Niger Delta Villagers Lose Oil Spill Case Against Shell

By Adedapo Adesanya  Angola, one of Africa’s top crude oil producers and a key member of the Organisation of the Petroleum Exporting Countries (OPEC), has officially rejected the proposed production quota for the year 2024 and may even exit the group. This was signalled by Mr Diamantino Pedro Azevedo, Angola’s Minister of Energy and Mineral Resources, confirming the nation’s decision and indicating a divergence from OPEC’s suggested allocations for both member and non-member countries. The announcement was made during the 26th OPEC+ Meeting on Thursday, where the organisation proposed 1.11 million barrels of crude oil per day production quota for

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 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 Dipo Olowookere UNAIDS International Goodwill Ambassador, Victoria Beckham, and her son, Brooklyn Beckham, have completed a three-day mission to Kenya with Born Free Africa and UNAIDS to raise awareness about HIV. Their visit focused on preventing new HIV infections among newborn children and keeping their mothers healthy and the urgency of promoting HIV testing, prevention and treatment for young people, especially adolescent girls and young women. During the mission, Victoria and Brooklyn Beckham travelled across the country visiting exciting projects that aim to reduce the effects of HIV in Kenya. They met with community and health workers to understand

By Adedapo Adesanya The Nigerian National Petroleum Corporation (NNPC) has disassociated itself from the trending 2019/2020 Annual Chemistry Competition, emphassing that the programme was fictional and the works of fraudsters. The corporation in a statement issued by the Acting Group General Manager, Group Public Affairs Division, Mr Samson Makoji, stated that the online circulated advert, which said the competition was organized to improve the standard of Chemistry education in the country, was phony and advised applicants to be wary of fraudsters. The advert had stated various fictitious monetary values to the categories of winners, listing eligibility of participants to include

By Dipo Olowookere English football club, Manchester United, have expressed condolences to families of those who died in Calabar, Cross River State, Nigeria on Thursday night. It was reported that during the UEFA Europa League quarter-final match between the Red Devils and a Belgian outfit, Anderlecht, last night, some football lovers, who were watching the match at a viewing centre, were electrocuted to death. It was gathered that a high tension cable fell on the roof of the viewing centre and electrocuted over 30 persons to death. In a tweet via its official Twitter handle on Friday, Manchester United condoled

By Modupe Gbadeyanka A Lagos-based real estate company, Mixta Africa Plc, has received a fresh $13 million line of credit from a pan-African housing development financier, Shelter Afrique. The 5-year facility with a moratorium of 24 months has been structured to fund the group’s current real estate projects in Côte d’Ivoire, Senegal and Morocco. According to a statement, the $13 million loan will co-finance the construction of 356 housing units in Côte d’Ivoire, 162 units in Senegal, and 371 units in Morocco, with selling prices varying from $26,000 in Morocco, $45,000 in Ivory Coast, and between $36,000 and $52,000 in

The Naira recorded an all-time low of 350 to the dollar during trading at the interbank market on Tuesday, August 9, 2016. Business Post correspondent gathered that this has further given some foreign investors another reason to stay away from the Nigerian economy at the moment. On Monday, it was reported that some foreign airlines have decided to shun their businesses in the country because of the “crazy” exchange rate. Business Post further learnt that today at the marker, the Naira was offered at 313 to the dollar and a total of $3.11 million had already been traded by 1:30pm

By Sodeinde Temidayo David The average price paid by consumers for premium motor spirit (PMS) otherwise known as petrol increased month-on-month by 0.2 per cent to N165.91 in July 2021 from N165.61 in June 2021. In its Premium Motor Spirit (Petrol) Price Watch for July 2021, the National Bureau of Statistics (NBS) said the commodity saw a rise on a year-on-year basis by 15.5 per cent from N143.63 in July 2020. Breaking down the data, Business Post observed that Adamawa State saw the highest price of petrol as consumers bought the product at N173.67 per litre, 7.5 per cent more

By Modupe Gbadeyanka A leading consumer goods company, Procter & Gamble (P&G) Nigeria, has partnered with the Women at Risk International Foundation (WARIF) to facilitate the educational programs (WARIF Educational School Programme. This is part of its efforts to address the issues affecting girls confidence and empowerment and with the collaboration, P&G will facilitate the educational programs around gender-based violence and support WARIF with the acquisition of personal protective equipment (PPE) for its frontline healthcare, which supports its “protect our heroes” interventions while promoting both its Education and Gender Equality Citizenship Pillars. The partnership is driven by P&G Employees through

By Dipo Olowookere The Executive Director of Technology and Operations at Access Bank, Mr Ade Bajomo, has hinted that the Central Bank of Nigeria (CBN) is already exploring the adoption of the blockchain technology for the financial sector in the country. Recall that a few days ago, Business Post reported that Nigeria was eyeing to make about $10 billion through blockchain technology in the next 10 years. Mr Bajomo, while speaking in an interview on Arise TV’s Arise Xchange recently, noted that the apex bank was looking at how to make this a reality through an inter-agency committee and the