Naira Appreciates 0.66% on Dollar at Spot Market

By Adedapo Adesanya The Minister of Solid Minerals Development, Mr Dele Alake, has assured foreign investors of low production costs as they consider investing in the country’s mining sector. Speaking at the Mines and Money Conference in London, Mr Alake said President Bola Tinubu has embarked on reforms to boost investment by streamlining procedures and reducing hurdles to attract foreign investors. “The country’s geological bounty encompasses over 44 distinct mineral types, found in exploitable quantities across more than 500 locations,” the Minister said, according to a statement by his aide, Mr Kehinde Bamigbetan. “Recently, recognizing the evolving global landscape and

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 Aduragbemi Omiyale A workshop designed to educate investors, especially those in the retail end of the curve, on how they can improve corporate governance has been organised by the Nigerian Exchange Regulation (NGX RegCo) Limited. The two-day event, which took place on Thursday, November 23, and Friday, November 24, 2023, was themed Rights and Responsibilities of Shareholders in Driving Corporate Governance. According to the NGX RegCo, the seminar was designed to promote a transparent and fair market, with participants agreeing that all hands must be on deck to sanitize the market and bring the boards and management of listed

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 For the first time in several weeks, the Naira depreciated against the United States Dollar at the black market on Thursday. The the local currency, which had traded at N360/$ at the segment of the foreign exchange market, went down to N362/$1 at the close of business yesterday. During the day’s session, the greenback was boosted against the Nigerian currency by N1 in the afternoon and by evening, when market activities were wrapping up, it stole another N1 from the domestic currency to settle at N362/$1, leaving the currency with 0.56 percent loss. Also, at the parallel

By Dipo Olowookere A 20-member South African business delegation has arrived in Moscow, Russia for the 2017 WorldFood Moscow International Food Exhibition that is scheduled to take place from 11-14 September 2017 where they will be showcasing South African made products. The companies whose participation is made possible by the Department of Trade and Industry (the dti) through its Export Marketing and Investment Assistance (EMIA) scheme will from tomorrow proudly showcase their South African products to more than 28 000 trade visitors that are expected to attend the exhibitions coming from 78 Russian regions and 89 countries. Julian Abramson of

By Adedapo Adesanya One of Nigeria’s golden generation poets, Prof John Pepper Clark-Bekederemo, is dead. The renowned writer breathed his last on Tuesday, October 13, 2020, at the age of 86. This was disclosed in a statement signed by Mr C. C. Clark and Mr Ilaye Clark on behalf of the family today. “The Clark-Fuludu Bekederemo family of Kiagbodo Town, Delta State, wishes to announce that Emeritus Professor of Literature and Renowned Writer, Prof. John Pepper Clark, has finally dropped his pen in the early hours of today, Tuesday, 13 October 2020. “Prof. J. P. Clark has paddled on to

By Dipo Olowookere Customers of ALAT, Nigeria’s first fully digital bank launched by Wema Bank Plc, are set to enjoy the best of times with the lender committed to understanding their needs and offering them great deals. The bank, which recently celebrated 100,000 accounts after just five months of operation, is offering its customers discounts of up to 30 percent on purchases made with its cards. “When we launched ALAT in May, we made some promises to everyone who banks with us and we have not failed to deliver on these promises,” says Dele Adeyinka, chief digital officer at ALAT

By Adedapo Adesanya The Department of Petrol Resources (DPR) has estimated that residents of Nigeria consume a total of 38.2 million litres of premium motor spirit (PMS), also known as petrol, in one day. The figure, according to the petroleum resource regulatory agency, was only an estimate, saying it was difficult to know the official volume of commodity consumed daily. It explained that this was arrived at after the federal government set up a committee to determine Nigeria’s actual fuel consumption nationwide. In its National Stock Reports released on Wednesday, the DPR stated that as at Tuesday, February 25, 2020,

By Dipo Olowookere As the qualification date for Dangote Cement Plc draws closer, investors in the country’s stock market are mopping up the cement equity, causing the price to rise. Some weeks ago, board of Dangote Cement proposed to pay N16 dividend to shareholders of the company and the qualification date was fixed for Monday, May 25, 2020. In a notice released by the firm, it stated that after the qualification date, the register of members would be closed from Tuesday, May 26, while the payment would be made on June 16. At the moment, investors are rushing to buy

By Dipo Olowookere An empowerment programme has been organised for farmers in Lagos State as part of efforts to boost their capacity and improve food production in the state. The programme was put in place by the Lagos State Agricultural Inputs Supply Authority (LAISA) in conjunction with Harvest Field Industries Limited. A workshop was held for farmers from Badagry District of the state in line with its statutory responsibilities of ensuring adequate training and empowerment. Speaking at the opening ceremony of the training held in Badagry, General Manager of LAISA, Mr Bolaji Balogun, stated that the government was committed to

By Dipo Olowookere Unlisted companies looking to raise funds to run their businesses have been advised to consider using the Nigerian Exchange (NGX) platform to achieve this goal. The Divisional Head of Listings Business at NGX Limited, Mr Olumide Bolumole, gave this advice last Friday when a leading healthcare company serving millions of patients, Me Cure Industries Limited, listed its N3 billion 5-year series 1 fixed rate senior secured bond on the exchange. Mr Bolumole said NGX has maintained its “commitment to driving sustainable products and responsible investment in our market.” “We are, therefore, pleased to celebrate this listing from