Oil Prices Down Amid Profit-Taking

By Adedapo Adesanya  The federal government, through the Nigerian Ports Authority (NPA), has announced plans to invest $1.1 billion to fully rehabilitate decaying port infrastructure at TinCan, Apapa, Rivers, Delta, Calabar, and Onne ports as part of efforts to improve the efficiency of the nation’s existing ports. Out of the estimated 47,000 kilometres of coastline in Africa, Nigeria makes up about 853 kilometres, creating the perfect opportunity to get access to its much-needed revenue. This coastline and a 200 nautical mile exclusive economic zone make up Nigeria’s coastline in the Gulf of Guinea. The coastline equals a maritime area of

By Dipo Olowookere Dangote Refinery and Petrochemical Limited will be listed on the floor of the Nigerian Exchange (NGX) Limited in the future, the Chairman of the company, Mr Aliko Dangote, has revealed. Mr Dangote, who is the richest man in Africa, confirmed this in an interview with the Financial Times published on Saturday. The refinery will join other businesses of Mr Dangote currently trading their equities on the NGX, Dangote Cement, Dangote Sugar, and NASCON. The oil facility, believed to be worth about $20 billion, was launched in May 2023 by the immediate past president of Nigeria, Mr Muhammadu

By Aduragbemi Omiyale The sum of N75 million has been disbursed to 15 small and medium-sized businesses (SMBs) in Nigeria to support their expansion drive. The funding package was given by Google’s Hustle Academy, with beneficiaries drawn from various industries, including agriculture, and fashion, among others. The 15 Nigerian small business owners were among the 5,300 entrepreneurs who graduated from the academy, designed by the tech giant to provide an avenue for participants to enhance their business skills and knowledge, and contribute to the growth of the continent’s economy. The recipients of the funding support are Ifeoma Augusta Anselem of

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By Dipo Olowookere The urgent need for the Federal Government as well as other states of the federation to take a cue from the financial and resource management technique of Lagos State in canvassing organizations and residents for prompt and adequate payment of taxes has been emphasised. This view was shared by the Lagos State Commissioner for Establishment Training and Pensions, Dr Akintola Benson Oke, during the Rotary 2018 Symposium in Ikeja recently. The Commissioner said business owners, individuals and private organizations should learn how to pay accurate taxes to enable government deliver on its mandate and provide the necessary

By Adedapo Adesanya The federal government has said it would establish the Nigerian Railways and Host Communities Security Committees as part of measures to curb the incidence of armed attacks on railway infrastructure and passengers in the country. The Minister of State for Transportation, Mr Ademola Adegoroye, disclosed this during his visit to the Tom Ikimi train station in the Igueben Local Government Area of Edo State, which was attacked by gunmen last Saturday. In a statement issued by the Director of Press and Public Relations in the ministry, Mr Henshaw Ogubike, it was disclosed that the government would take

The newly elected President of the United Nations General Assembly, Mr Tijjani Muhammad-Bande, has said his main focus will be on “peace and prosperity” for most vulnerable across the globe. According to him, the global reach of the United Nations makes it “the world’s best hope for peace and security, sustainable development and the promotion and protection of human rights and social progress.” Mr Muhammad-Bande, Nigeria’s current UN Permanent Representative, was elected to head the world body by acclamation on Tuesday in the General Assembly Hall in New York and will succeed Ecuador’s Maria Fernanda Espinosa. “Peace and security, poverty

By Modupe Gbadeyanka Lately, the stop rates of treasury bills at the primary market have been on the decline and at the last primary market auction (PMA), a slight depreciation was also recorded. This Wednesday, the Central Bank of Nigeria (CBN) is expected to rollover T-bills worth N58.50 billion. At the forthcoming exercise, the apex bank will auction 91-day bills worth N5.85 billion, 182-day bills worth N29.25 billion and 364-day bills worth N23.40 billion. As investors look forward to the treasury sale in two days’ time, analysts at Cowry Asset are of the view that the stop rates will further

By Mpakaboari Numbere Man’s environment has been a contemporary issue overtime, the human environment may be considered as the planetary space that borders human movement, work and perhaps interactions and habitations such as towns, villages, settlements and accessible virgin area. It is the set of biological and physical facts in space as modified by man. Man’s interaction with his environment has portrayed man as a powerful agent of spatial change, even though man himself undergoes temporal change. It can be said that man and the environment were created to interact with each other on balance basis. While the natural environment

By Adedapo Adesanya  Despite pointers showing oil prices were looking to continue gains in the new week, weak Chinese industrial data put a pin to hopes that the progress in the US-China trade deal will help increase oil demand. As a result of this, major futures depreciated from gains gathered during last week sessions. At Monday’s trading session, the Brent crude oil fell by 0.75 percent or 46 Cents to trade at $61.27 per barrel, while US West Texas Intermediate crude lost 1.5 percent or 85 cents to settle at $55. 81 per barrel. Prior to the release of the

By Dipo Olowookere A total sum of N5.9 trillion was shared from the Federation Account in 2017 by the Federal, the 36 States and the 774 Local Government Councils in Nigeria in 2017. This information was revealed by a new report released by the Economic Confidential, a sister publication of PRNigeria, a news release syndication platform. The amount was in spite of the economic recession witnessed during the period. It was revealed that while the Federal Government and its agencies received a total sum of N2.5 trillion, the other two tiers of government shared N3.3 trillion. The total allocation of