Possible Settlement of Saudi-Russia Oil War Supports Oil Prices

By Adedapo Adesanya President Bola Tinubu is targeting to grow Nigeria’s economy by 3.76 per cent next year and moderate the country’s inflation to 21.4 per cent. Speaking at his first budget speech to lawmakers on Wednesday, President Tinubu also projected higher oil production and tax collection, noting that this will boost government revenues and cut down on reliance on borrowing to finance budget deficits. Nigeria plans on spending N27.5 billion in the 2024 fiscal year, with priorities on security, infrastructure and easing the high cost-of-living crisis. The country will borrow around N9 trillion and N18.5 billion generated from internally

By Adedapo Adesanya Crude oil prices fell on Thursday members of the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) agreed to voluntary output cuts for the first quarter of next year, falling short of market expectations. As a result, Brent crude futures lost 27 cents or 0.3 per cent to close at $82.83 per barrel, and the US West Texas Intermediate (WTI) crude futures went down by $1.90 or 2.4 per cent to $75.96 a barrel. On a monthly basis, Brent fell by 5.2 per cent while WTI was down by 6.2 per cent. Saudi Arabia, Russia

By Adedapo Adesanya The boards of insurance companies operating in the country have been charged by the National Insurance Commission (NAICOM) to embrace the measures put in place to tackle the challenges of unpaid claims. The Commissioner for Insurance, Mr Sunday Thomas, expressed worry over the number of outstanding claims in the sector despite efforts by the regulator to address the issue. Mr Thomas, who is also the chief executive of NAICOM, said the organisation, in collaboration with members of the Insurers’ Committee, has taken decisions and incepted measures designed to tame the menace of unpaid claims. Speaking at the

By Adedapo Adesanya The House of Representatives has pledged to stop international oil companies (IOCs) operating in the Niger Delta from divestment of their offshore assets without being accountable to the environment. The Chairman of the House of Reps Committee on Host Communities, Mr Dumnamene Dekor, said this during a technical session on the implementation of the Host Communities Development Trusts (HCDT), organised by Spaces for Change (S4C) with support from Ford Foundation. Mr Dekor raised the alarm that since the passage of the Petroleum Industry Act in 2021, host communities have not experienced any positive change, rather have remained

By Adedapo Adesanya Shell has disclosed that Nigeria benefited most from its social investment spending in 2019 as it invested $40 million through its three subsidiaries operating in the country. This was disclosed in its Nigerian Briefing Notes released on Thursday. Shell said the investments were done through Shell Petroleum Development Company (SPDC), Shell Nigeria Exploration and Production Company (SNEPCO), and Shell Nigeria Gas (SNG). They were used in the provision of access to affordable healthcare, educational support, enterprise support, accelerating access to energy, and providing assistance and safety. The multinational company explained in the last 14 years, it has

By Adedapo Adesanya Renewed buying pressure on a few bellwether stocks raised the NASD Over-the-Counter (OTC) Securities Exchange by 0.22 per cent on Thursday, August 25, reversing the loss reported in the previous day. The growth witnessed during the trading session was boosted by improvements in the share prices of three companies admitted on the trading platform. This resulted in a 1.75-point increase in the NASD Unlisted Securities Index (ASI to 790.45 points from 788.70 points, and lifted the market capitalisation of the bourse by N2.46 billion to N1.108 trillion from N1.105 trillion. Aradel Holdings Plc gained N25.21 to sell

It is the biggest fear for a professional footballer – suffering a cruciate knee ligament injury, which typically heralds an extended period on the sidelines if not, in the worst of cases, the end of their career. For Virgil van Dijk, the injured knee he suffered in a game for Liverpool against Everton back in October ended his 2020/21 season – surgery was necessary to repair the damage. Today, the Dutchman has returned to light training, and there was joy unbounded among Netherlands supporters when Van Dijk was pictured kicking a ball at Liverpool’s Melwood facility. Would the defender make a

By Dipo Olowookere The management of Agrofood West Africa has welcomed for the third time a Pavilion of France gathering French companies, from manufacturers and suppliers of equipment to technology and inputs sellers for agriculture, livestock and agrofood production. The pavilion is operated by ADEPTA, a network of 240 French companies, manufacturing and supplying equipment, technologies and inputs for agriculture, livestock and agrofood production. At the opening ceremony, François Pujolas, French Ambassador to Ghana reminded that ‘Adepta is an historical partner of Agrofood West Africa since it organized the first official foreign pavilion in 2013’. Seven French companies are exhibiting

By Dipo Olowookere Last week, a total turnover of 2.051 billion shares worth N16.126 billion in 13,508 deals were traded by investors on the floor of the Nigerian Stock Exchange (NSE), lower than the total of 896.610 million shares valued at N16.561 billion that exchanged hands the previous week in 12,638 deals. During the week, stocks in the financial services sector led the activity chart by volume with 1.784 billion shares valued at N12.588 billion traded in 8,469 deals, contributing 87.00 percent and 78.06 percent to the total equity turnover volume and value respectively. This was trailed by equities in

By Dipo Olowookere Not less than 13 customers have emerged millionaires in the Diamond Bank daily extraordinary draws across the six geopolitical zones of Nigeria. This is in fulfilment of the promise made by management of the financial institution to make one customer a millionaire every working day in the month of August. According to Diamond Bank, 18 more Nigerians will become millionaires before the end of September. The lender explained that the daily xtraordinary draws were not just only meant to reward its loyal customers and potential customers but also to show appreciation to Nigerians for the trust and

By Dipo Olowookere The Debt Management Office (DMO) on Thursday finally listed the $3 billion Eurobonds and $300 million FGN Diaspora bonds on the Nigerian Stock Exchange (NSE). Director General of the DMO, Ms Pat Oniha, during the listing yesterday, disclosed that the bonds would be used by the Federal Government to finance infrastructure projects across the country. According to her, these projects are expected to transform the socio-economic landscape of the Africa’s largest economy. Ms Oniha, while engaging stakeholders on the ‘Facts Behind the Listing,’ explained that from the $3 billion Eurobond, government plans to use $2.5 billion to

By Adedapo Adesanya Nigeria has seen the restoration of oil production amounting to 275,000 barrels per day as the Nigerian National Petroleum Company (NNPC) Limited settled the lingering rift between oil operators and unions. On Sunday, the state oil company brokered a peace deal between TotalEnergies management, NNPC/Total JV operator, Petroleum and Natural Gas Senior Staff Association (PENGASSAN), and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) which has been ongoing for over two months. In a communiqué issued at the end of a marathon negotiation session chaired by Mr Oritsemeyiwa Eyesan, executive vice president of Upstream, NNPC