NSCDC Special Squad Nabs Pipeline Vandals in Ondo

By Adedapo Adesanya Oil slumped by more than 2 per cent on Friday as traders showed scepticism about the depth of supply cuts by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) as well as concerns about sluggish global manufacturing activity. Brent crude went down by $1.98 or 2.45 per cent to close at $78.88 a barrel as the US West Texas Intermediate (WTI) crude dropped $1.89 or 2.49 per cent to sell for $74.07 a barrel. For the week, Brent posted a decline of about 2.1 per cent, while WTI lost more than 1.9 per cent.

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

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 Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigeria Autonomous Foreign Exchange Market (NAFEM) and the unregulated Peer-to-Peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, November 29 as President Bola Tinubu reiterated his administration’s promise to meet its obligations. Speaking during the presentation of his administration’s N27.50 trillion 2024 budget proposal to the joint session of the 10th National Assembly on Wednesday, Mr Tinubu said, “Despite the challenges, we continue to meet our obligations.” In the official NAFEM segment of the market, the value of the local currency went

By Modupe Gbadeyanka In the just concluded at the Nigerian Stock Exchange (NSE), the All-Share Index (ASI) and market capitalization appreciated by 1.38 percent and 1.37 percent to close the week at 35,488.81 points and N12.234 trillion respectively. Similarly, all other Indices finished higher during the week with the exception of NSE Consumer Goods and NSE Oil/Gas indices that depreciated by 0.23 percent and 3.05 percent while the NSE ASeM Index closed flat. Also, 25 equities appreciated in price during the week, higher than 23 of the previous week, while 35 equities depreciated in price, lower than 45 equities of

By Dipo Olowookere The Nigerian Exchange (NGX) Limited closed flat on Tuesday despite the busy nature of the market during the second trading session of the week. Business Post reports that the activity level improved yesterday as investors bought Access Bank for its interim dividend as well as others, while the others offloaded a few equities like FBN Holdings. This pushed the trading volume higher by 68.73 per cent to 355.9 million units to 211.0 million units, raised the trading value by 107.55 per cent to N2.9 billion from N1.4 billion and lifted the number of deals by 6.32 per

By Adedapo Adesanya Crude oil depreciated to a one-week low on Thursday as a political standoff over the debt ceiling in the United States stoked recession jitters in the world’s biggest oil consumer. Brent crude futures fell by $1.43 or 1.9 per cent to $74.98 a barrel during the session as the US West Texas Intermediate (WTI) Crude futures dropped $1.69 or 2.3 per cent to settle at $70.87 per barrel. US Treasury Secretary Janet Yellen urged Congress to raise the $31.4 trillion federal debt limit and avert an unprecedented default that would trigger a global economic downturn. She warned

By Modupe Gbadeyanka One of the leading national televisions in the country, Channels Television, has been suspended by the National Broadcasting Commission (NBC). The media giant was also fined N5 million and the reason is that Channels TV allowed its platform to be used to air the opinion of the Indigenous people of Biafra (IPOB). On Sunday night, in one of its flagship programmes, Sunday Politics, anchored by Mr Seun Okinbaloye, the spokesman of IPOB, Mr Emma Powerful, was interviewed by Channels TV and he bragged that the Nigerian Army cannot have access to its camps. Mr Powerful also disclosed

By Modupe Gbadeyanka Senate President, Mr Bukola Saraki, has disclosed that the proscription of the group known as Indigenous People of Biafra (IPOB) by Governors of the South-east states and the categorization of the group as a ‘terrorist organisation’ by the Nigerian military are unconstitutional and does not follow due process. The Senate President made this disclosure on Monday in a statement he personally signed. In the statement, the number three citizen of Nigeria promised that the National Assembly would look into the crisis in the region. However, he called for calm and restraint by all Nigerians so that “we

By Modupe Gbadeyanka On Monday, November 13, 2017, trading activities resumed on the floor of the Nigerian Stock Exchange (NSE) on a positive note with the major market indicators closing in the green zone. The stock market posted a growth of 0.52 percent with the Year-to-Date (YtD) return closing at 38.84 percent. Specifically, the All-Share Index (ASI) increased by 192 points to close at 37,312.28 points, while the market capitalisation rose by N67 billion to settle at N12.9 trillion. Business Post reports that the stock market recorded a total of 16 price gainers and 24 price losers at the close

SES S.A. announced today a record uptake of its satellite capacity for the Olympics as compared to previous Games. A total of 23,000 hours of capacity has been booked on four SES satellites — NSS-806, SES-4, NSS-7 and SES-3 — to enable transmission of the Games to broadcasters in The Americas, Europe, Asia and Africa. SES is serving a total of 10 leading broadcasters based in the US, the UK, Switzerland, Italy, Brazil and Japan, which includes Eurovision, CNN / Turner and Nippon Television Network. “SES has provided capacity for the Olympics since 2000, and we are pleased that the

By Modupe Gbadeyanka Securities and Exchange Commission (SEC) has commenced a financial inclusion sensitization campaign aimed to ensure citizens get involved in the money market. The apex capital market regulator, at the campaign over the weekend in Karshi, Abuja, said it aims to achieve increased level of financial inclusion of Nigerians by the year 2020. Acting Director General of SEC, Mr Abdul Zubair, who was represented by the agency’s Director in charge of Market Development Department, Mr Abdul Bello, noted that having recorded huge success in Bwari, Kuje Area Councils and University of Abuja, it became pertinent that the programme