May & Baker Grows Post-Tax Profit by 51% in Six Months

By Adedapo Adesanya  Angola, one of Africa’s top crude oil producers and a key member of the Organisation of the Petroleum Exporting Countries (OPEC), has officially rejected the proposed production quota for the year 2024 and may even exit the group. This was signalled by Mr Diamantino Pedro Azevedo, Angola’s Minister of Energy and Mineral Resources, confirming the nation’s decision and indicating a divergence from OPEC’s suggested allocations for both member and non-member countries. The announcement was made during the 26th OPEC+ Meeting on Thursday, where the organisation proposed 1.11 million barrels of crude oil per day production quota for

By Adedapo Adesanya The boards of insurance companies operating in the country have been charged by the National Insurance Commission (NAICOM) to embrace the measures put in place to tackle the challenges of unpaid claims. The Commissioner for Insurance, Mr Sunday Thomas, expressed worry over the number of outstanding claims in the sector despite efforts by the regulator to address the issue. Mr Thomas, who is also the chief executive of NAICOM, said the organisation, in collaboration with members of the Insurers’ Committee, has taken decisions and incepted measures designed to tame the menace of unpaid claims. Speaking at the

By Adedapo Adesanya The return of the bears was averted at the NASD Over-the-Counter (OTC) Securities Exchange on Thursday by Central Securities Clearing System (CSCS) Plc, which helped the alternative bourse close marginally higher by 0.03 per cent. This slight growth increased the value of the OTC exchange by N380 million, closing relatively flat at N1.165 trillion, as the NASD Unlisted Security Index (NSI) increased by 0.27 points to end the day at 859.58 points compared with the previous day’s 859.31 points. During the trading day, the value of CSCS Plc went up by 8 Kobo to settle at N17.08

By Dipo Olowookere Mr Vladimir Voronkov, Under-Secretary-General of the United Nations Office of Counter-Terrorism (UNOCT), and Ms Michèle Coninsx, Assistant Secretary-General and Executive Director of the Counter-Terrorism Committee Executive Directorate (CTED), today concluded a joint visit to Nigeria at the invitation of the Government. They were accompanied by Mr. Alexander Avanessov, Global Programme Manager and Special Advisor on Preventing Violent Extremism, UN Development Programme (UNDP), and a representative of the UN Office for Drugs and Crime (UNODC). The objective of the visit was to identify, in close consultation with the Government, concrete areas where the United Nations can provide technical

By Adedapo Adesanya Lagos based energy company, Lekoil Limited, is looking to raise the sum of $100 million in order to start drilling its Ogo oilfield after major setbacks. This was made known by Lekoil’s Chief Executive Officer, Mr Lekan Akinyanmi, who noted that the energy company financed much of the preparation work in Ogo with returns realised from its Otakikpo producing field, adding that the company will start drilling work in Ogo as soon as it raises the needed money. The company had earlier in the year discovered that a planned $184 million intended to maintain its stake in

By Modupe Gbadeyanka Fiscal authorities in Nigeria have been advised to slow down its aggressive hunger for generating huge revenue from taxes this year. Nigeria, an oil-dependent nation, has struggled to raise funds for its 2020 budgets as a result of the crash in the prices of the commodity at the global market. The decline in the price of crude oil was caused by the global health pandemic, Coronavirus disease (COVID-19). The federal government, in order to increase its revenue, has raised pump price of petrol, increased the Value Added Tax (VAT) from 5 percent to 7.5 percent, while the

By Dipo Olowookere Top energy company in the country, 11 Plc, which used to be known as Mobil Oil Nigeria, has announced an 8 percent growth in the revenue generated in the first six months of this year. The firm, which released its H1’19 financials today to the Nigerian Stock Exchange (NSE), said it generated the sum of N92.8 billion in the period under review, more than the N85.9 billion it made in the same period of last year. However, according to results briefly analysed by Business Post, the cost of sales rose to N85.3 billion from N76.6 billion, while

By Modupe Gbadeyanka A new report by the National Bureau of Statistics (NBS) has disclosed that Nigeria’s annual inflation as at October 2016 was now 18.3 percent. In the report posted on the agency’s website on Monday, it was disclosed that the figure rose from 17.1 percent it was in September 2016. The reason for this, Business Post gathered, was because of the higher prices for electricity, clothing and food in the country. The 18.3 percent inflation rate is Nigeria’s highest in more than 11 years and the ninth straight monthly rise. The agency explained that, “During the month, the

By Modupe Gbadeyanka Fresh information emerging from Kogi State has it that candidate of the Peoples Democratic Party (PDP) for the Kogi East Senatorial District for the 2019 elections, Mr Attai Aidoko, has made a desperate move to retain his seat at the National Assembly. This followed the discouraging body languages of majority of the divisional party chairmen whom he appreciated for enhancing the impunity that offered him the contentious senatorial ticket of the party. It was gathered that the lawmaker has resorted to constituting a group of nine wise men purportedly to checkmate what he refers to as “distrust

By Ahmed Rahma A social networking platform, Twitter,  has introduced a strike system that will gradually escalate to a permanent ban after the fifth offending tweet to put an end to the fake information on COVID-19 posted on its platform. The San Francisco-based company stated on Monday that it will start labeling misleading tweets about COVID-19 vaccines and boot users who persist in spreading such misinformation. “We believe the strike system will help to educate the public on our policies and further reduce the spread of potentially harmful and misleading information on Twitter,” the company said in a blog post.

By Adedapo Adesanya Food processing company, FrieslandCampina Wamco Plc, posted a good performance on the floor of the NASD Over-The-Counter (OTC) Securities Exchange on Thursday, December 19. The rise in the share price of the makers of the popular Peak Milk increased at the market yesterday to boost the 0.37 percent growth printed by the unlisted securities market. Business Post reports that Friesland recorded a N1.88 gain equivalent to a jump of 1.54 percent to finish the day’s trading session at N121.88 per share in contrast to N120 per unit it closed on Wednesday. This growth helped to push the