Homework Builds Cheap Mini Estates to Solve Housing Deficit

By Adedapo Adesanya  The federal government, through the Nigerian Ports Authority (NPA), has announced plans to invest $1.1 billion to fully rehabilitate decaying port infrastructure at TinCan, Apapa, Rivers, Delta, Calabar, and Onne ports as part of efforts to improve the efficiency of the nation’s existing ports. Out of the estimated 47,000 kilometres of coastline in Africa, Nigeria makes up about 853 kilometres, creating the perfect opportunity to get access to its much-needed revenue. This coastline and a 200 nautical mile exclusive economic zone make up Nigeria’s coastline in the Gulf of Guinea. The coastline equals a maritime area of

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 The Supreme Court has ordered that the old N200, N500, and N1,000 notes should continue to co-exist with the new banknotes beyond the earlier December 31, 2023, deadline. The apex court ruled on Wednesday that both old and new notes should continue to remain legal tender until the federal government puts a process in place for its replacement or redesign after due consultation with relevant stakeholders. The seven-man panel led by Justice Inyang Okoro gave the ruling following an application by the central government asking the court to grant an extension of time for old naira notes

By Dipo Olowookere Local equities rebounded by 0.34 per cent on Wednesday on the back of buying pressure on a few energy stocks and others at the Nigerian Exchange (NGX) Limited. According to data from the bourse, the bullish stance was attained despite profit-taking activities in the banking space amid plans by the Central Bank of Nigeria (CBN) to recapitalise the industry, leaving the market breadth index negative. This was because the number of price losers was more than the price gainers at 39 and 19 apiece, indicating a weak investor sentiment. Business Post reports that the energy counter grew

By Dipo Olowookere Russian Ambassador to Turkey, Mr Andrey Karlov, has been shot dead by a gunman at an art gallery in Turkey on Monday. Mr Karlov was said to have been murdered by the assassin at an art exhibition in Ankara. According to reports, the Russian envoy was allegedly killed by an off-duty police officer, who was dressed in suit and tie. He reportedly opened fire at the diplomat at the event shouting “Remember Syria! Remember Aleppo!” His victim was taken to hospital in Ankara after being shot, but was later pronounced dead by doctors. Meanwhile, Russia has described

By Dipo Olowookere There was pandemonium at venue of the 5th Annual General Meeting (AGM) of FCMB Group Plc held on Friday, April 27, 2018 in Lagos. Business Post reports that all was going smoothly at the meeting until the time for election into the audit committee of the company. It was gathered that three slots were available to be filled in the audit committee with five people vying for them. However, after the shareholders finished casting their votes, the counting process turned rowdy when votes of one of the contestants were allegedly counted wrongly by the electoral umpire appointed

By Dipo Olowookere Five West African countries, including Nigeria, have decided to ban ‘dirty’ fuels from Europe, which are believed to contain higher sulphur levels. This comes in response to concerns over vehicle emissions and in an effort to bring safer, cleaner air to more than 250 million people in the region, the United Nations Environment Programme (UNEP) said. According to UNEP, last week, Nigeria, Benin, Togo, Ghana, and Côte d’Ivoire introduced strict standards that will ensure cleaner, low sulphur diesel fuels, and better emissions standards, thus effectively cutting off Europe’s West African market. Earlier this year, a report by

By Adedapo Adesanya The Brent crude hit the $28 per barrel price region on Monday, opening the first week of production cut in the positive territory and continuing the gains recorded last week after four weeks of declines. As at last night, the crude futures gained 5.9 percent or $1.58 to sell at $28.02 per barrel, while the West Texas Intermediate (WTI) crude went up by $1.46 or 7.4 percent to trade at $21.24 per barrel. A 23-country coalition comprising members of the Organisation of the Petroleum Exporting Countries and their allies known as OPEC+ agreed last month to cut output

By Kester Kenn Klomegah Senegal has held a well-representative meeting to seek dialogue with a cross-section of civil society leaders, experts from different economic sectors and both public and private business leaders for the management of revenues from the country’s oil and gas, hydrocarbons and energy resources in the country. Senegal, located on the West African coast, has a population of approximately 15.9 million. While the economy is mostly driven by mining, construction, tourism, fishing and agriculture, it has state revenues from the exploitation of some natural resources. These revenues largely constitute the national budget. With the utmost ambition and

By Lukman Otunuga The week kicked off on a positive note as optimism over the reopening of China’s economy and reports that the Biden administration may lift some Trump-era China tariffs boosted sentiment. In Nigeria, the All-Share Index flashed green – lifted by gains in Conoil Plc, Pharma-Deko & Learn Africa among others. Despite the relatively quiet economic calendar in Nigeria, this could be another eventful week for the local markets due to external forces. Recapping last week, OPEC+ agreed to hike output in July and August by a larger-than-expected amount as geopolitical tensions roiled global energy markets. The cartel

By Adedapo Adesanya The Federal Government has suspended the January salaries of tertiary institutions academic and non-academic staff who are yet to be registered on the Integrated Personnel and Payroll Information Systems (IPPIS) over non-compliance. In a letter titled Request for Stoppage of Release of Funds for January Salaries to Federal Universities, Polytechnics and Colleges of Education from the Office of the Accountant General of the Federation dated January 23, 2020 addressed to the Minister of Finance and National Planning, Mrs Zainab Ahmed, the FG requested the stoppage of the release of funds for the payment of salaries of the

By Adedapo Adesanya After more than two years, the federal government has directed the reopening of four land borders in Katsina, Cross River, Ogun, and Kebbi States that were shut in 2019. This was revealed in a circular titled Re-opening of four additional Nigerian border posts signed by the Deputy Comptroller-General, Mr E. I. Edorhe, on behalf of the Comptroller-General of Customs. The four borders to be reopened include the Jibiya border post in Katsina State, the Ikom border post in Cross River State, the Idiroko border post in Ogun State and the Kamba border post in Kebbi State. It