Oil Prices Fall as Fresh Lockdown Threatens Recovery

By Adedapo Adesanya A milk-producing company, FrieslandCampina Wamco Nigeria, helped the NASD Over-the-Counter (OTC) Securities Exchange return to the green territory by 0.54 per cent on Wednesday, November 29. The firm improved its value by N3.50 in the midweek session to settle at N73.50 per share compared with the previous day’s closing price of N70.00 per share. It suppressed the 10 Kobo decline posted by Central Securities Clearing System (CSCS) Plc, which ended lower at N17.00 per unit versus Tuesday’s value of N17.10 per unit. Consequently, the market capitalisation of the alternative stock exchange went up by N6.28 billion to

By Adedapo Adesanya The Naira put up a weak performance against the United States Dollar across the various segments of the foreign exchange (FX) market on Thursday. November 30, 2023, the last trading session of the month. In the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, which is the official market, the Nigerian currency lost 0.1 per cent or 85 Kobo against the greenback during the session to settle at N832.32/$1 compared with the preceding day’s value of N831.47/$1. A slight strain in the supply of forex into the spot market was partly responsible for the weakening of the local

By Adedapo Adesanya Nigeria will accept and work with a production quota of 1.5 million barrels of crude oil per day in 2024 as the country aims to grow on the back of its oil resources, following a revision done by the Organisation of the Petroleum Exporting Countries and its allies, OPEC+. According to a statement issued by the Press and Public Relations unit of the Ministry of Petroleum Resources, Thursday’s meeting of the 23-man group addressed crucial aspects, including the completion of assessments by independent sources (IHS, Wood Mackenzie, and Rystad Energy) on the projected production levels for Angola,

By Adedapo Adesanya The week opened with continued pressure pilling on the Naira as it sold for N475 per Dollar at the black market segment of the foreign exchange market on Monday. Last Friday, the local currency had closed at N472/$1 at the parallel market, but at the first session of the week, it depreciated by 0.64 per cent or N3. The local currency at the same segment lost N1 against the Pound to close at N583/£1 compared with the previous N582/£1, while against the Euro, the Naira shed N5 to close N535/€1 in contrast to N530/€1 it previously traded.

By Modupe Gbadeyanka A group known as the National Alliance for Democratic Governance (NADG) has condemned what it described as “unwanted attacks on the founder and leader of Movement for the Actualisation of Sovereign State of Biafra (MASSOB) and the Biafra Independent Movement, Mr Ralph Uwazurike, over his support for the presidential ambition of Governor Yahaya Bello of Kogi State.” Mr Uwazurike had thrown his weight behind the presidential ambition of Mr Bello and this incurred the wrath of an apex Igbo socio-cultural organisation, Ohanaeze Ndigbo, and others. The action of the critics of the MASSOB leader did not go

By Dipo Olowookere Ghana’s 400 megawatts Bridge Power plant project in Tema has received a boost with the supply of the power generation equipment for the project by GE. The equipment, which will be used in the first phase of the project, will collectively generate 200 MW of power, while an additional 200 MW of power would be deployed in stage two of the project. The equipment scope includes GE’s TM2500 gas turbine generator sets and GE’s steam turbines in a combined cycle (CC) configuration. This will be the first time the TM2500 gas turbines will be used in a

By Modupe Gbadeyanka A mobile insurance service has been introduced into the country by Zenith General Insurance Company Limited (commonly known as Zenith Insurance) in partnership with MTN Nigeria, a telecommunications giant. The service will enable users to have access to product through the use of the USSD code *5966#. Some of the products offered include Third Party Motor Insurance and Personal Accident Insurance. Speaking at the launch of the product at the Civic Centre, Victoria Island, Lagos on Wednesday, March 18, 2020, the Chief Operating Officer, MTN Nigeria, Mr Mazen Mroue, said, “Financial Inclusion is imperative for economic development

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By Adedapo Adesanya The Naira appreciated by N1.10 or 0.27 per cent on the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange market on Monday, March 15. During the trading session, the domestic currency was exchanged by traders at N408.90/$1 in contrast to N410/$1 it was sold last Friday. It was observed by Business Post that the Nigerian currency was able to ‘bully’ its American counterpart at the FX window yesterday due to lower demand for forex by customers. At the market on Monday, the value of transactions recorded waned by 20.7 per cent or

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By Modupe Gbadeyanka The Kwara State Social Investment Programme (KWASSIP) said it has received a total of 342 applications for the N500 million small and medium enterprise (SME) recovery fund announced by the state government. Last month, the Kwara State government announced the establishment of N500 million fund aimed to assist owners of shops, malls and others looted by hoodlums in the state. Governor of Kwara State, Mr AbdulRahman AbdulRazaq, had during a visit to the Kwara Mall and Agro Mall explained that the funding package was to reduce the negative impact the looting could have on the economy. “We