Nigeria to Unveil 5-Year Development Plan in October

By Dipo Olowookere The Nigerian Exchange (NGX) Limited depreciated by 0.49 per cent on Thursday, driven by selling pressure on banking equities, especially those in the tier-1 category. The likes of GTCO, FBN Holdings, Access Holdings witnessed sell-offs during the trading session, contributing to the weak investor sentiment observed at the Nigerian stock market. According to data obtained by Business Post, the NGX ended with 29 price losers and 24 price gainers, indicating a negative market breadth index. FBN Holdings ended as the heaviest price decliner after it shed 9.86 per cent to settle at N26.50, Secure Electronic Technology fell

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 The Nigerian Naira weakened to a new low on the American Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, December 8, amid speculations that the Central Bank of Nigeria (CBN) has again devalued the local currency. In the previous trading session, there were reports that the exchange rate for clearing cargoes has been raised to N952/$1, sparking rumours that domestic currency would hit N1,000/$1 in the spot market. On the last trading session of the week, the Naira lost N255.98 or 30.4 per cent of its value on the greenback to trade at N1,099.05/$1

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 Modupe Gbadeyanka Trading the shares of Conoil Plc on the floor of the Nigerian Stock Exchange (NSE) has now been suspended. This information was revealed on Monday, August 06, 2018, in a statement issued by the market regulator. According to a circular signed by the Head of Listings Regulation Department at the stock exchange, Mr Godstime Iwenekhai, Conoil was suspended because it failed to file in its financial statements as required by the rules governing the market. “Dealing members are hereby notified that pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of

By Adedapo Adesanya The Edo State Government has announced the imposition of a 24-hour curfew across the state following the escalation of protests against police brutality in the state. The curfew is to take effect from 4:00 pm today, October 19, 2020, till further notice. This was announced by the secretary to the state government, Mr Osarodion Ogie, who explained that the imposition of the curfew was due to the incidents of vandalism and attacks carried out by hoodlums who hijacked the peaceful #ENDSARS protests. “This decision has become necessary because of the very disturbing incidents of vandalism and attacks

By Adedapo Adesanya Gokada has expressed sadness over the loss of its Chief Executive Officer (CEO), Mr Fahim Saleh, as reported earlier today. Business Post had reported on Wednesday morning that the 33-year-old founder of the bike-hailing company was gruesomely murdered on Tuesday in his New York apartment. In the statement issued on the murder, Gokada noted described the deceased as a great leader, inspiration and positive light the firm. “We are deeply saddened to inform you about the sudden and tragic loss of our founder and CEO, Fahim Saleh. Fahim was a great leader, inspiration and positive light for

By Adedapo Adesanya The House of Representatives has directed its committee on Petroleum Resources Downstream to investigative the true state of the Port Harcourt refinery, which the federal government has approved the sum of $1.5 billion for its rehabilitation. The lower chamber also mandated the committee to carry out a comprehensive audit of funds previously spent on the Port Harcourt refinery and other refineries across the country. This decision follows a motion moved as a matter of public importance by a lawmaker representing Etinan/Nsit Ibom/ Nsit Ubium Federal Constituency, Onofiok Luke. While debating on the matter, the lawmakers expressed worry

By Dipo Olowookere The Nigeria Immigration Service (NIS) has queried three of its female personnel who partook in an online video challenge called #BopDaddyChallenge. The employees of the agency were seen in a video changing from their uniform to charming private wears. Several people who saw the video commended the immigration officers for showing another side of the agency, but the top hierarchy of the service feels otherwise, describing the act embarrassing and bringing the organisation into disrepute. In a query issued to the three personnel and signed by the Assistant Comptroller General, Mr Iam Haliru, and dated April 15,

By Adedapo Adesanya Global digital solutions firm, Interswitch, has revealed that it is prioritising its service offering to its customers and clients to continue to bolster its presence in Nigeria. This was disclosed by Mr Akeem Lawal, the Managing Director, Payment Processing & Switching at Interswitch Purepay while fielding questions from journalists at a media parley on Thursday. He said, “The role we play in the ecosystem is more of an enabler. Right now, we are providing services to all payment service banks and financial technology companies. “We have created a platform to let them provide these services. Our role

By Dipo Olowookere A funding package in the tune of €1.5 million has been secured by Nigeria’s leading social innovation centre, Co-creation Hub (CcHUB), and its European and African partners. The financing package will enable the development of Science Technology Engineering and Mathematics (STEM) online laboratories in secondary schools across Africa. The consortium will collaborate to adapt, validate, pilot and scale a contextually relevant portal across Africa to accelerate the creation of richer learning environments and outcomes. The project will also work with existing teacher training organisations and networks to create an ‘Educator’s Network’ comprising of well-trained champions (Master Teachers)

By Modupe Gbadeyanka Nigeria’s Minister of Information and Culture, Mr Lai Mohammed, has inaugurated the 22-member Governing Council of the Nigerian Institute of Public Relations (NIPR). This was done at a ceremony held at the Radio House Press Centre in Abuja on Thursday, May 31, 2018. Mr Mohammed, at the inauguration, charged the new members to use the NIPR as a tool for national development. The institute is run by a 22-member Governing Council made up of 17 elected members and five nominees of the Federal Government. The newly elected members are the President and Chairman of NIPR, Mukhtar Sirajo