Is Nigeria Missing Out on Higher Oil Prices?

By Adedapo Adesanya The Naira recovered from the previous day’s loss after closing stronger against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 7, by 11.4 per cent or N108.15 to trade at N843.07/$1 compared with the previous day’s rate of N951.22/$1. This occurred as the value of foreign exchange (FX) transactions slightly increased during the session by $1.67 million or 39.5 per cent to $137.25 million from the $135.58 million achieved in the preceding trading session. Similarly, in the official market, the Nigerian Naira strengthened against the British Pound Sterling on Thursday by

By Adedapo Adesanya African Export-Import Bank (Afreximbank) has announced that the third Intra-African Trade Fair (IATF2023) held in Cairo from November 9-15 witnessed the conclusion of business deals and transactions valued at $43.8 billion. The lender said in the final tallies released in Cairo, the organisers of the continental event said that the amount represented the value of 426 deals concluded in 21 sectors covering 52 countries. At a press conference to announce the results, Mrs Kanayo Awani, Executive Vice President (Intra-African Trade Bank) at Afreximbank, also announced that 130 countries participated in the trade fair, which attracted 1,939 exhibitors

By Dipo Olowookere The House of Representatives Committee on Customs and Excise chaired by Mr Leke Abejide, has promised to ensure that all customs duties and levies collected by the Nigeria Customs Service (NCS) are accounted for and remitted to the nation’s purse. He gave this assurance during the inaugural meeting of the panel on Wednesday in Abuja, using the occasion to roll out the seven-point agenda of his group. The lawmaker, who contested in the recently-concluded governorship election in Kogi State under the African Democratic Party (ADC), listed the key focus of the team as oversight of the Nigeria

By Dipo Olowookere The Nigerian Exchange (NGX) Limited depreciated by 0.49 per cent on Thursday, driven by selling pressure on banking equities, especially those in the tier-1 category. The likes of GTCO, FBN Holdings, Access Holdings witnessed sell-offs during the trading session, contributing to the weak investor sentiment observed at the Nigerian stock market. According to data obtained by Business Post, the NGX ended with 29 price losers and 24 price gainers, indicating a negative market breadth index. FBN Holdings ended as the heaviest price decliner after it shed 9.86 per cent to settle at N26.50, Secure Electronic Technology fell

By Modupe Gbadeyanka The sum of N348 billion was on Wednesday approved by the Senate for the payment of outstanding oil subsidy claims to 74 petroleum marketers in the country. This followed adoption of the interim report of its Committee on Petroleum (Downstream) on the Promissory Note Programme and Bond Issuance to Settle Inherited Local Debts and Contractual Obligations to Petroleum Marketers. Chairman of the committee, Mr Kabir Marafa, informed his colleagues that although marketers made claims to the tune of N670.5 billion as at June 30, 2017, the PPPRA verified and approved the sum of N429.1 billion to the

By Dipo Olowookere One of Nigeria’s foremost insurance underwriters with a focus on General and Special Risks, Royal Exchange General Insurance Company, (REGIC), has paid out N1.683 billion as claims settlements to its clients at the end of the third quarter of 2016. Making this disclosure in Lagos, Managing Director of REGIC, Mr Benjamin Agili, said that his company’s focus is the prompt settlement of genuine insurance claims and this will continue to be the business philosophy of the company in years ahead, adding that the company will continue to support the business community as it strives to increase the

By Modupe Gbadeyanka Mrs Olufunmilayo Omo has been announced as the Acting Managing Director/CEO of African Alliance Insurance Plc. This followed the retirement of Mr Alphonse Okpor as the company’s MD effective March 4, 2017. African Alliance Insurance explained that Mr Okpor retired after attaining the retirement age of 60 as prescribed by the internal policy of the company In a statement issued on Wednesday by the firm, it was also announced that Mr Cyril Ajagu has resigned as the Chairman of the Board of Directors of the company effective July 21, 2016. “The Board, at its meeting on November

By Sodeinde Temidayo David The Nigerian Navy has deployed 13 warships, two helicopters and 1,500 troops in a special military exercise against pirates in the Gulf of Guinea. This was made known on Thursday, November 4 by the Chief of Naval Staff (CNS), Mr Awwal Gambo, at the flag-off of Exercise Grand African NEMO 2021 held in Onne, Rivers State. Exercise Grand African NEMO 2021 is an initiative of the French Navy in collaboration with its Nigerian counterpart and allied partners to improve maritime security in the Gulf of Guinea. The exercise involves a multifaceted deployment at sea and ashore

By Investors Hub The major U.S. index futures are pointing to a lower opening on Wednesday, with stocks likely to move back to the downside following the rebound seen in the previous session. A report from the Commerce Department showing an unexpected pullback in U.S. retail sales in the month of April may weigh on the markets in early trading. Meanwhile, a separate report from the New York Federal Reserve showed an unexpected acceleration in the pace of growth in regional manufacturing activity. Disappointing Chinese data may also generate some negative sentiment along with lingering concerns about the escalating U.S.-China

By Aduragbemi Omiyale A Frenchman, Mr Jean-Philippe Torres, has been appointed as a Director and Chairman of TotalEnergies Marketing Nigeria Plc, one of the oil companies operating in the country. A statement from the company disclosed that the appointment of Mr Torres was approved by the board of directors of the organisation on Thursday, November 25, 2021. The chairman would be expected to use his position to take the company to higher heights and expand the operations of the firm in the country. Mr Torres started his working career as an Analyst in the French Ministry for Economy and Finance,

In an interesting move, the Tanzanian government has lowered casino tax in the nation from 20 per cent to 15 per cent. Without seemingly any warning, the government announced it would, pertaining to Part 5, Section 31A of the Tanzanian Gaming Act, enact the change immediately. The move comes as the world of online and indeed casino-based gambling is going through a period of high growth. From online casino sites to meg-casinos frequented by some of the planet’s top players, gambling is big business in 2021, especially after a COVID-19 pandemic that forced many to stay at home and develop

By Dipo Olowookere Governor Nyesom Wike of Rivers State has disclosed that his administration will work closely with Real Madrid Football Club of Spain to establish its academy in the state. Mr Wike made this disclosure via a statement issued on Wednesday by his Special Assistant on Electronic Media, Mr Simeon Nwakaudu. The Governor said the soccer academy will groom international talents. He said football, apart from being a source of entertainment globally, has proven to be a veritable empowerment tool. “We will work with the management of Real Madrid Football Club to ensure that a football academy is sited