NASD OTC Index Records 0.01% Fall

By Dipo Olowookere The last trading day of November 2023 on the floor of the Nigerian Exchange (NGX) Limited ended on a bullish note by 0.11 per cent on Thursday. Mild bargain-hunting in industrial goods equities like Lafarge Africa, supported by Airtel Africa, GTCO and other financial stocks left the market in the green territory at the close of business. Consequently, the All-Share Index (ASI) increased by 81.91 points to settle at 71,365.25 points compared with the preceding day’s 71,283.34 points, and the market capitalisation grew by N44 billion to N39.052 trillion from N39.008 trillion. Business Post reports that the

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 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 Adedapo Adesanya  The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has projected that its Industry Sustainability Initiative (NISI) will create over $575 billion in capital investment opportunities for Nigeria through the decarbonisation of operations. According to a statement, NMDPRA, while hosting a session on Nigeria’s Pathway to Energy Sustainability and NMDPRA’s Role at the UN Climate Change Conference 2023 (COP28) in Dubai, UAE, x-rayed Nigeria’s journey towards reducing carbon emission and achieving Net Zero by 2060. Speaking at the event, Mr Mustapha Lamorde, the authority’s Executive Director on Health, Safety, Environment and Community (HSEC), said the investment would be

By Dipo Olowookere All things being equal, the much-awaited national carrier will begin operations in Nigeria by December 2018. Addressing newsmen on Tuesday, Director-General of the Nigerian Civil Aviation Authority (NCAA), Captain Usman Muhtar, said federal government was making sure no stone was left unturned. He informed journalists in Lagos yesterday that government was learning from the mistakes of others to come up with a perfect arrangement. Mr Muhtar said once the operator meets the necessary requirements, the process of getting an Aircraft Operators Certificate won’t be an issue as it takes only 90 days to obtain the certificate. The

By Adedapo Adesanya Airtel Africa and the United Nations Children Fund (UNICEF) have announced a five-year pan-African partnership to help accelerate the roll-out of digital learning by connecting schools to the internet and ensuring free access to learning platforms across 13 countries. Airtel Africa’s financial and in-kind contribution for this partnership is $57 million till 2027 and will allow the organisation to provide equal access to quality digital learning, particularly for the most vulnerable children. The partnership will help to ensure that every child reaches their full potential. Airtel Africa is the first private sector partner on the continent to

By Modupe Gbadeyanka Nigeria-based firm, Curve Communications Limited, has been announced as the official Public Relations agency of the Hollywood and African Prestigious Awards (HAPAwards). The company will handle the publicity of the 2018 edition of HAPAwards, attesting to the experience and strides recorded by the PR firm over the years. The Hollywood and African Prestigious Awards promotes culture and celebrates outstanding achievements of African and Hollywood celebrities, musicians, comedians, sport personalities, community leaders and royal dignitaries. The platform gives talented Africans a unique opportunity to connect with the global entertainment industry. Chief executive of Curve Communications, Mr Adeola Odunowo,

By Dipo Olowookere The Economic and Financial Crimes Commission (EFCC) on Thursday, March 30, 2017 arraigned the duo of Adegbite Adetoye and Ponnle Abiodun along with Origin Oil and Gas Limited before Justice Silvanus Orji of the FCT High Court Apo, Abuja on an 11-count charge of fraud and abuse of Petroleum Support Fund to the tune of N735 million. Mr Adetoye and his co-accused allegedly conspired and fraudulently obtain the sum of N735 million from the Federal Government as payment for the importation of 15,000mt of premium motor spirit (PMS) which they claim to have purchased from Vitol SA

By Adedapo Adesanya The Naira suffered a loss of 25 kobo or 0.06 per cent against the US Dollar at the Investors and Exporters (I&E) segment of the foreign market (forex) on Friday as Nigeria continues to battle an FX supply crunch. At the official exchange platform, the Naira was traded at N419.75/$1 in contrast to the N419.50/$1 it was traded on Thursday despite a significant decline in the forex trades. According to the FMDQ Securities Exchange, the value of transactions at the forex window was $185.85 million in contrast to the $760.2 million recorded a day earlier, implying that

By Adedapo Adesanya At the height of the pandemic lockdown in Nigeria in April, the Federation Account Allocation Committee (FAAC) disbursement to the three tiers of government rose 34 percent, latest figures show. April was a month that was marred by slump in global oil prices and halt in trades caused largely by the COVID-19 pandemic, which was worsened when governments placed restrictions on movement to curb the spread, stifling economic activities globally. However, according to National Bureau of Statistics (NBS), in April 2020, FAAC disbursed the sum of N780.9 billion to the federal, states, and local governments, higher than

By Adedapo Adesanya Oil prices fell by 1 per cent on Wednesday after the US Federal Reserve left interest rates unchanged, as widely expected. Brent futures fell 81 cents or 0.9 per cent to settle at $93.53 a barrel, while the US West Texas Intermediate crude (WTI) fell by 92 cents or 1.0 per cent to trade at $90.28 per barrel. Wednesday’s decision means the benchmark short-term interest rate will remain at 5.25 per cent to 5.5 per cent, a 22-year high. This is only the second time since March 2022 that the US central bank meetings have concluded without

By Kestér Kenn Klomegâh Burkina Faso, that desert-landlocked West African country located in the Sahel, might be facing its thorniest path to the unpredictable political situation. With an approximately 22 million population, the majority impoverished largely due to misplaced state planning by the previous political leaders, Burkina Faso has been severely affected by the rise of militant terrorist attacks since the mid-2010s. Burkina Faso is not alone. Across the Sahel region, neighbours feared the jihadist insurgency might spread further down from Burkina Faso to coastal neighbours, including Ivory Coast, Ghana, Togo and Benin. Nigeria is already consistently fighting Boko Haram