Friesland, NDEP Drag Down NASD OTC Bourse By 0.28%

By Adedapo Adesanya  The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has vowed to down tools and shut down all oil field locations if demands following the acquisition of Nigerian Agip Oil Company (NAOC) are not met. Business Post had reported in September that Oando Plc had acquired a 100 per cent stake in the Nigerian subsidiary of Italian giant, Eni. However, the deal allegedly happened without management addressing the welfare and benefits of the workers and without due process. The development has led to several protests by members of PENGASSAN since the beginning of September 2023.

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed Week 39 mixed as the unlisted securities index rose by 0.83 per cent, while the market capitalisation depreciated by 2.63 per cent after VFD Group Plc finally delisted after three years of trading on the platform. According to data from the bourse, the NASD index went up by 6.70 points to 815.65 points from 808.95 points, while the value of the exchange shrank by N30 billion to N1.110 trillion from N1.140 trillion. In the week, Nipco Plc improved its value by 9.8 per cent to close at N95.00 per share

By Adedapo Adesanya The prices of Brent futures and the US West Texas Intermediate (WTI) futures went down by about 1 per cent on Friday, due to macroeconomic concerns and sustained profit-taking. Data showed that Brent fell by 7 cents to $95.31 per barrel and WTI depreciated by 92 cents to $90.97. Prices rose about 30 per cent in the third quarter of the year helped by the production cuts by the Organisation of the Petroleum Exporting Countries and allies (OPEC+). This action squeezed global crude supply. Brent was about 2.2 per cent in the week and 27 per cent

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By Kestér Kenn Klomegâh A Mozambican geologist, Mr Antonio Pedro, has been appointed as the Executive Secretary of the United Nations Economic Commission for Africa (UNECA) with effect from Thursday, September 1, 2022. He is taking charge of the organisation after Ms Vera Songwe announced the end of her five years of dedicated service to ECA and its member states on August 22. “It has been a privilege to work with you and serve the whole UN system. I cannot express enough my appreciation for the support, encouragement, guidance, patience, and friendship I received throughout these years from you,” said

By Adedapo Adesanya Fluctuations marred the oil market on Thursday, August 6 as both major benchmarks alternated in and out of the positive territory. As at 9 pm, the international benchmark, Brent crude futures, were up by 4 cents or 0.03 per cent at $45.18 per barrel, while the US benchmark, West Texas Intermediate (WTI) crude futures, fell 18 cents or 0.43 per cent to $42.00 per barrel. Prices had found support to lift it to its highest point in five months previously over a weakened dollar and on the report of a large drop in crude stockpiles, but sentiment

By Adedapo Adesanya Oil rose nearly 2 per cent on Tuesday, erasing the previous session’s losses, as hopes for a strong economic rebound in China offset. Brent crude settled higher by $1.44 or 1.8 per cent at $83.89 a barrel, while the US West Texas Intermediate (WTI) crude futures gained $1.37 or 1.8 per cent to close at $77.05 a barrel. For the month of February, Brent fell about 0.7 per cent, while WTI dropped about 2.5 per cent. Expectations of demand recovery in China underpinned gains, with the market awaiting key data this week. There is anticipation that factory

By Aduragbemi Omiyale The federal government, state governments and the 774 local government areas earned more from the national cake in December 2022, following a 22.44 per cent spike in the revenue shared with them by the Federation Account Allocation Committee (FAAC). The FAAC December disbursement was the funds generated by the country in November 2022. According to a statement issued by the Director of Information, Press and Public Relations in the Office of the Accountant General of the Federation, Henshaw Ogubike, the allocated funds comprised distributable statutory revenue of N681.079 billion, distributable Value Added Tax revenue of N202.839 billion,

By Dipo Olowookere No fewer than 50 persons in the payroll of Skye Bank have been asked to leave the company, Tribune is reporting. It was reported that the affected employees are in the outsourced and auxiliary functions of the financial institution, which according to a recent report by Bloomberg, was close to being insolvent. Reports say the dismissed workers were showed the exit door based on performance, disciplinary issues as well as right sizing. However, the numbers of the affected non-core staff were not stated since they are not direct employees of the bank. Most of the affected are

By Modupe Gbadeyanka The Nigerian local currency exchanged at N500 to the Dollar on the parallel market on Monday morning, Business Post reports. This comes amid the scarcity of Dollar in the foreign exchange market in Nigeria. According to report filed in by our correspondent, some forex operators interviewed in Lagos expressed fears that the Dollar may beyond N500 before the week of this week, possibly by N1 or N2. One of the operators at the Olugbede Model Market in Egbeda area of the state, who simply identified himself as Mr Adamu, informed our correspondent that there seems no end

By Dipo Olowookere It was a good week for holders of Mutual Benefits Assurance Plc as the equity value of the company appreciated by 50 per cent, closing at 42 kobo per unit. The share price of the firm was the second on the weekly gainers’ chart in the second trading week of 2021, behind Japaul Gold & Ventures Plc, which maintained its bull run with a 56.70 per cent growth to settle at N1.52 per share. Royal Exchange occupied the third spot with a 47.83 per cent gain to trade at 34 kobo per unit, Axa Mansard Insurance grew

By Modupe Gbadeyanka The #TheGreenestLoveofAll Instagram based mobile photo contest organised by Sahara Group has produced a winner. She is Irene Ishengoma, a teacher at St Anne Marie Academy in Dar-Es-.Salaam, Tanzania, who submitted a compelling piece about community led re-forestation aptly titled ‘Together We Can Overcome Environmental Destruction.’ Reacting to her emergence, Ishengoma said, “I am so excited. I really want to thank the Sahara Group for giving me this creative experience. “I feel more connected to matters concerning my natural environment than I ever have before. I’m also looking forward to using my brand new phone to keep