Possible Drop in US Crude Inventories Lift Prices

By Dipo Olowookere The Nigerian Exchange (NGX) Limited witnessed a pullback of 0.03 per cent on Wednesday after investors took a second look at their exposure to local equities, though as some were dumping, a few were mopping up. According to data obtained by Business Post, traders bought and sold 566.6 million shares worth N5.4 billion during the trading session in 8,201 deals compared with the 676.7 million shares valued at N5.9 billion traded in 7,659 deals on Tuesday, implying a rise in the number of deals by 7.08 per cent and a decline in the trading volume and value

By Adedapo Adesanya The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that Nigeria saw a 65.7 per cent or N76.77 billion increase in earnings from the solid minerals sector in 2021 to N193.59 billion from the N116.82 billion achieved in 2020. This upward trajectory has been on for the past five years, according to a report from the agency. The Executive Secretary of NEITI, Mr Orji Ogbonnaya Orji, however, lamented that this is still abysmal considering the potential of the sector to the Nigerian economy. He said this while presenting the solid minerals sector report in Abuja, noting that

By Adedapo Adesanya The distributors of petrol and other fuels in Nigeria said they can no longer sustain the distribution of the products nationwide as the price of diesel used to power their trucks is now N1,100/litre in many locations. The marketers, under the aegis of the National Oil and Gas Suppliers Association of Nigeria (NOGASA), raised the concern in a statement on Tuesday. The president of the group, Mr Benneth Korie, said that diesel has witnessed incessant hikes in recent months, lamenting that the development has been worsened by marketers’ inability to secure cheap bank loans that will enable

By Precious Olisa The Nigerian Extractive Industries Transparency Initiative (NEITI) has said the Nigerian National Petroleum Company (NNPC) Limited only remitted 57.27 per cent of the revenue it generated in 2021 to the federal government. The agency made this claim in a report released earlier this week, noting that the country generated $23.05 billion from the oil and gas sector in 2021 compared with the $20.43 billion achieved in 2020, with the NNPC and others keeping some funds back. Analysis showed that about $8.67 billion came from the sale of crude oil and gas, $13.37 billion was from taxes and

By Adedapo Adesanya Indonesia has been stripped of the hosting rights of the 2023 Under-20 soccer World Cup, FIFA said on Wednesday in a statement. The decision to stop Indonesia from the tournament scheduled to hold from May 20 to June 11 was taken after the country’s football federation said it had cancelled the draw because the governor of the largely Hindu island of Bali refused to host Israel’s team. Protesters, who consisted of the country’s predominantly Muslim population, marched in the capital Jakarta this month, waving Indonesian and Palestinian flags and demanding that Israel was not allowed to participate

By Samuel Kariuki The last 20 years of real estate boom in East Africa has changed our building landscape and inventory, as it quite rightly should have done. Our starting point was a region that was short of every kind of building, from housing, to shops, through offices, warehouses, hotels, and even student hostels. In all, we faced a real estate landscape that was cripplingly underinvested. And we invested. Choosing which type of investment barely mattered. Every type of property sold fast. Developments got snatched up even before the building bricks were laid, simply because the market had little to

By Modupe Gbadeyanka The pasta business in Nigeria will not remain the same again following the introduction of a new premium pasta brand into the market by Crown Flour Mill Limited, a subsidiary of Olam International. The company recently launched the Crown Premium Pasta and feedbacks from consumers indicated that the product is one of the best in the market for now because of its taste and quality. The Crown Premium Pasta is available in different pack sizes in Spaghetti and Macaroni variants. According to the Head of Marketing, B2C, Crown Flour Mill, Mrs Bola Adeniji, Crown Premium pasta is

By Dipo Olowookere It is a dark day in the world of football as one of its legends, Diego Maradona, breadth his last on Wednesday following a heart attack. The Argentine footballer, who mesmerised the world with his dribbling skills for years, died some days after he had a brain surgery in his home country. Recall that a few days after celebrating his 60th birthday in November, the former coach of Argentina was admitted into La Plata clinic after complaining of low spirits and fatigue. Checks done by doctors at the medical facility indicated that there was a blood clot

By Dipo Olowookere A non-political, non-religious, and non-profit making organization, Centre for Anti-Corruption and Open Leadership (CACOL), which filed a petition to the Economic and Financial Crimes Commission (EFCC) against the suspended Director General of Securities and Exchange Commission, Mr Mournir Haliru Gwarzo, has visited the anti-graft agency to defend its allegations against the SEC boss. A statement signed on Monday by the Executive Chairman of CACOL, Comrade Debo Adeniran, disclosed that the visit was sequel to an invitation to the group by the EFCC on the petition of corruption levelled against Mr Gwarzo. It was gathered that Mr Adeniran

By Aduragbemi Omiyale The Securities and Exchange Commission (SEC) has explained that its decision to bar licenced capital market operators (CMOs) from offering support to online investment platforms trading foreign stocks in Nigeria was mainly to prevent exploitation. An executive commissioner for operations of the SEC, Mr Dayo Obisan, made this clarification to Bloomberg in an interview. Last month, the agency said it was aware of “the existence of several providers of online investment and trading platforms which purportedly facilitate direct access of the investing public in the Federal Republic of Nigeria to securities of foreign companies listed on Securities

By Jerome-Mario Utomi The latest honour bestowed a few days ago on the Delta State Governor, Mr Ifeanyi Okowa, as the Best Performing Governor of the Year in Infrastructural Development in Nigeria has finally said what has been on the minds of Deltans. Separate from affirming the title of ‘Road Master’ Deltans code-named the Governor, the award which was presented to Governor Okowa at the Event Centre, Asaba, during the opening ceremony of the 19th International Civil Engineering Conference and Annual General Meeting of the Institution which has its theme as Civil Infrastructure Development: Chal­lenges and Prospects Under Pandemic Situ­ations,

By Investors Hub The major U.S. index futures are pointing to a higher opening on Wednesday as traders look ahead to the Federal Reserve?s monetary policy announcement. Upward momentum may contribute to early strength among stocks, although trading activity is likely to be somewhat subdued ahead of the Fed?s announcement. The Fed is scheduled to announce its monetary policy decision at 2 pm ET, followed by Fed Chairman Jerome Powell?s press conference at 2:30 pm ET. While the Fed is widely expected to raise interest rates by a quarter point, traders are likely to pay close attention to the accompanying