FAAC Deadlock: Buhari, Adeosun to Meet NNPC

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  Angola, one of Africa’s top crude oil producers and a key member of the Organisation of the Petroleum Exporting Countries (OPEC), has officially rejected the proposed production quota for the year 2024 and may even exit the group. This was signalled by Mr Diamantino Pedro Azevedo, Angola’s Minister of Energy and Mineral Resources, confirming the nation’s decision and indicating a divergence from OPEC’s suggested allocations for both member and non-member countries. The announcement was made during the 26th OPEC+ Meeting on Thursday, where the organisation proposed 1.11 million barrels of crude oil per day production quota for

By Modupe Gbadeyanka Business owners in Lagos have been assured of more incentives by the state governor, Mr Babajide Sanwo-Olu, who added that this is part of his administration’s commitment to reforms aimed at improving the ease of doing business and enhancing investment opportunities. Speaking at the commissioning of the newly-built wet hair production factory of Godrej Nigeria Limited, the Governor said his government would continue to pursue actions that would eliminate red tapes and regulatory impediments hindering the growth of businesses in the state, thereby demonstrating his willingness for continued collaboration with the private sector to improve the livelihood

By Modupe Gbadeyanka President Donald Trump on Thursday, June 1, 2017, announced his decision to withdraw the United States from the Paris Climate Accord signed in 2015. The agreement was put in place to set out a global action plan to put the world on track to avoid dangerous climate change by limiting global warming to well below 2°C. During his speech today, Mr Trump said the deal does not favour America, stressing that it punishes the US, while making others happy. “In order to fulfil my solemn duty to protect America and its citizens, the United States will withdraw

By Dipo Olowookere The Nigerian Stock Exchange (NSE) continued its upward trajectory on Thursday as investors continue to take position ahead of anticipated selloffs next week. Next Saturday, Nigerians will head to the polls to choose someone who will lead them for another four years. The February 16 presidential election is already raising tension in the land especially with the death threat by Governor Nasir El-Rufai of Kaduna State that any foreign element that messes up would have their bodies taken back in body bags. At the market yesterday, investors aggressively mopped up some stocks that could fetch huge returns

Africa’s growth story may have been hampered by COVID-19, and whilst challenges remain, there are still investment opportunities and wealth creation taking place. There are, at present, around 136,000 high net-worth individuals (HNWIs) living in Africa, with total private wealth held on the continent amounting to $2 trillion. Those numbers are expected to keep growing too. In fact, the number of HNWIs in Nigeria alone is expected to grow 40% over the next decade[1]. That means private banking in Africa, and in Nigeria, the continent’s biggest economy, will only become more important. Recent reports suggest that wealth in Africa is

By Brown Justice Despite the fact that Nigeria is one of the major oil producing countries in the world, Nigerians still experience fuel scarcity during Christmas and New Year celebrations. This development has forced this reporter to investigate the circumstances that drove the nation in to the current economic ragamuffin. Hence, as a way of finding solution to the intermittent fuel scarcity in the country, the Nigerian government introduced what is called Offshore Processing Arrangement (OPA) and Crude Oil Swap regime which the Nigerian National Petroleum Corporation (NNPC) allocates crude oil to oil trading companies in exchange for processed petroleum

By Modupe Gbadeyanka The Nigerian Stock Exchange (NSE) has partnered with Access Bank to commemorate the 2017 Global Money Week, which promotes financial inclusion and literacy. In view of this, both bodies have agreed to organise an event next week tagged ‘Learn, Save, Earn’ and would hold across all NSE offices in Nigeria. At the programme, employees of NSE would mentor young people on how money works, saving, investing, creating livelihood, gaining employment and entrepreneurship. A statement issued by the NSE in Lagos on Monday disclosed that the main aim of the event is to raise awareness and improve capabilities

By Aduragbemi Omiyale The sum of N100 billion has been set aside by Ecobank Nigeria to fund Micro, Small and Medium Enterprises (MSMEs) in the country. The Managing Director of the bank, Mr Patrick Akinwuntan, confirmed this when he spoke at the Ecobank/Vanguard virtual summit for MSMEs in Nigeria. He explained that the N100 billion funding package for MSMEs will enable small business owners to contribute more meaningfully to the growth of the nation’s economy. Mr Akinwuntan reiterated that apart from closing the funding gap, the lender will upskill and avail them of its state-of-the-art digital platforms to promote their

By Adedapo Adesanya A total of 3,256 individuals and businesses will benefit from the first batch of the Central Bank of Nigeria (CBN) N50 billion Targeted Credit Facility. The Managing Director, NIRSAL Microfinance Bank, Mr Abubakar Kure, made this disclosure at the disbursement of the fund on Thursday in Abuja. He said the first beneficiaries were affected by the negative impact of the coronavirus pandemic. Business Post last month had reported that over 80,000 applications were received, half of which were individuals for the N50 billion credit facility of the apex bank. However, at that time, the NIRSAL boss had

By Investors Hub Asian stocks fell broadly on Wednesday as initial optimism over the Trump-Kim summit faded and investors shifted their focus to upcoming central bank meetings in the U.S., Europe and Japan. The U.S. Federal Reserve is widely expected to raise interest rates by 25 basis points when it ends its two-day policy meeting later today. On Thursday, the European Central Bank may outline plans for ending its bond purchasing program. The Bank of Japan’s policy decision is due on Friday, with no change to policy expected. Chinese markets fell, dragged down by telecom shares as ZTE Corp. resumed