Local Stocks Recover 0.23% as Geregu Enjoy Investors’ Patronage

By Adedapo Adesanya President Bola Tinubu is targeting to grow Nigeria’s economy by 3.76 per cent next year and moderate the country’s inflation to 21.4 per cent. Speaking at his first budget speech to lawmakers on Wednesday, President Tinubu also projected higher oil production and tax collection, noting that this will boost government revenues and cut down on reliance on borrowing to finance budget deficits. Nigeria plans on spending N27.5 billion in the 2024 fiscal year, with priorities on security, infrastructure and easing the high cost-of-living crisis. The country will borrow around N9 trillion and N18.5 billion generated from internally

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 Adedapo Adesanya The House of Representatives has pledged to stop international oil companies (IOCs) operating in the Niger Delta from divestment of their offshore assets without being accountable to the environment. The Chairman of the House of Reps Committee on Host Communities, Mr Dumnamene Dekor, said this during a technical session on the implementation of the Host Communities Development Trusts (HCDT), organised by Spaces for Change (S4C) with support from Ford Foundation. Mr Dekor raised the alarm that since the passage of the Petroleum Industry Act in 2021, host communities have not experienced any positive change, rather have remained

By Dipo Olowookere Last week, Ecobank Nigeria held the Old Mutual Customers Forum in Lagos and the event was attended by some key members of the financial institution. Present at the occasion were the Managing Director, Old Mutual Nigeria Life Assurance Co., Keith Alford; Managing Director, Old Mutual Nigeria General Insurance Co., Rachel Voke Emenike; Deputy Managing Director, Ecobank Nigeria, Tony Okpanachi; Group Chief Executive, Old Mutual West Africa, Zomunoda Chizura; and the Acting Deputy Managing Director, Corporate Bank, Ecobank Nigeria, Foluke Aboderin.

By Modupe Gbadeyanka The sum of N1 billion has been set aside by the Federal Government for the realisation Ibaka Sea Port project in Akwa Ibom State. Acting President, Mr Yemi Osinbajo, made this known on Thursday during a visit to Akwa Ibom State as part of his tour of Niger Delta states. According to the Acting President, the Federal Government is seriously committed to the realization of the project because of its importance to the country’s growth and economy. Mr Osinbajo noted that already, a provision for the Ibaka port has been made in the 2017 budget, which is

By Modupe Gbadeyanka Operatives of the Federal Road Safety Corps (FRSC) in the habit of collecting bribe of traffic offenders and other persons in the course of performing their normal duties have been warned to desist from such or be ready to lose their jobs. The traffic agency said on Wednesday that it would not hesitate to dismiss from service any of its personnel found extorting motorists. Addressing newsmen in Abuja today, the Corps Public Education Officer, Mr Bisi Kazeem, emphasised that, “We abhor corruptive tendencies. “There are internal mechanisms, the Corps Marshal Monitoring Unit and Surveillance and Intelligence Unit.

An African oil and gas services group, Rigworld, has been authorised to develop and market the SulNOx Fuel Conditioner across Africa. This followed the partnership signed between both organisations recently aimed to introduce the United Kingdom-based SulNOx Group to the African market. The SulNOx Fuel Conditioner is one of the world’s leading proprietary fuel conditioner technologies and working with Rigworld will help the quick penetration of the fuel conditioner on the continent. The SulNOx Emulsifier is a proven product, which achieves three things – reduction in toxic emissions, fuel savings, and reduction in maintenance costs. By reducing the viscosity of

By Modupe Gbadeyanka The House of Representatives on Tuesday, January 29, 2019 approved the new national minimum wage bill forwarded to the parliament by President Muhammadu Buhari few days ago. In the document, which is expected to be transmitted to the President for his assent, the minimum amount the lawmakers said a worker in Nigeria should earn is N30,000. This is N3,000 short of what the National Council of State (NCS) suggested last week, which is N27,000 monthly. After the council’s recommendation last week, President Buhari sent an executive bill to the National Assembly for the approval of a new

By Modupe Gbadeyanka On October 24, 2023, stakeholders in the tourism industry will gather at the Victoria Yards in Johannesburg, South Africa for the Airbnb Africa Travel Summit to discuss the role of technology in inclusive and sustainable tourism in Africa. A statement from the organisers disclosed that over 200 policymakers, tourism experts, innovators and changemakers are expected at the event, which will have the Minister of Tourism, Ms Patricia de Lille, opening the conference, with Afua Osei, co-founder of She Leads Africa, moderating, and actress and activist, Zozibini Tunzi, presenting the final keynote. Also, the founder of Tech Cabal,

By Dipo Olowookere Some unidentified gunmen have abducted President of the Interim Government of the Federal Republic of Ambazonia (Southern Cameroon), Mr Sisiku Ayuk Tabe. He was kidnapped alongside other members of his cabinet at a hotel in Abuja, Nigeria on Friday night during a meeting. Reports said some heavily armed men stormed venue of the meeting about 7:30pm Nigerian time at Nera Hotels, (Ekwueme Road), Abuja Non January 5, 2018, and went away with the President and nine other officials. A statement signed by Secretary of Communications and IT in the Federal Republic of Ambazonia, Mr Chris Anu, urged

By Adedapo Adesanya Oil traded higher on Friday, boosted by further signals that the Organisation of the Petroleum Exporting Countries (OPEC) could cut output. Brent crude futures rose $1.65 to settle at $100.99 a barrel while the United States West Texas Intermediate (WTI) crude futures rose 54 cents to settle at $93.06 a barrel. Overall, Brent gained 4.4 per cent for the week, while WTI recorded a 2.5 per cent. The United Arab Emirates (UAE) became the latest OPEC+ member to state it aligns with Saudi Arabia’s thinking on crude markets. Reuters reported that although there has been no official