Lower but Still Healthy Capital Inflows in Q2

By Adedapo Adesanya Crude oil prices settled gained almost one per cent higher on Tuesday as expectations of tighter supply outweighed worries that an uncertain economic outlook would hurt demand. Brent crude futures rose by 67 cents or 0.7 per cent to $93.96 per barrel and the US West Texas Intermediate (WTI) crude futures increased by 71 cents or 0.8 per cent to $90.39 per barrel. Oil supply remains tight as Russia and Saudi Arabia have extended production cuts to the end of the year. Market analysts noted that oil supply is expected to underwhelm demand in the foreseeable future

By Dipo Olowookere The domestic currency had a breather in the peer-to-peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, with its value strengthening against the Dollar at the two windows. This was supported by the ease in the forex demand pressure during the trading session, which had the official market, the Investors and Exporters (I&E) arm of the market, non-operational yesterday due to the public holiday observed in the country for Eid el Maulud. Many customers who may have needed FX for their transactions stayed back to enjoy the work-free day, easing off

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 Adedapo Adesanya The Osun State government has disclosed that it will soon embark on massive rural electrification across the state to enable communities without electricity to be connected to the national grid. This promise was made by Governor Gboyega Oyetola, who noted that the rural electrification project has been fully captured in the 2021 budget recently presented to the state parliament. The Governor disclosed this during the inauguration of water and rural electrification project in Ode-Omu on Sunday. The project was facilitated by a member of House of Assembly, Mr Taiwo Olodo, in conjunction with the Osun Agency for

Some food items have been donated to several state governments across the country by Ecobank Nigeria. The items were given to the states as contribution to various initiatives aimed at cushioning the effect of the current lockdown on citizens. These palliatives are targeted at the most vulnerable members of the society who have been the hardest hit economically as a result of the current crises. Speaking in Lagos, Executive Director Commercial Banking, Ecobank Nigeria, Carol Oyedeji said this action would also go a long way in supporting members of the community who earn a daily wage and may not have

By Ebitonye Akpodigha The governing boards of the Nigerian Ports Authority (NPA) and the Nigerian Maritime Administration and Safety Agency (NIMASA) have been inaugurated by the Federal Government. This event took place at the headquarters of the Federal Ministry of Transportation in Abuja and was performed by the Minister of Transportation, Mr Rotimi Amaechi. The Minister disclosed at the occasion that the appointment of members of the boards was approved by President Muhammadu Buhari in order to foster a robust, transparent and accountable economy and in line with the best international practices. According to him, the appointment and inauguration of

By Dipo Olowookere The African Development Bank (AfDB) has promised to double its climate finance commitments for the period 2020-2025 by putting down at least $25 billion. President of the bank, Mr Akinwumi Adesina, who made the disclosure, said the lender will launch ‘Green Baseload’ Facility to provide concessional finance to support reliable and affordable renewable energy baseload. Speaking at the One Planet Summit in Nairobi, Kenya, Mr Adesina said that organisation was on course to achieve its target of allocating 40 percent of its funding to climate finance by 2020, a year ahead. The bank’s commitment on the target,

By Adedapo Adesanya  Crude oil prices continued to trade higher on the global market as the new week began on Monday with major futures trading at higher prices. As at the time of this report, Brent crude went above $62 to trade at $62.68 showing that the price rose by $1.14 or 1.84 percent. This spells good news for the Nigerian economy which has a declining foreign reserves might receive a huge boost as a result of the high price of the Brent. As for the US West Texas Intermediate (WTI) Crude, it appreciated by 2.65 percent or $1.50 to

By Jerome-Mario Chijioke Utomi A cursory look at the oil and gas host communities in Delta State reveals an area tensed up with a lot of issues, intrigues and hiccups. Their anger in the present moment, going by media reports, is precipitated by the alleged opaque manner the former governor of the state, Ifeanyi Okowa, managed the 13% oil derivation fund that accrued to the state. Correspondingly, it will not be characterized as hasty to conclude that there is presently in Delta State no agency or commission that is troubled as the Delta State Oil Producing Area Development Commission (DESOPADEC),

By Dipo Olowookere Africa’s leading telecommunication company, MTN Nigeria Plc, had a good year in 2020 despite the disruption caused to businesses across the globe. In the year, according to the financial statements of the firm released to the Nigerian Stock Exchange (NSE) and analysed by Business Post, the sum of N1.4 trillion was generated in the year, higher than the N1.2 trillion achieved in 2019. A significant part of the revenue was contributed by voice revenue, N766.4 billion versus N725.5 billion, while data revenue contributed N332.4 billion in contrast to N219.4 billion in 2019. However, the direct network operating

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