Oil Falls as US, China Plan to Sign Trade Deal January 15

By Adedapo Adesanya The Naira started the first trading session in the last month of 2023 on a negative note after it depreciated against the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), which is the official FX window, by 11.4 per cent or N94.87 on Friday, December 1, closing at N927.19/$1, in contrast to Thursday’s exchange rate of N832.32/$1. The December rush for forex contributed to the weakening of the domestic currency in the spot market yesterday, as the supply of foreign currency could not meet what customers needed. Data showed that the value of FX transactions recorded

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 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 Equinor and Chappal Energies have entered into an agreement for the sale of Equinor Nigeria Energy Company (ENEC), which holds a 53.85 per cent ownership in oil and gas lease OML 128, including the unitized 20.21 per cent stake in the Agbami oil field, operated by Chevron. Speaking on the deal, Equinor’s senior vice president for Africa Operations, Ms Nina Koch, said Nigeria has been an important part of Equinor’s international portfolio over the past 30 years, noting that, “This transaction realizes value and is in line with Equinor’s strategy to optimize its international oil and gas

By Adedapo Adesanya A Federal High Court sitting in Ikoyi, Lagos, on Monday ordered the temporary forfeiture of two properties located in Ikoyi area of Lagos State and belonging to the immediate past Senate President, Dr. Bukola Saraki, to the Federal Government. Ruling on the application, Justice Mohammed Liman ordered the interim forfeiture of the two properties. The court order followed an ex-parte application filed by the Economic and Financial Crimes Commission (EFCC) through the commission’s lawyer, Nnaemeka Omewa. The order sort for the forfeiture of the properties located at No. 17A McDonald Road, Ikoyi, Eti Osa Local Government Area

By Modupe Gbadeyanka Authorities of the Redeemed Christian Church of God (RCCG) have announced that the annual fast observed by the mission will commence next week. In a notice to church members, it was disclosed that this year’s edition will hold for only 49 days. According to the notice, the annual religious rituals will kick off from Friday, January 11, 2019 and end on Thursday, February 28, 2019. It was emphasised that the main prayer points for this year’s fast are for Nigeria; mercy, RCCG and divine insurance. “The annual RCCG Fast starts on Friday, January 11, 2019 and ends

By Taiwo Omilani Lagos State government has commended Fidson Healthcare Plc for its relentless commitment to the academic development of Nigerian children through the company’s ASTYMIN brand annual flagship programme, Astymin Brilliance Reward. Speaking at the 9th edition of the Astymin children academic reward program, Astymin Brilliance Reward, held in Lagos, Deputy Governor of Lagos State, Mrs Idiat Oluranti Adebule, said Astymin’s commitment and contribution to the development of education and academic performance of the Nigerian child was commendable as Fidson Healthcare Plc and her Astymin brand were essentially investing in the future of the nation through the provision of

By Investors Hub Asian stocks ended mixed on Monday after U.S lawmakers managed to end a brief government shutdown with a bill raising spending caps and funding the government until March 23rd. Underlying sentiment remained supported somewhat as oil prices rebounded following six straight days of declines. The Japanese market was closed for the National Foundation Day holiday. Chinese shares rose after taking a beating last week. China’s Shanghai Composite index climbed 23.71 points or 0.8 percent to 3,153.56, although Hong Kong’s Hang Seng index dipped 47.79 points or 0.2 percent to 29,459.63. Australian shares closed a tad lower as

Women’s rights experts have expressed shock and dismay by the new UK Home Office guidelines that some women from Nigeria, who have been trafficked to the UK for sèxual exploitation, can become “wealthy from pröstitution” and are “held in high regard” when they return to their country of origin. The comments are part of updated country policy and information notes on Nigeria that were released on June 25, 2019, to be used by Home Office UK Visa and Immigration officials when making decisions in asylum and human rights applications on whether trafficked women are at risk of harm if they

By Dipo Olowookere The Securities and Exchange Commission (SEC) and the Nigerian Financial Intelligence Unit (NFIU) have agreed to work together in order to reduce the level of fraudulent activities in the nation’s capital market and sanitize it so as to further boost confidence of investors. On Wednesday, both organisations signed a Memorandum of Understanding (MoU) to this effect. A statement issued by the Head of Public Affairs at SEC, Efe Ebelo, quoted acting Director-General of the agency, Ms Mary Uduk, as saying that the collaboration was to stamp out suspicious transactions at the market, especially insider dealings. She further

By Dipo Olowookere For the umpteenth time, Minister of Finance, Mrs Kemi Adeosun, has stressed the Federal Government will not think twice in punishing tax evaders in the country, especially those who fail to take advantage of the tax amnesty window called the Voluntary Assets and Income Declaration Scheme (VAIDS) to properly declare their income or pay taxes accordingly. The VAIDS window, which was launched in June 2017 by the then Acting President, Mr Yemi Osinbajo, is expected to expire on March 31, 2018. Speaking on Thursday during the Stakeholder Interactive Session on VAIDS at the Murtala Muhammed Square, Kaduna

By Dipo Olowookere Close to $100 million of fundraising has been injected already in 2018 into Africa’s bourgeoning fintech and mobile payments sector, with a significant amount of capital still to be deployed this year, and prospects for the sector looking bullish, according to telecom, media and tech news and events company, TMT Finance. EMEA Editor at TMT Finance, Joseph d’Arrast, stated said, “The increasing demand for payment transaction and lending services are attracting investment from mobile operators, banks and international funds, all jostling to position themselves across the continent. “These new initiatives also achieve inclusive goals set by international