OPEC Forecasts Global Oil Demand Growth of 5.89mb/d for 2021

By Adedapo Adesanya The boards of insurance companies operating in the country have been charged by the National Insurance Commission (NAICOM) to embrace the measures put in place to tackle the challenges of unpaid claims. The Commissioner for Insurance, Mr Sunday Thomas, expressed worry over the number of outstanding claims in the sector despite efforts by the regulator to address the issue. Mr Thomas, who is also the chief executive of NAICOM, said the organisation, in collaboration with members of the Insurers’ Committee, has taken decisions and incepted measures designed to tame the menace of unpaid claims. Speaking at the

By Adedapo Adesanya  Angola, one of Africa’s top crude oil producers and a key member of the Organisation of the Petroleum Exporting Countries (OPEC), has officially rejected the proposed production quota for the year 2024 and may even exit the group. This was signalled by Mr Diamantino Pedro Azevedo, Angola’s Minister of Energy and Mineral Resources, confirming the nation’s decision and indicating a divergence from OPEC’s suggested allocations for both member and non-member countries. The announcement was made during the 26th OPEC+ Meeting on Thursday, where the organisation proposed 1.11 million barrels of crude oil per day production quota for

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigeria Autonomous Foreign Exchange Market (NAFEM) and the unregulated Peer-to-Peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, November 29 as President Bola Tinubu reiterated his administration’s promise to meet its obligations. Speaking during the presentation of his administration’s N27.50 trillion 2024 budget proposal to the joint session of the 10th National Assembly on Wednesday, Mr Tinubu said, “Despite the challenges, we continue to meet our obligations.” In the official NAFEM segment of the market, the value of the local currency went

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 Modupe Gbadeyanka The Nigerian National Petroleum Corporation (NNPC) has said that there is enough petroleum products in-country to provide for the needs of every Nigerian for a period of 36 days. The agency, therefore, stressed that there was no plan to increase the pump price of Premium Motor Spirit (PMS), also known as petrol, from its present N145 per litre. It pointed that the recent increase in bridging allowance to transporters from N6.20 to N7.20 per litre will not lead to an increase in the pump price of the product. Providing the clarification in Abuja on Wednesday, the Chief

By Modupe Gbadeyanka The management of Berger Paints Plc has announced the appointment of Mrs Modupe Oguntade as its Acting Managing Director/Chief Executive Officer. Before her recent appointment, Mrs Oguntade was the Chief Financial Officer of Berger Paints Nigeria Plc. A statement issued by the firm disclosed that the appointment of Mrs Oguntade is effective January 7, 2019. She is replacing Mr Peter Folikwe, who will be exiting the board, having completed his four year tenure as Managing Director of the company. In the statement, the board expressed its gratitude to Mr Folikwe for his services to the company, noting

By Dipo Olowookere The World Trade Organisation (WTO) has asked Nigeria to remove trade prohibitions and market restrictions in line with global free market policy that facilitates free trade across borders. This formed the crux of media interaction held yesterday in Abuja with a delegation from the WTO which is in Nigeria for the country’s 5th Trade Policy Review. The Counsellor, Head – African and Management on Trade Policies Review Division of the WTO, Jacques Degbelo, said the goal of WTO is to ensure that all countries promote exports but in doing so, no country should restrict imports. “Trade means

By Modupe Gbadeyanka The plan by the 36 state governors to borrow N17 trillion from the pension funds is not going down well with the Socio-Economic Rights and Accountability Project (SERAP). The group has now written an open letter to President Muhammadu Buhari to block this move, arguing that this would be “detrimental to the interest of the beneficiaries of the funds, especially given the vulnerability of pension funds to corruption in Nigeria, and the transparency and accountability deficits in several states.” In a letter dated December 5, 2020, SERAP, through its deputy director, Mr Kolawole Oluwadare, described this proposed

By Philip Odiakose Media monitoring and intelligence have become increasingly important in the digital age. With the vast amount of information available online, media monitoring provides businesses, organizations, and individuals with valuable insights into clients’ media mentions, public opinion, industry trends, competitive media share, media sentiment and emerging issues. However, as the use of media monitoring and intelligence continues to grow, so do the ethical concerns surrounding their use. In this article, I will explore the ethics and practice of media monitoring and intelligence, including the potential risks and benefits, as well as the best practices for using them responsibly. Benefits of Media Monitoring and

By Dipo Olowookere President Muhammadu Buhari has promised to formulate policies that would ease the hardships commonly passed through in Nigeria by pensioners. Mr Buhari, speaking on Monday in Abuja, assured that his administration’s reforms will ensure that Nigerians who spent the productive years of their lives serving the nation will not experience difficulties in getting their pensions. The President said he was aware of the bottlenecks some pensioners go through before getting what belongs to them, but vowed to ease the hardships. Mr Buhari, while receiving the Executive Secretary of Pension Transitional Arrangement Directorate (PTAD) at the State House,

By Omoshola Deji First Osun, then Kano and now Kogi and Bayelsa States. The spate of violence during election brings doubt on Nigeria’s ability to get it right. Unlike other nations, Nigeria seems to have no magic formula; no means of solving a problem without creating another. Democracy initially seemed an opportunity to annihilate tyranny, but has instead increased it. Rule of law, freedom of speech and other democratic ethics are consistently being violated by the ruling elites and “converted democrat”. Nigeria is fast becoming the worst country for democracy as franchise have become an object of attack. This piece