Obaseki Flags-off Agric Devt Scheme in Edo

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has urged the Nigerian National Petroleum Company (NNPC) Limited to disclose Nigeria’s daily oil production and exports as well as the total amounts of revenue generated from oil since the removal of subsidy on petrol in mid-2023. In a letter dated December 9, 2023, the group asked the chief executive of the NNPC, Mr Mele Kyari, “to disclose how much of the revenues generated from oil have been remitted to the public treasury since the removal of subsidy on petrol.” He was also requested “to disclose details of payment of

By Adedapo Adesanya The President of the Dangote Group, the owners of the Dangote Petroleum Refinery and Petrochemicals plant, Mr Aliko Dangote, has said that following the purchase of 1 million barrels of Agbami crude grade from Shell International Trading and Shipping Company Limited (STASCO), it will be looking to ramp up its production in coming months. The 650,000 barrels per day capacity refinery is not expected to hit full capacity until 2025, but with a gradual ramping, it is expected that it will begin with begin producing up to 370,000 barrels per day of diesel and jet fuel. “We

By Aduragbemi Omiyale Some retiring Nigerian military personnel have been educated on how they can unlock opportunities in the capital market after active service to the nation. At a seminar held on Thursday, December 7, 2023, at the Nigeria Armed Forces Resettlement Centre in Lagos, the participants were informed of the benefits of diversifying their investments for more earnings. They were also exposed to ways to invest and assess the market with technology, including via the recently launched NGX USSD Code. The Divisional Head of Business Support Services and General Counsel of the Nigerian Exchange (NGX) Limited, Ms Irene Robinson-Ayanwale,

By Dipo Olowookere Chairman of Transnational Corporation of Nigeria (Transcorp) Plc, Mr Tony Elumelu, has assured shareholders of the board’s commitment towards developing the company’s oil and gas assets. Mr Elumelu, speaking at the 12th Annual General Meeting (AGM) of Transcorp held on April 30, 2018, at Oriental Hotel, Victoria Island, Lagos, said the firm will also optimize the huge gas deposit in OPL 281, by constructing a 40km gas pipeline for dedicated gas supply to Transcorp’s power plant at Ughelli. This, he noted, is part of the energy value-chain optimization strategy of Transcorp, which was directed at creating the

By Sodeinde Temidayo David The Africa Heritage Institution (AfriHeritage) has expressed determination to work for a national constitution that will foster transformative development and countrywide integration in Nigeria. This was discussed at the Big Ideas Podium in collaboration with the Nigeria Bar Association (NBA) themed Reworking the Nigerian Constitution for National Transformation and Integration. The hybrid event, which had both in-person and virtual participants, was held to meet the institutions’ vision of a renascent Africa that is peaceful, democratic, prosperous and a major player in the global economy. The collaboration meeting re-emphasised the supremacy of the Nigerian Constitution as a

By Dipo Olowookere The stock market depleted by 0.18 per cent on Thursday after the Supreme Court delivered a landmark judgment, affirming Mr Bola Tinubu as the validly elected President in the February 25, 2023, presidential election. After the presidential poll, Mr Atiku Abubakar of the Peoples Democratic Party (PDP) and Mr Peter Obi of the Labour Party went to the tribunal to upturn the victory of Mr Tinubu of the ruling All Progressives Congress (APC). However, they failed as the Appeal Court last month said there was nothing wrong with the March 1, 2023, declaration of Mr Tinubu as

By Modupe Gbadeyanka In a bid to continue boosting entrepreneurship development in order to curb the high level of unemployment in the country, Heritage Bank Plc says it will once again be the headline sponsor for the fourth season of ‘The Next Titans,’ a Nigerian entrepreneurial Reality TV Show. The move by the bank is a consistent commitment to build the next generation of sustainable Nigerian businesses; young and budding entrepreneurs who will end up becoming ‘titans’ in their own disciplines whether in Technology, Inventions, Media, Real Estate, Fashion, Agriculture, or Productions, and so on. Speaking at a press conference

By Adedapo Adesanya Nigeria’s Purchasing Managers’ Index (PMI) eased to 53.9 basis points in May 2022 from 55.8 basis points in April, but stayed above the 50-mark separating growth from contraction, according to the index published by Stanbic IBTC Bank. The report, which covers the fifth month of the year, signalled a 23rd successive monthly improvement in business conditions in the country’s private sector. The purchasing index report noted that although output growth slowed considerably in May, new orders continue to expand sharply. According to the report, while the overall rate of growth was sharp, it eased to an eight-month

For the first time this week, transactions on the floor of the Nigerian Stock Exchange (NSE) ended on a positive note. This was due to the gains posted by Nestle Nigeria and some other high-cap equities trading on the local bourse. The market closed 0.47 percent higher on Thursday to put a halt to the negative trends at the exchange in the past days. The main barometers of the NSE, the All-Share Index (ASI), went up by 140.35 points yesterday to finish at 29,749.35 points, while the market capitalisation increased by N62 billion to settle at N13.110 trillion. Despite the

By Dipo Olowookere For the first time this week, the Nigerian Exchange (NGX) closed in the bullish territory on Friday after it rebounded by 0.19 per cent, triggered by bargain hunting in MTN Nigeria, UBA, FTN Cocoa and others. The banking sector recorded the highest improvement during the session, 1.04 per cent, with the consumer goods space rising by 0.13 per cent. However, the insurance counter depreciated by 1.47 per cent, the energy sector went down by 0.41 per cent, while the industrial goods closed flat at the close of transactions. When the market closed for the session at 2:30

By Dipo Olowookere The Chairman of Justrite Superstore, Mr Ayodele Patrick Aderinwale, has disclosed that the company’s energy costs in 2022 significantly increased by more than 500 per cent. Speaking on Friday on Arise TV’s Global Business Report hosted by Mr Aruoture Rotus Oddiri, the Justrite chair said this surge in energy costs was triggered by the rise in the price of diesel in the year under review. At the beginning of the year, a litre of diesel was selling between N200 and N250, but by the end of the first quarter of 2022, it was going for N650 per