Heavy COVID-19 Impact on Demand Strangles Oil Prices

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By Dipo Olowookere Ellah Lakes Plc can now go ahead with its plans to raise fresh capital through a rights issue to shareholders, the Securities and Exchange Commission (SEC) has declared. In 2022, shareholders of the company authorised the board to source about N2.90 billion. The board later filed an application to the SEC to carry out the transaction. In an update on Wednesday, Ellah Lakes informed the investing community that the apex regulatory agency for the country’s capital market had approved its request. The firm, which operates in the agricultural sector, intends to get N2.90 billion from shareholders from

By Adedapo Adesanya The Dangote Group Executive, Mr Devakumar Edwin, has said that the Dangote Refinery will not rely solely on Nigerian crude for its operations. This was one of the points made by the official as he gave a detailed production timeline that shed light on crude and product flows as well as delays on the 10-year project to S&P Global Commodity Insights. The company had announced that it would begin producing up to 370,000 barrels per day of diesel and jet fuel in October and gradually reach 650,000 barrels per day by November. The $19.5 billion refinery, which

By Adedapo Adesanya After three sessions of gains that followed extended production cuts from Saudi Arabia and Russia, oil prices fell on Tuesday as investors took profits, leaving the Brent crude futures down by 9 cents to $94.34 a barrel after it hit a session peak of $95.96, as the US West Texas Intermediate crude futures dropped 28 cents to close at $91.20 per barrel after earlier reaching $93.74 a barrel, also the highest since November. Despite the profit-taking, expectations remain that Brent will trade in a range of $90-100 per barrel over the coming months, with a year-end target

By Adeniyi Ogunfowoke There is no bank that doesn’t provide bank alert services to their customers. It is one of the ways they have devised to make money. While some customers have activated the alert, others haven’t perhaps because they don’t see the need for it. Even those who have activated a bank alert don’t see the value. All they see are greedy banks deducting a certain amount from their accounts at the end of the month for the service. But this is not the case at all. There are lots of benefits to receiving mobile bank alerts. Jumia Travel,

By Adedapo Adesanya The Nigeria Labour Congress (NLC) has alleged that some foreign airlines engage in back-catering, a situation where they bring in food from their countries instead of from Nigeria. This claim was made by the Chairman of the Lagos State Chapter, Mrs Funmi Sessi in Lagos. She pointed out that Egypt Air, Ethiopian Airlines and Rwanda Air were the culpable operators involved in the alleged act. Mrs Sessi said that preventing local suppliers from providing catering services for the airlines had reduced employment opportunities for the Nigerian populace. “As part of building the economy and trying to boost

By Adedapo Adesanya The High Court of Federal Capital Territory has adjourned the arraignment of the suspended and embattle Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele to Wednesday, August 23, 2023. The arraignment was stalled due to the absence of the second defendant, Mrs Sa’adatu Yaro. According to her counsel, she took ill this morning which made her presence in court impossible. While the case in the capital was commencing, a Federal High Court sitting in Lagos on Tuesday, which also fixed today (Thursday) for its ruling on an application by the Federal Government seeking to

By Adedapo Adesanya The African Development Bank Group (AfDB) has said Africa has been losing from 5 to 15 per cent of its gross domestic product GDP per capita growth because of climate change and its related impacts. This is at it needs about $1.6 trillion between 2022 and 2030 to meet its national contributions, says AfDB Acting Chief Economist and Vice President, Mr Kevin Urama. Speaking at a panel discussion titled African Countries Ownership in Determining Climate Agenda on the sidelines of the Egypt International Cooperation Forum (Egypt-ICF 2022) in Cairo, he urged developed nations to bridge the climate

By Dipo Olowookere The stock price of Tripple Gee recorded a 45.26 per cent surge last week on the floor of the Nigerian Exchange (NGX) Limited on the back of renewed interests of investors. Data from the stock exchange showed that the company closed at N1.99 in the trading week, in contrast to the N1.37 it closed a week earlier. Living Trust Mortgage Bank improved by 16.16 per cent to N2.30, Chams rose by 16.00 per cent to 29 Kobo, Conoil went up by 9.98 per cent to N35.25, and MRS Oil surged by 8.24 per cent to N23.00. On

By Adedapo Adesanya The Minister of State for Petroleum Resources, Mr Timipre Sylva, has revealed that 56 marginal fields will be available for auction before the end of the year. It had been reported earlier that due to current global realities which impede foreign investments, Nigeria would be auctioning marginal fields. In the latest rounds of details released, bidders will have 56 fields located on land, swamp and shallow water terrains to choose from. The Minister, at a recent media briefing, however, was quick to explain that the bid for bigger acreages which would be on offer, concessions in the

By Dipo Olowookere Commissioner for Waterfront Infrastructure Development in Lagos State, Mr Adebowale Akinsanya, has disclosed that investors from around the globe are jostling to construct the fourth mainland bridge in Lagos. This followed the cancellation of the Memorandum of Understanding (MoU) by the state government with a consortium of firms. Mr Akinsanya, while addressing newsmen in Ikeja on Monday, May 22, 2017, noted that investors had started scouting for the project. According to him, they (investors) have started sending their proposals to the Lagos State government. “The state government has started the proposals. We have such investors from South

By Adedapo Adesanya Crude oil prices continued to rise on Wednesday after the Energy Information Administration (EIA) reported an inventory draw of 0.2 million barrels for the week to December 3. This came a day after the American Petroleum Institute surprised markets with an estimated crude oil inventory draw of over 3 million barrels that helped push prices higher. In EIA estimates, last week’s draw was in comparison with a modest decline of 900,000 barrels for the first week of December and at 432.9 million barrels, US crude oil inventories remain below the five-year seasonal average. Consequently, the price of