Jumia Launches Late-night Food Delivery Service

By Adedapo Adesanya  Oil prices rose by more than $1 a barrel on Wednesday as investors focused their attention on an upcoming OPEC+ output policy meeting and looked past a jump in crude stockpiles in the United States. Brent crude futures were up by $1.01 or 1.2 per cent to $82.69 per barrel, and the US West Texas Intermediate (WTI) crude futures gained $1.16 or 1.5 per cent to close at $77.57 a barrel. Prices were lifted by a media report that the Organisation of the Petroleum Exporting Countries and allies such as Russia, known collectively as OPEC+, was considering

By Adedapo Adesanya Nigeria will accept and work with a production quota of 1.5 million barrels of crude oil per day in 2024 as the country aims to grow on the back of its oil resources, following a revision done by the Organisation of the Petroleum Exporting Countries and its allies, OPEC+. According to a statement issued by the Press and Public Relations unit of the Ministry of Petroleum Resources, Thursday’s meeting of the 23-man group addressed crucial aspects, including the completion of assessments by independent sources (IHS, Wood Mackenzie, and Rystad Energy) on the projected production levels for Angola,

By Adedapo Adesanya Equinor and Chappal Energies have entered into an agreement for the sale of Equinor Nigeria Energy Company (ENEC), which holds a 53.85 per cent ownership in oil and gas lease OML 128, including the unitized 20.21 per cent stake in the Agbami oil field, operated by Chevron. Speaking on the deal, Equinor’s senior vice president for Africa Operations, Ms Nina Koch, said Nigeria has been an important part of Equinor’s international portfolio over the past 30 years, noting that, “This transaction realizes value and is in line with Equinor’s strategy to optimize its international oil and gas

By Dipo Olowookere Executive Secretary of Lagos State Employment Trust Fund (ETF), Mr Akin Oyebode, has disclosed that no fewer than 223 business owners in Alimosho local government area of the state have been granted loans from the N25 billion set aside to support the scheme. Mr Oyebode made this disclosure on Monday the Alomosho Economic Summit taking place at De Santos Hotel, Akowonjo, Egbeda. According to the LSETF boss, the local council has shown to be great hub of businesses in the state, explaining why it was getting the attention of Governor Akinwunmi Ambode. “Our commitment to Alimosho indicates

By Adedapo Adesanya The Akwa Ibom State Council of Chiefs has shown support for the Governor of the state, Mr Udom Gabriel Emmanuel, who has since come under various attacks in the media following his re-election for a second term in office. In a press release titled, “Let’s Respect the People’s Will for the Reign of Peace, Justice and Progress”, the traditional rulers said it was illogical for a process that was deemed free, fair, transparent and acceptable to be canvassed for annulment. The statement which was signed for and on behalf of the council by HRM Nteyin Solomon D.

By Aduragbemi Omiyale A British pharmaceutical company, GlaxoSmithKline (GSK) UK Group, intends to close its operations in Nigeria and then exit the Nigerian Exchange (NGX) Limited. The firm operates in Nigeria under GSK Consumer Nigeria Plc, and it is listed on the local stock exchange. Apparently, due to the harsh economic environment in Nigeria, the company wants to quit, but it will hand over its operations to a third party, according to a notice it filed to the NGX on Thursday. GSK, in the disclosure obtained by Business Post, said its Nigerian subsidiary would no longer commercialise its prescription medicines

By Modupe Gbadeyanka On Monday, the Central Bank of Nigeria (CBN) piled the foreign exchange forex market with an additional $255 million as intervention. An analysis of how the money was disbursed showed the wholesale segment getting $100 million for both spots and forwards, while the invisibles segment, which covers BTA, school and medical fees, receiving $50 million. Also, the Small and Medium Scale Enterprises (SME) segment of the market was allotted $55 million. All these efforts are geared towards easing pressure on the Naira, which is currently traded at N381 to the Dollar at the parallel market. Spokesman of

By Dipo Olowookere Executive Director/CEO of the Nigerian Export Promotion Council (NEPC), Mr Olusegun Awolowo, has expressed delight in Nigeria’s entry into force of the Trade Facilitation Agreement (TFA) by the World Trade Organisation (WTO). Mr Awolowo described this as a “major milestone” for global multilateral trade, expressing optimism that “Nigeria would go ahead to domesticate and implement the agreement to the letter.” The NEPC boss made these remarks at his office in Abuja, saying further that, “We expect remarkable outcomes for international trade through TFA, which aims to expedite the movement, release and clearance of goods including goods in

By Adedapo Adesanya Crude oil prices dropped more than five percent on Monday, March 30, 2020, trading at the level last seen in the year 2002. This was heavily impacted by global restrictions on movements due to the COVID-19 outbreak. On Monday night, Brent crude depreciated by $1.56 or 5.62 percent to to trade at $26.39 per barrel, while the West Texas Intermediate (WTI) crude plunged by $1.18 equivalent to 5.7 percent to $20.33 per barrel. With over 776,000 coronavirus cases recorded across the globe, countries have activated lockdown, meaning no usual activities taking place, leading to fall in demand

By Omoshola Deji The Nigerian legislative arm of government, comprising the Senate and the House of Representatives, is rarely in the good books of the public. No congregation of legislators in Nigeria has arguably suffered public condemnation like the 8th Senate. Some learned figures and media commentators at a point moved beyond reproach to demand the scrap of the Senate. They question the significance of debated bills, the running costs of bicameralism, the motives behind oversight functions and brand legislative summons as vendetta. Right on time, this trending doubt on the necessity and the credibility of the Senate amplifies the

By Luke Kannemeyer Life feels like a high-wire act these days. Chances are that you and everyone you know have been dealing with a heightened sense of anxiety. The world is being shaken by a slew of climate disasters, rocketing inflation, energy crises, and supply shortages. Most of us didn’t think we’d be talking about ‘the war’ in the present tense, but here we are. Nigerians have also endured terrorism, banditry, kidnapping, unemployment, and inadequate power supply. Whether you’re completely strung out or noticing a persistent buzz of worry, these events have taken their toll. Good mental health comes partly