Oil Market Slumps on England’s Rate Hike, Fuel Demand Worries

By Adedapo Adesanya The return of the bears was averted at the NASD Over-the-Counter (OTC) Securities Exchange on Thursday by Central Securities Clearing System (CSCS) Plc, which helped the alternative bourse close marginally higher by 0.03 per cent. This slight growth increased the value of the OTC exchange by N380 million, closing relatively flat at N1.165 trillion, as the NASD Unlisted Security Index (NSI) increased by 0.27 points to end the day at 859.58 points compared with the previous day’s 859.31 points. During the trading day, the value of CSCS Plc went up by 8 Kobo to settle at N17.08

By Adedapo Adesanya  Oil prices rose by more than $1 a barrel on Wednesday as investors focused their attention on an upcoming OPEC+ output policy meeting and looked past a jump in crude stockpiles in the United States. Brent crude futures were up by $1.01 or 1.2 per cent to $82.69 per barrel, and the US West Texas Intermediate (WTI) crude futures gained $1.16 or 1.5 per cent to close at $77.57 a barrel. Prices were lifted by a media report that the Organisation of the Petroleum Exporting Countries and allies such as Russia, known collectively as OPEC+, was considering

By Adedapo Adesanya Oil slumped by more than 2 per cent on Friday as traders showed scepticism about the depth of supply cuts by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) as well as concerns about sluggish global manufacturing activity. Brent crude went down by $1.98 or 2.45 per cent to close at $78.88 a barrel as the US West Texas Intermediate (WTI) crude dropped $1.89 or 2.49 per cent to sell for $74.07 a barrel. For the week, Brent posted a decline of about 2.1 per cent, while WTI lost more than 1.9 per cent.

By Ashemiriogwa Emmanuel The number of internet subscribers in Nigeria rose by 13.8 per cent from 135.7 million in March 2020 to 154.4 million in November 2020, according to a report by the National Communication Commission (NCC). Business Post analysis showed that this occurred as data usage in Nigeria witnessed a 33 per cent increase between March and November last year as it grew from 147,537.52 terabytes to 196,163.42 terabytes. The piece titled 2020 Subscriber/Network Data Report showed that last year witnessed a significant increase in data usage which reflected on the nation’s telecom industry performance in the period. NCC

By Modupe Gbadeyanka The Economic and Financial Crimes Commission (EFCC) has dissociated itself from activities of Pinnacle Trading & Investment Nigeria Ltd, which claimed to have been appointed by the agency to auction impounded petroleum products aboard MT Good Success and MT Asteris. In a statement issued by its spokesman, the EFCC warned the general public to “refrain from engaging in any activity in relation to the auctioning of any vessel or petroleum product on behalf of the commission.” The EFCC emphasised that it “has not duly authorized anyone to act on its behalf in that regard.” It pointed out

By Ebitonye Akpodigha Former Governor Ibrahim Shema of Katsina State has been declared wanted by the Economic and Financial Crimes Commission (EFCC). Mr Shema is wanted by the anti-money laundering agency for an alleged fraud amounting to N76 billion. The EFCC said the suspect failed to honour all invitations sent to him to appear at its office for questioning and that all efforts to locate him have also proved unsuccessful. According to the anti-graft agency, Mr Shema was need since 2015 to answer questions over the allegations made by the current Governor of the state, Mr Aminu Masari against him.

By Comrade Omaga Daniel With the recent developments in our polity, it is has become very glaring that the major political parties in Nigeria have run their full cycle. There is no sign of reinvention or rejuvenation. It’s the good old “maintenance of status quo” syndrome. Our parties have become ventures that thrive primarily for the well-being of ‘cabals’ and ‘king makers’. This is a situation that has relegated the ordinary citizens who have little or no stake to the background after the usual offering monies, beer and stomach infrastructure in the words of Ayodele Fayose that are offered during

By Adedapo Adesanya In commemoration of World Malaria Day for the year 2022, Nova Diamond Foundation has launched a campaign called Give a Net, ave Lives. The Give a Net campaign is targeted to protect the most vulnerable in society, including pregnant women and children under the age of 5 because of the increased death rate, according to WHO 2021 Malaria report. WHO described malaria as the 3rd highest killer non-communicable disease as the disease kills four in every five malaria cases in Nigeria. Malaria is the number one endemic in the country, which also has the highest number of

By Adedapo Adesanya  Mr Daren Tang of Singapore has been chosen to lead the Geneva-based World Intellectual Property Organization (WIPO). Mr Tang defeated his closest rival, Ms Wang Binying from China, in the hotly contested closed-door vote by state members of WIPO to become the new WIPO director general. In a second and final round of voting by the 83 members of WIPO’s committee, which included Nigeria, Mr Tang garnered 55 votes while Ms Wang managed only 28. This win halts China’s bid for a fifth top United Nations post, which has stirred fierce rivalry between the country and United

By Modupe Gbadeyanka The Lagos State government and MultiChoice Nigeria have finalised plans to hold a skill acquisition training for youths in the state. The programme will take place on Monday, September 5, 2016, at two different youth centres in Lagos; the Ikeja Youth Centre (Sport Centre) located at Oluwa-Lehinmu Street, by Balogun Bus-Stop, Ikeja, and the Ikorodu Youth Centre, Ita-Elewa, Ikorodu simultaneously on the same day. The announcement was made after a meeting between the Lagos State Ministry of Youth and Social Development and Management of MultiChoice Nigeria Limited at the Ministry’s conference room in Alausa, Ikeja on Monday,

By Adedapo Adesanya The Federal Government and the United States through its Trade and Development Agency have signed a $1.1 million grant to support electricity infrastructure development in the Nigeria. The agreement was assented by both parties on Tuesday at the ongoing Nigeria International Petroleum Summit (NIPS) in Abuja which brings together stakeholders from the oil and gas sector on the theme Widening the integration Circle: Technology, Knowledge, Sustainability Partnership. According to the Director, the US Trade and Development Agency, Mr Thomas Hardy, the US was delighted to go into the partnerships with Nigeria as part of efforts by the