Nigeria Accounts for 90% of Anglophone West Africa’s GDP—Ecobank

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 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 Oil prices fell further on Thursday touching a six-month low, as investors worried about sluggish energy demand in the United States and China. Brent crude futures dropped 48 cents to $73.82 a barrel and the US West Texas Intermediate (WTI) crude futures fell by 33 cents to $69.05 per barrel, with both benchmarks posting their lowest prices since late June. Analysts noted that the largest global importer of oil, China, is shuttering its interests in crude and this has created pressure on prices. Chinese customs data showed that crude oil imports in November fell 9 per cent

By Aduragbemi Omiyale Moody’s outlook on Nigeria has been upgraded from stable to positive after the federal government implemented a few economic reforms. In a statement on Friday, the rating agency said the decisions to remove the costly petrol subsidies, devaluation of the Naira and the unification of the foreign exchange (FX) market were good for the economy. When Mr Bola Tinubu assumed office in May 2023, he announced an end to the payment of subsidies on premium motor spirit (PMS). A month later, the Central Bank of Nigeria (CBN) announced the unification of the forex market, while the Naira

By Dipo Olowookere This Thursday, October 5, 2017, the Central Bank of Nigeria (CBN) will sell N134.36 billion worth of treasury bills at the primary market. According to the apex bank’s calendar for the sale of the treasury bills, it would auction 91-day bills worth N28.69 billion, 182-day bills worth N33.49 billion and 364-day bills worth 68.19 billion. Business Post gathered that the apex bank will conduct the exercise using the Dutch auction system. Settlement will be made on Friday, which is the next day after the auction. The country’s chief lender issues treasury bills twice a month to assist

By Modupe Gbadeyanka Nigerians have been warned by the Federal Government to stop going to Libya because it is very hostile to migrants. This warning comes as the National Emergency Management Agency (NEMA) begins the evacuation of about 2000 Nigerians from the country. Speaking in a statement, Senior Special Assistant to the President on Foreign Affairs and Diaspora, Mrs Abike Dabiri-Erewa, explained that the plea became necessary because of a video and pictures being circulated on the purported killing of black immigrants in Libya. The President’s aide said, “While the authenticity of the pictures and tapes in question cannot be

By Modupe Gbadeyanka The 2016 edition of Stanbic IBTC Business Leadership Series (#BLS2016) has commenced and participants are already upbeat about it. The event, in its third edition, kicked off this morning and is holding at the Federal Palace Hotel, Victoria Island, Lagos. Agriculture is the main focus of the forum and top stakeholders in the industry are expected to highlight different investment opportunities in the sector. One of the main speakers is the Minister of Agriculture, Mr Audu Ogbeh. Mr Jason Drew, a farmer and eco-entrepreneur and Kola Masha, Managing Director, Doreo Partners, will also address participants at the

By Dipo Olowookere The Nigerian Stock Exchange (NSE) remained bearish on Tuesday after going down by 0.46 percent to stretch the year-to-date loss to 11.49 percent. This was caused by the huge losses posted by equities in the consumer goods sector as well as those in the banking industry. The poor performance of these stocks consequently dragged the All-Share Index (ASI) lower by 129.79 points to 27,820.57 points and the market capitalisation by N64 billion to N13.558 trillion. Business Post reports that Nestle Nigeria dominated the losers’ chart at the market yesterday after losing N10.50k to finish at N1299.50k per

By Dipo Olowookere Under the patronage of Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, the Forum for Promoting Peace in Muslim Societies will convene its fourth annual Forum under the theme ‘Global Peace and the fear of Islam’ on December 11, 2017 in Abu Dhabi. The event will be chaired by Shaykh Abdallah Bin Bayyah, President of the Forum for Promoting Peace in Muslim Societies. The theme of this year’s forum was chosen to examine the common factors that potenially pose a threat to regional or global peace, examining hate speech and its societal

By Ahmed Rahma The world’s largest manufacturer of motorcycles and scooters, Hero MotoCorp, has surpassed 100 million units in cumulative production. This significant milestone of the company is one of the fastest global achievements of the 100 million cumulative production mark, with the last 50 million units coming in a span of just seven years. The 100 millionth bike, the Xtreme 160R, was rolled out of the company’s manufacturing facility in Haridwar, in the northern Indian hill state of Uttarakhand. To mark the occasion, the Managing Director, Dr Pawan Munjal, unveiled six special celebration edition models at the company’s manufacturing

By Nneka Okumazie For Nigeria, prosperity is a measure of success and poverty is a measure of failure. The authority of money in Nigeria is – mostly – greater than integrity, passion, vision, honest work, patience and contentment. Most conflicts are bifurcated between money and lack. The side of resources is forgiven or correct. The side of lack is judged, shamed and isolated. Many prefer other problems to money problems. Some would go any length to prevent – money – shame. Generally, a society that everything equals money is unlikely to prioritize collective development. There’s a place for integrity, talent,

By Adedapo Adesanya The Nigerian National Petroleum Company (NNPC) Limited has revealed that the outstanding N1.3 trillion debt owed to it by the federal government won’t affect its payment of dividends to the government’s purse. In June this year, the state oil company revealed that it was expecting a refund of about N1.3 trillion from the Federation Account as debt by the federal government. It disclosed this when the inter-agency committee constituted by President Bola Tinubu was set to commence sitting to resolve the lingering debt row. The federal government had accused the NNPC Limited of indebtedness to the tune