Again, Foreign Reserves Hit $30b

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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 The prices of oil benchmarks jumped by 2 per cent on Tuesday on the fresh possibility that the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) will extend or deepen supply cuts. Data showed that Brent crude futures gained $1.70 or 2.1 per cent to close at $81.68 a barrel and the US West Texas Intermediate (WTI) crude increased by $1.55 or 2.1 per cent to $76.41 per barrel after a drop in Kazakh oil output and a weaker US Dollar. OPEC+ is due to hold an online ministerial meeting on Thursday to discuss 2024

By Adedapo Adesanya A milk-producing company, FrieslandCampina Wamco Nigeria, helped the NASD Over-the-Counter (OTC) Securities Exchange return to the green territory by 0.54 per cent on Wednesday, November 29. The firm improved its value by N3.50 in the midweek session to settle at N73.50 per share compared with the previous day’s closing price of N70.00 per share. It suppressed the 10 Kobo decline posted by Central Securities Clearing System (CSCS) Plc, which ended lower at N17.00 per unit versus Tuesday’s value of N17.10 per unit. Consequently, the market capitalisation of the alternative stock exchange went up by N6.28 billion to

By Dipo Olowookere On Monday, an exploration and production sharing agreement deal to develop South Sudan’s Block B3 was signed between the country’s government and Oranto Petroleum Company in Juba. The deal will see Oranto Petroleum invest $500 million to immediately launch a comprehensive exploration campaign in the newest country in Africa. The B3 area covers 25,150 square kilometres. Some aeromagnetic and seismic data have been acquired for the area but no wells have been drilled. The block is highly prospective, with productive parts of the Muglad Basin to the northwest and estimated reserves in place of more than 3

By Ebireri Henry Ovie A chieftain of the All Progressives Congress (APC), Mrs Ibifuro Tatua, on Friday spoke on the entrepreneurial acumen of the party’s gubernatorial candidate in Rivers State, Mr Tonye Cole, saying he is the perfect antidote to Governor Nyesom Wike. She also gave insight into the blue print of the Rivers State APC governorship flag bearer. Mrs Tatua, Convener of Tonye Cole Volunteer Group, who spoke on Friday at a gathering of Rivers people in Abuja, described Governor Wike as a failure. “Kidnapping and killings have made Rivers State one of the most murderous states in Nigeria,”

By Adedapo Adesanya The African Development Bank Group (AfDB) has appointed Mrs Wambui Gichuri as Acting Vice President, Agriculture, Human and Social Development, following the departure of Mrs Jennifer Blanke. The bank in a statement distributed by the African Press Organization (APO), said the appointment took effect from July 5, 2020. Mrs Gichiru joined the Abidjan-based regional financer in 2018 as Director, Water Development and Sanitation and oversaw the bank’s water sector program of over $ 4.5 billion covering 44 countries and multinational projects. The statement reads in part, “Wambui Gichuri supervises two divisions: the Water Development, Coordination and Partnerships,

On Friday, August 12, 2016, Hilton Hotels & Resorts announced the official opening of Hilton Edinburgh Carlton, marking the 16th property in the Hilton Worldwide portfolio of brands in Scotland and the eighth Hilton Hotels & Resorts hotel in the country. More than four million tourists visit Edinburgh yearly1 and they can now be welcomed with Hilton’s brand of hospitality in the heart of the city centre. Hilton Edinburgh Carlton showcases the rich history of Edinburgh and is within walking distance of myriad attractions, from the famous Royal Mile, which it overlooks, to the beautiful St. Giles’ Cathedral. The hotel

By Modupe Gbadeyanka The federal government has expressed its intention to put in place a policy framework aimed to address some issues underpinning the nation’s economic growth and development. The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, who made this known on Thursday, said to achieve this, the government will welcome inputs from various stakeholders, including from the government, the private sector, the academia and others. While addressing newsmen in Abuja ahead of the 26th Nigerian Economic Summit (NES#26) slated for this month, she said the central government will want to carry the state governments along in

By Dipo Olowookere Makers of the popular Maggi seasoning, Nestle, have revealed plans reduce the salt content in the product in order to make it appealing to more people. Also, the company will fortify some of its ingredients to meet more cooking standards and make the commodity healthier for consumers. These changes, according to a statement issued by the Business Executive Officer Culinary for Nestlé Central and West Africa, Mr Dominique Allier, would be targeted at consumers at the Nestlé’s Central and West Africa Region (CWAR). Mr Allier explained that the reduction in the salt content of Maggi will contribute

By Modupe Gbadeyanka The Deputy Governor of the Central Bank of Nigeria (CBN) in charge of Operations, Mr Adebayo Adelabu, has resigned from the banking sector regulator. A statement issued on Thursday by the Acting Director in charge of Corporate Communications at the CBN, Mr Isaac Okorafor, disclosed that Mr Adelabu’s resignation has been approved by President Muhammadu Buhari. However, the disengagement of the deputy governor will take effect from Sunday, July 15, 2018. Mr Adelabu is planning to seek political office in Oyo State and as part of his rule, he is expected to resign from public office. According

By Dipo Olowookere Last week, Oando, Fidelity Bank and UBA were investors’ toast at the Nigerian Exchange (NGX) Limited, accounting for 732.276 million shares worth N7.148 billion in 7,020 deals, contributing 27.70 per cent and 15.73 per cent to the total trading volume and value, respectively. Data from the exchange showed that a total of 2.644 billion shares worth N45.450 billion were transacted in 44,189 deals, in contrast to the 2.510 billion shares valued at N32.816 billion traded in 40,736 deals a week earlier. Financial equities topped the activity chart with 1.587 billion units worth N20.896 billion in 18,686 deals,