Naira in Big Trouble, Falls to N495/$1 at Black Market

By Adedapo Adesanya The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) on Thursday asked Nigeria to produce about 1.5 million barrels of crude oil per day in 2024, lower than the 1.78 million barrels per day benchmark it proposed in the 2024 Appropriation Bill presented to the National Assembly on Wednesday for passage. The output ceiling was around 1.8 million barrels per day before it was cut down to 1.5 million barrels yesterday at the group’s virtual meeting, a huge blow to Nigeria’s revenue target for the fiscal year. OPEC had tasked three consultancies – IHS, Rystad

By Dipo Olowookere The Nigerian Exchange (NGX) Limited commenced the first trading session in December 2023 on a bullish note, with a marginal growth of 0.08 per cent. Sustained buying pressure kept Nigerian stocks in the positive territory, extending the dominance of the bulls on Customs Street, though the turnover waned. Business Post observed that investors cherry-picked equities in the banking and the energy sectors during the session, leaving them rising by 1.14 per cent and 0.05 per cent, respectively. However, the insurance counter lost 1.10 per cent, the consumer goods index depreciated by 0.08 per cent, and the industrial

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 Dipo Olowookere Residents of Oyo State are presently happy as the state government commences another series of free medical services put in place by Governor Abiola Ajimobi. The programme, tagged Free Health Mission, is starting today, on Monday, May 15, 2017 at the Adeoyo Maternity Teaching hospital, Yemetu Ibadan as part of the events commemorating the sixth anniversary of the Governor’s administration in Oyo State. According to the government, the Free Health Mission involves free surgical services, screening and treatment of high blood pressure, diabetics, malaria, family planning, HIV screening, immunization and vitamin A for children under one year

By Omoshola Deji Security is the principal obligation of government because it is the most important need of man. Life is universally considered sacred, but only the lives of the ruling oligarchy is sacred in Nigeria. Being alive is a privilege as Boko Haram, killer herdsmen, kidnappers, armed robbers, ritualists, trigger-happy officers, and other messengers of death are around you, ready to send you home. Governors of the six Southwest states moved to combat the insecurity by establishing the Western Nigeria Security Network, codenamed Operation Amotekun. The initiative has been sternly criticized in the North and declared “illegal” by the

By Dipo Olowookere Ondo State Governor, Mr Olusegun Mimiko, has approved the International Cultural and Event Centre fondly called The Dome for use by the All Progressives Congress (APC) on Saturday, September 3, 2016. The APC in Ondo State, which is the main opposition party in the state, plans to hold its primary this Saturday to elect its flag-bearer for the governorship election. The Independent National Electoral Commission (INEC) is expected to conduct the gubernatorial election in Ondo State on November 26, 2016. Business Post gathered that Mr Mimiko released The Dome, which his administration built, to the opposition party

By Adedapo Adesanya Virtus Energy Solutions Limited, a decentralised energy consortium, has secured a five-year credit facility worth N446 million from Sterling Bank Plc. The financial support aligns with the Federal Government’s Energizing Economies Initiative which is supported by the Central Bank of Nigeria (CBN). The company is implementing the Decentralized Energy Programme using high capacity stand-alone solar technology and Sterling Bank provided the fund to Virtus for the deployment of distributed energy solutions across selected economic clusters like the market places, shopping centres, and industrial facilities in Nigeria. Reacting to the fund secured by Virtus, the Managing Director of

By Modupe Gbadeyanka The official foundation laying ceremony for the establishment of a 5,000 barrel refinery located in Ikwe community, in Onna Local Government Area of Akwa Ibom State has kicked off. Performing the ceremony, Governor Udom Emmanuel said the project is expected to boost the country’s economy as well as the state. The Governor, represented at the event by Chairman of Foreign Direct Investment Committee, Mr Gabriel Ukpeh, further said the project would go a long way to boost the oil and gas industry in the country. He expressed appreciation to the management of Ikwe-Onna Refinery Limited for keying

By Dipo Olowookere The most admired African brand has been named and it is no other than the Dangote Group from Nigeria. It won this admiration ahead of telecommunication giant, MTN, according to the South African based Brand Leadership Movement in collaboration with the Johannesburg Stock Exchange (JSE) The Dangote brand which is also the leading brand in Nigeria came atop in the fresh ranking of 100 best brands in Africa themed “Brand Africa:100”, the sixth edition announced in Johannesburg, South Africa. The Brand Africa 100” was established in 2010, in recognition of the growth of African brands, which were

By Dipo Olowookere The sum of N801 million has been paid to another set of 179 retirees as accrued pension rights for the month of February, 2017 by the Lagos State government. Beneficiaries of this payment are from the mainstream civil service, Local Government and State Universal Basic Education Board, Teachers Establishment Pensions Office and other Parastatals of Government. This development is in fulfilment of the promise of Governor Akinwunmi Ambode to give priority to the issue of payment of retirees’ entitlements. Speaking at the 36th Retirement Benefit Bond Certificate Presentation Ceremony held yesterday at NECA House, CBD, Ikeja, the

By Adedapo Adesanya The Organisation of Petroleum Exporting Countries and its allies known as OPEC+ has called for an emergency virtual meeting to hold on Monday, April 6, 2020. This followed intervention of the United States President, Mr Donald Trump, in the spat between Saudi Arabia and Russia on Thursday. Prices of crude oil began to rise yesterday after Mr Trump tweeted about this, giving hopes of better days ahead for the commodity, which has been terribly hit by low demand caused by Coronovirus outbreak in the world. The United States extended a production cut to Saudi Arabia and others