Oil Rises as Global Supplies Tighten Further

By Dipo Olowookere Renewed buying interest in consumer goods stocks saved the Nigerian Exchange (NGX) Limited from collapsing on Tuesday, as it finished higher by 0.71 per cent at the close of trading activities. The trading session saw Ellah Lakes ending as the best-performing stock after its value rose by 10.00 per cent to N3.63, leading the gainers’ chart of 35 members. Berger Paints rose by 9.95 per cent to close at N11.60, eTranzact grew by 9.93 per cent to N8.08, Oando improved by 9.92 per cent to N13.30, and Chams also jumped by 9.92 per cent to N1.33. Business

By Adedapo Adesanya After three sessions of gains that followed extended production cuts from Saudi Arabia and Russia, oil prices fell on Tuesday as investors took profits, leaving the Brent crude futures down by 9 cents to $94.34 a barrel after it hit a session peak of $95.96, as the US West Texas Intermediate crude futures dropped 28 cents to close at $91.20 per barrel after earlier reaching $93.74 a barrel, also the highest since November. Despite the profit-taking, expectations remain that Brent will trade in a range of $90-100 per barrel over the coming months, with a year-end target

By Adedapo Adesanya The distributors of petrol and other fuels in Nigeria said they can no longer sustain the distribution of the products nationwide as the price of diesel used to power their trucks is now N1,100/litre in many locations. The marketers, under the aegis of the National Oil and Gas Suppliers Association of Nigeria (NOGASA), raised the concern in a statement on Tuesday. The president of the group, Mr Benneth Korie, said that diesel has witnessed incessant hikes in recent months, lamenting that the development has been worsened by marketers’ inability to secure cheap bank loans that will enable

By Adedapo Adesanya President Bola Tinubu has said Nigeria is ready for business in the oil sector, stressing that he is ready to tackle all the issues relating to businesses in the country. He stated this in New York on Monday while playing host to a delegation consisting of the global leadership of an oil and gas transnational giant, ExxonMobil. According to a Tuesday statement by the presidential spokesman, Mr Ajuri Ngelale, the country is no longer settling for crumbs and leftovers on the investment agenda of the world’s most prolific energy conglomerates. “Nigeria has never been more ready for

By Nneka Okumazie There are varying areas of human weakness – but common quadrangles are religion [or beliefs], race, politics [or ideology], and sexuality [or gender]. An individual can be incredible at whatever they do but belonging or accepting with any of the four in ways others may find objectionable. Some intelligent people say Christianity is not for them or hold answers. Some Christians also cannot understand how someone would not believe in God, a Spirit if there is no physical evidence. This applies to other religions or beliefs as well. Those four factors should not lead to how others

By Jerome-Mario Chijioke Utomi Talking about the theory of value judgment, media professionals are of the view that ‘the function of the press is very high, almost holy and to misstate or suppress information is a breach of trust. Moral philosophers, on their part, are also worried over the issue of standards for evaluating leadership performances. Some prefer the purpose of action shown in the ethical theories. Others prefer the nature of action to its purpose. Some still prefer the usefulness of action. Whereas, the rest talk about the relevance of duty performed by a leader to the subjects. In

By Adedapo Adesanya  Oil prices on Monday gained following positive comments from the world’s two largest economies. The latest development on the US-China trade talk brought about hopes for the global market. Following this, Brent crude traded up by 29 cents or 0.46 percent to settle at $62.66 per barrel, while the US West Texas Intermediate (WTI) crude settled at $58.04 per barrel after gaining 27 cents or 0.47 percent. The premise that the United States and China could soon complete the phase one deal to end the 16 months tariff war is a good arrangement for oil prices. Monday’s

By Adedapo Adesanya Crude oil prices rebounded by more than 4 per cent on Friday on concerns that it could take weeks to dislodge a giant container ship blocking the Suez Canal, possibly squeezing supplies of crude and refined products. At the market yesterday, the price of the international benchmark, the Brent crude futures, gained $2.56 or 4.13 per cent to trade at $64.51 per barrel, while the US benchmark, the West Texas Intermediate (WTI) crude futures, went up by 4.12 per cent or $2.41 to sell at $60.97 per barrel. The premise has risen when a ship blocked the

By Adedapo Adesanya The Asset Management Corporation of Nigeria (AMCON) has taken over the assets of two companies: Safequip Nigeria Limited and R.C. Omeaku & Sons Limited over debts worth more than N800 million. The assets confiscated by the agency were a commercial property situated at Egbeada, KM 4 Orlu Road; a property at 14, Okigwe Road; 175 Tetlow Road; 2, Douglas Road, 13, Royce Road; and 2, Ogugba Street, all in Owerri, the Imo State capital. In a statement by Mr Jude Nwauzor, spokesman of AMCON, it was disclosed that before the properties were seized, “all known peaceful means

By Dipo Olowookere President Muhammadu Buhari has expressed deep sorrow and regret over the Sunday train disaster in India that killed more than 100 passengers near Pukhrayan. The President, who received the news of the train derailment and heavy loss of lives, expressed great sorrow and profound shock as he commiserates with the Indian Prime Minister, Mr Narendra Modi and the families of the victims. A statement issued on Sunday by his spokesman, Mr Garba Shehu, quoted President Buhari as saying that, “The loss of human life on whatever scale, and anywhere, is bad enough,” adding that “the world becomes

By Dipo Olowookere A mobile cancer clinic worth N365 million has been donated to a non-governmental organisation in the forefront of cancer awareness, Committee Encouraging Corporate Philanthropy (CECP), by the Lagos State government. The clinic was handed over to the organisation last Wednesday by Governor Akinwunmi Ambode for the diagnosis and treatment of residents afflicted with cancer-related diseases as well as increase advocacy to prevent the spread of the scourge. Speaking at the handing over ceremony held at the Lagos House in Alausa, Ikeja, Mr Ambode explained that the gesture was in fulfilment of his promise made in June 2016

The image many have of a meeting of leaders of business and government is of a room filled with people aged 50-70, even 80 years old, discussing the narratives that will shape the world. But the decisions from such meeting will not impact their generation, they will impact young people. Over 50% of the world’s population is under the age of 27. So, if someone is going to decide to shape the future, the youth, have to be part of that dialogue; a bigger part of this narrative of co-creating the future. Professor Klaus Schwab, Founder and Executive Chairman of