NNPC to Discipline Staff Underdispensing Fuel to Customers

By Dipo Olowookere The board of Capital Hotels Plc has announced the creation of an escrow account for the payment of about N1.6 billion to minority shareholders of the company. The hospitality firm is leaving the Nigerian Exchange (NGX) Limited after years on the nation’s main stock exchange. In a notice signed by Alex Ugwuanyi, the organisation said the account was created with CardinalStone Registrars Limited and has been sufficiently funded for payment “to shareholders” who “have accepted to exit” the firm by selling their holdings. Recall that in March 2023, shareholders of Capital Hotels approved the request of the

By Dipo Olowookere The domestic currency had a breather in the peer-to-peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, with its value strengthening against the Dollar at the two windows. This was supported by the ease in the forex demand pressure during the trading session, which had the official market, the Investors and Exporters (I&E) arm of the market, non-operational yesterday due to the public holiday observed in the country for Eid el Maulud. Many customers who may have needed FX for their transactions stayed back to enjoy the work-free day, easing off

By Adedapo Adesanya The Federation Account Allocation Committee (FAAC) has shared a total of N1.1 trillion from the revenue generated by the nation in August 2023 for September to enable the three tiers of government; the federal government, states, and local government councils, to have funds to pay salaries and others. The allocation of the funds was confirmed by the Office of the Accountant General of the Federation on Friday following FAAC’s September 2023 meeting. According to a statement by the OAGF’s Director of Press and Public Relations, Mr Bawa Mokwa, there was “N1100.101 billion (N1.1 trillion) total distributable revenue.”

By Adedapo Adesanya The prices of Brent futures and the US West Texas Intermediate (WTI) futures went down by about 1 per cent on Friday, due to macroeconomic concerns and sustained profit-taking. Data showed that Brent fell by 7 cents to $95.31 per barrel and WTI depreciated by 92 cents to $90.97. Prices rose about 30 per cent in the third quarter of the year helped by the production cuts by the Organisation of the Petroleum Exporting Countries and allies (OPEC+). This action squeezed global crude supply. Brent was about 2.2 per cent in the week and 27 per cent

By Aduragbemi Omiyale All is now set for the formal launch of NG Clearing Limited, the first central counterparty (CCP) in West Africa, on Thursday, December 9, 2021. This development is already causing a frenzy in the Nigerian financial services sector as the various stakeholders are anticipating this day because of the transformation it would bring to the ecosystem. The launch of NG Clearing precedes the trading of the first exchange-traded derivatives in the Nigerian capital market and opens new opportunities for investors, stakeholders, and other players in Nigeria’s capital market. As the premier CCP in Nigeria, NG Clearing will

By Adedapo Adesanya Minister of Transportation, Mr Rotimi Amaechi, has disclosed that the Lagos-Ibadan rail project may not meet up to the set date of completion, April 2020. This was disclosed by the Minister, who said looking at the work, it was not feasible that the project will be completed soon. He said this when he visited site of the project alongside the Oyo State Governor, Mr Seyi Makinde, on Monday, as they inspected the Lagos-Ibadan standard gauge rail line. Writing via his Twitter handle, @ChibuikeAmaechi, the Minister said, “Looking at the state of work in Apapa, completing the project

By Modupe Gbadeyanka In continuation of the 2018 promotion exercise by the Federal Road Safety Corps (FRSC), the Corps Marshal, Mr Boboye Oyeyemi, has flagged off the segment for the Assistant Corps Commanders rank to Deputy Corps Commanders. Business Post gathered that about 328 personnel of the corps on the rank of Assistant Corps Marshal are attending the two weeks promotion program preparatory to taking the promotion examination at the end of the course. In a statement issued on Tuesday, the Corps Marshal pledged that the process would be free and fair, assuring that level playing ground would be provided

By Modupe Gbadeyanka The Federal Government has disclosed that the 200,000 graduates selected for the first batch of its N-Power jobs scheme would soon be notified. This was disclosed by Mr Laolu Akande, the Senior Special Assistant on Media and Publicity to Vice President, Prof Yemi Osinbajo. Mr Akande, in a tweet through his official Twitter handle on Friday, disclosed that the selected graduates would be “notified any moment from now.” In his analysis, the Vice President’s spokesman said 150,000 of the selected graduates would be given teaching jobs, while the remaining 50,000 would be employed as health and agriculture

By Adedapo Adesanya President Muhammadu Buhari has approved the reconstitution of the board of the Nigerian National Petroleum Corporation (NNPC), the Presidency said on Saturday. In a state house press release dated May 30, it was stated that the reconstitution became necessary after the tenure of current board members appointed in 2016 expired. Six new members will emerge to the board of the national oil company and each will represent one geopolitical zones in the country. Those appointed to the NNPC board are Mr Mohammed Lawal (North West), Mr Tajudeen Umar (North East), Mr Adamu Mahmood Attah (North Central), Mr

By Modupe Gbadeyanka Governor Akinwunmi Ambode of Lagos State on Monday presented a budget of N1.046 trillion for the 2018 fiscal year to the state House of Assembly. In the appropriation bill tagged ‘Budget of Progress and Development,’ 67 percent was earmarked for capital expenditure, while 33 percent was allotted for recurrent expenditure. While addressing the lawmakers, the Governor promised to complete all ongoing projects in the state as well as initiate new ones to consolidate on the development recorded in the last 30 months of his administration. He said more effort would be placed on infrastructure, education, transportation/traffic management,

Fitch Ratings has affirmed the National Ratings of Stanbic IBTC Bank PLC and its non-operating holding company, Stanbic IBTC Holding Company PLC, both at Long-Term ‘AAA(nga)’ and Short-Term ‘F1+(nga)’ respectively. The ratings of Stanbic IBTC and its parent company are based on potential support from their ultimate parent, South Africa’s Standard Bank Group (SBG; BB+/Stable), which owns 64.58% of holding firm (which in turn owns 100% of Stanbic IBTC). Standard Bank increased its ownership in Stanbic IBTC Holding Company in 2018, which reflects, the strategic importance of both entities to Standard Bank. The National Ratings reflect Standard Bank’s ability to

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has asked President Muhammadu Buhari to probe the duplication of 316 projects in the 2021 budget he signed into law in December 2020. SERAP made the request via a statement issued on Sunday by its Deputy Director, Mr Kolawole Oluwadare. The group also asked Mr Buhari to direct the Minister of Justice, Mr Abubakar Malami, to carry out the investigation. The organisation wants the Minister to also “investigate ministries, departments and agencies (MDAs) and members of the National Assembly suspected to be responsible for inserting N39.5 billion” for the 316