Nigeria Oil Output in Compliance with OPEC—NNPC

By Adedapo Adesanya The prices of oil benchmarks jumped by 2 per cent on Tuesday on the fresh possibility that the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) will extend or deepen supply cuts. Data showed that Brent crude futures gained $1.70 or 2.1 per cent to close at $81.68 a barrel and the US West Texas Intermediate (WTI) crude increased by $1.55 or 2.1 per cent to $76.41 per barrel after a drop in Kazakh oil output and a weaker US Dollar. OPEC+ is due to hold an online ministerial meeting on Thursday to discuss 2024

By Adedapo Adesanya The boards of insurance companies operating in the country have been charged by the National Insurance Commission (NAICOM) to embrace the measures put in place to tackle the challenges of unpaid claims. The Commissioner for Insurance, Mr Sunday Thomas, expressed worry over the number of outstanding claims in the sector despite efforts by the regulator to address the issue. Mr Thomas, who is also the chief executive of NAICOM, said the organisation, in collaboration with members of the Insurers’ Committee, has taken decisions and incepted measures designed to tame the menace of unpaid claims. Speaking at the

By Adedapo Adesanya  The federal government, through the Nigerian Ports Authority (NPA), has announced plans to invest $1.1 billion to fully rehabilitate decaying port infrastructure at TinCan, Apapa, Rivers, Delta, Calabar, and Onne ports as part of efforts to improve the efficiency of the nation’s existing ports. Out of the estimated 47,000 kilometres of coastline in Africa, Nigeria makes up about 853 kilometres, creating the perfect opportunity to get access to its much-needed revenue. This coastline and a 200 nautical mile exclusive economic zone make up Nigeria’s coastline in the Gulf of Guinea. The coastline equals a maritime area of

By Adedapo Adesanya The Nigerian Naira weakened further by 8.3 per cent or N67.28 on the American Dollar at the Nigeria Autonomous Foreign Exchange Market (NAFEM) on Tuesday, as investors intensified their demand for the greenback ahead of the festive season rush. Amid a squeeze in the supply of the foreign currency to the market, the value of the local currency closed at N881.88/$1 yesterday compared with the preceding session’s N814.60/$1. Though the supply of FX into the official market improved by 17.9 per cent or $18.00 million to $118.06 million from $100.06 million quoted on Monday, it was not

By Sodeinde Temidayo David Auditions for season 8 of the Nigerian entrepreneurial reality show, The Next Titan, is set to commence next week in six major cities across the country, the organisers have said. According to the Executive Producer of the show, Mr Mide Kunle Akinlaja, the auditions will start next week in Port Harcourt before moving to Abuja, Enugu, Lagos, Ibadan and Kano. He also added that the screening would be hybrid as intending contestants who would not be available for the physical auditions would be allowed to screen online. According to him, Season 8 is a Special Edition

By Investors Hub The major U.S. index futures are pointing to a higher opening on Tuesday following the mixed performance seen in the previous session. The upward momentum on Wall Street comes following the release of a Labor Department report showing a modest increase in consumer prices in the month of February. Trading may also be impacted by news that President Donald Trump plans to replace Secretary of State Rex Tillerson with CIA Director Mike Pompeo. After failing to sustain an initial upward move, stocks turned mixed over the course of the trading session on Monday. The mixed performance on

By Dipo Olowookere A few days ago, the Securities and Exchange Commission (SEC) introduced some rules to guide the use of cryptocurrency in Nigeria. The decision by the apex capital market regulatory agency to regulate cryptocurrency in the country was applauded by many, who have yearned for this for a very long time. For clarification sake, a cryptocurrency is a digital asset used as a form of exchange for goods and services. It can also be called a virtual currency, which is not controlled by any central bank. SEC, in its Statement on Digital Assets and their Classification and Treatment,

By Dipo Olowookere More than 740 people have been infected so far in the Democratic Republic of Congo since the latest Ebola outbreak in the eastern part of the country in August 2018. A statement issued by the United Nations Children’s Fund (UNICEF) this week said 30 percent of the infected persons are children, while over 460 people have lost their lives to the deadly virus. UNICEF said it is collaborating with the government and partners to scale up its response to assist victims, control the spread of the disease and ultimately end the deadly outbreak.  This is the 10th

By Aduragbemi Omiyale Mr Adeyemi Adetomiwa has been announced as the acting Managing Director/Chief Executive Officer of Berger Paints Plc, following the retirement of Mr Anjan Sircar. The paint maker in a statement stated that Mr Sincar is retiring from the board upon the completion of his three-year tenure as MD/CEO of the organisation. The appointment of Mr Adetomiwa became effective on Tuesday, January 4, 2022, and prior to yesterday, he was the Chief Operating Officer (COO) of the company. Mr Adetomiwa, who joined the firm in 2019 as COO, brings on board almost three decades of management experience in

By Nneka Okumazie There are possible theories – in trying – to understand why the crusades happened in Christianity. One possibility is that not many people could read the Scriptures at those times – so lots of acts depended on oral knowledge. It was at a time of conflicts or wars, especially to protect the home or owned places from getting conquered. It was also a phase in the faith that beliefs restructuring didn’t – exactly – happen to replace confusion that came around. The Epistles can also be described as restructuring for the churches as some of what they

By Adedapo Adesanya The Nigeria Employers’ Consultative Association (NECA) has expressed dissatisfaction over some of the provisions of the finance bill 2022, including the increased Tertiary Education Tax (TET) from 2.5 per cent to 3.0 per cent. NECA’s Director-General, Mr Adewale-Smatt Oyerinde, expressed this worry in a statement on Wednesday in Lagos, explaining that the TET was increased without regard for the current economic situation faced by businesses. According to him, organised businesses are currently burdened with over 50 different taxes, levies and fees – both legally and illegally. “These taxes include company income tax; stamp duties; petroleum profit tax;

By Dipo Olowookere A group of lawyers in the capital market in Nigeria has concluded to hold a conference to discuss financial opportunities in the market in the midst of the present low yield environment and global health crisis. The event, which is expected to take place online on Tuesday, September 15, 2020, in line with the COVID-19 protocols on public gathering, will have experts in the capital market and healthcare speaking with participants. The programme is being organised by the Capital Market Solicitors’ Association (CMSA) as part of its annual business luncheon and is themed Financial Opportunities in the