FAAC Plans New Revenue Template for NNPC, Shares N715b

By Adedapo Adesanya Nigeria will accept and work with a production quota of 1.5 million barrels of crude oil per day in 2024 as the country aims to grow on the back of its oil resources, following a revision done by the Organisation of the Petroleum Exporting Countries and its allies, OPEC+. According to a statement issued by the Press and Public Relations unit of the Ministry of Petroleum Resources, Thursday’s meeting of the 23-man group addressed crucial aspects, including the completion of assessments by independent sources (IHS, Wood Mackenzie, and Rystad Energy) on the projected production levels for Angola,

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 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 Oil slumped by more than 2 per cent on Friday as traders showed scepticism about the depth of supply cuts by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) as well as concerns about sluggish global manufacturing activity. Brent crude went down by $1.98 or 2.45 per cent to close at $78.88 a barrel as the US West Texas Intermediate (WTI) crude dropped $1.89 or 2.49 per cent to sell for $74.07 a barrel. For the week, Brent posted a decline of about 2.1 per cent, while WTI lost more than 1.9 per cent.

By Modupe Gbadeyanka As part of its contribution to nutritional development and provision of a new cooking experience, Eazy Coox has introduced four essential ready to use ingredients. The food condiments come in sealed earth friendly glass jars of Chopped Garlic, Chopped Ginger, Chopped Scotch Bonnet and Chopped Habanero Chilli; all in 190g size packages. Eazy Coox’s mission is to help several upwardly mobile individuals, modern day women and families solve their cooking challenges with the provision of ready to use condiments. The products which come in hygienic glass jars are peeled, chopped and preserved in either white wine vinegar

By Modupe Gbadeyanka As at Monday, January 15, 2018, a total of $2.317 was the amount left in Nigeria’s Excess Crude Account (ECA). This information was revealed yesterday by the Governor of Kano State, Mr Abdullahi Umar Ganduje. Briefing newsmen in Abuja on Thursday on outcome of the National Economic Council (NEC) meeting, the Governor said Minister of Finance, Mrs Kemi Adeosun, gave them the figure during the meeting. The meeting was presided over by the Vice President, Mr Yemi Osinbajo. He said government was working hard to address various issues facing the country at the moment, including the herdsmen crisis in

By Dipo Olowookere Nigerian stocks had a bearish start to the week on Monday on the floor of the Nigerian Exchange (NGX) Limited, losing 0.10 per cent. Profit-taking in equities like Zenith Bank, GTBank, UBA, Cadbury, Lafarge Africa and 23 others weakened the market during the session as they outweighed the bargain-hunting in Stanbic IBTC, FBN Holdings, Ardova and 10 others. As a result of this selling pressure, which cut across most of the sectors, the All-Share Index (ASI) was trimmed by 39.70 points to 38,686.40 points from 38,726.10 points, while the market capitalisation was slashed by N21 billion to

By Adedapo Adesanya The number of active internet subscribers in Nigeria increased by 0.62 per cent year-on-year in the first quarter of 2022 to 145.9 million from the 145.0 million achieved in the same period of last year. In the Telecoms Data: Active Voice and Internet per State, Porting and Tariff Information report for Q1 2022 released by the National Bureau of Statistics (NBS), the slow growth was attributed to the inability of Nigerians to buy and register new SIM cards following directives from the federal government to halt the sale of new cards over security measures as well as the

By Modupe Gbadeyanka Acting President, Prof Yemi Osinbajo, on Monday, June 12, 2017, eventually signed the long-awaited 2017 budget into law. Mr Osinbajo assented his signature to the 2017 appropriation bill in the presence of Senate President, Mr Bukola Saraki; Speaker of the House of Representatives, Mr Yakubu Dogara; and other top government functionaries. The Acting described the budget passage as “an important milestone in our economic recovery and growth plan laid in April by President (Muhammadu) Buhari.

By Dipo Olowookere The continued absence of an OMO auction by the Central Bank of Nigeria (CBN) left the yields on the one-month treasury bills going down by 0.14 percent on Tuesday to settle at 9.94 percent at the secondary market. Business Post observed that the tenor was the only that depreciated yesterday as the other three maturities closed green. Yields on the 3-month bill appreciated on Tuesday by 0.44 percent to finish at 10.61 percent, the 6-month instrument rose by 0.26 percent to end at 12.06 percent, while the 12-month tenor gained 0.43 percent to close at 13.24 percent.

By Adedapo Adesanya Ahead of the May 29 inauguration, the Director-General of the World Trade Organisation (WTO), Mrs Ngozi Okonjo-Iweala, has advised incoming governors to stop depending on crude oil and diversify the sources of revenue in their respective states. She spoke on Monday during an induction organised for elected governors in Abuja, two weeks before the inauguration. According to her, states with over-dependence on the monthly Federation Account Allocation Committee (FAAC) would be badly hit because there have been erratic outcomes from allocations over the years. She said, “We need to start preparing now for a time when our

By Dipo Olowookere The management of Japaul Oil Plc has blamed media reports for the recent downslide of its shares on the Nigerian Stock Exchange (NSE). Few weeks ago, there were reports that an American equity company, Milost Global Inc was investing billions of Dollar into the Nigerian firm. This jerked up buying interests in the shares of Japaul Oil and caused a huge rise in its stocks at the market. However, some days ago, a media platform, Business Day, questioned the authenticity of the deal, pointing out that what the US-based company was pumping into Japaul Oil was even