Pension Funds Key To Nigerian Economy—PenCom DG

By Dipo Olowookere Local equities rebounded by 0.34 per cent on Wednesday on the back of buying pressure on a few energy stocks and others at the Nigerian Exchange (NGX) Limited. According to data from the bourse, the bullish stance was attained despite profit-taking activities in the banking space amid plans by the Central Bank of Nigeria (CBN) to recapitalise the industry, leaving the market breadth index negative. This was because the number of price losers was more than the price gainers at 39 and 19 apiece, indicating a weak investor sentiment. Business Post reports that the energy counter grew

By Adedapo Adesanya  Oil prices rose by more than $1 a barrel on Wednesday as investors focused their attention on an upcoming OPEC+ output policy meeting and looked past a jump in crude stockpiles in the United States. Brent crude futures were up by $1.01 or 1.2 per cent to $82.69 per barrel, and the US West Texas Intermediate (WTI) crude futures gained $1.16 or 1.5 per cent to close at $77.57 a barrel. Prices were lifted by a media report that the Organisation of the Petroleum Exporting Countries and allies such as Russia, known collectively as OPEC+, was considering

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 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 Modupe Gbadeyanka Crown Flour Mill, a subsidiary of Olam Group, and a major player in the Wheat Milling industry in Nigeria, has reiterated its commitment to assist the federal government to achieve sustainable food sufficiency in the country. This plan was revealed when the Wheat Development Team of Crown flour Mill led by Damilola Adeniyi, the Corporate Affairs Manager and Moshood Quadri, Head Human resources along with other senior management staff of the company were on a courtesy visit to the Minister of Agriculture and Rural Development, Mr Sabo Nanono, last Tuesday in Abuja. Ms Adeniyi stated that the

By Adedapo Adesanya The Nigerian currency suffered a 0.17 per cent or N1 decline against the American Dollar at the Peer-2-Peer (P2P) window of the foreign exchange (FX) market on Wednesday, April 14. Data obtained by Business Post showed that the indigenous currency was exchanged with the Dollar at N586/$1 at the FX market category yesterday compared with the N585/$1 it was traded in the preceding session. It was also a similar situation for the Naira at the Investors and Exporters (I&E) window of the forex market on Wednesday as it lost 5 kobo or 0.01 per cent against the greenback

By Dipo Olowookere On Friday, August 26, 2016, first phase of the Women of Rubies sensitisation workshop tagged ‘Empowering Grassroots Women and Giving Them a Voice’ kicked off on at the Alimosho LGA in Akowonjo, Lagos by 10am. The event was attended by several women across communities in the area. At the workshop, the women were not only sensitised on the need to be empowered, but were also encouraged to save towards the future of their children. In her keynote address, Mrs Chinyere Anokwuru of Self-worth Organisation for Women, informed the participants on the importance of saving for the future.

By Modupe Gbadeyanka A British-Nigerian company known as Quikfix Nigeria Limited has signed a deal with the Edo State government through 1st Man Global to carry out pothole repairs for the next 5 years using its technologically-advanced Instant Road Repair, the world’s leading highway repair product. Instant Road Repair, currently used in over 40 countries worldwide, is ideal for the Nigerian climate, being uniquely capable of application all year round and in all weather. The product provides a once-only permanent repair in minutes which can be driven-over immediately with minimal impact upon traffic flows. Quikfix Nigeria provides a 5-year guarantee

By Adedapo Adesanya The Nigerian National Petroleum Corporation (NNPC) has revealed that the Federal Government will auction small oil fields this year to raise funds in the midst of the crisis facing the oil market in terms of price and demand. The Group Managing Director of the NNPC, Mr Mele Kyari, noted that the country has not conducted any licensing round since 2007. Mr Kyari, who further said  a marginal fields round was last held in 2003, stated that government would not be able to conduct any major licensing round as the current market realities tend to dampen foreign investors’

By Adedapo Adesanya The Nigerian Air Force (NAF) has warned the unsuspecting public against the activity of a fraudulent recruitment scheme by a certain Olabisi Amoo, who claims to have the exclusive right to assist any applicant seeking employment with NAF schools. According to the Air Force in a press release by Air Commodore Edward Gabkwet, Director of Public Relations and Information, Mr Amoo had circulated the message on his social media platforms. The NAF described the information as a “callous and unpatriotic message.” He said the message being spread by Mr Amoo was clearly aimed at misleading and defrauding

By Modupe Gbadeyanka About 7,000 tradesmen and artisans captured in Ona Ara local government area of Oyo State have given biometric identity cards. The biometric data capturing of informal sector operatives was initiated by the administration of Mr Abiola Ajimobi to enable the state government have a unified identity for all tradesmen and artisans in the state and create a database for proper planning and ensure compliance to tax payment. At the inauguration of the project last September, the Governor said the initiative plans to capture about 440,000 tradesmen and artisans in the state. At the presentation of the cards