MTN to Convert Recharge Card Sellers to Financial Services Agents

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 Adedapo Adesanya The Supreme Court has ordered that the old N200, N500, and N1,000 notes should continue to co-exist with the new banknotes beyond the earlier December 31, 2023, deadline. The apex court ruled on Wednesday that both old and new notes should continue to remain legal tender until the federal government puts a process in place for its replacement or redesign after due consultation with relevant stakeholders. The seven-man panel led by Justice Inyang Okoro gave the ruling following an application by the central government asking the court to grant an extension of time for old naira notes

By Adedapo Adesanya A hybrid solar power solutions provider, Daystar Power, has signed an agreement with Nigerian Breweries to install and operate a 4.2MWp solar plant and 2MWh battery storage system that will help the firm reduce its high energy costs. The installation will be one of the largest solar and battery storage projects for an industrial manufacturer in Nigeria. The hybrid solar solution will generate 5,249 MWh of electricity – 42 per cent of its daytime power consumption – every year at Nigerian Breweries’ Lagos brewery. According to a statement, the integration of solar into the factory’s energy mix

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 President Muhammadu Buhari has said Nigeria is targeting the African market with plans to drive exports in fishery, textile, leather, wood and papers, metals, electronics, vehicles and transport equipment. He gave this in the context of the plans for the maritime sector regarding the African Continental Free Trade Agreement (AfCFTA). Speaking at the ninth African Shippers’ Day on Monday, themed African Continental Free Trade Agreement: A Veritable Platform for African Shippers’ to Mainstream into Global Trade, he charged other African countries to build the requisite infrastructure so it can contribute to the continent’s growth. He also said

By Adedapo Adesanya At the close of the first week of the easing of lockdown on Friday, the Naira depreciated as much as N8 against the American Dollar at the black market segment. The domestic currency consequently wrapped the week at N445/$1 compared with the N437/$1 it traded at the segment of the foreign exchange (forex) market. At the same segment, the local currency closed flat against the Pound at N530/£1, while against the Euro, it depreciated by N10 to close at N450/€1 in contrast to N440/€1 it exchanged at the previous session. At the Investors and Exporters (I&E) window

By FSDH Research FSDH Research identifies investment opportunities in Commercial Papers (CPs). CPs are unsecured money market instruments issued in the form of promissory notes to raise short-term funds, which companies use to finance their operations. They are issued by large corporations with good credit ratings. CPs are issued in tenors ranging between a minimum of 15 days and a maximum of 270 days. FSDH Research has observed a number of companies recently issuing CPs in the market. The drop in the yields on Nigerian Treasury Bills (NTBs) will also drive the CP issuance. In addition, the Monetary Policy Committee

By Dipo Olowookere Group Chief Executive Officer of Oando Plc, Mr Wale Tinubu, has disclosed that the indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchange, will now focus on increasing oil production so as to sustain profitability. Speaking today on the performance of the company in the first quarter of 2019, the lawyer turned boardroom expert said, “With ICE Brent Crude Oil price currently at a decent level of $74.48 per barrel, our efforts will be geared towards increasing our production to sustain profitability and position us on the path to resumption of dividend payment to

By Investors Hub Asian stocks closed on a mixed note on Thursday after the release of key data from China and Japan. China’s third-quarter GDP figures came in line with forecasts and industrial output and retail sales figures topped forecasts, while fixed investment growth eased more than expected. Property sales fell for the first time in more than two-and-half years. China’s Shanghai Composite index ended down 11.70 points or 0.5 percent at 3,370.10, with financials and property developers losing ground. Hong Kong’s Hang Seng Index plunged 552.67 points or 1.9 percent to 28,159.09. Japanese shares extended gains for the 13th

By Ahmed Rahma The board of directors of SunTrust Bank Nigeria Limited has been rejigged for more effectiveness with the appointment of Mr Olanrewaju Shittu as the Chairman. The former director at the Central Bank of Nigeria (CBN) is coming to mount the position earlier occupied by Mr Jubril Aku after he was elected at a meeting of the board on Thursday, November 26, 2020. Also at the meeting, the board approved the appointment of Mr Mohammed Datti Yola as a non-executive director, though subject to the approval of the CBN. A statement from the lender disclosed that it was

By Aduragbemi Omiyale The management of Transnational Corporation, otherwise known as Transcorp Plc, has disclosed that it was yet to be formally informed of the reported acquisition of a 5.5 per cent stake in the company by Mr Femi Otedola. In response to an enquiry from the Nigerian Exchange (NGX) Limited, the conglomerate said it could not confirm or deny the reports, which spread like wildfire on Wednesday. In recent times, Transcorp has witnessed heavy transactions at the local stock market, and on Tuesday, it saw an off-market deal of 1.5 billion units transacted between two parties. It was reported

By FRSC Driving your vehicle in hazardous conditions, such as the current heavy rain is a matter of preparation, practice, and as always with driving, calm and caution. Hydroplaning is the main cause of road traffic crashes when driving on a wet surface. It is the loss of traction and sliding on a film of water. It leads to loss of control and steering ability when the tyres lose contact with the road. Hydroplaning is caused by a combination of standing water on the road, car speed, and under-inflated or worn-out tires.