NCDMB, Dangote Refinery Partner on Local Content Implementation

By Dipo Olowookere The House of Representatives Committee on Customs and Excise chaired by Mr Leke Abejide, has promised to ensure that all customs duties and levies collected by the Nigeria Customs Service (NCS) are accounted for and remitted to the nation’s purse. He gave this assurance during the inaugural meeting of the panel on Wednesday in Abuja, using the occasion to roll out the seven-point agenda of his group. The lawmaker, who contested in the recently-concluded governorship election in Kogi State under the African Democratic Party (ADC), listed the key focus of the team as oversight of the Nigeria

By Adedapo Adesanya Crude oil prices rose more than 2 per cent on Friday after data from the world’s largest oil producer, the United States, supported expectations of demand growth. Brent crude futures settled at $75.84 a barrel after chalking up $1.79 or 2.4 per cent, as the US West Texas Intermediate (WTI) crude futures traded at $71.23 after gaining $1.89 or 2.7 per cent. Despite the gain at the final session of the week, both benchmarks fell for a seventh straight week, their longest streak of weekly declines in half a decade, on lingering oversupply concerns. For the week,

By Adedapo Adesanya Dangote Refinery is set to commence crude refining in the coming days as an OTIS Tanker, carrying 950,000 barrels of Agbami crude has reportedly set sail to Dangote’s offshore crude receiving terminal, Business Post has gathered. It is expected to arrive around 8 pm today, December 7, 2023. This development confirms expectations that the 650,000 barrels per day will commence operations before year-end and produce its first batch of petroleum soon after the company had initially announced that it would begin producing up to 370,000 barrels per day of diesel and jet fuel in October and gradually

By Adedapo Adesanya African Export-Import Bank (Afreximbank) has announced that the third Intra-African Trade Fair (IATF2023) held in Cairo from November 9-15 witnessed the conclusion of business deals and transactions valued at $43.8 billion. The lender said in the final tallies released in Cairo, the organisers of the continental event said that the amount represented the value of 426 deals concluded in 21 sectors covering 52 countries. At a press conference to announce the results, Mrs Kanayo Awani, Executive Vice President (Intra-African Trade Bank) at Afreximbank, also announced that 130 countries participated in the trade fair, which attracted 1,939 exhibitors

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange has relaunched its new mobile trading app (NASDMobile) as part of efforts to boost the accessibility of retail investors to the market. As a bourse, NASD OTC serves as an alternative stock exchange for public companies that can’t list on the Nigerian Exchange Limited (NGX) due to its stricter regulatory requirements. However, it is not a relatively unknown bourse due to its small size and structure even as it admits top companies like Aradel Holdings Plc, FrieslandCampina Wamco Nigeria (makers of Peak and Three Crowns milk), Food Concepts Plc (parent company

By Adedapo Adesanya The Nigerian National Petroleum Corporation (NNPC) and the Nigerian Navy have pledged deeper collaboration to tackle crude oil theft and attacks on oil and gas facilities. The two bodies came to the resolution when the NNPC GMD, Malam Mele Kyari, paid a courtesy call on the Chief of Naval Staff, Vice Admiral Ibok Ekwe-Ibas at the Naval Headquarters in Abuja on Wednesday. In a press statement released by the corporation’s spokesman, Mr Ndu Ughamadu, it was noted that Mr Kyari expressed gratitude to the Navy for its efforts at securing the nation’s oil and gas facilities in

By Adedapo Adesanya The crude oil market fell by 2 per cent on Thursday as fresh fears of a wider Middle East conflict eased at the same time that demand showed signs of weakening in the United States. Brent crude futures depreciated by $2.20 or 2.44 per cent to trade at $87.93 a barrel, and the US West Texas Intermediate (WTI) crude futures finished lower by $2.18 or 2.55 per cent at $83.21 a barrel. Oil prices have been boosted recently by fears of a spillover affecting global crude supplies from the conflict between Israel and the Palestinian militant group,

By Sodeinde Temidayo David The federal government has released N30 billion as a revitalisation fund to universities across the nation. This followed a meeting with the leadership of the Academic Staff Union of Universities (ASUU), in which the FG said was aimed at evaluating whether the implementation of the Memorandum of Action entered into by the parties was successful. The revitalisation fund was one of the seven key issues evaluated yesterday at a federal government’s meeting with the leadership of ASSU. The Minister of Labour and Employment, Mr Chris Ngige, the Permanent Secretary of the Ministry of Labour and Employment,

By Dipo Olowookere On Monday, February 4, 2019, pan African financial institution, United Bank for Africa (UBA) Plc, opened its 20th subsidiary in Africa with the commencement of full banking operations in Mali. UBA has been extending its footprint and fulfilling the aspiration of deepening banking penetration in Africa. The launch of the bank’s latest addition in Mali was occasioned by the President of Mali, Mr Ibrahim Aboubacar Keita, who gave an unprecedented speech at the opening ceremony. ‘Tony promised it and he did it’, said the President, referring to UBA Group’s Chairman, Mr Tony Elumelu on his promise made

By Modupe Gbadeyanka Nigerians have been assured that the pump price of Premium Motor Spirit (PMS), commonly called petrol, will not be increased this month. This assurance was given by the Nigerian National Petroleum Corporation (NNPC) via a statement signed by its Group General Manager in charge of the Group Public Affairs Division, Mr Kennie Obateru. In the statement issued on Sunday, Mr Obateru appealed to motorists and consumers of the commodity not to panic buy or hoard the product. There had been reports that oil marketers will increase the price of the fuel at their retail stations on the

**As C&I Leasing Plans to Dilute Abraaj Holdings to 30% **Mulls IPO, Rights Issue By Dipo Olowookere Information has it that Abraaj Group, the private-equity firm established in 2002 by a Pakistani businessman, Mr Arif Naqvi, is now acquiring about 70 percent stake in a Nigeria-based company, C&I Leasing Plc. Recall that two days ago, the Nigerian firm announced that Abraaj had agreed to convert its $10 million loan stock to equity in the company. A report by Bloomberg quoted Chief Executive Officer of C&I Leasing, Mr Andrew Otike-Odibi, as saying that Abraaj felt taking its funds out of the

By Modupe Gbadeyanka Governor Abiola Ajimobi of Oyo State has rubbished claims that he has lately been diverting money from government’s coffers. An aide to the Oyo State Governor-elect, Mr Seyi Makinde, had accused the Mr Ajimobi-led administration of siphoning funds from government’s purse so as to cause financial crisis for him when he eventually takes charge on May 29, 2019. Mr Makinde defeated candidate of Mr Ajimobi’s All Progressives Congress (APC), Mr Adebayo Adelabu, in the March 9, 2019 gubernatorial election in Oyo State. Reacting to the allegation, Commissioner for Information, Culture and Tourism in Oyo State, Mr Toye