Naira Halts Rally at I&E Window, Loses by 0.17%

By Adedapo Adesanya A foreign oil company, Equinor ASA, has chosen a little-known Nigerian company, Chappal Energy, as the preferred buyer of its stake in one of the country’s largest deep-water oil fields, Agbami. According to a report by Bloomberg on Monday, the Norwegian energy giant is trying to sell its 20.2 per cent interest in the Agbami field – joining other international producers such as Shell Plc, Exxon Mobil Corporation and Eni SpA in looking to offload assets in Africa’s biggest crude producer, Nigeria. In January, Equinor launched the sale of its stake in an offshore Nigerian oilfield, joining

By Bliss Okperan The exchange rate instability in the country is already giving small business owners sleepless nights and it threatens their investments. This concern was raised recently by the National Vice Chairman of the Nigerian Association of Small-Scale Industrialists, Mr Segun Kuti-George. He emphasised that business owners would have to increase their prices because of the unavoidable consequence of the current exchange rate crisis in Nigeria. According to him, if consumers are unable to meet up with the increase in the cost of goods and services, businesses would be forced to shut down their operations, which would, in turn,

By Adedapo Adesanya President Bola Tinubu has been charged by the Socio-Economic Rights and Accountability Project (SERAP) to investigate the allegations that over $15 billion of oil revenues and N200 billion budgeted to repair the refineries are missing and unaccounted for between 2020 and 2021, as documented by the Nigeria Extractive Industries Transparency Initiative (NEITI). In the letter dated September 23 and signed by SERAP deputy director, Mr Kolawole Oluwadare, the organisation urged him to “name and shame anyone suspected to be responsible for the missing and unaccounted for public funds and to ensure their effective prosecution as well as

By Adedapo Adesanya A 0.54 per cent growth was recorded by the NASD Over-the-Counter (OTC) Securities Exchange on Monday, September 25, after the duo of FrieslandCampina WAMCO Nigeria Plc and Central Securities Clearing System (CSCS) Plc witnessed improvements in the share prices. The milk producer gained N1.39 during the session to end at N73.59 per unit compared with last Friday’s value of N72.20 per unit, while the Nigerian depository company grew by 70 Kobo to sell at N18.20 per share versus N17.50 per share. At the close of transactions, the total value of the unlisted securities market jumped by N6.21

By Dipo Olowookere Justice Abubakar Idris Kutigi of an FCT High Court in Gwagwalada, Abuja, has ordered the arrest of a former Minister of Petroleum Resources, Mr Dauzia Loya (Dan) Etete and two others; Mr Munamuna Seidougha and Mr Amaran Joseph. This directive was given Thursday after the Economic and Financial Crimes Commission (EFCC) filed an exparte application on the matter involving Mr Etete in the Malabu oil deal. The commission accused the three suspects of defrauding the Nigerian government in the $1.09 billion Malabu Oil Block (OPL 245) Settlement Agreement. At the court today, counsel for the EFCC, Mr

By Adedapo Adesanya Property technology company, Spleet, has raised $625,000 in an oversubscribed pre-seed round led by MetaProp VC to expand its services to provide better financial service solutions to residential landlords and tenants in Africa. Future Africa, FEDHA Capital, VFD Group, Moonshot VC, HoaQ, CEO of Squarefoot, Jonathan Wassersturm, CEO of Flutterwave, Mr Gbenga Agboola, and others were other participants in the funding round. Founded in 2018 by Mr Tola Adesanmi, Spleet’s mission of building a future where renting a home is much easier has made significant progress. With the creation of a new financial services solution, landlords can

By Dipo Olowookere The inability of the federal government and the Central Bank of Nigeria (CBN) to give a direction on the old Naira notes, which the apex bank earlier said would cease to be legal tender in the country from February 10, 2023, is creating confusion. Business Post gathered that in Lagos, some traders, supermarkets, eateries and others now reject old Naira notes; N200, N500, and N1,000. They insist on collecting the redesigned currencies or being paid through the Point of Sale (POS) machine. At one of the prominent eateries on the Egbeda-Idimu Road in the Egbeda area of

By Dipo Olowookere The Central Bank of Nigeria (CBN) has finally concluded the selection exercise for a software for a shared platform for the more than 900 microfinance banks (MfBs) in Nigeria. The selection exercise that has gone on for the past three years will be concluded anytime soon. Funding is said to have been provided by the International Fund for Agricultural Development (IFAD) through Rural Finance Institution Building Programme (RUFIN) programme. Investigations showed that the CBN embarked on the exercise in order to streamline the management and regulation of the large number of MfBs in the country. It was

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Baswood Corporation, a privately held company leading innovation in sustainable wastewater treatment solutions, has announced a new round of funding led by Inherent Group, LLC. According to Michael Walker, CEO of Baswood, the funding will be used to support the company’s strong growth in North America along with continuing expansion within the Asia-Pacific marketplace. “Baswood’s patented solutions provide a significantly lower energy footprint that results in substantially lower operating costs, while delivering superior digestion and lower solids output. Our systems dramatically lower the life-cycle cost of wastewater treatment, providing a strong return on investment for our customers,” said Walker. “We

By Jerome-Mario Chijioke Utomi Justice is central in all human issues and it has a link with the common good. To Thomas Aquinas, justice is more of external action than interior emotion or passion; it is rendering to each person what is properly his or hers; what is equal, fair and balanced in any relationship. Justice, he added, is either commutative or distributive. While commutative justice is that which governs the relationship between two individuals in matters such as contracts, distributive justice is that which governs the relationship between an individual and the society (a part to the whole) in

By Modupe Gbadeyanka The board of directors of United Bank for Africa (UBA) Plc has approved the firm’s financial statements for the year ended December 31, 2017. A statement issued by the financial institution disclosed that the approval was given at the board’s meeting held on Monday, January 29, 2018. Also during the meeting, the board approved the payment of dividends to shareholders of the company. “Please be informed that the Board of United Bank for Africa Plc at its meeting of Monday, January 29, 2018 approved its financial statements for the year ended December 31, 2017 and payment of