Oil Nears $70 Ahead of OPEC+ Supply Curb Meeting

By Precious Olisa The Nigerian Extractive Industries Transparency Initiative (NEITI) has said the Nigerian National Petroleum Company (NNPC) Limited only remitted 57.27 per cent of the revenue it generated in 2021 to the federal government. The agency made this claim in a report released earlier this week, noting that the country generated $23.05 billion from the oil and gas sector in 2021 compared with the $20.43 billion achieved in 2020, with the NNPC and others keeping some funds back. Analysis showed that about $8.67 billion came from the sale of crude oil and gas, $13.37 billion was from taxes and

By Adedapo Adesanya Though the supply of foreign exchange (FX) in Nigeria has remained low, the Naira closed stronger against the United States Dollar in the Investors and Exporters (I&E) and the Peer-to-Peer (P2P) segments on Wednesday, September 20, and maintained stability in the parallel market. According to data obtained from FMDQ Securities Exchange, the local currency appreciated against the Dollar in the midweek session by 0.76 per cent or N5.89 to sell for N770.71/$1 versus the previous rate of N776.60/$1 amid a decline in the value of forex transactions by 9.4 per cent or $6.65 million to $64.36 million

By Benita Ayo A while ago, it was announced that certain companies would be struck off the corporate register of the Corporate Affairs Commission. The major reason for this is the failure of defaulting companies to file their Annual Returns with the commission. I have always reiterated the fact that approval of an application to register a company does not signify that its officers can fold their hands and go to sleep. There are bundles of requirements to be fulfilled by such companies one of which is the filing of its Annual Returns. The Annual Return is a yearly account

By Adedapo Adesanya Nigeria lost N137.53 billion or $330.6 million to gas flaring in four months, as oil and gas firms operating in the onshore and offshore oil fields of the country flared 94.5 billion standard cubic feet (SCF) of gas between January and April 2022. According to the latest gas flare data released by the National Oil Spill Detection and Response Agency (NOSDRA), the quantity of gas flared was capable of generating 9,400 gigawatts hours of electricity and equivalent to carbon dioxide emission of 5.0 million metric tonnes. It also added that the defaulting companies are to pay $188.9

By Adedapo Adesanya A High Court in the Federal Capital Territory, Abuja, has struck out an ex parte application filed by the Department of State Services (DSS) to secure an order to detain the suspended Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, for a further 14 days based on fresh evidence they have uncovered. On the application, the judge, Justice Edward Ekpo, questioned counsel to the secret police, Mr Victor Ejelonu, on the court’s jurisdiction, in view of the provisions of Sections 293 and 296 of the Administration of Criminal Justice Act which vests exclusive rights

By Aduragbemi Omiyale From Thursday, November 11 to Friday, November 12, 2021, the third capital market committee (CMC) meeting of this year will take place. The meeting is organised by the Securities and Exchange Commission (SEC). Expected participants at the CMC meeting include Chief Executive Officers (CEOs) of all registered capital market firms (i.e. broker/dealers, investment advisers, custodians, fund/portfolio managers, receiving banks, issuing houses, rating agencies, registrars, reporting accountants, trustees, and capital market consultants, etc.); CEOs the Nigerian Exchange Group (NGX), National Association of Securities Dealers (NASD); FMDQ Group Plc; Africa Exchange Holdings (AFEX); Nigeria Commodity Exchange (NCX); Central Securities

A new makeup academy has been established in the Ogba area of Lagos State by Biola Adelowo, a respected beautician in Nigeria. The well-equipped makeup institution called ‘Behollaz Place’ is tucked inside the famous Ogba Shopping Arcade. The House of Tara graduate invited some of her associates for the launch of the academy recently, where she explained why she decided to take her trade further and what intending students of the institution should expect from her. “I am going to give all my students an attention; we will not hide anything from them unlike some people. Every student leaving here

By Dipo Olowookere The Ogun Area Command of the Nigeria Customs Service (NCS) has said in the month of July 2019, it generated the sum of N1.3 billion, more than the amount it targeted to meet in the 31-day period. A statement issued by the agency on Wednesday disclosed that this was part of the determination of the command to ensure that more funds is available for the government to provide critical infrastructure for citizens of the country. The Area Controller of the command, Comptroller Michael Agbara, who gave the breakdown of revenue collection, said the amount was made within

Some properties linked to former Governor of Akwa Ibom State, Godswill Akpabio, may eventually been confiscated by the Economic and Financial Crimes Commission (EFCC) if the agency is satisfied that they were acquired with looted public funds. At the moment, the anti-money laundering body is intensifying its investigation on the Senate Minority Leader. Akpabio was accused of acquiring some of these properties with funds meant for Akwa Ibom State while he was the head honcho from 2007 to 2015. The Senator was further alleged to have cornered close to N108 billion during the said period. Already, those who served under

By Dipo Olowookere The board of United Bank for Africa (UBA) Plc has fixed Wednesday, September 23, 2020, as the payment date for the interim dividend recommended on Tuesday. Yesterday, the financial institution proposed the payment of 17 kobo per share to investors for the half-year ended June 30, 2020. In a notice today, the company said this cash reward would be paid to shareholders who names appear on the register of members at the close of business on Tuesday, September 15, 2020. “An interim dividend of N0.17 for every ordinary share of 50 kobo each, subject to applicable withholding

Thanks to the development of technology, the popularity of live betting is increasing every year. In the first place, this is due to the high odds that are offered on the confrontations that are happening right now. Bookmakers are well aware of the basic needs of the bettors, so they regularly expand the “live line”. Today, on this site it is not inferior to the line of upcoming confrontations. The most popular sport among the registered users is football. This is largely due to the fact that there are national championships in each country, so games are held in almost