Nigeria Revokes Licences of Six Oil Blocks

By Adedapo Adesanya Nigeria will accept and work with a production quota of 1.5 million barrels of crude oil per day in 2024 as the country aims to grow on the back of its oil resources, following a revision done by the Organisation of the Petroleum Exporting Countries and its allies, OPEC+. According to a statement issued by the Press and Public Relations unit of the Ministry of Petroleum Resources, Thursday’s meeting of the 23-man group addressed crucial aspects, including the completion of assessments by independent sources (IHS, Wood Mackenzie, and Rystad Energy) on the projected production levels for Angola,

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 Adedapo Adesanya The Naira put up a weak performance against the United States Dollar across the various segments of the foreign exchange (FX) market on Thursday. November 30, 2023, the last trading session of the month. In the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, which is the official market, the Nigerian currency lost 0.1 per cent or 85 Kobo against the greenback during the session to settle at N832.32/$1 compared with the preceding day’s value of N831.47/$1. A slight strain in the supply of forex into the spot market was partly responsible for the weakening of the local

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

Some food items have been donated to several state governments across the country by Ecobank Nigeria. The items were given to the states as contribution to various initiatives aimed at cushioning the effect of the current lockdown on citizens. These palliatives are targeted at the most vulnerable members of the society who have been the hardest hit economically as a result of the current crises. Speaking in Lagos, Executive Director Commercial Banking, Ecobank Nigeria, Carol Oyedeji said this action would also go a long way in supporting members of the community who earn a daily wage and may not have

By Modupe Gbadeyanka Africa’s largest retail bank, Access Bank Plc, has launched a campaign to educate its numerous customers about the latest tactics used by fraudsters to gain access to bank accounts. This is part of the efforts of the financial institution to protect customers from e-banking fraud, a development giving several lenders and financial services consumers some sleepless nights. Access Bank, as a bank that cares for its customers, has continued to work round-the-clock to be ahead of the criminal elements, necessitating the new awareness campaign to update the knowledge of its customers. In the new campaign themed Banks

By Rotimi Onadipe Internet abuse and internet addiction are strong weapons that the enemy known as Satan had planned to use to steal, kill and destroy the glorious future of many people in these last days. It is no longer news in our society that we have multiple cases of children of the same parents having sex with each other, people having sex with animals, rape cases involving minors have also increased tremendously. It is very sad that youths these days are desperate to become billionaires even while they are still in primary, secondary or tertiary institutions because they believe

By Modupe Gbadeyanka Popular Nigerian actress, Yewande Adekoya Abiodun, has allegedly been arrested in Atlanta, the United States of America (USA), for bank transfer fraud. According to reports, the Yoruba movie star was placed on house arrest by police in the country after she was alleged to have been involved in a fraud. She had travelled to the US in October 2017 for an award ceremony, the Oodua Image Awards, in Houston Texas, but stayed back for a movie shoot in the country. However, during her stay, some Nigerians in Atlanta Georgia reportedly requested to use her bank account for

By Aduragbemi Omiyale The Nigerian Association of Zoological Gardens and Wildlife Parks (NAZAP) has kicked against the wildlife exhibits from the Imo State Zoo at Nekede to the Jos Wildlife Park in Plateau State. In a statement, the group argued that relevant professional stakeholders, especially the federal agencies that superintend wildlife, were not carried along in the Imo zoo wildlife translocation. NAZAP added that for an action of this magnitude, the state government should have widely engaged stakeholders for professional input. It alleged that there were clear indicators that the Jos Wildlife Park has major maintenance deficits as to make

By Adedapo Adesanya The Nigerian National Petroleum Corporation (NNPC) has urged indigenous companies to take advantage of opportunities in the upstream sector to become key players in the industry. The Chief Operating Officer, Upstream, NNPC, Mr Adokiyevl Tombomieye, gave the advice on Tuesday at the virtual 2021 Nigerian Oil and Gas Opportunity Fair (NOGOF). The two-day fair themed Leveraging Opportunities and Synergies for Post Pandemic Recovery of the Nigerian Oil and Gas Industry is seeking to woo investors to tap into the investment opportunities present in Nigeria’s oil and gas sector. Mr Tombomieye said the industry was critical to the

By Investors Hub European stocks rose on Friday and hit their highest level since early December as investors cheered a solid start to the U.S. corporate earnings season as well as signs of progress in U.S.-China trade talks. There is anticipation of a thaw in the China-U.S. trade war amid a report U.S. officials are debating lifting tariffs on Chinese imports to give Beijing a reason to make deeper concessions in ongoing trade talks. While the German DAX Index has spiked by 1.9 percent, the U.K.?s FTSE 100 Index and the French CAC 40 Index have both shot up by 1.6 percent.