How Business Activities Were Paralysed at ExxonMobil Lagos Office

By Adedapo Adesanya The duo of Aradel Holdings Plc and 11 Plc landed the NASD Over-the-Counter (OTC) Securities Exchange in the green territory by 0.84 per cent on Monday, November 27. The two energy stocks overpowered losses posted by two other securities admitted to the alternative stock exchange, leaving the NASD Unlisted Security Index (NSI) closing higher by 7.22 points to 864.51 basis points from 857/29 points, as the market capitalisation of the exchange increased by N9.78 billion to N1.171 trillion from N1.162 trillion. Aradel Holdings Plc saw its share price continue to soar as it rose by N28.80 to

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 Modupe Gbadeyanka The sum of N27.5 trillion has been approved for the 2024 budget by the Federal Executive Council (FEC) on Monday. The Minister of Budget and Economic Planning, Mr Atiku Bagudu, confirmed this development to newsmen after the FEC meeting in Abuja. He also disclosed that the council, which was chaired by President Bola Tinubu, said the 2024 Appropriation Bill should be funded from N18 trillion revenue expected to be generated by the country. “The federal executive council considered the 2024 Appropriation bill. The Medium Term Expenditure Framework (MTEF) was earlier approved by the National Assembly. It has

By Modupe Gbadeyanka The Nigerian National Petroleum Company (NNPC) Limited is planning to grow its revenue to N4.5 trillion as it plans to end the importation of premium motor spirit (PMS), otherwise known as petrol, by December 2024. The chief executive of the company, Mr Mele Kyari, while speaking on Thursday, said the nation would not need to rely on fuel from outside the country because its refineries would have been fully operational. Nigeria is currently revamping its four refineries to make the product available to residents of the country as it officially stopped the payment of subsidy on petrol

By Adedapo Adesanya Caverton Offshore Support Group (COSG) Plc has disclosed that raising additional capital is not the current focus of the group. This was disclosed by the Chief Executive Officer (CEO) of the company, Mr Olabode Makanjuola, during a chat with Business Post and two others after the company’s Facts Behind the Figures at the Nigerian Stock Exchange (NSE) in Lagos on Monday. “We are not exactly coming to the market to raise additional capital. I think one of the things we realized is that we’ve been focused too much on the traditional business,” he said. Mr Makanjuola admitted

By Adedapo Adesanya To use technological solutions to solve quality educational gaps in Nigeria, SchoolGate, a technological and educational focused startup, has created an affordable audio-visual learning portal filled with academic content from primary to tertiary level. This was revealed in a press statement by Techpoint Africa, where it stated that SchoolGate also provides learning contents on Basic Programming and in other fields such as Science, Technology, Engineering and Mathematics (STEM). The educational tool has been made affordable for parents and guardians, who, with as low as N500 per term, can purchase video learning materials for their children and wards.

By Adedapo Adesanya Oil prices edged higher on Tuesday, spurred by further support from a weaker US Dollar and supply concerns highlighted by a comment from Saudi Arabia. The US Dollar index fell yesterday, making greenback-denominated oil less expensive for other currency holders and helping to push prices higher. While the Pound Sterling rallied as Mr Rishi Sunak became Britain’s prime minister, boosting investor sentiment, the American dollar index fell to a three-week low, bolstering commodity prices. Consequently, the Brent crude futures rose by 26 cents to settle at $93.52 per barrel, while the US West Texas Intermediate (WTI) crude

This piece of news will excite those who have worked hard for the country and have now retired. This is because the Federal Government has reiterated its commitment to improve the welfare of pensioners. At a media briefing in Abuja, Head of the Civil Service of the Federation, Mrs Winifred Oyo-Ita, said the government has lined up a number of programs to assuage some of the challenges confronting effective service delivery to pensioners. She disclosed this while addressing newsmen in her office as part of activities to mark the 2016 Nigeria Civil Service Week celebration. Mrs Oyo-Ita stated that “a

By Modupe Gbadeyanka The newly elected National Publicity Secretary of the Peoples Democratic Party (PDP), Mr Kola Ologbondiyan, has disclosed that Nigerians will forgive his party and eject the ruling All Progressives Congress (APC) from power in 2019. Mr Ologbondiyan made this disclosure on Monday on a live programme aired by RayPower FM called Political Platform, which was monitored by Business Post. The opposition spokesman, while reacting to comments made by his counterpart in the APC, Mr Bolaji Abdullahi, who was his former colleague at ThisDay Newspaper, where the pair worked on the political desk of the paper, described as

By Adedapo Adesanya Ecobank Nigeria has further reviewed its monthly international spending limit downward to $20 per month for point of sales (PoS) and web transactions on its Naira debit card. In an enquiry, the bank responded that “Kindly be informed that the monthly POS/Web transaction for Naira debit card usage abroad has been further review downward to $20 monthly. We sincerely regret all inconveniences this might have caused.” The downward review of the international spending limit affects the average Nigerian who want to make purchases or foreign-based Nigerians who want to make transactions with their cards. It also confirms

Former Deputy Governor of the Central Bank of Nigeria (CBN) and presidential candidate of the Young Progressive Party (YPP), Prof Kingsley Moghalu, has called on the federal government to make Nnewi a full manufacturing hub in Nigeria to serve as a panacea for the chase for foreign investment. Mr Moghalu, who made the call weekend during the Nnewi 2020 Investment Summit, contended that Nnewi would hardly become a successful manufacturing hub based on the efforts of the private sector alone hence, the need for the federal government to provide the necessary amenities to make businesses thrive in the area. The