NNPC Boss Orders Implementation of ‘12 BAFU’ Policy Framework

By Adedapo Adesanya The House of Representatives has pledged to stop international oil companies (IOCs) operating in the Niger Delta from divestment of their offshore assets without being accountable to the environment. The Chairman of the House of Reps Committee on Host Communities, Mr Dumnamene Dekor, said this during a technical session on the implementation of the Host Communities Development Trusts (HCDT), organised by Spaces for Change (S4C) with support from Ford Foundation. Mr Dekor raised the alarm that since the passage of the Petroleum Industry Act in 2021, host communities have not experienced any positive change, rather have remained

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 Organisation of the Petroleum Exporting Countries and its allies (OPEC+) on Thursday asked Nigeria to produce about 1.5 million barrels of crude oil per day in 2024, lower than the 1.78 million barrels per day benchmark it proposed in the 2024 Appropriation Bill presented to the National Assembly on Wednesday for passage. The output ceiling was around 1.8 million barrels per day before it was cut down to 1.5 million barrels yesterday at the group’s virtual meeting, a huge blow to Nigeria’s revenue target for the fiscal year. OPEC had tasked three consultancies – IHS, Rystad

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 Modupe Gbadeyanka Minister of State for Mines and Steel Development, Mr Abubakar Bawa Bwari, has disclosed that the Federal government is determined to promote value addition in the mining sector to move the sector to higher level. Mr Bawa stated this while receiving a delegation of Chinese foreign investors led by the Chairman of Sino Min Metals Limited, Mr Paul Kaizer. He said government was ready to partner and support serious mining investors that are engaged in value addition of mineral products. The Minister said “the principle of this Ministry is any mining company that comes with the concept

By Chubi Eze In a surprise move, Nigeria’s President, Mr Muhammadu Buhari, has announced that he will attend a meeting to be convened today, Thursday, June 25, 2020, by Mr Victor Giadom, one of the two men laying claim to the leadership of the All Progressives’ Congress (APC), which controls the presidency and both houses of parliament. In a series of Tweets, the president’s spokesperson, Mr Garba Shehu, said that: “The president has received very convincing advice on the position of the law as far as the situation in the party is concerned and has determined that the law is

By Dipo Olowookere The first trading session of the week at the Nigerian Stock Exchange (NSE) ended on a positive note on Monday, with a 0.12 percent growth. The All-Share Index (ASI) further increased by 29.93 points to 24,858.89 points from 24,828.96 points, while the market capitalisation expanded by N16 billion to N12.968 trillion from N12.952 trillion. Yesterday, there was a 24.77 percent spike in the volume of shares traded by investors, while the value of the transactions went down by 24.06 percent. According to data from the exchange, investors traded 158.7 million shares worth N1.6 billion in 3,940 deals

By Aduragbemi Omiyale The leadership of Universal Music Group has appointed Mr Chinedu Okeke as the Managing Director of Universal Music Nigeria. The founder and executive producer of Nigeria’s legendary Gidi Culture Festival will be expected to lead the development and expansion of UMG’s existing operations within Nigeria, and further English-speaking markets in West Africa. In a statement, it was disclosed that Mr Okeke will report to Mr Sipho Dlamini, who has been promoted to CEO, Universal Music South Africa and Sub-Saharan Africa. Mr Okeke joins UMG having established himself over the last decade, as a successful business and live-music

By Adedapo Adesanya Oil settled slightly lower on Tuesday after news that some exports had been suspended on the Russia-to-Europe Druzhba pipeline that transits Ukraine. Crude prices have been under pressure for weeks as fears mounted that a recession could cut oil demand but yesterday, the Brent crude lost 34 cents or 0.4 per cent to trade at $96.31 a barrel as the United States West Texas Intermediate (WTI) crude fell by 26 cents or 0.3 per cent to $90.50 a barrel. Ukraine halted oil flows on the Druzhba oil pipeline to parts of central Europe because Western sanctions had

By Dipo Olowookere Treasury bills worth N14.4 billion were sold to investors on Friday by the Central Bank of Nigeria (CBN) via the Open Market Operations (OMO). This was less than 50 percent of the total amount of the T-bills the apex bank offered for sale yesterday. The central bank had offered to auction a total N30 billion worth of the government instrument to market players. Business Post reports that N3.12 billion worth of the 111-day bill was sold by the CBN on Friday at 12.60 percent, while N11.24 billion worth of the 251-day bill was allotted to investors at

By Dipo Olowookere For the most part of 2020, Nigeria has been battling with a serious liquidity crisis in the foreign exchange (FX) market. This was mainly caused by the decline in the prices of crude oil at the international market. Nigeria, which is the largest market in Africa, relies heavily on the black gold for its foreign earnings. As a result, when the price of crude oil is exposed to cold, Nigeria, which is the biggest producer of the commodity on the continent, shivers and when things get better, the country flourishes. In the year, the Brent crude oil,