Osinbajo Inducts Sovereign Investment Authority Board

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 Aduragbemi Omiyale President Bola Tinubu has said the 2024 budget presented to the joint session of the National Assembly on Wednesday was designed to achieve macroeconomic stability, a better investment environment, greater access to social security, poverty reduction and enhanced human capital development. According to him, if these goals are achieved, the standard of living of Nigerians will improve and the citizens will enjoy the dividends of democracy. While presenting the 2024 Appropriation Bills to the parliament yesterday, the President said this was why he christened the budget proposal as the Budget of Renewed Hope. Mr Tinubu told the

By Adedapo Adesanya The Naira started the first trading session in the last month of 2023 on a negative note after it depreciated against the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), which is the official FX window, by 11.4 per cent or N94.87 on Friday, December 1, closing at N927.19/$1, in contrast to Thursday’s exchange rate of N832.32/$1. The December rush for forex contributed to the weakening of the domestic currency in the spot market yesterday, as the supply of foreign currency could not meet what customers needed. Data showed that the value of FX transactions recorded

By Adedapo Adesanya Equinor and Chappal Energies have entered into an agreement for the sale of Equinor Nigeria Energy Company (ENEC), which holds a 53.85 per cent ownership in oil and gas lease OML 128, including the unitized 20.21 per cent stake in the Agbami oil field, operated by Chevron. Speaking on the deal, Equinor’s senior vice president for Africa Operations, Ms Nina Koch, said Nigeria has been an important part of Equinor’s international portfolio over the past 30 years, noting that, “This transaction realizes value and is in line with Equinor’s strategy to optimize its international oil and gas

By Modupe Gbadeyanka Three senior prisons officials have been suspended for their alleged roles in the release of convicted former Governor of Adamawa State, Mr Bala Ngilari. A statement issued on Tuesday by spokesman of the Nigeria Prisons Service (NPS), Mr Francis Enobore, it was disclosed that the officers were indicted for their alleged complicity in the issuance of unauthorised medical report on Mr Ngilari. The former Governor is serving a 5 year jail term in Yola prison. The affected officials are CP Peter Yeni Tenkwa, DCP Abubakar Abaka and SP John Bukar. Their suspension was approved by the Civil

By Adedapo Adesanya The National Drug Law Enforcement Agency (NDLEA) has intercepted 36 blocks of cocaine weighing 27.95 kilogrammes with a street value of over N8 billion at the Murtala Muhammed International Airport (MMIA), Ikeja, Lagos. This was made known by the Director, Media and Advocacy, NDLEA, Mr Femi Babafemi, in a statement seen by Business Post on Sunday. The drug law enforcement body said a suspected Brazil-based drug kingpin identified as Mr Ejiofor Felix Enwereaku, who led a syndicate was arrested at the airport on Friday, May 14. He said the suspect was arrested for importing 27.95kg of cocaine

By Dipo Olowookere Accelerating digital transformation strategies, investing in new wireless and fixed network infrastructure, and embracing emerging technologies such as AI and IoT are among the top priorities for African telecom operators for the year ahead, according to global telecom, media and technology news and events company, TMT Finance. “Like many telecom operators globally, the major African operators are having to juggle several pressing priorities. “It is well documented that traditional voice and messaging service revenues are decreasing, while pressure to plough big capex spend into new network infrastructure is weighing on balance sheets,” said Ben Nice, Managing Editor

By Dipo Olowookere The Nigerian Stock Exchange (NSE) was looking like it would close stronger on Monday until Airtel Africa and 12 others put a red stain on the market, resulting in the 0.74 percent loss posted at the close of business. This cut down the All-Share Index (ASI) by 204.68 points to leave it at 27,574.32 points yesterday, while the market capitalization was reduced by N99.6 billion to N13.423 trillion. Business Post reports that the market breadth closed positive by 1.92x with 25 price gainers led by Okomu Oil as against the 13 price losers led by Airtel Africa,

By Aduragbemi Omiyale The Institute of Chartered Accountants of Nigeria (ICAN) has been applauded by the Nigerian Exchange (NGX) Limited for continuously enhancing its ethical standards and technical competencies in the interest of the capital market and the Nigerian economy as a whole. The chief executive officer of the NGX, Mr Temi Popoola, while speaking at a closing gong ceremony hosted on Monday in honour of Mrs Comfort Olu Eyitayo, whose tenure ended yesterday as the president of ICAN, disclosed the organisation has made it a habit to always produce world-class chartered accountants, who have been very useful in different

By Ahmed Rahma The Joint Admission Matriculation Board (JAMB) has stated that potential candidates who want to register for the 2021 Unified Tertiary Matriculation Examination (UTME) and Direct Entry (DE) must provide National Identity Number (NIN) at the point of registration. The board also informed that UTME registration has commenced and that the examination is set for June 5, 2021. In a statement issued on Wednesday in Bwari, FCT, by its Head of Public Affairs and Protocols, Dr Fabian Benjamin, it was disclosed that, “This (NIN) is mandatory for participation in the 2021 registration exercise.” Mr Benjamin also noted that

Nigeria is a nation that knows all too well what damage dictatorships can do. Between 1966 and 1999, the country saw several military coups, culminating in Sani Abacha seizing power. From 1993 to 1998, Abacha’s rule marked a period of oppression, inflation and poverty. As a business owner, the main objective was to stay afloat. For those brave enough to speak out against the regime, the punishment was either death by hanging or prison. Atrocities were commonplace in an atmosphere of desolation. In 1998, when Abacha died, Tonye Cole, the Co-Founder of Sahara Group, remembers it like yesterday. “I remember

Fidelity Bank was part of the Nigerian delegation at the ongoing 2018 Intra-African Trade Fair in Cairo, Egypt to address the challenge of access to trade and market information amongst countries in Africa. The 7-day trade show convened by Afreximbank provides a platform for sharing trade, investment and market information and enabling buyers and sellers, investors and countries to meet, discuss and conclude business deals. It also provides an opportunity for exhibitors to showcasetheir goods and services, engage in Business to Business (B2B) exchanges andconclude business deals. Some of the people in the delegation wereNigeria’s Vice President, Mr Yemi Osinbajo;