Improved Forex Access for Petroleum Marketers

By Adedapo Adesanya The Federation Account Allocation Committee (FAAC) has shared a total of N1.1 trillion from the revenue generated by the nation in August 2023 for September to enable the three tiers of government; the federal government, states, and local government councils, to have funds to pay salaries and others. The allocation of the funds was confirmed by the Office of the Accountant General of the Federation on Friday following FAAC’s September 2023 meeting. According to a statement by the OAGF’s Director of Press and Public Relations, Mr Bawa Mokwa, there was “N1100.101 billion (N1.1 trillion) total distributable revenue.”

By Dipo Olowookere No fewer than 15 Nigerian Small and Medium-sized Businesses (SMBs) will share the N75 million set aside by a tech giant, Google, in the 2023 edition of Hustle Academy Fund. The initiative was introduced in 2022 to provide equity-free funds to small business owners to scale up their operations and support entrepreneurial growth in Nigeria. Entries for the exercise opened on Thursday, September 28 and will close on Thursday, October 12, 2023, and to be eligible, businesses must be Nigerian-founded, operating within Nigeria for 1-5 years, and have a clear and scalable business plan. They should have

By Dipo Olowookere Profit-taking persisted at the Nigerian Exchange (NGX) Limited on Thursday, with Customs Street going down by 0.31 per cent on its return from a midweek break. The market closed its doors to traders on Wednesday due to the public holiday declared by the federal government to mark Eid-el Maulud, the birthday of Prophet Mohammed. Business Post reports that market participants did not take their minds off the pressing issues affecting the Nigerian economy, especially rising inflation, energy costs and the foreign exchange (FX) crisis. As a result, they liquidated their shares, leading to a negative market breadth

For maritime businesses, the stakes are high, and the seas can be unpredictable. Whether you own a shipping fleet, operate a fishing company, or oversee marine logistics, safeguarding your assets with the right marine insurance is prudent. It’s also essential for the sustainability of your enterprise. Here are some tips for how to find the best marine insurance provider. By following these strategic steps, you can ensure your business remains afloat, even in the face of unforeseen challenges. 1. Assess Your Maritime Needs The first crucial step towards securing the ideal marine insurance provider is a comprehensive assessment of your

By Adedapo Adesanya The Consul-General of Nigeria in New York, Mr Lot Egopija, has urged foreign investors to utilise the investment opportunities in Nigeria’s bee farming industry. Mr Egopija made the call at the closing of the 2022 World Bee Conference organised by the Nigeria-USA Chamber of Commerce in collaboration with the Collaborative Chambers Alliance in Cleveland, Ohio, US. He was speaking at the conference on The Economic Impacts of Honey Bees and Other Pollinators which was held in preparation for the World Bee Day Celebration coming up in Spencer Ohio on Saturday, May 21. The envoy said the country’s

By Dipo Olowookere The Nigerian Stock Exchange (NSE) has granted the request made by Prestige Assurance Plc to list its rights issue of 13,465,377,640 ordinary shares on the exchange’s trading platform. A regulatory document obtained by Business Post confirmed that the application filed by the company, through its stockbroker, Imperial Asset Managers Limited, concerning the listing of the rights issue, was approved by the exchange on February 6, 2020. Prestige Assurance is selling 13,465,377,640 ordinary shares of 50 kobo each at 50 kobo per share, amounting to N6.73 billion, to its shareholders on the basis of five new ordinary shares

By Dipo Olowookere Shares of Law Union and Rock Insurance Plc will soon no longer be available for trading on the floor of the Nigerian Stock Exchange (NSE), Business Post has confirmed. This is because the company will be delisted from the exchange after plans to buy out the entire share capital of the company are concluded. Last Thursday, shareholders of the insurer agreed to sell their stake in the organisation to the new owners, Verod Capital, at a unit price of N1.23. At the Annual General Meeting (AGM) and the Court-Ordered Meeting (COM) held at the Muson Centre in

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange set a new record on Friday, April 23 after it appreciated by 2.9 per cent at the close of the session. The NASD Unlisted Security Index (NSI) rose by 22.01 points to end the day at 785.15 points as against 763.14 points it recorded at the previous session. Also, the market capitalisation increased by N15.65 billion to close at N558.09 billion compared with N542.44 billion it finished on Thursday. These gains were buoyed by FrieslandCampina WAMCO Plc, the Nigerian Exchange (NGX) Group Plc and the Central Securities Clearing Systems (CSCS) Plc.

By Adedapo Adesanya Brent crude neared $75 per barrel on Tuesday as early reports show that there was a draw in crude oil inventories in the United States, the largest oil-producing country. During the session, the price of the global crude oil benchmark hit $74.96 per barrel after it appreciated by 48 cents or 0.64 per cent, while the US West Texas Intermediate (WTI) traded at $72.17 per barrel when it rose by 52 cents or 0.73 per cent. The American Petroleum Institute (API) reported a draw in crude oil inventories of 4.728 barrels for the week ending July 23,

By Adedapo Adesanya The Ibom Deep Seaport located in Ibaka, Mbo local council of Akwa Ibom State would save Nigeria approximately $70 million lost to illegal fishing by the Chinese and European trawlers on Nigeria’s territorial waters. This is according to the Akwa Ibom State Director of the National Orientation Agency (NOA), Mr Enoh Uyoh, at the recently concluded Maritime Business and International Trade sensitization forum held in Uyo. He said that the Ibom Deep Seaport project was critical to the security and economic wellbeing of the country as the location of the port is of great importance. Mr Uyoh

By Dipo Olowookere Renowned journalist and former Sunday Editor of the Nigerian Compass, Mr Dotun Oladipo, has emerged President of the Guild of Corporate Online Publishers (GOCOP). Mr Oladipo was elected President of the Guild after a poll held on Wednesday at the Adna Hotel, GRA, Ikeja, Lagos. He and other newly elected members of the executives of GOCOP were inaugurated the next day at the 1st annual conference of the Guild held at the Renaissance Hotel, also in Ikeja, Lagos. Mr Oladipo publishes the popular online news platform called The Eagle Online. He will lead the group for the

By Dipo Olowookere Federal government of Nigeria is today, Wednesday, February 20, 2019, selling bonds worth N150 billion to investors. The exercise will be conducted by the Debt Management Office (DMO), with three different dated papers on offer. According to the debt office, it would sell at 12.75 percent a five-year N50 billion worth of bonds maturing in April 2023. Also, it would sell the seven-year N50 billion worth of the bonds maturing in March 2025 at 13.53 percent and the the 10-year bonds N50 billion worth of the bonds maturing in February 2028 at 13.98 percent. Investors would be