesanya A hybrid solar power solutions provider, Daystar Power, has signed an agreement with Nigerian Breweries to install and operate a 4.2MWp solar plant and 2MWh battery storage system that will help the firm reduce its high energy costs. The installation will be one of the largest solar and battery storage projects for an industrial manufacturer in Nigeria. The hybrid solar solution will generate 5,249 MWh of electricity – 42 per cent of its daytime power consumption – every year at Nigerian Breweries’ Lagos brewery. According to a statement, the integration of solar into the factory’s energy mix

By Adedapo Adesanya President Bola Tinubu is targeting to grow Nigeria’s economy by 3.76 per cent next year and moderate the country’s inflation to 21.4 per cent. Speaking at his first budget speech to lawmakers on Wednesday, President Tinubu also projected higher oil production and tax collection, noting that this will boost government revenues and cut down on reliance on borrowing to finance budget deficits. Nigeria plans on spending N27.5 billion in the 2024 fiscal year, with priorities on security, infrastructure and easing the high cost-of-living crisis. The country will borrow around N9 trillion and N18.5 billion generated from internally

By Adedapo Adesanya  Oil prices rose by more than $1 a barrel on Wednesday as investors focused their attention on an upcoming OPEC+ output policy meeting and looked past a jump in crude stockpiles in the United States. Brent crude futures were up by $1.01 or 1.2 per cent to $82.69 per barrel, and the US West Texas Intermediate (WTI) crude futures gained $1.16 or 1.5 per cent to close at $77.57 a barrel. Prices were lifted by a media report that the Organisation of the Petroleum Exporting Countries and allies such as Russia, known collectively as OPEC+, was considering

By Modupe Gbadeyanka As part of efforts to curb fraud through the use of short codes in the financial system in the country, the Central Bank of Nigeria (CBN) has released draft of regulatory framework for Unstructured Supplementary Service Data (USSD). In a statement issued by the Director of Banking & Payments System Department, Mr ‘Dipo Fatokun, the apex bank said it was coming up with the framework in furtherance of its mandate for the development of the electronic payments system in Nigeria. The CBN said it would welcome inputs from stakeholders in the industry on or before Thursday, September

By Modupe Gbadeyanka The payment of a dividend is a way companies reward their shareholders, who can also be described as investors. The payment of his cash reward is what many look forward to. In the year 2020, some companies have announced the payment of dividends to their shareholders (final and interim), while others have chosen to given bonus shares. A final dividend is the cash reward paid to investors at the end of the company’s financial year, while the interim dividend is the one paid after six months of the accounting year. In a list released by the Nigerian

By Adedapo Adesanya Transparency International (TI) has revealed “a more efficient measures” to tackle the rate of illicit financial flows into Nigeria. The agency said out of the $50 billion in Africa, Nigeria accounts for 34 percent in the sum of $17 billion on the continent. In collaboration with the Nigeria Financial Intelligence Unit (NFIU) and the Independent Corrupt Practices and Other Related Offences Commission, the bodies have called on the Central Bank of Nigeria (CBN) to enjoin all agencies under it to help tackle this problem. The partnership called on the apex bank to regulate the operators of the

By Adedapo Adesanya Oil rebounded on Thursday after a report of sliding gasoil stocks in Europe ended the volatile sessions triggered by demand worries and a strong US Dollar. During the trading day, Brent improved its value by 15 cents or 0.2 per cent to $83.36 a barrel, and the US West Texas Intermediate (WTI) crude rose by 16 cents or 0.2 per cent to $79.05 a barrel. Dutch consultancy firm, Insights Global, posted data that gasoil stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub declined by 3 per cent in the latest week. This

By Dipo Olowookere On Tuesday, the Nigerian Stock Exchange (NSE) hosted children of its employees, brokers and dealing member firms, where they were honoured with the opportunity to beat the closing gong. They children were received by the Mr Oscar Onyema, the CEO of the NSE; Ms Tinuade Awe, the Executive Director in charge of Regulations at NSE; and Mr Tobi Oyewole, the CSR Analyst at NSE.

By Modupe Gbadeyanka The Electoral Act 2022 has been adjusted by the Senate to allow statutory delegates comprising the President, Vice President, members of the National Assembly, Governors and their deputies, members of the State Houses of Assembly, Chairmen of Councils, Councillors, National Working Committee of political parties, amongst others vote at party congresses and primaries. At the plenary on Tuesday, the federal lawmakers at the upper chamber of the parliament noted that the law, which was passed this year, had a deficiency that was never intended and will deny all statutory delegates in all political parties from participation in

By Dipo Olowookere African governments have been charged to adopt “a more innovative model of primary health delivery with grassroots-focused universal health coverage structure that is customised to suit the peculiarities” of the continent. This advice was given by the Chairman and chief executive of Elkris Group, Dr Elliott Scott Omose, during a media chat with newsmen over the weekend. The healthcare practitioner, who described primary healthcare in Africa as non-existent, said the continent has the capacity to deliver quality service to its citizens. Mr Omose is also the founder of PreDiagnosis International, an innovative public healthcare management non-profit organisation

By Ahmed Rahma An educational foundation, Teacher Essien Ita Ita Educational Foundation (TEIIEF), has donated N2 million to the University of Calabar (UNICAL) to fix the potholes in the institution. The foundation, which presented the institution with the cheque during the weekend, said it was part of the activities to mark the second year remembrance of the demise of Mrs Temitope Ekpenyong Ita, wife of Mr Ekpenyong Ita, a former Director-General of the Department of State Services (DSS) and son of the late teacher, Esien Ita, who died March 13, 2019. The cheque was given to the institution’s Vice Chancellor,