Lagos BDC Operators Sell Dollar at N458.20

By Adedapo Adesanya A foreign oil company, Equinor ASA, has chosen a little-known Nigerian company, Chappal Energy, as the preferred buyer of its stake in one of the country’s largest deep-water oil fields, Agbami. According to a report by Bloomberg on Monday, the Norwegian energy giant is trying to sell its 20.2 per cent interest in the Agbami field – joining other international producers such as Shell Plc, Exxon Mobil Corporation and Eni SpA in looking to offload assets in Africa’s biggest crude producer, Nigeria. In January, Equinor launched the sale of its stake in an offshore Nigerian oilfield, joining

By Dipo Olowookere The trio of Universal Insurance, Oando and UBA were the busiest stocks on the floor of the Nigerian Exchange (NGX) Limited last week, trading 2.212 billion units valued at N8.907 billion in 7,593 deals, contributing 56.56 per cent and 29.32 per cent to the total trading volume and value, respectively. In the week, investors transacted 3.911 billion shares worth N30.379 billion in 38,536 deals versus the 2.933 billion shares worth N47.449 billion exchanged in 44,654 deals in the preceding week. Financial stocks dominated with 2.774 billion units valued at N15.241 billion in 16,379 deals, contributing 70.92 per

By Dipo Olowookere The bears tightened their grip on the Nigerian Exchange (NGX) Limited on Tuesday, chopping off 0.34 per cent from the local bourse despite assurances from Mr Yemi Cardoso he would endeavour to ensure the Central Bank of Nigeria (CBN) restores its independence. Mr Cardoso was confirmed as the new CBN Governor by the Senate yesterday and he promised to formulate evidence-based monetary policies, a departure from his predecessor, Mr Godwin Emefiele, who was accused of romancing the President and coming up with trial-and-error policies. Business Post reports that investors were more interested in trimming their exposure to

By Precious Olisa This news may not be palatable to developers and Nigerians planning to start a building project, as the Cement Producers Association of Nigeria has warned that the price of a 50kg bag of cement may start selling for N9,000 when the dry season begins in November. At the moment, the product is sold at over N5,000. In a statement jointly signed on Sunday by the National Chairman of the group, Mr David Iweta, and its National Secretary, Mr Ufomba, the manufacturers said the rise in the price of cement would be caused by the decision of the

You might not think you’ll ever get a blood clot, but blood clots can form in certain situations, even when they might not be expected. Some surprising times that blood clots could occur include: Working at your desk Most of us sit for hours each day, especially if we’re bound to a desk job. Sitting seems like such a harmless activity, so how can it be bad for you? The problem lies in how much of it, and for how long, we sit each day. According to Dr Helen Okoye, medical expert and spokesperson for the World Thrombosis Day (WTD)

By Modupe Gbadeyanka Financial Market Dealer Quotation (FMDQ) Over the Counter (OTC) Securities has expressed its intention to set up a single settlement bank. This information was revealed last week by the agency. Speaking on Wednesday at the end of the Capital Market Committee (CMC) held in Lagos, representative of FMDQ said the new bank would be launched in October this year. A communiqué issued after the meeting specifically said, “FMDQ announced its intention to launch a Single Settlement Bank sometime in October 2017.” FMDQ is a SEC licenced over-the-counter (OTC) market securities exchange and self-regulatory organisation. It is owned

By Adedapo Adesanya The Nigerian National Petroleum Corporation (NNPC) has announced an increase of 184 per cent in the total crude oil and gas export receipt, amounting to $378.4 million in June 2020 as against $133.2 million it posted in May 2020. This signalled an improvement in revenue earnings apparently following the ease of the COVID-19 pandemic global lockdown and the subsequent increased demand and firmer prices for the black gold in the international market. The NNPC in a release by its Group General Manager, Group Public Affairs Division, Mr Kennie Obateru, stated that petroleum receipts for the month reflected

By Adedapo Adesanya To reduce the menace of electricity equipment vandalism, another Nigerian electricity distribution company, Jos Electricity Distribution Company, has tasked communities to engage the services of vigilante groups in its franchise states. The Managing Director of the distribution company, Mr Abdu Mohammed, hinted that this could be a lasting solution to the incessant destruction of its facilities. The energy firm has been battling hard to stop the vandalisation of its transformers and other equipment installed to make electricity get to consumers. According to reports, these activities are sometimes carried out by former workers of the defunct National Electric

By Jerome-Mario Utomi Recently, I read with excitement a statement by the management of Gbaramatu Publishing Company Limited, owners of GbaramatuVoice Newspaper, announcing the planned programmes for its forthcoming 6th annual lectures/Niger Delta Awards event slated for Tuesday, August 10, 2021, by 10:00 am, at the Eko Hotels and Suites, Victoria Island, Lagos State. The statement, which was personally signed by Jacob Abai, the GbaramatuVoice publisher, among other remarks, noted that the anniversary celebration/lecture will have a central theme Dwindling State of Crude Oil Demand in the Global Market: The Way Forward, and will have Dr Goodluck Ebele Jonathan, former

By Modupe Gbadeyanka Lately, the stop rates of treasury bills at the primary market have been on the decline and at the last primary market auction (PMA), a slight depreciation was also recorded. This Wednesday, the Central Bank of Nigeria (CBN) is expected to rollover T-bills worth N58.50 billion. At the forthcoming exercise, the apex bank will auction 91-day bills worth N5.85 billion, 182-day bills worth N29.25 billion and 364-day bills worth N23.40 billion. As investors look forward to the treasury sale in two days’ time, analysts at Cowry Asset are of the view that the stop rates will further

By Adedapo Adesanya  Last week was beneficial for oil as prices gained more than 90 percent of the week as Brent crude, the global benchmark, got close to $62 per barrel and set a weekly gain of 4 percent. Also, sharing the good news was the US Crude, West Texas Intermediate (WTI), which traded above $56 per barrel as it recorded what would be its strongest gains since June, quoting a weekly rise of more than 5 percent. Over the week, the WTI circulated mostly around $56 per while the Brent Crude crossed the $60 and aimed for $62 but

By Modupe Gbadeyanka A Supreme Court in the United Kingdom has granted a reprieve to Nigerian National Petroleum Corporation (NNPC) over a $100million Bank guarantee in a case involving the agency and a service company, IPCO (Nigeria) Limited. IPCO had referred its claims to arbitration in Nigeria and obtained an Arbitral Award of $154 million in 2004, with annual interest running at 14 percent, leaving NNPC with no option than to promptly challenge the award at the Federal High Court in Lagos. The reprieve was the latest in the protracted dispute arising from the contract between NNPC and IPCO for