NNPC to Pay First Dividend to Shareholders in Q3

By Adedapo Adesanya Equinor and Chappal Energies have entered into an agreement for the sale of Equinor Nigeria Energy Company (ENEC), which holds a 53.85 per cent ownership in oil and gas lease OML 128, including the unitized 20.21 per cent stake in the Agbami oil field, operated by Chevron. Speaking on the deal, Equinor’s senior vice president for Africa Operations, Ms Nina Koch, said Nigeria has been an important part of Equinor’s international portfolio over the past 30 years, noting that, “This transaction realizes value and is in line with Equinor’s strategy to optimize its international oil and gas

By Modupe Gbadeyanka The chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, has asked his counterpart in the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, to support his agency to achieve the Renewed Hope Agenda of President Bola Tinubu, who appointed both of them. Speaking during a courtesy visit to the headquarters of the anti-money laundering firm, Mr Adedeji said the EFCC has a role in ensuring that taxpayers’ funds are “judiciously utilised in line with the social contract with the people.” He assured that the FIRS would continue to strive to raise the revenue

By Aduragbemi Omiyale A workshop designed to educate investors, especially those in the retail end of the curve, on how they can improve corporate governance has been organised by the Nigerian Exchange Regulation (NGX RegCo) Limited. The two-day event, which took place on Thursday, November 23, and Friday, November 24, 2023, was themed Rights and Responsibilities of Shareholders in Driving Corporate Governance. According to the NGX RegCo, the seminar was designed to promote a transparent and fair market, with participants agreeing that all hands must be on deck to sanitize the market and bring the boards and management of listed

By Dipo Olowookere Camp Manager of Bakassi camp for Internally Displaced Persons (IDPs) in Maiduguri, the Borno State capital, Mr Mohammed Gujibawu, has revealed that about 3,213 pregnancies were recorded between June and December this year at the camp. Mr Gujibawu made this known when a delegation of the United Nations humanitarian agencies, comprising WHO, UNPFA , UNCR , ICRC , UNICEF, FAO, OHRC, UNOCHAR, IOM and representative of the Federal Government visited the camp to assess the humanitarian situation there. According to him, some of the challenges facing the camp are inadequate supply for infants and adults, inadequate school

By Adedapo Adesanya FTX has recovered at least $5 billion of liquid assets, including cash, crypto, and securities, lawyers told a Delaware bankruptcy judge on Wednesday. The crypto exchange was once valued at $32 billion but imploded after reports of financial impropriety, which ultimately gave way to criminal and regulatory probes, culminating in the arrest of its founder. FTX’s new CEO, Mr John J. Ray, previously attested that at least $8 billion of customer assets were unaccounted for in the “worst” case of corporate control he’d ever seen. The news comes after federal prosecutors announced plans to seize at least

By Adedapo Adesanya Oil prices climbed by more than 3 per cent on Tuesday, extending the previous day’s rebound as concerns eased further about the impact on global fuel demand of the Omicron coronavirus variant. Brent crude gained $2.36 or 3.2 per cent to trade at $75.44 per barrel while the West Texas Intermediate (WTI) crude added $2.56 cents or 3.6 per cent to sell at $72.05 per barrel. Oil rebounded earlier this week from a collapse last week on rising optimism that the new omicron variant will not cause major economic damage. After having been oversold last week on

By Osita Chidoka In 2014, a few weeks after joining the Federal Executive Council, I asked a question in the course of a debate about some buildings for renovation. My question was, who is in charge of elevator regulation in Nigeria? Who ensures that the elevators imported meet specifications and that periodic maintenance is enforced? I sensed the irritation of most members at my ‘irrelevant’ question, and nobody provided an answer as we moved to other topics. A few days ago, Vwaere Diaso, a medical intern, tragically died in an elevator accident at the doctors’ residence of the General Hospital

By Timi Olubiyi, PhD Angry Nigeria’s youth found their voice with a street protest against police brutality, #EndSARS. The youth demanded that the police unit known as the Special Anti-Robbery Squad (SARS) be disbanded among other demands. Undeniably, these youths are under the age of 35 and they make up more than 50 per cent of Nigeria’s population according to statistics. Sadly, these energetic youth are faced with chronic unemployment, and with that, they usually have ample time which recently included the protest movement that lasted for about two weeks in October 2020. However, the protest was hijacked by another

By Investors Hub European stocks are broadly lower on Wednesday, with modest weakness visible in the U.K. on news Prime Minister Boris Johnson is looking to suspend parliament from around mid-September. The BBC reported that the Queen will be asked to suspend the U.K.’s Parliament days after lawmakers return from a summer break on September 3rd. Under the plan by Johnson, all business would be suspended until a Queen’s speech on October 14 kicks off a new parliamentary session. The pound fell nearly 1.1 percent against a basket of global currencies, marking its worst performance since late July. While the

By Dipo Olowookere Companies in the oil and gas industry have been assured of the right financial support needed to efficiently grow the sector. This assurance was given by the Chief Executive Officer of First Bank of Nigeria, Mr Adesola Adeduntan, at the Energy Finance Forum at the recent Nigeria International Petroleum Summit in Abuja. Mr Adeduntan, stated that the bank had been in the forefront supporting oil and gas firms, especially indigenous operators. Represented by the bank’s Executive Director, Public Sector, Mr Abdullahi Ibrahim, the bank chief noted that infrastructure financing was critical in accelerating development, adding that this

By Dipo Olowookere Arrangements have been concluded by the Lagos State government to enter the capital market to source for N60 billion. Commissioner for Finance in the state, Mr Akinyemi Ashade, disclosed at a combined Annual General Meeting (AGM) of the state bond series and rating programme at the weekend that the money would be sourced for this week. Mr Ashade noted that the floating of the N60 billion bond is from its pool of N500 billion approved by the state House of Assembly recently. According to him, in 2017, the state would further seek another tranche of N100 billion,