Oil Rises on Gabon Supply Fears, US Crude Inventories Draw

By Precious Olisa The Nigerian Extractive Industries Transparency Initiative (NEITI) has said the Nigerian National Petroleum Company (NNPC) Limited only remitted 57.27 per cent of the revenue it generated in 2021 to the federal government. The agency made this claim in a report released earlier this week, noting that the country generated $23.05 billion from the oil and gas sector in 2021 compared with the $20.43 billion achieved in 2020, with the NNPC and others keeping some funds back. Analysis showed that about $8.67 billion came from the sale of crude oil and gas, $13.37 billion was from taxes and

By Aduragbemi Omiyale The Nigerian Exchange (NGX) Limited is looking to drive gender equality and sustainable development in the country through strategic instruments like gender bonds and gender-themed sustainable financing mechanisms. The local bourse said it hopes to achieve this goal by collaborating with a global organisation like the United Nations Women (UN Women). According to the Divisional Head of Business Support Services and General Counsel at NGX, Ms Irene Robinson-Ayanwale, there is a need to galvanize public and private sector stakeholders to the development and adoption of gender-responsive instruments in Nigeria’s capital market and mobilise public and private capital

By Adedapo Adesanya Ahead of next week’s Monetary Policy Committee (MPC) meeting scheduled for Monday, September 25 and Tuesday, September 26, the Lagos Chamber of Commerce and Industry (LCCI) has called on the Central Bank of Nigeria (CBN) to pause its interest rate hike. In a statement signed by the Director-General, Mrs Chinyere Almona, the group said this was necessary to relieve Nigerians of the pressure on the supply side following a further surge in the inflation rate. The National Bureau of Statistics (NBS) revealed last Friday that the average cost of goods and services rose by 25.80 per cent

By Dipo Olowookere Ellah Lakes Plc can now go ahead with its plans to raise fresh capital through a rights issue to shareholders, the Securities and Exchange Commission (SEC) has declared. In 2022, shareholders of the company authorised the board to source about N2.90 billion. The board later filed an application to the SEC to carry out the transaction. In an update on Wednesday, Ellah Lakes informed the investing community that the apex regulatory agency for the country’s capital market had approved its request. The firm, which operates in the agricultural sector, intends to get N2.90 billion from shareholders from

By Modupe Gbadeyanka Newly appointed Director General of the Lagos State Safety Commission (LSSC), Mr Hakeem Dickson, has pledged to ensure that every building in the state has an insurance cover to mitigate the devastating effects of disasters. Mr Dickson gave this assurance while addressing members of the Lagos State House of Assembly during plenary as part of the exercise to approve his nomination as the head of the commission. The House had in the recent past directed Mr Dickson to vacate his headship of the commission for failure to get clearance from the House. The DG, who tendered unreserved

By Dipo Olowookere It was a woeful year for the independent manufacturer and distributor of the well-known and widely consumed brands of soft drinks, 7up Bottling Company Plc, as the economic situation took its toll on the firm. In its financial year ended March 31, 2017, the company suffered a loss of N10.7 billion, making the firm not to pay dividend to its shareholders this year against N1.60 per share paid to them last year. This is the first time in five years the firm was not paying dividend to its shareholders. Business Post observed that 7up Bottling Company Plc

By Adedapo Adesanya The Economic and Financial Crimes Commission, (EFCC) has arraigned three persons before Justice J.K. Omotosho of the Federal High Court in Port Harcourt on two count charges bordering on conspiracy and illegal dealing in petroleum products without an appropriate licence. The suspects, Enemo Okoria, Ebhofage Brown and Francis Dapagamo, were arraigned along with a tugboat DP28 and a firm, Diesel Power Nigeria Limited. According to EFCC, the accused persons were arrested along the Onne waterways on April 20, 2018, by operatives of the Nigerian Navy Ship, NNS Pathfinder while transshipping 261,000 litres of suspected illegally refined automotive

Attracting new clients is essential for the growth and success of any business. Here are 14 effective tips to help you attract new clients and boost your business: Network, Network, Network Networking is one of the simplest and most cost-effective ways to bring in new clients. Attend business conferences, join groups and organizations, and connect with other business owners within your industry. Building relationships and making connections with potential clients is a great way to get your name out there and generate new business. Leverage Social Media Social media is a powerful tool for attracting new clients. Create a strong

By Adedapo Adesanya The Naira appreciated against the US Dollar on Tuesday by 46 kobo or 0.11 per cent on the spot market, closing at N410.67/$1 compared with the previous day’s N411.13/$1. The on the spot market is the channel created by the Central Bank of Nigeria (CBN) for heavy foreign exchange (FX) traders called the Investors and Exporters (I&E) segment. During the session, Business Post observed that the value of transactions jumped by 31.3 per cent or $30.57 million to $128.11 million from the previous day’s turnover of $97.54 million. But despite the increase in the day’s turnover, the

By Modupe Gbadeyanka Provider of imaging technologies and services, Canon Central and North Africa (CCNA), has again redefined the frontiers of photography and filmmaking with the launch of the pioneering EOS R System. Over thirty years on from the original, era-defining EOS launch, the bold, new EOS R System will once again expand photographic possibilities in countless ways. The new RF lens mount has been engineered with the perfect blend of optical, mechanical and electronic design to capture unique moments in previously impossible ways. Since its inception in 1987, the EOS System – including Cinema EOS – has grown into

By Dipo Olowookere Leading financial services corporation serving institutional and individual investors in frontier emerging markets, EFG Hermes, has for the first time been ranked as the number one frontier market brokerage firm in the Extel Survey 2018, advancing from the 9th place last year. The nod from the high-profile industry survey comes just two years into EFG Hermes’ drive to expand beyond the Middle East and North Africa into frontier emerging markets. Prior to this prestigious ranking, EFG Hermes was named the top Africa Ex-South Africa Equities House at the Financial Mail Top Analyst Awards 2018, solidifying its strong

By Modupe Gbadeyanka Minister of Labour and Employment, Mr Chris Ngige, has expressed shock over media reports credited to the National Chairman of the National Association of Joint Health Sector Unions (JOHESU), Comrade Biobeleye Joy Josiah, that the Federal Government should be blamed for the union’s on-going strike, accusing the Labour Minister of travelling the day he was supposed to meet with the union. Mr Ngige, while speaking on Tuesday at the conciliation meeting with JOHESU, which also had the Minister of Health, Prof Isaac Adewole, as well as relevant government agencies in attendance, confronted Comrade Biobeleye over the alleged