Oil Prices Drop as Russia Modifies Fuel Export Ban

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 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 The duo of NASD Plc and Central Securities Clearing System (CSCS) Plc sank the NASD Over-the-Counter (OTC) Securities Exchange by 0.04 per cent on Thursday, November 23. They caused the NASD Unlisted Security Index (NSI) to lose 0.35 points at the close of transactions, ending at 845.81 basis points compared with Wednesday’s closing value of 846.16 points. Also, the market capitalisation of the exchange went down by N460 million to remain relatively flat at N1.147 trillion. During the session, NASD Plc shed 65 Kobo to end the day at N12.65 per share versus the midweek session’s N13.30

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, November 27 as expectations of renewed confidence that the Central Bank of Nigeria (CBN) would offer stability to the market. Before the market closed, there were indications that the CBN Governor, Mr Olayemi Cardoso, would share his plans for the Nigerian economy at a dinner for bankers in Lagos and this boosted a fresh hope, considering he had not offered a direction prior then. In the official market, the domestic currency gained N161.44 or 16.9 per cent against the Dollar

By Dipo Olowookere One of the leading independent investment banking firms in Nigeria, Afrinvest, has predicted a 2.7 percent rise in the country’s Gross Domestic Product (GDP) in the third quarter of this year. The National Bureau of Statistics (NBS) is expected to release the GDP for the Q3 of 2017 on Monday morning. In the second quarter of this year, the Africa’s largest economy posted a marginal GDP growth of 0.55 percent and this pulled Nigeria out of recession it slipped into last year. In the first quarter of 2017, according to the NBS, Nigeria’s GDP contracted by 0.52

By Timi Olubiyi, PhD The number of small businesses keeps growing in the formal and informal sectors of the Nigerian economy, due to the role of small businesses as the live-wire of any economy and the backbone of major developed economies the world over. Though Nigeria rely majorly on oil and revenues derived from it, from context observation the economy is largely supported by small businesses covering almost all spheres of activities within the country, ranging from nano, kiosk, and micro-businesses most importantly. A visible reference usually includes the vulcanizers, corner shop owners, single retail marketers, repairers, painters, business centre

By Adedapo Adesanya Oil prices on Tuesday fell after surging over the weekend and on Monday, following a set of coordinated attacks on Saudi Arabia’s oil supply. The two Saudi facilities attacked account for about 50 percent of the country’s oil output and 5 percent of daily global oil production. Saudi Arabia has said its oil output will return to normal by the end of this month, with half the production lost in drone attacks on two key facilities already restored. The news immediately affected the oil markets, with the price falling on Tuesday after Monday’s huge spike. Brent Crude,

By Dipo Olowookere As part of its commitment to champion a ground breaking innovation in the collection of internally generated revenue (IGR), top Nigerian lender, Fidelity Bank Plc, has partnered with a leading electronic financial transactions company and owners of Remita, SystemSpecs, to launch a more convenient collection and remittance of Federal Government Revenues via its Unstructured Supplementary Service Data (USSD) channel (*770#). The initiative, first of its kind in the industry, is in response to some of the challenges faced by millions of customers when making their tax payments and remittance and the need for all tiers of government

By Dipo Olowookere Yesterday, the Central Bank of Nigeria (CBN) released the sum of $195 million into the foreign exchange market. This decision was part of its efforts to ensure those who need forex for genuine transactions continue to get it without troubles. A breakdown of the intervention showed that the amount was disbursed to three segments of the forex market; the wholesale Secondary Market Intervention Sales (SMIS), the Small and Medium Enterprises (SMEs) and the invisibles segments. It was gathered that while the wholesale Secondary Market Intervention Sales (SMIS) received $100 million, the Small and Medium Enterprises (SMEs) window

Five undergraduates of the University of Ibadan in Oyo State have won N1 million at the Professor Ayodele Awojobi Design Competition (PAADC) for a solution that leverages robotics and artificial intelligence to solve societal problems. Hive, an Andela-like students-led learning community that builds robots to solve Nigeria’s social problems while teaching relevant industrial skills, won a keenly contested competition at the third annual edition of PAADC, held at the University of Lagos Main Auditorium recently, beating 49 other teams from 20 African tertiary institutions to clinch the grand prize, as well as pro bono venture building and mentoring support, all

By Dipo Olowookere The African Union-United Nations Mission in Darfur (UNAMID) has welcomed the unilateral six-month cessation of hostilities jointly declared by, among others, the Sudan Liberation Army-Minni Minnawi (SLA-MM) and the Justice and Equality Movement-Gibril (JEM-Gibril), which entered into effect on 31 October 2016. UNAMID also noted and hailed the earlier announcement by President Omar Al Bashir on 10 October of a unilateral cessation of hostilities till the end of this year. Although mindful of existing challenges, UNAMID said it acknowledges the positive opportunity such a cessation of hostilities offers. The body said it is hoped that such gestures

By Dipo Olowookere Africa’s largest digital media reseller, Ad Dynamo, has announced plans to invest massively in Nigeria by educating thousands of Nigerians in digital media. The digital media sales firm, which was acquired in January 2022 by a leading global enabler of digital advertising, Aleph Group, intends to achieve this goal through Aleph’s signature education program, Digital Ad Expert, which is hosted on the group’s proprietary learning platform. Aleph has set a goal of educating 50,000 digital learners worldwide with digital marketing skills, and Nigeria is a big part of this ambition. Aleph’s educational programs are free and will