PETROAN Tasks DPR to Probe Importation of Dirty Fuel

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 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 The prices of oil benchmarks jumped by 2 per cent on Tuesday on the fresh possibility that the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) will extend or deepen supply cuts. Data showed that Brent crude futures gained $1.70 or 2.1 per cent to close at $81.68 a barrel and the US West Texas Intermediate (WTI) crude increased by $1.55 or 2.1 per cent to $76.41 per barrel after a drop in Kazakh oil output and a weaker US Dollar. OPEC+ is due to hold an online ministerial meeting on Thursday to discuss 2024

By Dipo Olowookere Acting Chairman of Economic and Financial Crimes Commission (EFCC), Mr Ibrahim Magu, has pledged the commission’s support for the World Food Programme (WFP) towards ensuring that all support deployed by its donors and the government of Nigeria reaches its beneficiaries without any threat of corruption. Mr Magu made the pledge on Tuesday, December 20, 2016 while signing a Memorandum of Understanding (MoU) with the WFP at the EFCC’s Head Office in Abuja. The EFCC boss, who noted that corruption is a serious threat that negatively affects the development of a nation, said the new partnership will in

By Modupe Gbadeyanka A slight change has been made to the composition of the board of Axa Mansard Insurance Plc, with Mr Tosin Runsewe resigning as an executive director effective January 31, 2020 to pursue his other ambitions. A statement issued by the insurer said two new executive directors have been added to the board and they are Ms Rashidat Adebisi, who joined the firm in 2005, and Mr Tope Adeniyi, who joined the organisation in 2008. Mr Runsewe, speaking of his exit from the company, stated that, “AXA Mansard has been a major part of my life for the

By Adedapo Adesanya The value of shares transacted by investors at the NASD Over-the-Counter (OTC) Securities Exchange on the first trading day of the new week increased on Monday, December 23, 2019 despite the market closing flat. Business Post reports that the key parameters of the market remained unchanged yesterday when compared with the figures quoted by the two major indicators last Friday. At the close of business, the NASD Unlisted Securities Index (NSI) remained at 697.54 points, while the market capitalisation stayed static at N501.14 billion, the same way it was at the previous session. However, the transaction value

By Modupe Gbadeyanka The board of Fidelity Bank Plc has been expanded following the addition of two directors; Mr Henry Ikem Obih and Mr Kenneth Onyewuchi Opara. A statement issued by the financial institution disclosed that while Mr Obih is joining the board as an independent non-executive director effective September 21, 2020, Mr Opara is coming as an executive director from January 1, 2021. “Both appointments have been approved by the Central Bank of Nigeria (CBN),” the statement dated Sunday, October 4, 2020, and signed by the company secretary, Ezinwa Unuigboje, disclosed. Mr Obih joins the board of Fidelity Bank

By Modupe Gbadeyanka Chairman of Royal Exchange Plc, Mr Kenny Odogwu, has expressed the desire of the company to boost its revenues in the future through expansion of its presence in the retail segment of the insurance sector. Speaking at the firm’s Annual General Meeting (AGM) recently in Lagos, Mr Odogwu described the retail market as the future of insurance in Nigeria, considering the population of the country. He said with this in mind, the organisation would be looking into designing more insurance products tailored to meet demands in the retain market and should expect the segment to contribute about

By Dipo Olowookere Some days ago, the Debt Management Office (DMO) released the public debt profile of the country and from their report, Nigeria’s debt stood at N24.4 trillion as at December 31, 2018. The release of the report stirred another debate in the country, with different stakeholders appealing to federal government to reduce its borrowings. But analysts at FSDH Research have said Nigeria still has room to borrow an additional N7.89 trillion before reaching a threshold of about N32 trillion. In its report released this week, which was obtained by Business Post, the Lagos-based investment company said based on

By Aduragbemi Omiyale The Institute of Directors (IoD) has shown admiration for the smooth transition of the Nigerian Exchange (NGX) Limited from the Nigerian Stock Exchange (NSE). Last year, the NSE completed its demutualisation and transformed into NGX Group Plc, allowing the public access to its stocks. The company gave birth to three subsidiaries, including NGX Limited and listed its shares on the bourse. This was after it first tested the waters at the unlisted securities market, the NASD over-the-counter (OTC) Securities Exchange. On Tuesday, the leadership of IoD were at the bourse for a closing gong ceremony. During the

By Adedapo Adesanya New government restrictions to student visa routes that will substantially cut net migration by restricting the ability for international students to take family members to the United Kingdom have raised worries among Nigerians. Under the new proposals made on Tuesday, only students on postgraduate courses designated as research programmes can bring dependants to the UK while they study. The UK Office of National Statistics (ONS) estimated that net migration was over 500,000 from June 2021 to June 2022. Nigerians have always sought the UK as a prime destination, and many use the switch role, the UK claims