Oil Plunges 5% on Slowing Growth, Recession Fears

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 Dipo Olowookere The last trading day of November 2023 on the floor of the Nigerian Exchange (NGX) Limited ended on a bullish note by 0.11 per cent on Thursday. Mild bargain-hunting in industrial goods equities like Lafarge Africa, supported by Airtel Africa, GTCO and other financial stocks left the market in the green territory at the close of business. Consequently, the All-Share Index (ASI) increased by 81.91 points to settle at 71,365.25 points compared with the preceding day’s 71,283.34 points, and the market capitalisation grew by N44 billion to N39.052 trillion from N39.008 trillion. Business Post reports that the

By Modupe Gbadeyanka Business owners in Lagos have been assured of more incentives by the state governor, Mr Babajide Sanwo-Olu, who added that this is part of his administration’s commitment to reforms aimed at improving the ease of doing business and enhancing investment opportunities. Speaking at the commissioning of the newly-built wet hair production factory of Godrej Nigeria Limited, the Governor said his government would continue to pursue actions that would eliminate red tapes and regulatory impediments hindering the growth of businesses in the state, thereby demonstrating his willingness for continued collaboration with the private sector to improve the livelihood

By Adedapo Adesanya  Angola, one of Africa’s top crude oil producers and a key member of the Organisation of the Petroleum Exporting Countries (OPEC), has officially rejected the proposed production quota for the year 2024 and may even exit the group. This was signalled by Mr Diamantino Pedro Azevedo, Angola’s Minister of Energy and Mineral Resources, confirming the nation’s decision and indicating a divergence from OPEC’s suggested allocations for both member and non-member countries. The announcement was made during the 26th OPEC+ Meeting on Thursday, where the organisation proposed 1.11 million barrels of crude oil per day production quota for

By Jerome-Mario Utomi The Independent National Electoral Commission (INEC), the nation’s electoral umpire, recently, in furtherance of its powers conferred on it by the Constitution, the Electoral Act and all other powers enabling it in that regard, fixed November 6, 2021, as the date for the conduct of the Anambra governorship poll. Unlike other communication from public offices which are ‘self-undermining and often always reputed for encouraging complacency, there are some interesting instincts and reactions in Anambra State about the latest release by INEC. Out of many, two are considered significant to the present discourse. First, as a complex state

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed mixed on Monday, with the unlisted securities index closing at 720.36 basis points, and the market capitalisation losing 0.18 per cent at the close of transactions. Business Post reports that the value of the bourse went down by N1.73 billion during the session to settle at N946.57 billion compared with the last Friday’s N948.30 billion. Also, the activity chart was mixed as investors traded a total of 73,646 units of securities yesterday, in contrast to the 131,236 units of securities transacted in the preceding session, indicating a slump of 43.9

By Dipo Olowookere A formidable group in Delta State known as Inspired Youths is drumming support for ex-governor and Delta South senatorial candidate of the All Progressives Congress (APC), Dr. Emmanuel Ewetan Uduaghan to represent the zone in 2019. The group which spoke through their leader, Joy Omodafe reiterated that their support for the former governor was not unconnected with his landmark achievements during his tenure in the state as governor. She disclosed that they were prepared to mobilize thousands of their supporters who are mostly youths and women from across Delta South Senatorial District come 2019 elections especially as

By Modupe Gbadeyanka Hundreds of Egyptian entrepreneurs gathered yesterday in Sohag to participate in a summit hosted by Markade LLC, the U.S. Agency for International Development (USAID), and the Ministry of Trade and Industry. Through workshops, panel discussions, and success stories from the local community, the event raised awareness on the need for more entrepreneurship in Upper Egypt. It also discussed ways to build the capacity of Sohag’s youth to become successful entrepreneurs. This summit in Sohag was the second in a series of three joint U.S.-Egypt public events in Upper Egypt aimed towards linking potential future entrepreneurs with successful

By Modupe Gbadeyanka The Lagos Transport Fest taking place on Monday, December 13, 2021, received a boost with the support of Interswitch, Africa’s leading integrated payments and digital commerce company. Stakeholders in the transport sector gathered at the Civic Centre, Victoria Island, Lagos to discuss the re-imagination of the transportation sector in Nigeria. Transportation remains an important and viable sector in a country like Nigeria that boasts of a swelling population and is instrumental to the overall advancement of the nation’s economy. In the context of daily commuting, technology plays an evident role in the sector, in ensuring that commuters

By Modupe Gbadeyanka A total of 50 young African entrepreneurs from nine countries are competing for a place in the 26 spots for the 2021 Anzisha Prize fellowship programme. For the past 10 years, the scheme has supported young business owners between the ages of 15 and 22 through an initiative that builds business acumen skills and provides access to business coaching and offers cash prizes. This year, the organisers are coming up with a four-episode vlogumentary special called The Quest and will allow the audiences, for the first time, to get a glimpse into the selection process. At the

By Modupe Gbadeyanka Analysts at Financial Derivatives Company Ltd have projected a further moderation in the inflation rate for the month of October. The last inflation rate released by the National Bureau of Statistics (NBS) for the month of September 2017 put the rate at 15.98 percent. According to the calendar of the NBS, the October inflation rate is expected to be released tomorrow, Wednesday, November 15, 2017. But analysts at Financial Derivatives Company Ltd say the rate will again decline to 15.89 percent with the food inflation also easing. “We are forecasting that Nigeria’s year-on-year headline inflation will slide

Traditionally, corporates and states in Africa use debt capital markets to raise huge funding. As the coronavirus bites harder against the increasing debt-to-GDP ratios coupled with increasing risks in African countries, the pricing of new issuances in the international debt capital markets became relatively unattractive. Consequently, African governments turned to other concessionary sources like the International Monetary Fund (IMF), World Bank and Development Finance Institutions for funding. Africa’s depiction of the international debt capital markets is dominated by sovereign issuances. While its debt capital markets offer investors better returns than in developed markets, its domestic markets remain shallow and least