Nigeria Will be in Deep Mess if Oil Sells at $22 Per Barrel—NNPC

By Aduragbemi Omiyale Some retiring Nigerian military personnel have been educated on how they can unlock opportunities in the capital market after active service to the nation. At a seminar held on Thursday, December 7, 2023, at the Nigeria Armed Forces Resettlement Centre in Lagos, the participants were informed of the benefits of diversifying their investments for more earnings. They were also exposed to ways to invest and assess the market with technology, including via the recently launched NGX USSD Code. The Divisional Head of Business Support Services and General Counsel of the Nigerian Exchange (NGX) Limited, Ms Irene Robinson-Ayanwale,

By Adedapo Adesanya Nigerian crude output fell by 30,000 barrels per day to 1.43 million barrels per day in November, according to data from an S&P Global Commodity Insight. This was lower than the 1.46 million barrels produced in October by Africa’s largest oil producer and 312,000 barrels per day short of its 1.742 million barrels per day target in 2023. Angola, Africa’s second-largest oil producer, saw output drop 20,000 barrels per day to 1.13 million barrels per day, according to the survey, compared with its quota of 1.46 million barrels per day. The drops impacted the wider output of

By Aduragbemi Omiyale One of the players in the personal healthcare and consumer goods sectors, PZ Cussons Nigeria Plc, has published a list of its shareholders with unclaimed dividends. Unclaimed dividends are cash rewards given to investors, mainly from the profits from the company’s operations, but are yet to be collected by the beneficiaries. This has been a major source of sleepless nights for the Securities and Exchange Commission (SEC), which is working to bring down the number of unclaimed dividends. It has been reported that the value of unclaimed dividends in the nation’s stock market is over N185 billion.

By Modupe Gbadeyanka On Saturday, March 26, 2022, one of the leading premium spirit brands, Lord’s London Dry Gin, rolled out the drums to celebrate Nigerian innovators. The impact makers were honoured amid pomp and pageantry at the Landmark Event Centre, Lagos at the fourth edition of the Lord’s Achievers Awards. “Since the establishment of the Lord’s Achievers Awards in 2018, we have worked towards the vision with doggedness, birthing a platform that helps us to fulfil our desire to celebrate the journey towards success and every achievement along the way. “Today, we recognise young, exceptional, and outstanding people who

By Dipo Olowookere A globally operating intralogistics specialist headquartered in Germany, Linde Material Handling, has selected a Nigerian product-as-a-service provider, Bisedge Limited, as its local partner. With this development, Bisedge will be responsible for the import and maintenance of all Linde Material Handling equipment in Nigeria. This has also given the local company the authorisation to sell the forklift trucks produced by the German company in Nigeria, helping the European firm to expand its operations to the largest market in Africa. Already today, the Linde forklift brand is very well established in Nigerian consumer goods and industrial companies with a

By Adedapo Adesanya   Flour Mills of Nigeria Plc, Nigeria’s leading integrated food business and agro-allied group, has received the ISO/IEC 27001:2013 certification for information security. As with other ISO management system standards, the ISO/IEC 27001:2013 certification is the most widely recognised global best practice standard for securing assets such as financial information, intellectual property, employee information, and information entrusted to third parties. With this certification, FMN joins a select group of companies in the country that have taken the bold step of assuring its stakeholders that it has defined and implemented an effective and best-in-class information security process. Speaking

By Adedapo Adesanya The International Finance Corporation (IFC) has announced a $13 million investment in the Africa Conservation and Communities Tourism Fund (ACCT Fund) to support the post-pandemic recovery and sustainable growth of sub-Saharan Africa’s ecotourism sector. The investment will support ecotourism businesses in and around conservation areas in East and Southern Africa, with a focus on South Africa, Botswana, Kenya, Namibia, Tanzania, and Zambia. The ACCT Fund will invest in operators of safari camps, hotels, and lodges, helping them address liquidity shortages while recovering from the impact of the COVID-19 pandemic. The fund will also help them refurbish, renovate,

By Modupe Gbadeyanka The Ligali Ayorinde branch of Access Bank Plc in Victoria Island, Lagos has been temporarily closed by management of the financial institution after a visitor tested positive for the coronavirus disease also known as COVID-19. The visitor, a former employee of Access Bank, who returned from the United Kingdom recently, was said to have checked into the banking hall on Monday, March 16, 2020 and was then not exhibiting any symptom of the disease, but later tested positive and has been taken to the Isolation Centre in Yaba for monitoring. In a statement issued today, Access Bank

By Modupe Gbadeyanka Tragedy was let loose on Sunday morning in Benin City, the Edo State capital, when fire gutted the popular Phil Hallmark Supermarket in the ancient city. Eyewitnesses claimed that the inferno started at about 3:05am on Sunday, December 11, 2016, destroying items worth millions of Naira. Phil Hallmark Supermarket, located along Sapele Road close to the Kada Plaza roundabout, is arguably the biggest mall in Benin City. However, the cause of the inferno is yet to be known, but the fire completely burnt down one part of the twin building.

By Modupe Gbadeyanka About 5000 pensioners have received over N14 billion as gratuities from the Oyo State government, the Commissioner for Information, Culture and Tourism, Mr Wasiu Olatunbosun, has disclosed. In a statement issued on Friday, the Commissioner said the Governor of Oyo State, Mr Seyi Makinde, has made this possible because of his love for pensioners. Mr Olatunbosun confirmed this development when he received an award of excellence tagged Defender of Pensioners at a gala night and award-giving ceremony organised by the Nigerian Union of Pensioners (NUP), South-West Zone, on Thursday, November 18, 2021. He revealed that the Oyo

By Modupe Gbadeyanka The board and management of FBN Holdings Plc have been tasked to make efforts within their reach to recover almost all the Non-Performing Loans (NPLs). Expressing their frustrations at the firm’s Annual General Meeting (AGM) in Lagos on Tuesday, the shareholders said the bad loans were affecting performance of the company. They said the N150.4 billion reflected in the group’s 2017 financial statements as payment for impairment charges was too high despite being lower than the N226 billion paid in 2016. As at December 31, 2017, the NPL of FBN Holdings stood at 22.8 percent, which shareholders