Oil Prices Drop as Cooling US Inflation Signals Rate Hike

By Adedapo Adesanya The Minister of Solid Minerals Development, Mr Dele Alake, has assured foreign investors of low production costs as they consider investing in the country’s mining sector. Speaking at the Mines and Money Conference in London, Mr Alake said President Bola Tinubu has embarked on reforms to boost investment by streamlining procedures and reducing hurdles to attract foreign investors. “The country’s geological bounty encompasses over 44 distinct mineral types, found in exploitable quantities across more than 500 locations,” the Minister said, according to a statement by his aide, Mr Kehinde Bamigbetan. “Recently, recognizing the evolving global landscape and

By Adedapo Adesanya The prices of oil benchmarks jumped by 2 per cent on Tuesday on the fresh possibility that the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) will extend or deepen supply cuts. Data showed that Brent crude futures gained $1.70 or 2.1 per cent to close at $81.68 a barrel and the US West Texas Intermediate (WTI) crude increased by $1.55 or 2.1 per cent to $76.41 per barrel after a drop in Kazakh oil output and a weaker US Dollar. OPEC+ is due to hold an online ministerial meeting on Thursday to discuss 2024

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 Adedapo Adesanya English football giants, Manchester United Football Club, have restructured key managerial positions with the promotion of John Murtough to Football Director and Darren Fletcher to Technical Director. The club in a statement released on Wednesday and seen by Business Post said the two new roles will further strengthen the football outfit’s operations. In his capacity, Mr Murtough will have overall leadership and responsibility for operations and strategy across all football functions, reinforcing the strong foundations already in place. Manchester United further said the new Football Director would build on past experience and work closely with the club’s

By Modupe Gbadeyanka For the first time since the onset of the Boko Haram crisis, hunger has considerably declined in north eastern Nigeria. In the three states ravaged by the violence, the number of people facing acute hunger has halved since June-August – from 5.2 million to 2.6 million people – according to the latest Cadre Harmonisé food security analysis. This is a major step forward thanks to an overall improved security situation, and the scaling-up of humanitarian and longer-term livelihoods assistance by the government and its partners. The report warns, however, that without sustained and timely assistance, all good

By Jerome-Mario Utomi It is no longer news that across the globe, there exists persistent call on nations, regions and continents to shift toward a more varied structure of domestic production and trade as it is not only a strategy to encourage positive economic growth and development but with a view to increasing productivity, creating jobs and providing the base for sustained poverty-reducing growth. What has however caused concern is the paltry number of nations and leaders particularly in Africa as a continent that has keyed into such relentless calls. Adding fillip to the above worry/claim is the well quoted

By Dipo Olowookere The nation’s main stock exchange closed 0.18 per cent higher on Friday amid sustained bargain hunting by investors, especially in the energy and financial sectors. Data from the Nigerian Exchange (NGX) Limited showed that the oil/gas space grew by 2.10 per cent yesterday and was trailed by the insurance counter, which appreciated by 1.47 per cent. In addition, the banking sector improved by 1.23 per cent, the industrial goods index appreciated by 0.34 per cent, while the consumer goods sector depreciated by 0.42 per cent. At the close of business, the All-Share Index (ASI) increased by 77.46

By Modupe Gbadeyanka Latest data released by the Central Bank of Nigeria (CBN) has revealed that the country’s external reserves improved by 16 percent in the first half of 2017. As at Thursday, June 29, 2017, when the apex bank last updated amount left the in reserves, it stood at $30.27 billion. But at the beginning of this year, Nigeria’s foreign reserves stood at $26.09 billion, but closed the first half at $30.27 billion, representing a gain of $4.18 billion or 16.02 percent growth. Last Wednesday, Business Post reported that the country’s external reserves have been recording a steady improvement

By Dipo Olowookere Shareholders of Law Union and Rock Insurance Plc will receive N1.23 for each share of the company with them, the underwriting firm has confirmed. This followed the acceptance of the offer from the new owners of the organisation, Verod Capital Management, a statement issued last Friday disclosed. Law Union shareholders are giving up all their stakes in the company so as to keep the organisation alive as it plans to raise funds to remain in business. According to Law Union, the board struck this deal and payment from Verod Capital so as to get full value for

By Nneka Okumazie The advances of humanity and continuous possibility splatter knowledge of the capability of smartness, but, maybe not really. Yes, there are lots of problems in the past that have become almost nothing. There are also new ways to handle or think about situations common in human experience. But, at any time, in terms of present problems, there is often a lot of confusion or almost total ignorance – privately or otherwise. There are bad options that people just often say, there is no better idea. There are major problems that the solution is nothing but a new

By Adedapo Adesanya The Asset Recovery Agency (ARA) in Kenya has dropped lawsuits against three Nigerian firms, Avalon Offshore Logistics Limited, OIT Africa Limited, and RemX Capital Limited after their bank accounts were frozen over suspicion of money laundering and crime. A Kenyan high court lifted a freeze order on KSh 5.6 billion belonging to the three companies after the ARA told the court that the response that the companies gave for holding these funds was satisfactory. The agency’s probe into the companies started in February of this year when the agency claimed to have gotten information that these companies