FG Targets N20bn Revenue from Mining Sector

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 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 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 Dipo Olowookere If there is one thing shareholders of Oando Plc have longed for, it is the payment of dividend, which is a form of reward for their support for the company. For many years, the board of directors of the energy firm has not paid cash dividend to shareholders because of some issues the company has been battling with, including debts and corporate governance issues. But if words of the Group Chief Executive Officer of Oando, Mr Adewale Tinubu, can be taken to a bank, then shareholders will soon begin to smile again. Last Friday, the company released

By Aduragbemi Omiyale The dispute over the control of the sugar industry in Nigeria between Dangote Group and BUA Group seems to have ended if the resolutions reached during a meeting held recently are anything to believe. The owners of the two companies, Mr Aliko Dangote of Dangote Group and Mr Abdussamad Rabiu of BUA Group had been in a silent sugar war and it is over who takes charge of the sector in Nigeria. It was reported earlier that Mr Dangote wrote a petition to the Minister for Commerce, Trade and Investment, Mr Niyi Adebayo, alleging that BUA was

By Dipo Olowookere The winner of the Gulder Ultimate Search (GUS) season 12, Mr Odudu Out, has donated to some widows in his home state, Akwa Ibom. This is part of the grand homecoming tour sponsored by the Nigerian Breweries, organisers of the popular jungle-reality television show. The 22-year-old GUS 12 winner visited The Widow of Zarephath Foundation to render support, giving the organisation food items, toiletries and cash gifts. Odudu, who was raised by a single mother, said he experienced firsthand some of the struggles of single or widowed women who lack the support of their spouses in raising

Corporate organisations have been urged to rethink their business model and adopt technologies that would keep the green-light on, should another pandemic of COVID-19 scale ever happen again. This advice was given by the Group Managing Director of Zedcrest, Mr Adedayo Amzat, during an Instagram Live Chat with the Editor of TechEconomy, Mr Peter Oluka on the theme, Implications of COVID-19 on Nigerian Economy: Way Forward for Businesses. The capital market expert said the battle against COVID-19 was one that leaders today must win if we are to find an economically and socially viable path to the next normal. “This

By Dipo Olowookere A memorandum of understanding (MoU) has been signed between the Chartered Institute Taxation (CITN) and Association of Chartered Certified Accountants (ACCA). The deal is to promote accountancy and tax profession in Nigeria and will be five years from the date of execution, but could be terminated at any time before the expiry of the initial five year term. President of CITN, Mr Cyril Ikemefuna Ede, told newsmen at the signing ceremony that the agreement between the two professional bodies will give them the opportunity to work together for the development of accounting and taxation in the country.

By Dipo Olowookere Volkswagen has launched its new Polo and showcased the R6.1 billion ($513 million) investment in its plant and new products, in the presence of Eastern Cape Phumulo Masualle, the Deputy Minister Bulelani Magwanishe of the DTI, media representatives and key stakeholders. In August 2015, VWSA Chairman and Managing Director, Thomas Schaefer announced an investment of around R4.5 billion rand in new product and facilities. The total investment exceeded R6.1 billion rand, which is partially due to exchange rate fluctuations and the approval of additional plant investments. The majority of the investment spend was on Capital Expenditure for

By Dipo Olowookere Last week, the local currency appreciated by 0.28 percent at the Bureau De Change (BDC) segment to close at N358 on sustained Dollar sales by the apex bank to BDCs at $75,000 operator. However, the Naira/Dollar exchange rate closed flat at the interbank segment of the foreign exchange market as well as the black market at N356.92/$ and N361/$ respectively amid sustained weekly injections of $210 million by CBN into the foreign exchange market via the Secondary Market Intervention Sales (SMIS). During this injection, the central bank allocated $100 million to Wholesale SMIS, $55 million was allotted

By Modupe Gbadeyanka Worries about the security situation in the country further impacted on the Nigerian Stock Exchange (NSE) on Tuesday, resulting in another 0.73 percent loss at the close of business. There have been massive sell-offs of stocks at the market recently by some foreign portfolio investors, who constitute a larger part of investors at the exchange. At yesterday’s trading session, investors further pulled out N98 billion from the stock market amid heightened security worries. At the close of transactions, the All-Share Index (ASI) went down by 222.36 points to settle at 30,099.83 points, while the market capitalisation reduced