Oil Drilling in Bauchi at Advanced Stage—Baru

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

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By Dipo Olowookere The Nigerian Exchange (NGX) Limited retreated by 0.44 per cent on Tuesday due to selling pressure on some bellwether equities during the session. Shares of Dangote Cement, GTCO, Zenith Bank, Access Holdings, Oando, Lafarge Africa and others experienced a pullback yesterday as a result of profit-taking activities by traders. As a result, the All-Share Index (ASI) receded by 312.76 points to 71,041.05 points from 71,353.81 points and the market capitalisation moderated by N165 billion to N38.875 trillion from N39.040 trillion. The level of activity at the market waned on the second trading session of the week, as

By Adedapo Adesanya President Bola Tinubu is targeting to grow Nigeria’s economy by 3.76 per cent next year and moderate the country’s inflation to 21.4 per cent. Speaking at his first budget speech to lawmakers on Wednesday, President Tinubu also projected higher oil production and tax collection, noting that this will boost government revenues and cut down on reliance on borrowing to finance budget deficits. Nigeria plans on spending N27.5 billion in the 2024 fiscal year, with priorities on security, infrastructure and easing the high cost-of-living crisis. The country will borrow around N9 trillion and N18.5 billion generated from internally

By Adedapo Adesanya Binance, the world’s largest cryptocurrency exchange, said it is pausing withdrawals of the stablecoin USDC while it carries out a “token swap.” The move comes as investor concerns grow about Binance’s stability following the collapse of rival exchange FTX as well as a report of a potential criminal investigation from the United States government. In a statement on Tuesday, Binance said that it has “temporarily paused” USDC withdrawals while it does a “token swap.” This involves swapping one cryptocurrency for another without the need for fiat currency. Mr Changpeng Zhao, CEO of Binance, tweeted on Tuesday that

By Dipo Olowookere There was an early morning fire at a petrol station in Ogba, Lagos on Tuesday, destroying some properties on the premises. It was gathered that the unfortunate incident happened at the Yerevan Oil located on Ajayi Road, Ogba and from the information gathered, a petrol tanker and a few fuel dispensers were burnt by the inferno. However, the situation has been brought under control, according to the Head of Public Affairs of the Lagos State Emergency Management Agency (LASEMA), Mr Nosa Okunbor. It was learned that officials of the LASEMA response team and the Lagos State Fire

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange opened the week in the red territory after it depreciated by 0.67 per cent on Monday, October 30. The weakening of the NASD OTC exchange was influenced by the N4.65 loss recorded by FrieslandCampina Wamco Nigeria Plc, closing at N75.04 per unit versus last Friday’s N79.69 per unit. However, Central Securities Clearing System (CSCS) Plc gained 20 Kobo to finish at N20.20 per share compared with the preceding session’s N20.00 per share, and UBN Property Plc appreciated by 10 Kobo to trade at N1.46 per unit, in contrast to last Friday’s

By Dipo Olowookere A report by PwC titled ‘Entertainment and Media Outlook: 2017 – 2021: An African Perspective’ has revealed that during the period under review, Nigeria will contribute about $2.8 billion to the Entertainment and Media industry. According to the report, “In terms of total E&M revenue, Nigeria is one of the fastest-growing countries in our Outlook, but this figure must be treated with caution, as a huge proportion of that growth comes from Internet access revenue alone–specifically mobile Internet access revenue. “Of the $2.8 billion that the Nigerian market will add between 2016 and 2021, all but $452

By Dipo Olowookere A total of 3.5 million units of Seplat shares owned by Chairman of the energy firm, Mr Ambrosie Bryant Chukwueloka (ABC) Orjiako, have been handed over to another investor. Business Post gathered that the divested equities were from the 29.8 million shares indirectly held by the oil magnate, which were registered in the name of Vitol Energy Limited. These stocks were held for the benefit of Shebah Petroleum Development Company Limited, a company owned by Mr Orjiako and members of his family. Before the recent sale, Mr Orjiako controlled 16.15 million ordinary shares of Seplat held directly

By Modupe Gbadeyanka The efforts of Ecobank Nigeria Limited in promoting gender balance at the workplace have been crowned with recognition at the Nigeria2Equal Gender Leader awards. The Governor of Lagos State, Mr Babajide Sanwo-Olu, was in attendance when the financial institution was rewarded at the ceremony organised by the International Finance Corporation (IFC) and Nigerian Exchange (NGX) Group. The organisers said Ecobank Nigeria is one of the country’s key private sector players promoting gender equality in the workplace. The Regional Director of IFC for Central Africa, Liberia, Nigeria and Sierra Leone, Ms Dahlia Khalifa, praised the progress of Nigeria2Equal’s

By Adedapo Adesanya The United Kingdom government has said it will not block Newcastle United FC takeover from a Saudi Arabia-backed consortium. The Middle-Eastern Kingdom was recently reported to be involved in a proposed £300 million takeover of the English football outfit alongside American and British investors. However, Amnesty International and Qatar-based TV giant, beIN Sport, have called on the UK government to block the deal. The UK Culture Secretary, Mr Oliver Dowden, has. however, clarified that there is no plan to block the buy-out, despite allegations against Saudi Crown Prince Mohammed Bin Salman regarding the death of journalist Jamal

By Kester Kenn Klomegah Russia is ready to support Mozambique in the fight against terrorism through cooperation in the field of intelligence, and further promises strengthening cooperation in various economic sectors, Russian Deputy Minister for Foreign Affairs Mikhail Bogdanov said at the end of a meeting with Prime Minister Carlos Agostinho do Rosário in Maputo. Bogdanov, who is also Russia’s Special Presidential Representative for the Middle East and Africa, defended the importance of African countries, including Mozambique, launching initiatives on their own real needs for combating the phenomenon in international forums, especially at the level of the United Nations. In