IPMAN Assures Nigerians Sufficient Petrol During Elections

By Adedapo Adesanya The Naira started the first trading session in the last month of 2023 on a negative note after it depreciated against the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), which is the official FX window, by 11.4 per cent or N94.87 on Friday, December 1, closing at N927.19/$1, in contrast to Thursday’s exchange rate of N832.32/$1. The December rush for forex contributed to the weakening of the domestic currency in the spot market yesterday, as the supply of foreign currency could not meet what customers needed. Data showed that the value of FX transactions recorded

By Adedapo Adesanya The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) on Thursday asked Nigeria to produce about 1.5 million barrels of crude oil per day in 2024, lower than the 1.78 million barrels per day benchmark it proposed in the 2024 Appropriation Bill presented to the National Assembly on Wednesday for passage. The output ceiling was around 1.8 million barrels per day before it was cut down to 1.5 million barrels yesterday at the group’s virtual meeting, a huge blow to Nigeria’s revenue target for the fiscal year. OPEC had tasked three consultancies – IHS, Rystad

By Adedapo Adesanya A milk-producing company, FrieslandCampina Wamco Nigeria, helped the NASD Over-the-Counter (OTC) Securities Exchange return to the green territory by 0.54 per cent on Wednesday, November 29. The firm improved its value by N3.50 in the midweek session to settle at N73.50 per share compared with the previous day’s closing price of N70.00 per share. It suppressed the 10 Kobo decline posted by Central Securities Clearing System (CSCS) Plc, which ended lower at N17.00 per unit versus Tuesday’s value of N17.10 per unit. Consequently, the market capitalisation of the alternative stock exchange went up by N6.28 billion to

By Modupe Gbadeyanka Strong inflationary pressures in November further negatively impacted companies in Nigeria, with new orders and output both falling as customers were either reluctant or unable to pay higher charges. Purchase prices rose at the fastest pace in almost two years amid exchange rate weakness and higher costs for fuel and materials. According to the latest Purchasing Managers’ Index (PMI) from Stanbic IBTC, business conditions remained under pressure, scoring 48.0 points last month compared with the 49.1 points it garnered in October 2023. Readings above 50.0 signal an improvement in business conditions, while readings below 50.0 show deterioration.

By Dipo Olowookere The American University of Ras Al Khaimah (AURAK) has signed a cooperation agreement with Wayne State University (WSU) of Detroit, Michigan of the United States, establishing the US-based university into its latest international partner. The agreement, which was initiated by AURAK’s School of Engineering and the School of Engineering, is centred on a Transfer Student Program in which students can earn college degrees from AURAK and WSU simultaneously. The Transfer Student program is divided into two phases. In the first phase AURAK students must complete three years of a four-year, pre-approved engineering program with a 3.0 grade

By Mpaka Numbere Governor Simon Lalong of Plateau State has once again reaffirmed his commitment towards reviving economy of the state great by repositioning it as a State of Peace and Tourism. Mr Lalong, who has revived moribund industries like the Fertilizer Blending Plant in Bokkos, Panyam Fish farm in Mangu, Heartland Bottling Company in Barkin Ladi among others, yesterday put smiles once again on the faces of farmers in Plateau State. In line with his five cardinal pillars, the Governor, few weeks after he inaugurated the distribution of fertilizers at government regulated prices to farmers, has distributed tractors to

By Dipo Olowookere The streets of Lagos were turned yellow last Friday by members of staff of MTN Nigeria, who embarked on Y’ello Walk, a part of the company’s yearly 21 Days Of Y’ello Care Campaign. This year, the 21 Day campaign is tagged ‘Creating a Brighter Future’ and the Y’ello Walk was to raise awareness for Rhesus Gene Deficiency and child mortality in Nigeria. Rhesus factor is a protein that can be found on the surface of red blood cells; the presence of this protein means you are RH positive, the absence means RH negative, and consequently Rhesus incompatibility

By Ashemriogwa Emmanuel The United Kingdom (UK) has advised its citizens against travelling to some northern and middle belt states in Nigeria it described as danger zones as a result of the heightened kidnap cases and increased insecurity in those regions. These states include Borno, Yobe, Adamawa, Gombe, Kaduna, Katsina, Zamfara, Delta, Bayelsa, Rivers, Akwa Ibom and Cross River. In a travel advisory for its nationals released on Saturday, October 16, the UK Foreign, Commonwealth and Development Office (FCDO) announced to foreign nationals that there was a high threat of kidnap throughout Nigeria for ideological, financial or political reasons. According

By Dipo Olowookere Meristem Securities Limited has been directed by the Investments and Securities Tribunal (IST) in Abuja to pay the sum of N3 million as damages to an investor, Mr Steven Guar. The fine was the stockbroker’s misconduct, which forced the capital market investor to incur some losses and hardship. In his ruling, Mr Jude Ike Udunni, who presided over the tribunal, held that evidence showed that Meristem Securities Limited failed to discharge the duty of care required of it to the investor who is its client. He further ordered the company to take immediate steps to ensure that

By Modupe Gbadeyanka The Economic and Financial Crimes Commission (EFCC), Makurdi Zonal Office on Wednesday, July 3, 2019 secured the conviction of a First Bank Point of Sales (PoS) agent (First Moni), Mr Eze Shedrach, before Justice Mobolaji Olajuwon of the Federal High Court, Makurdi, the state capital on a one-count charge that bordered on cybercrime. Trouble started for Mr Shedrach, when one of his customers collected N105,000 from him and issued him an ATM card with which he made an electronic replacement of the sum through his PoS machine. He effected the transfer not knowing that the ATM card

By Dipo Olowookere The volume of crude oil exported by Nigeria in the month of July 2018 increased by 1.90 percent, Business Post is reporting. According to a report by Bloomberg, the total exports grew to 1.64 million barrels per day (b/d) last month from the 1.61 million b/d recorded the previous month. The increase in the volume of oil exported by the Africa’s largest market was the highest in four months. The rise was attributed to Shell’s lifting of export restrictions on key Bonny Light grade during the month of July. Business Post recalls that on Friday, July 14,

By Dipo Olowookere Commissioner for Finance in Lagos State, Mr Akinyemi Ashade, has disclosed that the state government plans to achieve a monthly Internal Generated Revenue (IGR) of N50 billion next year. He said at the moment, the state generates about N34 billion monthly from IGR, compared to monthly averages of N22 billion, N24 billion and N30 billion in 2015, 2016 and 2017, respectively. Addressing newsmen at the ministerial briefing to mark the third anniversary of Governor Akinwunmi Ambode in office, the Commissioner expressed optimism that the target would be met by this administration. According to him, this is based