NNPC Takes Step to End Oil Mining Lease 130 Dispute

By Adedapo Adesanya The Minister of Solid Minerals Development, Mr Dele Alake, has assured foreign investors of low production costs as they consider investing in the country’s mining sector. Speaking at the Mines and Money Conference in London, Mr Alake said President Bola Tinubu has embarked on reforms to boost investment by streamlining procedures and reducing hurdles to attract foreign investors. “The country’s geological bounty encompasses over 44 distinct mineral types, found in exploitable quantities across more than 500 locations,” the Minister said, according to a statement by his aide, Mr Kehinde Bamigbetan. “Recently, recognizing the evolving global landscape and

By Adedapo Adesanya The prices of oil benchmarks jumped by 2 per cent on Tuesday on the fresh possibility that the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) will extend or deepen supply cuts. Data showed that Brent crude futures gained $1.70 or 2.1 per cent to close at $81.68 a barrel and the US West Texas Intermediate (WTI) crude increased by $1.55 or 2.1 per cent to $76.41 per barrel after a drop in Kazakh oil output and a weaker US Dollar. OPEC+ is due to hold an online ministerial meeting on Thursday to discuss 2024

By Adedapo Adesanya The boards of insurance companies operating in the country have been charged by the National Insurance Commission (NAICOM) to embrace the measures put in place to tackle the challenges of unpaid claims. The Commissioner for Insurance, Mr Sunday Thomas, expressed worry over the number of outstanding claims in the sector despite efforts by the regulator to address the issue. Mr Thomas, who is also the chief executive of NAICOM, said the organisation, in collaboration with members of the Insurers’ Committee, has taken decisions and incepted measures designed to tame the menace of unpaid claims. Speaking at the

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By Dipo Olowookere In order to allow for an independent investigation and guarantee the sanctity of the process, the embattled Managing Director of First City Monument Bank (FCMB), Mr Adam Nuru, has stepped down from the position. It was gathered that the respected banker agreed to embark on leave as the board of the bank looks into the allegation of violation of the company’s ethics against him. On December 31, 2020, news broke that Mr Nuru allegedly had an extra marital affair with a former employee of the financial institution. In an online petition filed by friends of the husband

By Adedapo Adesanya Nigeria’s broadband usage has continued to rise, moving up by 3.6 points from 40.9 per cent in February 2022 to 44.5 per cent in July 2022. This was disclosed in a statement released on Thursday by the Nigerian Communications Commission (NCC), through its Director of Public Affairs, Mr Reuben Muoka, a figure considered hopeful for achieving the national broadband penetration target of 70 per cent in 2025. The statement quoted the Executive Vice Chairman (EVC) of the NCC, Mr Umar Danbatta, as making the revelation at the beginning of a three-day public inquiry on five telecommunication regulations

By US Department of State Well, good morning, everybody! Let me begin by thanking Mayor Bloomberg — not just for the introduction but for the incredible work that Bloomberg Philanthropies is doing, not just in helping this event but for all the work that you’re doing in promoting entrepreneurship and development throughout Africa. And I’d also like to thank our co-host, and a tremendous champion of investment and engagement in Africa — my great friend, Commerce Secretary Penny Pritzker. I also want to welcome our partners from across Africa, including the many heads of state and government leaders who are

By Aduragbemi Omiyale The Investment and Securities Bill 2022 before the National Assembly, when passed and signed into law, would enhance the economic diversification plan of Nigeria, the Director-General of the Securities and Exchange Commission (SEC), Mr Lamido Yuguda, has submitted. At a public hearing on the ISB 2022 and the Chartered Institute of Stockbrokers Bill 2022 in Abuja, he said this would be achieved through a robust capital market, which the law intends to make possible. According to him, the passage and enactment of the bill will be a pivotal step in revamping the economy and, therefore, urged key

By Modupe Gbadeyanka The training academy in Lagos belonging to Keystone Bank Limited has been certified and granted full accreditation status by the Chartered Institute of Bankers of Nigeria (CIBN). This is in recognition of its compliance with regulatory standards and best practices. Above is a photograph from the accreditation exercise.

By Dipo Olowookere Another Open Market Operations (OMO) was conducted on Thursday by the Central Bank of Nigeria (CBN) to mop up excess liquidity from the system. During the exercise, the apex bank sold treasury bills worth N409.9 billion, enough to soak inflows of N380 billion OMO maturities yesterday. Business Post reports that reaction of investors to the significant OMO sale dropped the average yields down by 0.60 percent to 14.50 percent. Yields fell for most maturities tracked amid sustained bullish activity. The one-month yield fell by 0.55 percent to settle at 12.57 percent, the 3-month yield slumped by 0.15

By Dipo Olowookere Over a year ago, the Central Bank of Nigeria (CBN) announced that it was coming up with an initiative designed to attract $200 billion inflow from non-oil exports over the next three to five years. The initiative, the RT200 FX programme, was to ensure exporters channel their inflow through the official window and sell it through the Investors and Exporters (I&E) segment of the foreign exchange (forex) market. While speaking in November 2022 at the second edition of the RT200 Export Summit in Lagos, the governor of the CBN, Mr Godwin Emefiele, informed the audience that about

By Modupe Gbadeyanka Nigeria’s President, Mr Muhammadu Buhari, has confirmed “making good progress” after his Guinean counterpart, Mr Alpha Conde, called his countrymen to hold nationwide prayers for the Nigerian leader’s recovery and good health. In a letter written to Mr Conde, President Buhari said, “I thank you for your kind and thoughtful action in organizing nationwide prayers for my good health. It is a gesture that I will forever cherish and treasure.” In the letter dated July 24, 2017, Mr Buhari, who had earlier made a phone call to Mr Conde, who is the current Chairman of the Assemblies