PenCom to Unveil Securities Lending Guidelines for PFAs by Year-end

By Adedapo Adesanya Ultrasonic sensing technology company, Fluenta, has completed work on the Dangote Refinery in Nigeria, Africa’s biggest oil refinery, installing 18 ultrasonic flare gas meters on large pipelines around the plant. This company is using its technology to aid Nigeria’s flare gas reduction efforts and with Dangote Refinery set to begin operations soon, according to its management recently, this could be a step to fix inaccurate measurements of gas flaring. Nigeria currently imports refined petroleum products for its use, even though it is Africa’s biggest oil producer and with Dangote Refinery, the world’s largest single-train refinery capable of

By Adedapo Adesanya The International Monetary Fund (IMF) has reaffirmed its support for the removal of fuel subsidy and the exchange rate unification of the administration of President Bola Tinubu, insisting that the policies are good for Nigeria’s economy. A representative of the global lender, Mr Ari Aisen, while featuring on Channels TV on Tuesday, maintained that the two policies must remain for Nigeria to reach macroeconomic stability. “After the position that needs to be well managed to avoid potential reversal, policies of subsidizing fuel, and controlling exchange rate will lead to a much better outlook for the Nigerian economy,”

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By Adedapo Adesanya Crude oil prices settled gained almost one per cent higher on Tuesday as expectations of tighter supply outweighed worries that an uncertain economic outlook would hurt demand. Brent crude futures rose by 67 cents or 0.7 per cent to $93.96 per barrel and the US West Texas Intermediate (WTI) crude futures increased by 71 cents or 0.8 per cent to $90.39 per barrel. Oil supply remains tight as Russia and Saudi Arabia have extended production cuts to the end of the year. Market analysts noted that oil supply is expected to underwhelm demand in the foreseeable future

By Adedapo Adesanya The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) announced a surprise oil production cut that will exceed 1 million barrels a day. This surprise move abandons previous assurances that it would hold supply steady to maintain a stable market. Business Post had reported on Friday that the 23-man alliance was likely to retain its output cut level, but this appears not to be the case. OPEC+ leader Saudi Arabia also led the cartel by pledging its own 500,000 barrel-a-day supply reduction. Fellow members, including Kuwait, the United Arabia Emirates (UAE) and Algeria, followed suit,

By Modupe Gbadeyanka Losses recorded by high cap stocks like Nestle and Unilever pushed the local bourse to the red territory on Wednesday, halting the three-day bullish run. Business Post reports that the all-share index ended lower by 0.01 percent to 25,249.74 points in contrast to the 0.01 percent rise it posted the previous day. Also, the market capitalisation fell by N656 million, leaving it to close today at N8.73 trillion compared with N8.74 it finished on Tuesday. At the moment, the YTD return stands at -6.05 percent. But despite the loss recorded on the floor of the Nigerian Stock

By Modupe Gbadeyanka At the close of trading activities on the floor of the Nigerian Stock Exchange (NSE) on Friday, the market capitalisation increased further by N112 billion, closing at N11.73 trillion, compared with N11.61 trillion achieved on Thursday, Business Post reports. The volume and value of shares transacted by investors finish higher, with a total of 378.2 million shares traded at N5.1 billion in 4,516 deals, in sharp contrast to 191.4 million equities exchanged yesterday worth N2.2 billion executed in 3,718 deals. The All-Share Index (ASI) advanced by 324.54 points to settle at 34,020.37 points, pushing the YTD Gain

By Dipo Olowookere Kwara State government has attributed the N2 billion increase in the debt profile of the state to a loan obtained by the previous administration. In a statement issued on Wednesday night by Mr Rafiu Ajakaye, the Chief Press Secretary to Governor AbdulRahman AbdulRazaq, it was stated that when the previous debt profile was released by the Debt Management Office (DMO), the N2 billion loan was not included by the debt agency. Mr Ajakaye said since Governor AbdulRazaq was sworn into office on May 29, 2019, his administration has not borrowed money from any quarter, but has rather

By Nneka Okumazie Sometimes, everything in life is mercy. There are so many risks and exposures, but the touch of mercy for some, makes things go well. This, in part, makes life an endless question. Some do things and succeed, others do and don’t. Some get fortunate, others don’t. In life, there’s a system of elucidation: what went right or wrong, resulting in perfunctory inference like success means hard work, smart, etc. Failure means laziness, bad decisions, etc. But bifurcating situations as this, cheats, existential fairness. Yes, it is true that lots of people make excuses but the pressure for

By Modupe Gbadeyanka On Monday, President Muhammadu Buhari signed the Finance Bill 2019 into law, approving the 50 percent in the value added tax (VAT) from 5 percent to 7.5 percent. On Tuesday, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, released a statement through her media aide, Mr Yunusa Tanko Abdullahi, listing some items exempted from VAT under the new law. She listed these commodities as basic food items (agro and aqua based staple foods) such as additives, cereals, cooking oils, culinary herbs, fish of all kinds (other than ornamented), flour and starch, fruits, live or

By Adedapo Adesanya  The Naira appreciated against the United States Dollar across major locations on Friday where the Bureaux De Change (BDC) operators trade foreign currencies. According to data sourced by Business Post, at the Lagos BDC market, the Naira gained N1.50k against the greenback to close at N358/$1 compared with N359.50/$1 it traded on Thursday. However, the domestic currency depreciated by N2 against the pound to close at N478/£1 from N476/£1 and dropped N3 on the Euro to close at N400/€1 compared to Thursday ending session’s rate of N397/€1. At the Port Harcourt BDC market, the Nigerian currency was

By Jerome-Mario Utomi A nation is held by shared beliefs and shared attitudes. That is what enables them to rise above the conflicts that plague any society. That is what gives a nation its tone, its fibre, its integrity, its moral style, and its capacity to endure.—John Gardner. If there is any event in recent weeks in the country that aptly demonstrates the nation’s deteriorating security situation, exposes present administration’s failure since assuming office in May 2015, to live up to its promise to ensure respect and protect human rights and other constitutionally and internationally guaranteed human rights instruments, it