Obat Oil, VAE Partner to Boost Supply of Petroleum Products

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By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange weakened by 0.30 per cent on Tuesday, September 26 after Central Securities Clearing System (CSCS) Plc witnessed a decline in its closing price. This brought down the value of the unlisted securities market by N3.50 billion to end at N1.146 trillion versus the N1.149 trillion it ended a day earlier, as the NASD Unlisted Securities Index (NSI) dropped 2.48 points to end at 810.87 points compared with the previous day’s 813.35 points. The share price of CSCS Plc declined by 70 Kobo yesterday to settle at N17.50 per share, in contrast

By Aduragbemi Omiyale The Vice President, Mr Kashim Shettima, has said Nigeria is in dire need of foreign direct investment (FDI) more than ever before, tasking domestic and foreign investors to make Nigeria their investment hub because efforts are being made to formulate business-friendly policies. Mr Shettima, while speaking when he hosted the management of First Surat Group, as well as top management of MTN Nigeria at the presidential villa in Abuja, charged MTN Nigeria to facilitate and spearhead digital mobile money and digital education. He assured that President Bola Tinubu was willing to partner with various stakeholders in 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 Nneka Okumazie There is no exam anywhere in the world that Africans can’t ace. There is no profession in the world or office position that Africans won’t excel at. There is no pass mark required for any certification that Africans cannot surpass. These directly discredit the notion that Africans are not as intelligent or smart. It was assumed that intelligence is developedment, but education has gone around the world, yet development is not everywhere. What exactly is development, and why is Africa not developed? There are often government projects, international efforts, private enterprises, etc., yet no development. Development is

By Modupe Gbadeyanka A member of the House of Representatives, Mr Shina Peller, has been allegedly detained by operatives of the Lagos Command of the Nigeria Police Force. The federal lawmaker was said to have been arrested in Lagos some hours ago after he went to bail out some of his customers who were arrested by police at his popular Quilox Club on Ozumba Mbadiwe Avenue, Victoria Island, during a show. According to a statement issued by a spokesman of the legislator, Mr Kola Popoola, the police, after the lawmaker visited the Maroko Police Station to bail his ‘people’, pounced

By Kester Kenn Klomegah As it was, indeed, looking for profitable business, investment and trade rather than development aid, Angola, a south-central African republic, announced corporate plans to diversify its state business away from purchasing to fully-fledged manufacturing of Russian military equipment for the southern African market, and most possible other regions in Africa. While heading a delegation for a four-day visit from April 2-5 on an invitation from the Kremlin, President João Lourenço, said in an exclusive interview with the local Russian media, Itar-TASS, that Angola is one of the principal buyers of Russian arms and his country wants,

By Dipo Olowookere Since the transfer of Afam Power to Transcorp Plc last week in a N105 billion deal, the demand for the latter’s shares on the Nigerian Stock Exchange (NSE) has continued to rise. In the five-day trading week, Transcorp was the second highest gainer on the Lagos exchange, appreciating by 19.72 per cent to close last Friday at 85 kobo per share. In the previous week, the share price of the conglomerate closed at 71 kobo but the news of the acquisition of the natural-gas-fired power generation facility located in Oyigbo, Rivers State made the company’s stocks to

By Adedapo Adesanya Crude oil erased previous losses to close higher on Thursday as traders continue to monitor whether producers will extend record output cuts when they meet next week. The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, a group known as OPEC+, will hold discussions of possible extension to an existing cut next week. Two months ago, the oil producers signed a deal to cut off about 10 percent of global supply from the market. The first phase of the agreement expires this month. There are calls for extending timeline of the phase one,

By Adedapo Adesanya The Naira fell by 25 kobo or 0.06 per cent at the Investors and Exporters (I&E) segment of the foreign exchange market on Thursday, October 22 as the domestic currency ended the day at N386/$1 in contrast to N385.75/$1 it was sold previously. This happened as the demand for forex increased significantly at the segment as fears seemed to have subsized following development across the country. According to data from the FMDQ Securities Exchange, transactions valued at $77.62 million were carried out at the window yesterday in contrast to the $6.05 million exchanged at the midweek session,

By Adedapo Adesanya The Nigerian National Petroleum Corporation (NNPC) has engaged critical stakeholders so as to find lasting solutions to the road network challenges and other lingering issues. This is a follow-up to efforts in sustaining the current smooth supply and distribution of petroleum products nationwide within the festive period and beyond. The state oil corporation had met with the Petroleum Tanker Drivers (PTD) branch of the Nigeria Union of Petroleum & Natural Gas Workers (NUPENG) to call off the planned strike action, agreeing instead to accept the dialogue option proposed by the corporation, a development that has sustained smooth

By Adedapo Adesanya The duo of FrieslandCampina WAMCO Nigeria Plc and Central Securities Clearing System (CSCS) Plc lifted the NASD Over-the-Counter (OTC) Securities Exchange by 0.06 per cent on Wednesday, October 12. They improved the NASD Unlisted Securities Index (NSI) by 0.47 points to 725.41 points from 724.94 points and increased the market capitalisation during the session by N620 million to N954.95 billion from the N954.33 billion it closed in the preceding session. During the session, the price of FrieslandCampina went up by 19 Kobo to settle at N73.34 per unit in contrast to the previous day’s N73.15 per unit