NNPC Partners Presidential Committee on Oil Theft

By Adedapo Adesanya President Bola Tinubu has been charged by the Socio-Economic Rights and Accountability Project (SERAP) to investigate the allegations that over $15 billion of oil revenues and N200 billion budgeted to repair the refineries are missing and unaccounted for between 2020 and 2021, as documented by the Nigeria Extractive Industries Transparency Initiative (NEITI). In the letter dated September 23 and signed by SERAP deputy director, Mr Kolawole Oluwadare, the organisation urged him to “name and shame anyone suspected to be responsible for the missing and unaccounted for public funds and to ensure their effective prosecution as well as

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 Nigeria’s Minister of Finance, Mr Wale Edun, has said the country is unable to clear up to $6.8 billion of overdue forward payments in the foreign exchange market, noting that this is preventing the Naira from gaining stability. Speaking in an interview on Thursday, Mr Edun lamented that the country’s FX market is facing a serious liquidity crisis due to low flows. “The issue we have now is that the market is not liquid enough,” he said in an interview in New York, per Bloomberg. The Minister said that resolving the overdue contracts would allow the Naira

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 Dipo Olowookere On March 16 and 17, 2020, stakeholders in the commodities market from within and outside Nigeria will gather at Transcorp Hilton Hotel, Abuja to brainstorm in issues in the space. The event is being hosted by the Securities and Exchange Commission (SEC) and it is to further deepen the capital market and have a vibrant commodities exchange. The international conference on the Nigeria Commodities Market is themed Commodities Trading Ecosystem: Key to Diversifying Nigeria’s Economy and would be graced by President Muhammadu Buhari. According to acting Director General of SEC, Ms Mary Uduk, will bring together relevant

By Adedapo Adesanya The Naira further dropped to N452/$1 at the Bureaux De Change (BDC) segment of the foreign exchange (forex) market in Lagos as on Wednesday, June 17. The depreciation in the value of the local currency against its American counterpart was caused by the return of pressure on the former. According to data sourced by Business Post from the Association of Bureau De Change Operators of Nigeria (ABCON) yesterday, the exchange rate of the Naira to the Dollar at the Lagos BDC market on Tuesday was N450/$1, indicating a N2 change. At the same location of the market

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to rescind the ban placed on 25 media houses. Business Post understands that Aso Rock recently withdrew the accreditation of 25 journalists from covering activities at the Presidential Villa. Those affected included Vanguard Newspapers, Galaxy TV, Ben TV, MITV, ITV Abuja, PromptNews, ONTV, and Liberty, among others. In a letter signed by its Deputy Director, Mr Kolawole Oluwadare, the organisation called on the President to use his “good offices and leadership position to immediately reverse the unlawful ban from covering the Presidential Villa and restore

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange appreciated in Week 36 by 0.61 per cent after the share prices of five companies compressed the losses posted by four firms on the alternative stock exchange. This pushed the market capitalisation of the bourse higher by N10 billion to N1.12 trillion from the N1.11 trillion achieved in Week 35, as the NASD Unlisted Securities Index (NSI) increased by 4.82 points to 796.04 from 791.22 points. Industrial and General Insurance (IGI) Plc increased by 16.7 per cent to close at 21 Kobo per unit compared with last week’s 13 Kobo per

By Modupe Gbadeyanka Nigeria’s President, Muhammadu Buhari, on Tuesday, August 23, 2016, welcomed the US Secretary of State, John Kerry, in Abuja, who is visiting the country. Mr Kerry was received by his host, Mr Buhari, at the Presidential Villa in Abuja. During the meeting, both men discussed ways to strengthen the bilateral ties existing between the two countries. Nigeria’s President, Muhammadu Buhari, on Tuesday, August 23, 2016, welcomed the US Secretary of State, John Kerry, in Abuja, who is visiting the country. Mr Kerry was received by his host, Mr Buhari, at the Presidential Villa in Abuja. During the

By Adedapo Adesanya  Oil prices weakened on Monday after new tariffs imposed by the United States and China came into force, raising concerns about a further hit to global growth and demand for crude. Brent crude slipped 59 cents to $58.66 per barrel by 8 p.m. (Nigerian Time), while U.S. benchmark West Texas WTI crude was down 7 cents at $55.03 per barrel. The United States began imposing 15 percent tariffs on a variety of Chinese goods on Sunday – including footwear, smart watches and flat-panel televisions – as China put new duties on U.S. crude, the latest escalation in

By Dipo Olowookere Uganda has successfully controlled an outbreak of Marburg virus disease and prevented its spread only weeks after it was first detected, the World Health Organization said on Friday (today). The Ugandan Ministry of Health notified WHO of the outbreak on October 17, after laboratory tests confirmed that the death of a 50-year-old woman was due to infection with the Marburg virus. A Public Health Emergency Operations Centre was immediately activated and a national taskforce led the response. Three people died over the course of the outbreak which affected two districts in eastern Uganda near the Kenyan border,

By Dipo Olowookere One of the leading energy companies in the country, Forte Oil Plc, will tomorrow, Tuesday, September 3, 2019, hold its 40th Annual General Meeting (AGM). The yearly shareholders’ gathering is scheduled to take place at the Bespoke Event Centre on the Lekki/Ajah Expressway in Lagos by 10 am. During the meeting, the board of Forte Oil will present the Report of the Directors, the Consolidated Statement of Financial Position with the Consolidated Statement of Profit or Loss and other Comprehensive Income for the year ended December 31, 2018 and the Report of the Auditors and Audit Committee