Inflation in Nigeria Rises to 22.22% in April 2023

By Adedapo Adesanya President Bola Tinubu has been charged by the Socio-Economic Rights and Accountability Project (SERAP) to investigate the allegations that over $15 billion of oil revenues and N200 billion budgeted to repair the refineries are missing and unaccounted for between 2020 and 2021, as documented by the Nigeria Extractive Industries Transparency Initiative (NEITI). In the letter dated September 23 and signed by SERAP deputy director, Mr Kolawole Oluwadare, the organisation urged him to “name and shame anyone suspected to be responsible for the missing and unaccounted for public funds and to ensure their effective prosecution as well as

By Adedapo Adesanya The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that Nigeria saw a 65.7 per cent or N76.77 billion increase in earnings from the solid minerals sector in 2021 to N193.59 billion from the N116.82 billion achieved in 2020. This upward trajectory has been on for the past five years, according to a report from the agency. The Executive Secretary of NEITI, Mr Orji Ogbonnaya Orji, however, lamented that this is still abysmal considering the potential of the sector to the Nigerian economy. He said this while presenting the solid minerals sector report in Abuja, noting that

By Adedapo Adesanya Oil prices settled lower on Thursday even after Russia announced a ban on fuel exports, with Brent crude down by 23 cents to $93.30 a barrel while the US West Texas Intermediate crude (WTI) lost 3 cents to sell at $89.63 per barrel. Russia temporarily banned gasoline and diesel exports to all countries outside a circle of four ex-Soviet states with immediate effect to stabilize the domestic fuel market, the government said on Thursday. It said the ban did not apply to fuel supplied under inter-governmental agreements to Moscow-led Eurasian Economic Union members, including Belarus, Kazakhstan, Armenia

By Modupe Gbadeyanka At the just concluded week, the Nigerian Stock Exchange (NSE) all-share index (ASI) and market capitalisation declined by 0.65% to close at 27,577.52 points and N9.473 trillion respectively. The stock market depreciated 179.15 having moved down from 27,756.67 it stood the previous week while for the market capitalisation, the bourse lost N61 billion dropping from N9.534 trillion it closed the previous week. All other Indices finished lower during the week, with the exception of the NSE Main Board Index, NSE Insurance Index, NSE Consumer Goods Index and the NSE Pension Index that appreciated by 0.01 per cent,

By Adedapo Adesanya Nigeria lost as much as 2.418 million barrels of crude in the last month of 2021, the latest data released by the Organisation of Petroleum Exporting Countries (OPEC) showed on Tuesday. The report noted that there was a daily underperformance figure of 78,000 barrels per day in December. The month of December, according to the OPEC report, also saw Nigeria slump lower than other previous production performances, compared to, for instance, October, in which 1.228 barrels were pumped per day and November during which 1.275 million barrels were produced per day. The data, according to OPEC, which

By Dipo Olowookere A partnership agreement has been between American University of Ras Al Khaimah (AURAK) and the UAE Space Agency. The deal caters for research-based cooperation and knowledge-sharing between the two parties, with the intention of support the space sector through collaboration in space science, education, research, technology and applications. It is envisioned that the agency’s satellite program will be utilized to observe impacts of various environmental phenomena occurring in the UAE. The agreement is particularly relevant to AURAK whose School of Engineering consists of a total of ten undergraduate programs and a master’s program. The university’s programs in

By Dipo Olowookere The Nigerian Stock Exchange (NSE) has announced chief executive officers (CEOs) for its emerging companies after the full completion of its demutualisation exercise. In a statement on Wednesday, the exchange said the persons appointed would still have to be approved by the Securities and Exchange Commission (SEC), the apex regulator in the Nigerian capital market. It was disclosed that Mr Oscar Onyema, the current CEO of the NSE, will become the head of the Nigerian Exchange Group (NGX Group) Plc, while Temi Popoola will take charge of the Nigerian Exchange Limited (NGX), with Ms Tinuade Awe becoming

By Adedapo Adesanya Great Nigeria Insurance (GNI) Plc has partnered with Ogun State Security Trust Fund (OSTF) through donations in discharging its duty of securing the lives and properties of indigenes and residents of the state. The underwriter carried out this move as part of its strategic Corporate Social Responsibility (CSR) initiatives. The Managing Director/CEO of the company, Mrs Cecilia Osipitan, said that as a socially responsible corporate entity, the company’s donation was the fulfillment of the organization’s resolve to support causes that will help create a safer and better society. She stated that the partnership with the government is

By Modupe Gbadeyanka A leading global technology company, Zoho Corporation, has upgraded its customer relationship management (CRM) solution for small businesses, Bigin, with new features for better performance. According to the firm, the platform has been fortified with new capabilities like team pipelines, toppings, and developer centres, which will allow users to manage all types of customer operations. It is believed that the upgrade will redefine the small business CRM market as it would provide small and micro businesses with the tools and insights they need to maintain and grow meaningful and high-value relationships with customers in a challenging economic

By Modupe Gbadeyanka Executive Secretary of Nigerian Content Development and Monitoring Board (NCDMB), Mr Simbi Wabote, recently went global with the Nigerian Content Advocacy, when he addressed delegates to the African Oil Week (AOW) in Cape Town, South Africa at the start of the African Local Content Forum. African Local Content Forum is an innovative inclusion in the bouquet of AOW plenaries promoted by NCDMB and other partners to serve as a high profile platform for NOCs, International and Independents Oil Companies, Service Companies to generate single vision of future roadmap for African Content within the global oil and gas

By Modupe Gbadeyanka Some hoodlums are working very hard to throw Kwara State into confusion by attacking some public properties, the state government has alleged. The Commissioner for Communications, Ms Adenike Harriet Afolabi-Oshatimehin, in a statement issued on Friday, disclosed that this is part of a grand plan to destabilise the country to achieve sinister objectives. According to the Commissioner, these people she described as “anarchists” intend to “launch violent attacks on public properties” in the state like Nigerians have witnessed in some other places like in Lagos, Edo, Ekiti and Ondo States. Some public and private properties in Lagos