FrieslandCampina Boosts NASD OTC Bourse by 0.08% at Midweek

By Adedapo Adesanya Crude oil prices fell on Thursday members of the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) agreed to voluntary output cuts for the first quarter of next year, falling short of market expectations. As a result, Brent crude futures lost 27 cents or 0.3 per cent to close at $82.83 per barrel, and the US West Texas Intermediate (WTI) crude futures went down by $1.90 or 2.4 per cent to $75.96 a barrel. On a monthly basis, Brent fell by 5.2 per cent while WTI was down by 6.2 per cent. Saudi Arabia, Russia

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 Organisation of the Petroleum Exporting Countries and its allies (OPEC+) on Thursday asked Nigeria to produce about 1.5 million barrels of crude oil per day in 2024, lower than the 1.78 million barrels per day benchmark it proposed in the 2024 Appropriation Bill presented to the National Assembly on Wednesday for passage. The output ceiling was around 1.8 million barrels per day before it was cut down to 1.5 million barrels yesterday at the group’s virtual meeting, a huge blow to Nigeria’s revenue target for the fiscal year. OPEC had tasked three consultancies – IHS, Rystad

By Modupe Gbadeyanka Former Secretary General of Commonwealth, Mr Emeka Anyaoku, has advised government to explore the capital market to source for funds to execute developmental projects across the country. According to him, the capital market remains a vital sector for the improvement of the national economy because long-term funds can be sourced from there at cheaper rates. Speaking when some executives of the Chartered Institute of Stockbrokers (CIS) paid him a courtesy visit in Lagos, Mr Anyaoku said most developed nations of the world approached the capital market to seek for funds to carry out some projects the third

By Adedapo Adesanya Five companies pulled down the NASD Over-the-Counter (OTC) Securities Exchange in the 37th week of trading. The five were NASD Plc, FrieslandCampina Wamco Nigeria Plc, Central Securities Clearing System (CSCS) Plc, Niger Delta Exploration and Production (NDEP) Plc and UBN Properties Plc. They depleted the bourse by 2.01 per cent in five days. The NASD Unlisted Securities Index (NSI) went down by 15.24 points to wrap the week at 741.09 points compared with 756.33 points recorded in the previous week, while the market capitalisation depreciated by N20.07 billion to N975.57 billion from N995.64 billion. Data showed that

By Modupe Gbadeyanka On Sunday, March 31, 2019, a young father of one was killed in Lagos by officials of the Special Anti-Robbery Squad (SARS). The deceased, identified as Kolade Johnson, was shot dead while watching a Premier League game between Liverpool FC and Tottenham at a viewing centre around Mangoro area of Lagos State. Since the killing occurred, Nigerians on social media have renewed their call for the disbandment of police unit because of its extra-judicial killings. On Monday, the presidency reacted to the issue, promising that the police authorities would punish the culprits. A moment ago, the Nigeria

By Adedapo Adesanya The Naira is set to trade at N410/$1 at the interbank segment of the foreign exchange (forex) henceforth as the federal government is adopting a new flexible exchange rate policy for official transactions in a move that shows the local currency has been devalued for the third time within a year. On Monday, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, said the country will now start to use the Investors and Exporters (I&E) rate for government transactions too. Yesterday, the I&E or NAFEX rate closed at N410.13/$1 compared to N410/$1 at the previous

By Nneka Okumazie Yes, it does not look so great that Pastor Adeboye of RCCG posed for a photograph with Bola Tinubu after his wife, Remi Tinubu, was ordained an assistant Pastor in RCCG. Bola Tinubu, for many, is not a trusted politician and there are lots of words around about what he did or did not do. So, for Pastor Adeboye to pose with him, because of the ordination of his wife, seems like an endorsement of the man and his actions. Well, NO! It is normal for politicians to go to church – privately or openly. They go

By Modupe Gbadeyanka Sokoto State Governor, Mr Aminu Waziri Tambuwal, has flagged off the Fadama III additional financing scheme for the year 2016/2017 dry season intervention in the state. The event, which took place at Kurfi farm settlement of Kware LGA, will cover the 23 local government areas of Sokoto State. According to the Governor, “We are providing enough fertilizer, seedlings, herbicide and pesticide. Similarly, farm implements like water pumps and sprayers will be distributed to farmers at little or no cost to enable them deploy modern farming techniques in their farmlands.” Mr Tambuwal promised that his administration will continue

By Modupe Gbadeyanka The value of total mergers and acquisitions (M&A) deals in Africa achieved in the first half of 2019 increased by 32 percent to $21 billion from $16 billion recorded in the same period of 2018, a report by Baker McKenzie has revealed. In a statement made available to Business Post on Friday, it was however, said that the deal volumes experienced a decrease of 10 percent to 365 in H1 2019 from 405 in H1 2018. In the analysis by Baker McKenzie of Refinitiv M&A data for Africa, cross-border deal values remained largely the same, with only

By Dipo Olowookere The gains recorded by the Nigerian Stock Exchange (NSE) on Tuesday were reversed on Wednesday following the losses posted by Dangote Cement, Seplat and other stocks. The local stock market was down by 0.87 percent yesterday as a result of the poor performances of 22 equities led by Dangote Cement and Seplat, both shedding N5 each to settle at N200 per share and N615 per share respectively. CAP lost N2.05k to end at N30.95k per share, UAC of Nigeria declined by N1 to close at N10 per share, while GlaxoSmithKline depreciated by 50 kobo to finish at