Market Capitalisation of NASD Exchange Drops N15.05bn

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 The trio of Newrest Asl Plc, FrieslandCampina Wamco Nigeria Plc, and Acorn Petroleum Plc made the NASD Over-the-Counter (OTC) Securities Exchange appreciate by 0.14 per cent on Friday, December 1. The three gainers pressed down the 8 Kobo loss reported by UBN Property Plc, which closed the trading session at N1.52 per unit compared with the preceding day’s value of N1.60 per unit. During the trading day, Newrest Plc gained N1.46 to close at N16.10 per share compared with Thursday’s closing price of N14.64 per share, FrieslandCampina Wamco Plc moved up by 60 Kobo to end the

By Aduragbemi Omiyale President Bola Tinubu has said the 2024 budget presented to the joint session of the National Assembly on Wednesday was designed to achieve macroeconomic stability, a better investment environment, greater access to social security, poverty reduction and enhanced human capital development. According to him, if these goals are achieved, the standard of living of Nigerians will improve and the citizens will enjoy the dividends of democracy. While presenting the 2024 Appropriation Bills to the parliament yesterday, the President said this was why he christened the budget proposal as the Budget of Renewed Hope. Mr Tinubu told the

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

Since the inception of asset management in Nigeria in 1991, its relevance to the economy, contribution to society and how it has enhanced the performance of Nigerian banks have been critically questioned. With regards to its track record and its input to the development of the financial market, asset management, which can be described as a securitisation vehicle, has not done badly. The present value of Nigeria’s assets under management (AUM) is estimated at N1.2 trillion. The fastest-growing fund in the industry is the money market fund, which is currently valued at over N800 billion. This fund has immensely contributed

By Adedapo Adesanya The Nigeria Governors Forum (NGF) has called for a three-way collaboration among the Federal, State Governments, and the private sector to provide affordable and reliable energy solutions in Nigeria. This was made known by the Governor of Kaduna State, Mr Nasir Ahmad el-Rufai, at the Nigeria Energy Exhibition and Conference, which wrapped off its 9th edition with key stakeholders providing insights into sustainable strategies on Thursday. The event brought together over 3,500 visitors and over 100 exhibitors representing over 21 countries. The exhibition and conference attracted local and international investors, exhibitors and renowned speakers, including the Governor

By Modupe Gbadeyanka Lexaria Bioscience Corp says it has received a Notice of Acceptance from the Australian Patent Office that Lexarias Australian patent application 2015274698 has been accepted with a patent issuance date expected in June, 2017. This establishes Lexarias first successful acceptance for patent issuance outside of the USA, in what the company expects will be a series of successful international patent awards. The Notice of Acceptance covers Lexaria patent application entitled Food and beverage compositions infused with lipophilic active agents and methods of use thereof, which has been accepted with the same set of claims previously issued in

By Modupe Gbadeyanka For the 17th consecutive month, the Manufacturing Purchasing Managers’ Index (PMI) grew in the month of August 2018 to 57.1 index points, the Central Bank of Nigeria (CBN) has disclosed. In its latest report, the apex bank stated that the index expanded at a faster rate when compared with the index in the previous month. Of the 14 subsectors surveyed, 13 reported growth in the review month in the following order: electrical equipment; non-metallic mineral products; cement; furniture & related products; plastics & rubber products; textile, apparel, leather & footwear; petroleum & coal products; chemical & pharmaceutical

By Adedapo Adesanya Chevron Nigeria has disclosed that 23,000 Nigerians have benefitted from its scholarship programmes since its inception, including postgraduate scholarship in Nigeria and foreign universities. The Chairman and Managing Director of Chevron Nigeria and Mid-Africa Business Unit, Mr Rick Kennedy, said over 16,500 students from all the 36 states in Nigeria have benefitted from the Medical and Engineering Professional Scholarship programme, put together by Chevron and her JV partners in Agbami field, since 2009. The Chevron boss explained that from the 16,500 Medical and Engineering Professional Scholarship, 715 students have graduated with first-class degrees. CNL’s General Manager, Policy,

By Modupe Gbadeyanka Chile and Swaziland have ratified the Trade Facilitation Agreement (TFA). Their submission of the instruments of acceptance to the WTO on 21 November means that nearly 90 per cent of the ratifications needed to bring the TFA into force have now been received Concluded at the WTO’s 2013 Bali Ministerial Conference, the TFA contains provisions for expediting the movement, release and clearance of goods, including goods in transit. It also sets out measures for effective cooperation between customs and other appropriate authorities on trade facilitation and customs compliance issues. It further contains provisions for technical assistance and

By Adedapo Adesanya After series of negotiations, warnings of strike actions and intervention, the Ondo State government has agreed with labour unions to pay the new N30,000 minimum wage from January. This disclosure came after labour unions led by the Nigeria Labour Council (NLC), Joint Negotiations Council (JNC) and Trade Union Congress of Nigeria (TUC) met legislative, judiciary and other top government functionaries to sign the agreement. After the meeting on Saturday, January 25, the labour leaders agreed on full payment of the new wage from level six downwards, while level seven above will have to contend with consequential adjustments.

By Adedapo Adesanya A Memorandum of Understanding (MoU) for the establishment of a multi-billion dollar African energy bank has been signed between the African Export-Import Bank (Afreximbank) and the African Petroleum Producers Organization (APPO). The institution will scale up private sector investment in African oil and gas projects and will not be a substitute for private investment but serve as a catalyst for Africa-directed investment. As per terms of the MoU, the bank will provide critical financing for new and existing oil and gas projects, as well as energy developments across the entire value chain. This will help strengthen the