Oil Prices Crash as New COVID Variant Sparks Fears

By Adedapo Adesanya The trio of Newrest Asl Plc, FrieslandCampina Wamco Nigeria Plc, and Acorn Petroleum Plc made the NASD Over-the-Counter (OTC) Securities Exchange appreciate by 0.14 per cent on Friday, December 1. The three gainers pressed down the 8 Kobo loss reported by UBN Property Plc, which closed the trading session at N1.52 per unit compared with the preceding day’s value of N1.60 per unit. During the trading day, Newrest Plc gained N1.46 to close at N16.10 per share compared with Thursday’s closing price of N14.64 per share, FrieslandCampina Wamco Plc moved up by 60 Kobo to end the

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 Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigeria Autonomous Foreign Exchange Market (NAFEM) and the unregulated Peer-to-Peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, November 29 as President Bola Tinubu reiterated his administration’s promise to meet its obligations. Speaking during the presentation of his administration’s N27.50 trillion 2024 budget proposal to the joint session of the 10th National Assembly on Wednesday, Mr Tinubu said, “Despite the challenges, we continue to meet our obligations.” In the official NAFEM segment of the market, the value of the local currency went

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 Aduragbemi Omiyale Nigerian-born Ayobola Kekere-Ekun has been selected as one of the winners of the prestigious 2021 Absa L’Atelier at an online event hosted on the Absa Art Hotspot. The artist was among the finalists from Mozambique, South Africa, Uganda, Zambia, Mauritius, Seychelles, Tanzania, Botswana, Ghana, Kenya and Namibia. She is among the one ambassador per group chosen from the three groups of African countries. The others are Adelheid von Maltitz from South Africa and Blebo Michael Jackson from Ghana, while the winner Absa L’Atelier Gerard Sekoto category was Abongile Sidzumo. Absa, in partnership with the South African National

By Modupe Gbadeyanka Nigeria’s Ministry of Health has allayed fears of Nigerians concerning a recent court judgement directing the National Agency for Food and Drug Administration and Control (NAFDAC) to mandate the Nigeria Bottling Company (NBC) to put a warning on bottles of Fanta and Sprite for consumers to know that taking either brand of drink with Vitamin C was dangerous. Business Post gathered that the Minister of Health, Prof Isaac Adewole, recently summoned a meeting of the Department of Food and Drug Services, Federal Ministry of Health, NAFDAC and Standards Organisation of Nigeria (SON) to address the issue. At

By Jerome-Mario Utomi When Tony Elumelu, founder of the Tony Elumelu Foundation (TEF), was speaking on the topic Philanthropy and Development; Where are Africa’s Billionaires? at one of the high level seminars at the African Development Bank (AfDB) 2013 annual general meeting held at Marrakech, Morocco, he advised African billionaires to invest in developing Africa through what he tagged Africapitalism. He said this was the solution to Africa’s development need which should augment external aid, rather than allowing the continent to solely depend on foreign aids for its development needs. His submission generated some form of intra and cross arguments

By Modupe Gbadeyanka Mr Josh Wade, an estranged lover of a Nigerian movie star, Empress Njamah, has reportedly released some private videos of the woman he formerly professed love to. Empress recently made a video where she claimed that Mr Wade, a Liberian, made her go through emotional torture in the relationship that lasted months. Starting and Managing a Profitable Catfish Farming Business in Nigeria She further alleged that while he was living in her apartment, the former loverboy made videos of her not putting on clothes, especially in the bathroom and had threatened to release them online. According to

By Modupe Gbadeyanka The Nigerian subsidiary of Royal Dutch Shell, the Shell Petroleum Development Company of Nigeria (SPDC) Limited, has declared a force majeure on Forcados exports. A statement from the firm, according to Reuters, explained that the action was taken as a result of an obstruction of a tanker path by a malfunctioning barge. The unfortunate incident left the company with no other option than to declare a force majeure on exports of Nigerian Forcados crude oil. SPDC stated that efforts were ongoing to lift the force majeure to resume crude oil lifting from the terminal. However, it stated

By Bliss Okperan A Bureau De Change (BDC) operator, Mr Atoyebi Bamidele, popularly known as Bam-Bam, has been remanded in prison by Justice Akintayo Aluko of the Federal High Court sitting in Lagos. The forex trader was brought before the court on the accusation of obtaining N157 million from traders in the popular Alaba Market in Lagos with a fake identity. He was arraigned by the Force Criminal Investigation Department in Alagbon-Ikoyi, Lagos, on Tuesday with a three-count charge. According to the prosecuting counsel, S.O. Ayodele, Bam-Bam, who runs an organisation known as Prosocial International Limited, “perpetrated the act between

By Adedapo Adesanya The Nigerian government, alongside its development partners, have proffered a roadmap to reduce the cost of production and the effects of incessant price volatility in the animal feed industry. This was a core message delivered by the Minister of Agriculture and Rural Development, Mr Mohammad Mahmood Abubakar, at the 2nd National Animal Feed Summit held in Abuja recently. He said that the summit, with the theme Harnessing Alternative Feed Resources for Sustainable Animal Feed Supply, aligned with the aspirations and agenda of the federal government to improve the animal feed policy, feed value chain, feed quality control

By Modupe Gbadeyanka The African Alliance Stockbrokers Limited has announced its resignation as a dealing member of the Nigerian Stock Exchange (NSE). In a notice dated Monday, July 24, 2017, and signed by its Council Secretary, Mojisola Adeola, the stockbroking firm disclosed that the resignation takes effect from Monday, July 31, 2017. Notice   is   hereby   given that African Alliance Stockbrokers Limited has resigned its Dealing Membership of the Nigerian Stock Exchange (NSE), effective July 31, 2017,” the notice said. “Any person(s) with any objection regarding the resignation of African Alliance Stockbrokers Limited Dealing Membership of the Nigerian Stock Exchange should