Nigeria Returns to Crude Oil to Fund Budget

By Adedapo Adesanya  Oil prices rose by more than $1 a barrel on Wednesday as investors focused their attention on an upcoming OPEC+ output policy meeting and looked past a jump in crude stockpiles in the United States. Brent crude futures were up by $1.01 or 1.2 per cent to $82.69 per barrel, and the US West Texas Intermediate (WTI) crude futures gained $1.16 or 1.5 per cent to close at $77.57 a barrel. Prices were lifted by a media report that the Organisation of the Petroleum Exporting Countries and allies such as Russia, known collectively as OPEC+, was considering

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 Adedapo Adesanya The return of the bears was averted at the NASD Over-the-Counter (OTC) Securities Exchange on Thursday by Central Securities Clearing System (CSCS) Plc, which helped the alternative bourse close marginally higher by 0.03 per cent. This slight growth increased the value of the OTC exchange by N380 million, closing relatively flat at N1.165 trillion, as the NASD Unlisted Security Index (NSI) increased by 0.27 points to end the day at 859.58 points compared with the previous day’s 859.31 points. During the trading day, the value of CSCS Plc went up by 8 Kobo to settle at N17.08

By Aduragbemi Omiyale President Bola Tinubu has said the 2024 budget presented to the joint session of the National Assembly on Wednesday was designed to achieve macroeconomic stability, a better investment environment, greater access to social security, poverty reduction and enhanced human capital development. According to him, if these goals are achieved, the standard of living of Nigerians will improve and the citizens will enjoy the dividends of democracy. While presenting the 2024 Appropriation Bills to the parliament yesterday, the President said this was why he christened the budget proposal as the Budget of Renewed Hope. Mr Tinubu told the

By Bliss Okperan The Deputy Governor of Edo State, Mr Philip Shaibu, has announced his interest in the governorship election slated for 2024. Mr Shaibu, who fell out with former Governor Adams Oshiomhole to pitch his tenth with Governor Godwin Obaseki, declared his interest in the number one office of the state on Monday. In a televised announcement, the former student union leader said he intends to govern the state because of his desire to transform the Heartbeat of the Nation. According to him, his past records will make it easy for him to clinch the sole ticket of the

By Ademola Olaniyi Last month, April 2017, the news was everywhere on how security agencies showed up at the premises of the Pension Commission (PENCOM) headquarters. That this happened a little after the erstwhile Director General of the Commission, Mrs Chinelo Anohu-Amazu, was sacked by President Muhammadu Buhari raised a lot of suspicion of fraud. The popular guess was that some whistle blowers might have embraced the new trend of exposing sleaze in government. Nevertheless, as most Nigerians anxiously awaited the names of those involved in the story, they felt slightly disappointed when the Department of State Services (DSS) stated

By Adedapo Adesanya Oil settled lower on Wednesday despite a large drawdown in crude stocks in the United States as investors weighed worries about China’s embattled economy. Brent crude futures fell by $1.44 or 1.7 per cent to $83.45 a barrel, while the US West Texas Intermediate crude (WTI) depreciated by $1.61 or 2 per cent to $79.38 per barrel. The Energy Information Administration (EIA) reported an inventory decline of 6 million barrels for the week to August 11, in the US, in contrast to a build of 5.9 million barrels for the previous week, which in turn followed the

By Modupe Gbadeyanka The Economic and Financial Crimes Commission (EFCC) Ibadan zonal office, on Friday, May 3, 2019 arraigned one Akeredolu Oluwafemi Temidayo (a.k.a. Susan Henderson) before Justice Joyce Abdulmalik of the Federal High Court 2, sitting in Ibadan, Oyo State. Akeredolu, who claimed to be a graduate of Insurance from The Polytechnic, Ibadan, was arraigned on a three-count charge of obtaining money under false pretence, possession of fraudulent documents and forgery. The accused was alleged to have contravened Sections 1, 2 and 6 of the Advance Fee Fraud and other Fraud Related Offences Act, 2006, as well as Section

By Investors Hub European stocks have moved mostly higher on Wednesday as geopolitical tensions have eased and the dollar stands tall against the euro ahead of the Fed and ECB meetings. While the U.K.?s FTSE 100 Index has climbed by 0.5 percent, the German DAX Index and the French CAC 40 Index are both up by 0.3 percent. In economic news, regional data proved to be a mixed bag. While euro area industrial production fell more sharply than expected in April, U.K. consumer price inflation unexpectedly held at an annual rate of 2.4 percent in May, its lowest level since

By Kester Kenn Klomegah Despite various official efforts, including regular payment of maternal capital to stimulate birth rates and regulating migration policy to boost the population, Russia is reportedly experiencing decreasing population. According to the Federal State Statistics Service, Russia’s population currently stands at approximately 144 million, down from 148.3 million. Experts at the Higher School of Economics believe that regulating the legal status of migrants, the majority of them arriving from the Commonwealth of the Independent States or the former Soviet republics could be useful or resourceful for developing the economy, especially on various infrastructure projects planned for the

By Modupe Gbadeyanka A new research released by the Air Transport Action Group (ATAG) has revealed that the global air transport sector supports 65.5 million jobs and $2.7 trillion in global economic activity. The report, Aviation: Benefits Beyond Borders, explores the fundamental role civil aviation plays for today’s society and addresses the economic, social and environmental impacts of this global industry. Launching the report at the ATAG Global Sustainable Aviation Summit in Geneva, ATAG’s Executive Director, Michael Gill, said: “Let’s take a step back and think about how advances in air transport have changed the way people and businesses connect

By Aduragbemi Omiyale A Nigerian-based technology-driven agricultural start-up, ThriveAgric, has won the 2022 Visa Everywhere Initiative (VEI) for Central Europe, the Middle East, and Africa (CEMEA). With this feat, apart from getting a monetary prize, the firm will get a spot in the finals of the global innovation program and competition for start-ups and fintech companies scheduled to hold in Qatar, in November 2022. ThriveAgric was one of the 1,300 applicants which entered the competition from across the region, each with solutions aimed at delivering innovative payment and commerce solutions to consumers and businesses. Co-founder of ThriveAgric, Mr Ayo Arikawe,