MTN Pays Another N30b to FG

By Adedapo Adesanya The President of the Dangote Group, the owners of the Dangote Petroleum Refinery and Petrochemicals plant, Mr Aliko Dangote, has said that following the purchase of 1 million barrels of Agbami crude grade from Shell International Trading and Shipping Company Limited (STASCO), it will be looking to ramp up its production in coming months. The 650,000 barrels per day capacity refinery is not expected to hit full capacity until 2025, but with a gradual ramping, it is expected that it will begin with begin producing up to 370,000 barrels per day of diesel and jet fuel. “We

By Adedapo Adesanya The Naira recovered from the previous day’s loss after closing stronger against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 7, by 11.4 per cent or N108.15 to trade at N843.07/$1 compared with the previous day’s rate of N951.22/$1. This occurred as the value of foreign exchange (FX) transactions slightly increased during the session by $1.67 million or 39.5 per cent to $137.25 million from the $135.58 million achieved in the preceding trading session. Similarly, in the official market, the Nigerian Naira strengthened against the British Pound Sterling on Thursday by

By Adedapo Adesanya Brent crude closed below $75 per barrel on Wednesday, precisely selling at $74.39 per barrel after shedding $2.81 or 3.5 per cent. It was the lowest level for the crude oil grade since June, as a larger-than-expected rise in US fuel inventories added to worries about fuel demand, also pressuring the West Texas Intermediate (WTI) crude futures by $2.74  or 3.8 per cent in the midweek session to $69.58 a barrel. The US Energy Information Administration (EIA) reported a crude oil inventory draw of 4.6 million barrels for the week to December 1. A sizeable inventory build

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has cautioned Nigerians to be wary of fake Naira notes currently in circulation, vowing to prosecute those engaged in the illicit acts. The apex bank in a release signed by Mrs Hakama Sidi Ali, the acting Director of Corporate Communications, said the counterfeit notes have been spread by some individuals for transactions in food markets and other places where commerce takes place across the country, noting that this is a punishable offence. “The attention of the Central Bank of Nigeria (CBN) has been drawn to the circulation of counterfeit banknotes, especially

By Modupe Gbadeyanka The much-awaited Petroleum Industry Bill (PIB) will be considered on Thursday, July 1, 2021, the Senate President, Mr Ahmad Lawan, has confirmed. Mr Lawan made this disclosure on Tuesday when the joint committee instituted by the red chamber of the National Assembly to look into the bill submitted its report during the plenary. The joint committee headed by Mr Sabo Mohammed includes the Senate Committee on Petroleum (Downstream); Petroleum (Upstream) and Gas Resources. Mr Mohammed laid the joint committee report on PIB before his colleagues today and while speaking on it, the Senate President said, “Let me

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By Modupe Gbadeyanka This Thursday, market players will be anticipating treasury bills worth N551.36 billion that will be maturing both in the primary and secondary markets. According to analysts at Cowry Asset, this is expected to boost financial system liquidity and result in a corresponding downward trend in NIBOR. Last week, NITTY rose for all maturities tracked as investors sell down their investment in anticipation of higher yields. As a result, yields on 1 month, 3 months, 6 months and 12 months rose to 14.78 percent from 13.51 percent, 14.80 percent from 13.45 percent, 14.33 percent from 14.19 percent and

By Dipo Olowookere The Nigerian Exchange (NGX) Limited landed in the bears’ zone again on Thursday, a day after it left, following renewed profit-taking in the consumer goods sector. The sector depreciated by 0.28 per cent yesterday due to selling pressure on Nestle Nigeria and Honeywell Flour. Though investors also booked profit in banking shares, it did not affect the performance of the space as it closed higher by 0.68 per cent. The insurance counter appreciated by 0.51 per cent, and the industrial goods index rose by 0.09 per cent, while the energy sector remained flat. The poor outing of

Restricting or blocking certain channels on your GOtv decoder can be a breeze, thanks to its user-friendly navigation and foolproof channel restriction options. Follow these few simple steps to use the restrict or block feature. To Block Channels, press the Menu button to access the main menu. Next, scroll to locate the “Parental Control” option and press ok. You will be prompted to enter your parental PIN. The default PIN for GOtv Parental Control is 1234. You can reset the default pin and replace it with one of your own. Once you’ve entered the PIN, choose “Blocking options” from the

By Dipo Olowookere The Central Bank of Nigeria (CBN) has reportedly directed banks not to honour bids from retail investors in the country for treasury bills from Friday, November 29, 2019. This directive is coming despite assurances from the Debt Management Office (DMO) that local investors, both individuals and institutional, would be allowed to buy any of the federal government debt securities. Some days ago, the apex bank stopped the sale of its OMO bills to local investors, but allowed offshore investors to partake in the purchase of the liquidity management tool. In the midst of the confusion created by

By Sunday Ikwuagwu Every organisation exists with a corporate identity unique to itself and distinguishing it from others, regardless of how similar they may be. It transcends visual elements which may include logo, colours, fonts, pay offs and other graphics associated with the company. Creating a holistic corporate identity presupposes taking into account all aspects which define the organization’s purpose and everything it stands for. This includes the Vision, Mission, Core Values, Corporate Culture and Governance and Business Goals of the company. Proactively building a corporate identity will ensure an organization’s consistency and coherence when engaging its internal and external

By Modupe Gbadeyanka The need for poultry farmers to embrace livestock feeds made from cassava grits has been highlighted in Akure, the Ondo State capital. At a programme held recently in the city, it was disclosed that use of cassava grits would cut the cost of feed production, thereby increasing the profit margin of farmers. The programme, put together by the International Institute for Tropical Agriculture (IITA) in conjunction with the Department for International Development’s programme; Market Development for Niger Delta (MADE) and HarvestPlus, was designed build capacity of processors to produce quality cassava grits which meet the requirement of