Panic as Brent Further Trades Below Nigeria’s $60 Benchmark

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By Adedapo Adesanya A hybrid solar power solutions provider, Daystar Power, has signed an agreement with Nigerian Breweries to install and operate a 4.2MWp solar plant and 2MWh battery storage system that will help the firm reduce its high energy costs. The installation will be one of the largest solar and battery storage projects for an industrial manufacturer in Nigeria. The hybrid solar solution will generate 5,249 MWh of electricity – 42 per cent of its daytime power consumption – every year at Nigerian Breweries’ Lagos brewery. According to a statement, the integration of solar into the factory’s energy mix

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 Kester Kenn Klomegah In a February decree posted to the portal of legal information, Russian President Vladimir Putin has appointed his aide Yuri Ushakov to chair the organizing committee paving the way for the first Russia-Africa summit that Moscow plans to host in Sochi. The Russian government is to ensure financing of the expenditures related to hosting the summit and the decree has further assigned Rosscongress, a major organizer of international conventions, exhibitions and public events, the task performer. The idea to hold a Russia-Africa forum was initiated by President Putin at the BRICS (Brazil, Russia, India, China and

Four officials of the Kwara State government were on Thursday, May 2, 2019 arraigned before Justice Babangana Ashigar of a Federal High Court sitting in Ilorin on a two-count charge bordering on money laundering. The four government workers were brought before the court the Economic and Financial Crimes Commission (EFCC), Ilorin Zonal Office. Those arraigned include: Abubakar Ishiak, Permanent Secretary; Shina Mudasir Akorede, Director of Administration and Finance; Rasaq Momonu, Controller Finance and Account, and Hafees Yusuf, Cashier. One of the counts reads: “That you, Abubakar Ishiak, being the Permanent Secretary, Kwara State Government House, Shina Mudasir Akorede, being the

By Modupe Gbadeyanka Managing Director and Chief Executive Officer of First Bank of Nigeria Limited, Dr Adesola Adeduntan, recently paid a courtesy visit to the President of Sierra Leone, Mr Earnest Bai Koroma. President Koroma received the bank chief alongside former President of Nigeria, Mr Olusegun Obasanjo. The moment was captured in this picture.

By Dipo Olowookere Nigerian American celebrity chef and restauranteur, Tiyan Alile, was recently a guest on the award-winning show, Against the Odds with Peace Hyde. As the founder of Nigeria’s first culinary school, Alile has been a pioneer of Nigeria’s growing dining culture as well as providing employment opportunities for youths in the restaurant business. In the final episode of Against The Odds with Peace Hyde, viewers will hear from a woman whose passion for culinary arts has created a platform that mentors. She has also used her talent to equip some unemployed youths in the country with skills that

By Dipo Olowookere The N3 billion proposed in the 2018 Appropriation Act presently before the National Assembly for the use of Office of the Accountant General of the Federation (OAGF) has been described as too inadequate. Speaking yesterday at the budget defence session for the OAGF, Chairman of the Senate Public Accounts Committee (SPAC), Mr Matthew Urhoghide, urged the Presidency to prioritize the OAGF so as to act effectively. Mr Urhoghide described the OAGF as a major instrument in curbing corruption by in the country, especially the public service. According to him, the 2018 budget proposal of more than N3

By Dipo Olowookere Treasury bills worth N823.5 billion would be offered for sale to investors in the first quarter of 2019, the Central Bank of Nigeria (CBN) has said. In the Nigerian Treasury Bills Issue Programme First Quarter 2019 released by the central bank, a total of N985.9 billion worth of the debt instruments will mature in the period under review. Business Post reports that the apex bank has already conducted the first sale of T-bills via primary market auction. This exercise was conducted on Wednesday, January 2, 2019 and it was oversubscribed by market players. In the calendar released

By Adedapo Adesanya The price of the Brent crude oil rose by 30cent or 0.59 per cent on Wednesday to trade at $51.07 per barrel at the global market for the first time since March. This will be good news to Nigeria, which depends largely on crude oil sale to generate revenue to fund its budget. The country set its oil benchmark for the year at $40 and at $51, it is making an extra $11. Yesterday, the Energy Information Administration (EIA) reported a decline in the United States stockpiles by 3.1 million barrels for the week to December 11

By Adedapo Adesanya The Lagos State House of Assembly has asked the immediate past Governor of the state, Mr Akinwunmi Ambode, to appear before it this Wednesday to answer allegations of unauthorised discounting of promissory note and purchase of 820 buses. In a notice, the state parliament said Mr Ambode should present himself for grilling on Wednesday, October 30, 2019, by 1pm. Mr Ambode was first summoned two weeks ago alongside persons that served under his administration. These persons included the former commissioners for Finance, Economic Planning, Justice and Attorney General, and Permanent Secretary. The House had set up an