Oil Prices Down by 1% as US Fed Pauses Interest Rate Hike

By Adedapo Adesanya The Naira depreciated in the opening session of the week in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, November 27 against the Dollar by N19.71 or 2.5 per cent as the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, said the lender was committed to clearing a backlog of foreign exchange (forex). “We have initiated the payment of unsettled forward foreign exchange obligations, and these payments will continue until all obligations are cleared,” he told bankers last Friday during a dinner speech in Lagos. However, his assurance could not ease the pressure

By Adedapo Adesanya Appreciation in the prices of three stocks saw the NASD Over-the-Counter (OTC) Securities Exchange closed with a 1.36 per cent rise on Friday, November 24 despite efforts by two equities to bring down the market. Aradel Holdings Plc recorded a N79.20 appreciation to sell at N871.20 per share compared to the previous day’s N792.00 per share, FrieslandCampina Wamco Nigeria Plc increased by N2.82 to close the day at N74.00 per unit versus Thursday’s closing price of N71.14 per unit, and UBN Property Plc jumped by 15 Kobo to finish at N1.65 per share, in contrast to the

By Modupe Gbadeyanka The Nigerian National Petroleum Company (NNPC) Limited is planning to grow its revenue to N4.5 trillion as it plans to end the importation of premium motor spirit (PMS), otherwise known as petrol, by December 2024. The chief executive of the company, Mr Mele Kyari, while speaking on Thursday, said the nation would not need to rely on fuel from outside the country because its refineries would have been fully operational. Nigeria is currently revamping its four refineries to make the product available to residents of the country as it officially stopped the payment of subsidy on petrol

By Adedapo Adesanya Brent crude benchmark dipped below $80 a barrel on Monday, precisely losing 60 cents of 0.7 per cent to trade at $79.98 a barrel as investors await this week’s meeting of the Organisation of the Petroleum Exporting Countries and their allies (OPEC+). The group is anticipated to maintain its ceiling on crude oil production by member countries into 2024. This affected the oil market, with the West Texas Intermediate (WTI) crude futures declining yesterday by 68 cents or 0.9 per cent to trade at $74.86 per barrel. Last week, the 23-man OPEC+ postponed its Sunday ministerial meeting

By Adedapo Adesanya Nigeria exceeded the volume of crude oil it was allowed to produce between May 2020 and July 2020 by 111,000 barrels per day. This information was revealed in the monthly supply cut compliance figures of the Organisation of the Petroleum Exporting Countries (OPEC). This made Nigeria, the Africa’s largest producer of the commodity the second-highest laggard behind Iraq. Nigeria, going by the deal it signed with OPEC+ to stabilise the oil market in late April 2020., was supposed to supply 1.412 million barrels per day from May to July, but in May, it supplied 1.584 million barrels

By Nneka Okumazie There are possibilities that some black personalities could undo years of efforts in civil rights and towards racial equality. The objective was for equal opportunity for African Americans to do better economically, socially, culturally and in other ways against what the experience had been, from those who were forced to come to the continent for unfair labour. Although there has been progress for decades and it continues, some black personalities have taken it to another direction, to say whatever they want against others under cover of having some protection because of prior subjugation. There is a music

By Modupe Gbadeyanka A deal has been singed between Hilton and Transcorp Hotels Plc to allow the former manage Transcorp Hilton Hotel in Abuja for an additional 20 years. Transcorp Hotels Plc is a subsidiary of Transnational Corporation of Nigeria Plc (Transcorp Plc), the largest listed conglomerate on the Nigerian Stock Exchange (NSE), and with the new deal, Hilton will manage the property until 2037. The hotel, which is a national landmark for having hosted countless heads of state and global events like the World Economic Forum on Africa, has been operated by Hilton since its opening in 1987. Speaking

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a marginal drop of 0.02 per cent on Thursday, October 5, amid a surge in the volume of securities traded at the bourse by 1,159.01 per cent to 5.3 million units from the 422,250 units transacted on Wednesday. Though the value of transactions increased, it was by 13.1 per cent to N10.5 million from the N9.3 million posted a day earlier, as the number of deals expanded by 25.00 per cent to 20 deals from the 16 deals carried out in the preceding trading day. Despite the rise in the

By Dipo Olowookere Shares of ARM Life Plc have been delisted from the trading platform of the NASD over-the-counter (OTC) Securities Exchange, Business Post has confirmed. The company’s securities were removed from the unlisted securities market by the exchange on Monday, March 1, 2021, after the firm was acquired by Tangerine Life Insurance Limited. In February 2020, both companies said they were exploring each other’s strengths to form an impressive new enterprise that will delight its customers with its quality products and commitment to their satisfaction. Tangerine Life has a very strong presence in the corporate market segment of the

By Modupe Gbadeyanka Electricity supply to the Zamfara State Government House and other government offices in Gusau has been cut off by the Kaduna Electric. This followed failure of the government to pay the electricity firm about N400 million it owes as electricity bill. Confirming this, Kaduna Electric’s Business Development and Relationship Officer in Gusau Area Office, Mr Aminu Yakubu, said his firm disconnected the Zamfara State Government House following the failure of the state government to settle its bills. Mr Yakubu said the state government, which had a monthly electricity bill of between N15 million and N20 million, was

By Aduragbemi Omiyale The Nigerian economy is predicted to grow in 2022 by 3.4 per cent, the International Monetary Fund (IMF) has said in its latest report. The global lender said on Tuesday that it does not believe anything could trigger a change in Nigeria’s growth forecast for the year at the moment. The nation’s economy has been in a bad shape as a result of several factors, including insecurity across the country, foreign exchange (FX) scarcity, low earnings from crude oil sales despite a hike in prices in the global market, and a rising inflation due to increase in

By Adedapo Adesanya The Nobel Committee has awarded the 2023 Nobel Peace Prize to jailed Iranian activist, Ms Narges Mohammadi, for her fight against the oppression of women in Iran and her fight to promote human rights and freedom for all. In a statement announced on Friday, Ms Mohammadi was recognised for her brave struggle which has seen her arrested 13 times, convicted five times, and sentenced to a total of 31 years in prison and 154 lashes. As of the moment of her recognition for the prize, Ms Mohammadi is still in prison after her role in the largest