Nigeria’s Investment in Agric Rises to N100b—Minister

By Bliss Okperan Nigeria’s internet speed averages 25 megabits per second (Mbps), according to data from Surf Shark, a cybersecurity company focused on developing humanised privacy and security solutions. The ranking, contained in the 5th annual (Digital Quality of Life Index (DQL), showed that the country dropped two places to 7th from 9th within the last two years. A quick average analysis shows that at an average of 25 Mbps, Nigeria is far from the world’s fastest fixed internet Singapore, which is 300 Mbps and is ahead compared to the slowest fixed internet in the world, Yemen, which is 11

By Adedapo Adesanya The Naira closed mixed at the foreign exchange (FX) market on Friday, depreciating against the US Dollar in the Investors and Exporters (I&E) and Peer-to-Peer (P2P) segments and appreciating in the parallel market amid a new leadership at the Central Bank of Nigeria (CBN). On Friday, the CBN announced the resumption of Mr Olayemi Cardoso as the next head of the apex bank, in an acting capacity pending his confirmation by the Nigerian Senate. He is taking over the role amid a worrying FX market, high inflation, and increased call to halt interest rate hikes which currently

By Adedapo Adesanya A foreign oil company, Equinor ASA, has chosen a little-known Nigerian company, Chappal Energy, as the preferred buyer of its stake in one of the country’s largest deep-water oil fields, Agbami. According to a report by Bloomberg on Monday, the Norwegian energy giant is trying to sell its 20.2 per cent interest in the Agbami field – joining other international producers such as Shell Plc, Exxon Mobil Corporation and Eni SpA in looking to offload assets in Africa’s biggest crude producer, Nigeria. In January, Equinor launched the sale of its stake in an offshore Nigerian oilfield, joining

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange continued its weekly positive run as it extended its gains by 0.41 per cent in the 38th week of trading in this year. The bullish posture was supported by the improvements in the share prices of six companies admitted to the alternative stock exchange in Nigeria. This increased the NASD Unlisted Securities Index (NSI) by  2.30 points from 805.65 points in the previous week to 808.95 points, as the market capitalisation of the bourse was relatively unchanged on a week-on-week at N1.140 trillion. Food Concepts Plc led the price gainers’ after

By Modupe Gbadeyanka A team from largest telecommunications company in the country, MTN Nigeria, is today visiting the University of Nigeria in Nsukka, Enugu State. During the visit, the team of top executives led by the Chief Operating Officer (COO), Mr Muhammed Zia Siddiqui, will have a meeting with Vice Chancellor of the institution, Professor Benjamin Chukwuma Ozuma, and other key members of staff. Thereafter, the team will hold talks with the Students’ Union Government (SUG) of the prestigious tertiary institution at the Prince Alexander Auditorium. A similar visit was made in 2017 by MTN Nigeria to the University of

By Adedapo Adesanya The easing of the United States Dollar and the threats of a possible disruption in the supply of crude oil in the Gulf of Mexico due to Hurricane Ian pushed prices higher on Tuesday. The Brent crude appreciated by $2.21 or 2.6 per cent yesterday to sell at $86.27 a barrel as the West Texas Intermediate (WTI) crude grew by $1.79 or 2 per cent to trade at $78.50 per barrel. US offshore oil producers said they were keeping an eye on Hurricane Ian’s track as the powerful storm shut-in about 11 per cent of oil production

By Modupe Gbadeyanka Equity transactions on the Nigerian Stock Exchange (NSE) on Thursday closed on a strong note with some blue chips sustaining price rally. The All-Share Index (ASI) appreciated by 83.27 points or 0.30 per cent to close higher at 27,725.40 against the 27,642.13 achieved on Wednesday. Also, market capitalisation, which opened at N9.49 trillion, rose by N28 billion or 0.53 per cent to close at N9.52 trillion. According to the News Agency of Nigeria (NAN), Total Oil led the gainers’ table with N8.92 to close at N250 per share, while Seplat came second on the gainers’ chart with

By Dipo Olowookere About N2.1 billion alleged to have been kept illegally in Heritage Bank has now been recovered by the Special Presidential Investigation Panel for the Recovery of Public Property (SPIP). Chairman of the panel, Mr Okoi Obono-Obla, informed President Muhammadu Buhari recently that his panel also recovered some other items. According to him, “The panel had also recovered N533 million and land worth N1.5 billion, all from the ‘previous management’ of NEXIM Bank. “The recovered funds and property had since been returned to the bank. The panel had also recovered and returned to the National Theatre, the sum

By Adedapo Adesanya The Nigerian Security and Civil Defence Corps (NSCDC) has debunked the rumour that its marine exhibits yard in Ogbogoro jetty, Obio/Akpor Local Government Area of Rivers State, was an illegal oil bunkering site. This was made known by the Rivers State Commandant of NSCDC, Mr Aliyu Bature, who explained that the Ogbogoro jetty has remained its marine exhibits yard for over 10 years. He added that every marine exhibit like boats, vessels, barges drums, arrested by or handed over to the Corps by sister agencies for oil theft are usually detained at the yard, pending investigation and

By Dipo Olowookere Minister of Trade and Industry Dr Rob Davies will today announce the winners of the 4th Annual South African Premier Business Awards at the Sandton Convention Centre in Johannesburg. The annual South African Premier Business Awards are a key feature on the Department of Trade and Industry’s calendar and celebrate national corporate excellence and success. Minister Davies, reflecting on the significance of these Awards, said that “Strong South African corporates contribute to the profile of the country as a competitive business destination. South Africa is also able to provide goods and services to the global marketplace in

Quickteller, a leading consumer payment platform of Pan-African integrated digital payments company, Interswitch, known for providing seamless payment solutions, has launched a new campaign themed Everything is Possible. The campaign demonstrates the ubiquitous nature of the Quickteller platform. The commercials, which have just been released, are in two versions The Big Idea and Possibility. Both versions are in furtherance of the previous Quickteller campaign, One less thing to worry about, and reiterate the ease and universality of the Quickteller platform. The commercials deploy the use of humour and creativity to subtly drive in the point that on Quickteller, a user

By Modupe Gbadeyanka A youth group in Enugu State has slammed the state chapter of the All Progressives Congress (APC) for comments on Governor Ifeanyi Ugwuanyi. The Governor was accused of violating the nation’s Electoral Act over the posting of his posters in some locations in the city. But the group, Enugu Youths Coalition, in a statement signed by its National Coordinator, Mr Edwin Obune, said Mr Egwuanyi never breached any law as the said posters do not have his implicit or explicit consent before it was pasted in the state. Enugu Youths Coalition blasted Chairman of the APC in