NASD Exchange Wraps Week’s Final Session in Flat Territory

By Adedapo Adesanya Nigerian crude output fell by 30,000 barrels per day to 1.43 million barrels per day in November, according to data from an S&P Global Commodity Insight. This was lower than the 1.46 million barrels produced in October by Africa’s largest oil producer and 312,000 barrels per day short of its 1.742 million barrels per day target in 2023. Angola, Africa’s second-largest oil producer, saw output drop 20,000 barrels per day to 1.13 million barrels per day, according to the survey, compared with its quota of 1.46 million barrels per day. The drops impacted the wider output of

By Aduragbemi Omiyale Some retiring Nigerian military personnel have been educated on how they can unlock opportunities in the capital market after active service to the nation. At a seminar held on Thursday, December 7, 2023, at the Nigeria Armed Forces Resettlement Centre in Lagos, the participants were informed of the benefits of diversifying their investments for more earnings. They were also exposed to ways to invest and assess the market with technology, including via the recently launched NGX USSD Code. The Divisional Head of Business Support Services and General Counsel of the Nigerian Exchange (NGX) Limited, Ms Irene Robinson-Ayanwale,

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a further rise of 0.55 per cent, extending its stay in the green territory to a fourth straight session on Thursday, November 7. This increased the NASD Unlisted Security Index (NSI) by 4.81 points to wrap the session at 872.54 points compared with 867.73 points in the previous session, as the market capitalisation of the OTC exchange jumped by N6.52 billion to settle at N1.182 trillion, in contrast to the preceding trading day’s N1.176 trillion. The unlisted securities market ended the trading session with two price gainers, 11 Plc and

By Modupe Gbadeyanka Some educational materials have been donated to Wesley School of Hearing Impaired, Surulere, Lagos, and Whanyinna Nursery and Primary School, Makoko, Lagos. The items were given by GE Gas Power in collaboration with United Way Greater Nigeria (UWGN) through the Back to School drive to foster student development. About 150 schoolchildren from the two schools received the learning essentials to encourage reading culture among children from disadvantaged backgrounds. “This collaboration with GE to enhance the quality of education as well as promote literacy and reading culture among children in beneficiary schools is important in our efforts to

By Adedapo Adesanya The need to boost the production of diesel and jet fuel amid high prices of Middle Eastern oil is pushing Indian refiners to buy Nigerian crude oil. This is evident as the share of African oil in India’s crude imports last month surged to 11.5 per cent from 5.9 per cent in April, data showed. Saudi Arabia’s Aramco recently raised all of its official selling prices across Asia, Europe and the Mediterranean for July-loading cargoes and kept US differentials unchanged, with Asia-bound barrels seeing the largest increases of between $1.80 per barrel and $2.75 barrel. India, meanwhile,

By Dipo Olowookere Two sets of alternative financing agreements on Joint Venture (JV) projects to boost reserves and production in line with government’s aspiration were executed in London on Monday between the Nigerian National Petroleum Corporation (NNPC) and two of its JV partners: NNPC/Chevron Nigeria Limited (CNL) JV and NNPC/Shell Petroleum Development Company (SPDC) JV. The two projects are expected to generate incremental revenues of about $16 billion within the assets’ life cycle including a flurry of exploratory activities that would generate employment opportunities in the industry, boost gas supply to power and rejuvenate Nigeria’s industrial capacity utilization. The agreement

By Adedapo Adesanya The African Development Bank (AfDB) has signed a €362,000 grant agreement with Hadejia Jama’are Komadugu Yobe Basin-Trust Fund to prepare additional studies under the second phase of developing a strategic plan for managing water resources in the Komadugu-Yobe Basin in northern Nigeria. Specifically, the grant will support the preparation of a Resettlement Action Plan (RAP) for the Challawa Gorge Dam Watershed Management Project; a stakeholder engagement plan; a grievance redress mechanism, and stakeholder consultations involving riparian communities and the Lake Chad Basin Commission comprising Cameroon, Chad, Nigeria, and Niger Republic. The project will be implemented over eight

By Modupe Gbadeyanka The Nigerian subsidiary of Royal Dutch Shell, the Shell Petroleum Development Company of Nigeria (SPDC) Limited, has declared a force majeure on Forcados exports. A statement from the firm, according to Reuters, explained that the action was taken as a result of an obstruction of a tanker path by a malfunctioning barge. The unfortunate incident left the company with no other option than to declare a force majeure on exports of Nigerian Forcados crude oil. SPDC stated that efforts were ongoing to lift the force majeure to resume crude oil lifting from the terminal. However, it stated

By Adedapo Adesanya Nigeria’s indigenous energy group, Forte Oil Plc, recorded a massive profit after tax of N5.5 billion in the first six months of this year, way higher than what was achieved in the first six months of last year. According to data harvested from the company’s financial statements released to the Nigerian Stock Exchange (NSE), the net profit declared by the firm was more than the N336.6 million recorded in the first half of 2018. This purely indicated that the profit made the company after tax deductions improved significantly by 1,386 percent. This could be attributed to the devaluation

By Dipo Olowookere Following a series of high-profile scandals across the world, many accountants and accounting firms have come under heavy scrutiny by regulating bodies. In this regard, one issue of immediate concern to practitioners is the need to regain public trust and an expert in the accounting business, Mr Michael Armstrong, has submitted that if properly utilised, technology can be used as a vital tool to help rebuild trust in the profession. Speaking at the recently held 48th Annual Accountants’ Conference themed Securing Our Shared Future: A Collective Responsibility, Mr Armstrong said the accounting profession was set to witness

By Adedapo Adesanya The Abdul Samad Rabiu Africa Initiative (ASR Africa) has awarded a N1 billion infrastructure grant to the University of Benin (UNIBEN) as part of its 2021 Tertiary Education Grants Scheme. This was revealed during the grant presentation by ASR Africa management to the Vice-Chancellor and council members of the University of Benin on Wednesday. With this grant, the University of Benin becomes the fifth Nigerian university to receive the gesture from the ASR Africa Tertiary Education Grants Scheme, which is funded by the ASR Africa Fund for Social Development and Renewal, which has a yearly budget of