Oil Surges 4% as OPEC+ Surprisingly Retains Output

By Adedapo Adesanya The Minister of Power, Mr Adebayo Adelabu, has called for collective efforts to shape the energy sector in Nigeria, noting that no meaningful economic growth can be achieved without it. Mr Adelabu said this at the Nigeria Energy 2023 leadership summit recently held in Lagos, with the theme Unlocking new value with reforms, investments, and technology which saw in attendance industry leaders. The Minister said, “Energy is the lifeblood of any modern economy of which Nigeria is no exception. No meaningful economic growth or industrial development can be achieved without energy. “We can be talking of potential

By Adedapo Adesanya President Bola Tinubu has been charged by the Socio-Economic Rights and Accountability Project (SERAP) to investigate the allegations that over $15 billion of oil revenues and N200 billion budgeted to repair the refineries are missing and unaccounted for between 2020 and 2021, as documented by the Nigeria Extractive Industries Transparency Initiative (NEITI). In the letter dated September 23 and signed by SERAP deputy director, Mr Kolawole Oluwadare, the organisation urged him to “name and shame anyone suspected to be responsible for the missing and unaccounted for public funds and to ensure their effective prosecution as well as

By Adedapo Adesanya The Nigerian government is targeting an estimated $55.2 billion in oil and gas investments by 2030, according to the Special Adviser to the President Bola Tinubu on Energy, Mrs Olu Verheijen. She said the government has wrapped up a series of strategic engagements with 15 leading international and independent oil and gas companies operating in Nigeria. The President’s aide recently organised sessions in Lagos and Abuja in partnership with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to review ways to improve the sector and address the nation’s revenue emergency whilst contributing to stabilising Nigeria’s economy. Involved in

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange continued its weekly positive run as it extended its gains by 0.41 per cent in the 38th week of trading in this year. The bullish posture was supported by the improvements in the share prices of six companies admitted to the alternative stock exchange in Nigeria. This increased the NASD Unlisted Securities Index (NSI) by  2.30 points from 805.65 points in the previous week to 808.95 points, as the market capitalisation of the bourse was relatively unchanged on a week-on-week at N1.140 trillion. Food Concepts Plc led the price gainers’ after

By Modupe Gbadeyanka Transactions on the floor of the Nigerian Stock Exchange (NSE) remained bearish on Friday, pointing south by 2.45 percent at the close of the market. The All-Share Index (ASI) shed 806.3 absolute points to settle at 32,122.14 absolute points, while the market capitalisation depressed by N279 billion to close at N11.11 trillion. Furthermore, the YTD Return shortened to 19.53 percent, while the market breadth stayed negative as 33 stocks declined in contrast to 21 advancers. Dangote Cement emerged the biggest loser with N9.40k loss to close at N195.60k per share, while Nigerian Breweries shed N6.13k to end

By Dipo Olowookere World’s leading provider of one-stop licenses for standards and other technology platforms, MPEG LA, has said patent holders in MPEG LA’s AVC/H.264 Patent Portfolio License have enforced verdicts of injunction in German District court (Landgericht Dusseldorf) cases finding that Huawei Deutschland GmbH (Huawei) and ZTE Deutschland GmbH (ZTE) infringed patents by their use in mobile phones that implement the AVC/H.264 (MPEG-4 Part 10) Standard. Two cases were filed against Huawei and ZTE and at the Court of Appeals, the judges dismissed Huawei’s and ZTE’s requests for an immediate stay of the enforcement while the cases are under

By Dipo Olowookere Shareholders of Allianz Nigeria Insurance Plc have been assured that all efforts would be made to continue to give them value for their money. This assurance was given by Chairman of the insurer, Mr Fola Adeola, at the company’s 20th Annual General Meeting (AGM) held at the Federal Palace Hotel, Lagos on Friday, July 19, 2019. In his address to shareholders at the meeting, Mr Adeola said he was impressed with the company’s performance in the 2018 financial year despite the challenges experienced in the year. According to him, “I am delighted to report that Allianz Plc

By Adedapo Adesanya The pressure mounting of the local currency crashed the Naira to a new low at the Bureaux de Change (BDC) segment of the foreign exchange market in Abuja on Tuesday, July 28. According to data obtained by Business Post from the Association of Bureau de Change Operators of Nigeria (ABCON), the domestic currency depreciated against the Dollar at the market N6 yesterday to sell for N475/$1 compared to N469/$1 it went for on Monday. But against the Pound, the domestic currency gained N35 to close at N535/£1 versus N570/£1 and against the Euro, it appreciated by N64

By Jerome-Mario Utomi As a response to a recent intervention entitled Historical Perspectives on Nigeria’s Tertiary Education which among other things chronicled how Nigeria’s tertiary education originally got into trouble and with solutions on ways out of the debacle, I got several reactions/emails from esteemed readers. Indeed, all contributions were well appreciated, but two qualified as outstanding. The first queried; why can’t we as people forget the past and face the present/future? Why are you always in the habit of making reference to history? In my response, I started by quoting EH Carr’s observation that history is an unending dialogue

By Modupe Gbadeyanka Governor Ibikunle Amosun of Ogun State on Wednesday presented a budget estimate of N402.6 billion to the state parliament for the 2019 fiscal year. Mr Amosun, during the presentation at the Ogun State House of Assembly in Abeokuta, the state capital, called the 2019 Appropriation Bill a ‘Budget of Enduring Legacy.’ “2019 budget has been appropriately titled ‘Budget of Enduring Legacy’ to reflect our determination to deliver on our electoral promises to the optimal level, even as our tenure wraps up,” Mr Amosun explained. According to him, while the capital expenditure will gulp 63.10 percent of the

By Dipo Olowookere Nigerian stocks attracted N22.7 billion from investors last week, though the All-Share Index (ASI) and market capitalisation of the Nigerian Exchange (NGX) Limited depreciated by 0.16 per cent week-on-week to 47,202.30 points and N25.436 trillion respectively. Similarly, all other indices finished lower with the exception of NGX 30, banking, pension, insurance, NGX AFR Bank, NGX AFR Div. Yield, NGX Meri Value, consumer goods, oil/gas, and industrial goods indices, which appreciated by 0.07 per cent, 2.34 per cent, 0.46 per cent, 1.51 per cent, 0.32 per cent, 4.78 per cent, 2.03 per cent, 1.35 per cent, 0.29 per

Masimo (NASDAQ: MASI) has announced the CE marking for the paediatric indication for O3™ regional oximetry with the O3 pediatric sensor. Regional oximetry, also referred to as tissue or cerebral oximetry, helps clinicians monitor cerebral oxygenation. O3 regional oximetry uses near-infrared spectroscopy (NIRS) to continuously monitor absolute and trended regional tissue oxygen saturation (rSO2) in the cerebral region. Early detection and correction of imbalances in oxygen delivery to the brain and vital organs are important tools in helping patients avoid postoperative morbidity and adverse outcomes.1 With the release of the O3 pediatric sensor, O3 regional oximetry monitoring of rSO2 is