NSE Index Extends Growth by 0.93% as Investors Gain N112.4b

By Modupe Gbadeyanka Business owners in Lagos have been assured of more incentives by the state governor, Mr Babajide Sanwo-Olu, who added that this is part of his administration’s commitment to reforms aimed at improving the ease of doing business and enhancing investment opportunities. Speaking at the commissioning of the newly-built wet hair production factory of Godrej Nigeria Limited, the Governor said his government would continue to pursue actions that would eliminate red tapes and regulatory impediments hindering the growth of businesses in the state, thereby demonstrating his willingness for continued collaboration with the private sector to improve the livelihood

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 House of Representatives has pledged to stop international oil companies (IOCs) operating in the Niger Delta from divestment of their offshore assets without being accountable to the environment. The Chairman of the House of Reps Committee on Host Communities, Mr Dumnamene Dekor, said this during a technical session on the implementation of the Host Communities Development Trusts (HCDT), organised by Spaces for Change (S4C) with support from Ford Foundation. Mr Dekor raised the alarm that since the passage of the Petroleum Industry Act in 2021, host communities have not experienced any positive change, rather have remained

By Adedapo Adesanya Crude oil prices fell on Thursday members of the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) agreed to voluntary output cuts for the first quarter of next year, falling short of market expectations. As a result, Brent crude futures lost 27 cents or 0.3 per cent to close at $82.83 per barrel, and the US West Texas Intermediate (WTI) crude futures went down by $1.90 or 2.4 per cent to $75.96 a barrel. On a monthly basis, Brent fell by 5.2 per cent while WTI was down by 6.2 per cent. Saudi Arabia, Russia

By Ahmed Rahma A few days after the death of the former Vice-Chancellor of the University of Lagos (UNILAG), Professor Oyewusi Ibidapo-Obe, the prestigious tertiary institution has lost another professor, Mr Duro Ajeyalami, to COVID-19. The late Professor Ajeyalemi retired at the age of 70 from the university in November 2020. He was a former Dean of the institution’s Faculty of Education and the pioneer Registrar of the Joint Universities Preliminary Examination Board (JUPEB). The university’s deputy vice-chancellor in charge of development services, Ms Folasade Ogunsola, who confirmed the death of the scholar, said the institution’s management was “again shocked

By Adedapo Adesanya The Nigerian Export Promotion Council (NEPC) has said that Nigeria will commence the Export 774 programme with a target to identify exportable products in the 774 local government areas in Nigeria. This is as the country works towards boosting exports in the country after it recorded a total of 214 products exported from the shores of the country in 2022. The Executive Director of NEPC, Mr Ezra Yakusak, said this at a conference organised by the Commerce and Industry Correspondents Association of Nigeria (CICAN) co in Abuja, themed The Role of the Non-Oil Sector Toward Economic Diversification,

By Modupe Gbadeyanka The Nigerian local currency performed excellently yesterday at the parallel market against the major foreign currencies, gaining a total of N12 against the three major foreign monies. While the Naira chalked up N1 against the Dollar, it gained N5 against the British Pound Sterling, and N6 against the Euro. On Tuesday, the Central Bank of Nigeria (CBN) sustained forex liquidity with the release of $195 million into the inter-bank segment of the market. This was to meet demands of genuine customers who need forex for payment of fees, import of materials and others. Business Post reports that at

By Dipo Olowookere The board of directors of PZ Cussons Nigeria Plc has announced the retirement of Mr Christos Giannopoulos as the Chief Executive Officer of the company effective June 30, 2020. A statement signed by the Company Secretary/Legal Adviser, Jacqueline Ezeokwelume, disclosed Mr Giannopoulos is leaving the position after occupying it for about 11 years. In 2009, he was picked to head the Nigerian unit of the global organisation and has helped the company achieve some feats, which the board appreciates. According to the notice sent to the Nigerian Stock Exchange (NSE), Mr Giannopoulos joined PZ Cussons UK in

By Dipo Olowookere The Nigerian Exchange (NGX) Limited rebounded on Thursday by 0.17 per cent following the rush for Access Bank Plc stocks by investors, especially the dividend hunters. After the close of trading activities on Wednesday, the lender released its much-anticipated earnings for the period ended June 2021 and it proposed the payment of an interim dividend of 30 kobo. This announcement, coupled with the improvement in its results, spurred bargain hunting at the stock market yesterday, with Access Bank stocks emerging as the most traded, selling 51.1 million units valued at N471.2 million. It was trailed by Transcorp,

A former Secretary to the Adamawa State Government, John Eddie Manassah, has been reported dead. Mr Manassah, according to reports, died on Wednesday morning in Yola, the state capital. Eldest son of the late politician, Yangadi Mannassah John, who confirmed the news, did not disclose the cause of his father’s demise. Mr Manassah was Secretary to the State Government during the administrations of Boni Haruna and Admiral Murtala Nyako. He was also the running mate to Brigadier General Buba Marwa (rtd), who contested the governorship election in 2012 under the platform of the defunct Congress for Progressive Change (CPC), which

By Dipo Olowookere A music star in Nigeria, Dammy Krane, has been apprehended by the police in the United States over allegation bordering on theft. The artiste was booked in Miami for offence ranging from card fraud, identity fraud (named as Johnson Hunga) and theft (armed and conspiracy). It was only some days ago Dammy Krane left the shores of Nigeria to the US. According to details of his arrest posted on Jailbase, the singer has been slammed with His bail bonds of about $17500 with other stringent conditions. Dammy Krane burst into fame some years ago and was signed

By Dipo Olowookere October 1, 2016, has been fixed by the Redeemed Christian Church of God (RCCG) Lagos Province 38 for the 2016 convention of the Redeemer’s Men. The programme is held yearly to celebrate and worship God in a special way. The 2016 edition is themed ‘Created For Exploits’ and some anointed men of God have been invited to minister at the event. According to activities lined up for the programme, there would be business, health and marriage seminars. Information gathered from executives of the Redeemer’s Men revealed that the event will kick off on Thursday, September 29 with