Naira Depreciates at Investors, Interbank Windows

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 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 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 A suit has been filed against President Muhammadu Buhari by the Socio-Economic Rights and Accountability Project (SERAP) over “the unlawful directive banning the use of old N500 and N1,000 banknotes, contrary to the interim injunction granted by the Supreme Court that the old N200, N500, and N1000 notes remain legal tender.” Joined in the suit as defendants are the Attorney General of the Federation and Minister of Justice, Mr Abubakar Malami, and the Central Bank of Nigeria (CBN). The Supreme Court, in a case brought by 10 states, held that the old banknotes remain legal tender pending

By Olubori Oduntan A partnership to develop the Nigerian oil and gas industry’s capabilities for research and innovation has been entered into between the Nigerian Content Development and Monitoring Board (NCDMB) and India. The collaboration is aimed at leveraging on India’s advancement in Information and Communication Technology (ICT) to achieve the above target. A statement issued by NCDMB explained that the agency would work together with the Indian Government and its relevant institutions. Executive Secretary NCDMB, Mr Simbi Wabote, in company with some senior officials of the agency, held a crucial meeting with the Indian High Commissioner to Nigeria, Mr

By Dipo Olowookere The Lagos State government has returned to the capital market to raise fresh funds to execute some critical projects aimed to stimulate the economy and achieve the current’s administration’s THEME Agenda. Mr Babajide Sanwo-Olu, when he was sworn in on May 29, 2019, promised to make the state better than he met it and make it one of the best in Africa. To achieve this, the government in 2020 approached the capital market to source N100 billion through bond sales at 12.25 per cent and more than a year after, it is seeking N125 billion. Business Post

By Adedapo Adesanya Ukraine’s Minister of Foreign Affairs, Mr Dmytro Kuleba, has called on Nigeria and other African countries to join efforts to guarantee food exports from the war-torn country. The European country, a major food exporter, has faced problems since Russia attacked it more than a year ago. As the war advanced, both countries reached an agreement and signed an export deal. However, last week Russia withdrew from the Grain Agreement. Now, Mr Kuleba, during a conversation with the permanent representatives of the group of African countries at the United Nations, called on them to join forces to guarantee

By Ahmed Rahma A leading international microfinance institution, Advans La Fayette Microfinance Bank, has expanded its market in Nigeria with the opening of its fourth branch in Lagos. The bank, which has 16 branches in Nigeria, including the new branch in Ikorodu, Lagos, and was licensed by the Central Bank of Nigeria (CBN), started full operations in the country in February 2013. Since then, it has built a strong client base and strong financial services experience, being able to answer to all the financial needs of micro, small and medium scale businesses. The Advans Group has banking services trusted by over

By Modupe Gbadeyanka No fewer than 30 French companies have indicated their interest to invest in the Nigerian economy as a result of the huge market the country offers. Executive Vice President of ‎Bolloré Africa Logistics, Mr Philippe Labonne, who led the consortium of the French firms to the Executive Secretary of the Nigerian Investment Promotion Commission (NIPC), Ms Yewande Sadiku, in Abuja on Monday, said they found Nigeria a good place to put their money. Mr Labonne further said the recent growth in the country’s economy as well as stability in the foreign exchange market was enough to lure

By Modupe Gbadeyanka The three refineries of the Nigerian National Petroleum Corporation (NNPC) have resumed the production of Automotive Gas Oil (AGO) and Dual Purpose Kerosene (DPK), otherwise known as diesel and kerosene respectively. This move, Business Post gathered, was taken due to the recent scarcity of kerosene, which subsequently caused the price to jerk up, going as high as N500 per litre in some parts of the country against the official N83 per litre. In order to bring succour to consumers, NNPC said its three refineries in Kaduna, Port Harcourt and Warri have resumed production of the commodities. The

By Modupe Gbadeyanka Due to its desire to partner and create wealth for their individual customers, Heritage Bank took advantage of the customers’ service/appreciation week to organise a business fair that showcases and celebrates the business activities of their various customers. The fair which took place at 12 Ligali Ayorinde Street, Victoria Island, Lagos, last Sunday and Monday, saw various entrepreneurial clientele of the bank displaying their products and services to potential customers. The event was strategically kick started on Sunday, a work free day, to enable customers alongside their family and friends hang out at the fair. Just as