Forte Oil Shareholders Meet Tomorrow in Lagos for 2019 AGM

By Dipo Olowookere The last trading day of November 2023 on the floor of the Nigerian Exchange (NGX) Limited ended on a bullish note by 0.11 per cent on Thursday. Mild bargain-hunting in industrial goods equities like Lafarge Africa, supported by Airtel Africa, GTCO and other financial stocks left the market in the green territory at the close of business. Consequently, the All-Share Index (ASI) increased by 81.91 points to settle at 71,365.25 points compared with the preceding day’s 71,283.34 points, and the market capitalisation grew by N44 billion to N39.052 trillion from N39.008 trillion. Business Post reports that the

By Modupe Gbadeyanka The chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, has asked his counterpart in the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, to support his agency to achieve the Renewed Hope Agenda of President Bola Tinubu, who appointed both of them. Speaking during a courtesy visit to the headquarters of the anti-money laundering firm, Mr Adedeji said the EFCC has a role in ensuring that taxpayers’ funds are “judiciously utilised in line with the social contract with the people.” He assured that the FIRS would continue to strive to raise the revenue

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 Prices of major crude oil were mixed on Tuesday after Russia and the United States agreed to discuss the falling prices of the commodity at the global market as a result of coronavirus outbreak over three months ago. As at the time of writing, Brent Crude was trading down by 38 cents or 1.44 percent to $26.04 per barrel, while the West Texas Intermediate (WTI) made a slight recovery, up by 21 cents or 1.05 percent to sell as $20.30 per barrel. There were reports that Presidents Donald Trump of the US and Vladimir Putin of Russia

By Adedapo Adesanya The Lagos State Government has eased restrictions placed on activities within the events and hospitality sector, meaning clubs, event centres, hotels among others can now operate with the backing of the government. Prior to this, Business Post understands that clubs in the metropolis have been operating with event centres hosting weddings and other ceremonies, albeit with restrictions. The new directive was disclosed by the Lagos State Governor, Mr Babajide Sanwo-Olu, in a statement via his official Twitter account on Saturday, April 10. According to Mr Sanwo-Olu, the decision is being carried out to boost economic activities within

By Adedapo Adesanya The federal government, through the Central Bank of Nigeria (CBN), has allegedly forced the deactivation of crowdfunding donation links and bank account being used by the coalition supporting the protests to end police brutality across Nigeria. Feminist Coalition, which serves as the channel for receiving donations to sustain the protests ongoing in the country, put out a tweet that its bank account has been deactivated while its donation links have been blocked. “For demanding an end to police brutality, we are now under attack! Our bank account has been deactivated and so has the Flutterwave donation link.

By Ebitonye Akpodigha Months after some top politicians and personalities from across the globe were linked to offshore companies in Panama, another offshore files leaked few days ago have again linked a new set of politicians to firms in the Bahamas. According to the International Consortium of Investigative Journalists (ICIJ), which leaked the famous Panama Papers, a former European Union official was named among those operating companies in the Bahamas. A cache of leaked documents provides names of politicians and others linked to more than 175,000 Bahamian companies registered between 1990 and 2016 For years, Neelie Kroes travelled Europe as

By The Nation Majority of Small and Medium Enterprises (SMEs) have no access to bank loans for their operations – no thanks to the Federal Government’s preference for Bonds and Treasury Bills (T-Bills) issuances in funding key projects to keep inflation and exchange rate stable. Bank deposits are now invested in government securities that are fast becoming a goldmine for savvy investors.  Banks’ loanable funds have dropped, and so are credits to the private sector. COLLINS NWEZE of The Nation writes that managers of the economy are expected to prioritise private sector borrowing, not government, for sustained economic turnaround. It

By Dipo Olowookere Transactions on the floor of the Nigerian Stock Exchange (NSE) remained bearish on Thursday following persisted selling pressure. Also, the level of activities remain weak yesterday as some investors remain on the sidelines, waiting to get things running fully from next week. At the close of the trading session, the stock market was down by 0.96 percent with a year-to-date loss of 2.10 percent. In addition, the volume of trades went down by 21.09 percent, while the value of transactions reduced by 27.79 percent. Business Post reports that a total of 169.2 million shares worth N1.1 billion

By Adedapo Adesanya The Natural Oil and Gas Suppliers Association of Nigeria (NOGASA) cried to the federal government concerning the harsh working environment its members currently operate. In a press briefing in Abuja on Thursday, the National President of the organisation, Mr Benneth Korie, stated that the high Dollar exchange rate against the Naira rate was killing businesses. The group has, therefore, asked for foreign exchange (FX) palliatives for three months, saying it would want to be guaranteed FX supply within the period at the rate of N600/$1. The oil marketers recalled that while they recently applauded the removal of

By Adedapo Adesanya The federal government has announced dates for the commencement of the digital switchover from analogue in Lagos and four other states. The Digital Switchover (DSO) would commence in the five states between April and August while the exercise would kick off in the remaining states thereafter. The Minister of Information and Culture, Mr Lai Mohammed, announced the dates when he led members of the Ministerial Task Force on DSO on an advocacy visit to Lagos State Governor, Mr Babajide Sanwo-Olu, on Saturday. He noted that the government had launched the switchover in Jos, the Plateau State capital