National Assembly Moves to Stop Multiple Taxation

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 Modupe Gbadeyanka Strong inflationary pressures in November further negatively impacted companies in Nigeria, with new orders and output both falling as customers were either reluctant or unable to pay higher charges. Purchase prices rose at the fastest pace in almost two years amid exchange rate weakness and higher costs for fuel and materials. According to the latest Purchasing Managers’ Index (PMI) from Stanbic IBTC, business conditions remained under pressure, scoring 48.0 points last month compared with the 49.1 points it garnered in October 2023. Readings above 50.0 signal an improvement in business conditions, while readings below 50.0 show deterioration.

By Adedapo Adesanya Crude oil prices fell on Thursday members of the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) agreed to voluntary output cuts for the first quarter of next year, falling short of market expectations. As a result, Brent crude futures lost 27 cents or 0.3 per cent to close at $82.83 per barrel, and the US West Texas Intermediate (WTI) crude futures went down by $1.90 or 2.4 per cent to $75.96 a barrel. On a monthly basis, Brent fell by 5.2 per cent while WTI was down by 6.2 per cent. Saudi Arabia, Russia

By Modupe Gbadeyanka The board of directors of Forte Oil Plc has announced the suspension of plans to raise N20 billion from the capital market. In June this year, Forte Oil said it was planning to raise N20 billion from foreign investors as a public offer for shares through a book building process to help price discovery. It then said it had applied to the Securities and Exchange Commission (SEC) and Nigerian Stock Exchange (NSE) for approval. But in a statement issued today, the oil firm owned by Mr Femi Otedola, disclosed that it has received SEC approval to go

By Aduragbemi Omiyale New research conducted by Los Muertos by analysing Google Trends data has revealed that cryptocurrency investors in the United States of America are desperate to minimise their exposure to Shiba Inu and Bitcoin amid the latest wave of depression in the latter. The analysis revealed that Shiba Inu had the highest number of states wanting to sell the crypto coin with a total of 19 states, including Florida, Nevada, New York and Tennessee. The coin is one of the most affected coins from the recent crypto market crash, however, it has been predicted that the coin will

The gruesome murder of a Nigerian pastor by a faction of the dreadful Boko Haram terrorists’ group has continued to generation reactions from different quarters. On January 20, 2020, leader of the Church of the Brethren, Pastor Lawan Andimi, was executed by the terrorists and video of his killing released to the world by the group. Mr Andimi was abducted before his killing on January 2, 2020, when the terrorists raided his town, Michika area of Adamawa State, one of the highly volatile three states in the north east region of Nigeria, where Boko Haram has wreaked havoc for many

By Premium Times A scandal is brewing within the household of President Muhammadu Buhari. His wife, Aisha, has caused the arrest of her own Aide De Camp, after accusing him of defrauding her, those familiar with the matter have told PREMIUM TIMES. The president’s wife is alleging that Sani Baba-Inna, a chief superintendent of police, received huge donations from politicians and business people on her behalf and then kept the cash to himself. Mrs Buhari therefore requested the Inspector General of Police, Ibrahim Idris, to arrest and compel Mr. Baba-Inna to refund the money, put at over N2.5billion. The police

By Ashemiriogwa Emmanuel A total of 372 retail investors successfully purchased the Federal Government of Nigeria (FGN) savings bonds for August 2021, Business Post reports. According to details of the exercise released by the Debt Management Office (DMO) on Wednesday, 99 investors were allotted the 2-year debt instrument, while 228 investors bought the 3-year paper. The DMO sells the FGN savings bonds to low-income earners in the first week of every month as part of efforts to offer them the opportunity to invest in the fixed income market. The investment tool was created after the Central Bank of Nigeria (CBN)

By Modupe Gbadeyanka The House of Representatives on Tuesday passed a motion to critically look into the issuance of licences for fish importation in Nigeria. At the plenary yesterday, a lawmaker from kebbi State, Mr Gaza Jonathan Gbefwi, called the attention of his colleagues to this issue in a motion. He warned that the present system has the ability to adversely affect the fishing industry in Nigeria in not quickly checked. The legislator also argued that the present situation could put the health of consumers at risk as not all the imported fish can be certified as healthy. Mr Gbefwi

By Adedapo Adesanya The Naira extended its stability against the United States Dollar into a second day at the various windows of the foreign exchange (FX) market on Tuesday, December 15. During the trading session, the value of the local currency closed flat against the American currency at the major segments of the market. At the Investors and Exporters (I&E) window of the market, the domestic currency maintained its previous exchange rate against the greenback at N394/$1 despite the 3.4 per cent or $3.68 million rise in the demand for forex to $112.08 million from the previous day’s $108.40 million.

By Adedapo Adesanya 11 Plc sank the NASD Over-the-Counter (OTC) Securities Exchange by 0.18 per cent on Friday, September 15, after its value went down by N5.60 to sell at N144.40 per unit compared with the previous day’s N150.00 per unit. The downward performance in the stock price of the energy company pushed down the market capitalisation of the bourse by N2.02 billion to N1.138 trillion from the N1.140 trillion recorded on Thursday. This also shrank the NASD Unlisted Securities Index (NSI) by 1.43 basis points during the session to end the day at 805.65 points as against the 807.08