Price of Petrol Rises 0.2% to N165.91/Litre in July 2021

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has urged the Nigerian National Petroleum Company (NNPC) Limited to disclose Nigeria’s daily oil production and exports as well as the total amounts of revenue generated from oil since the removal of subsidy on petrol in mid-2023. In a letter dated December 9, 2023, the group asked the chief executive of the NNPC, Mr Mele Kyari, “to disclose how much of the revenues generated from oil have been remitted to the public treasury since the removal of subsidy on petrol.” He was also requested “to disclose details of payment of

By Aduragbemi Omiyale Some retiring Nigerian military personnel have been educated on how they can unlock opportunities in the capital market after active service to the nation. At a seminar held on Thursday, December 7, 2023, at the Nigeria Armed Forces Resettlement Centre in Lagos, the participants were informed of the benefits of diversifying their investments for more earnings. They were also exposed to ways to invest and assess the market with technology, including via the recently launched NGX USSD Code. The Divisional Head of Business Support Services and General Counsel of the Nigerian Exchange (NGX) Limited, Ms Irene Robinson-Ayanwale,

By Adedapo Adesanya Nigerian crude output fell by 30,000 barrels per day to 1.43 million barrels per day in November, according to data from an S&P Global Commodity Insight. This was lower than the 1.46 million barrels produced in October by Africa’s largest oil producer and 312,000 barrels per day short of its 1.742 million barrels per day target in 2023. Angola, Africa’s second-largest oil producer, saw output drop 20,000 barrels per day to 1.13 million barrels per day, according to the survey, compared with its quota of 1.46 million barrels per day. The drops impacted the wider output of

By Adedapo Adesanya  The Central Bank of Nigeria (CBN) has disclosed that the total value of the country’s merchandise trade experienced an increase of 1 per cent to $7.8 billion in August 2023 from the $7.72 billion that was quoted in July. This was disclosed by the apex bank in its latest monthly economic publication, where it disclosed that despite the rise month-on-month, Nigeria’s merchandise trade value in the period was almost 20 per cent lower compared to the value in August 2022 due to a significant decrease in import trade value. The total merchandise trade comprised an export trade

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed mixed on Monday, with the unlisted securities index closing at 720.36 basis points, and the market capitalisation losing 0.18 per cent at the close of transactions. Business Post reports that the value of the bourse went down by N1.73 billion during the session to settle at N946.57 billion compared with the last Friday’s N948.30 billion. Also, the activity chart was mixed as investors traded a total of 73,646 units of securities yesterday, in contrast to the 131,236 units of securities transacted in the preceding session, indicating a slump of 43.9

By Dipo Olowookere The management of Zenith Bank has assured that it will continue its investments in the retail segment of the banking business so as to deliver value to its stakeholders. The lender made this disclosure while giving an insight into its performance in the first quarter of this year. The bank also said it will remain committed to creating more opportunities for businesses by supporting them through selective risk asset creation. “We shall continue our investments in the retail segment of the market as we consolidate our leadership position in the corporate segment while maintaining a strong balance

By Adedapo Adesanya Italian club side, Inter Milan, have claimed the Serie A title on Sunday for the first time in 11 years to end Juventus’ nine-year reign in Italy. The side coached by Mr Antonio Conte clinched their 19th title known as the Scudetto after nearest rivals, Atalanta, drew 1-1 at Sassuolo to leave the Nerazzurri 13 points clear with four games remaining. Mr Conte had started Juventus’s record run, winning the first three titles in a winning streak that stretched from 2012 to 2020. The 51-year-old took over Inter in 2019 after he left Chelsea Football Club of

In a bid to settle out of court the debt of N40billion,Asset management Corporation of Nigeria AMCON and MRS Holding limited has filed terms of settlement before a Federal High court in Lagos south west Nigeria. MRS Oil and Gas Company limited and its subsidiaries are primary obligors under a syndicated loan facility in the sum of $40 million availed to them by a consortium of Nigerian banks pursuant to a bridge facility agreement dated November 18, 2008 and a supplemental bridge facility agreement dated September 18, 2009. The syndicated loan facility was for the purpose of acquiring Chevron Texaco

By Destiny Ugorji Three legal practitioners, Emeka Ugwuonye, Nsikak Udo and Farouk Khamagam were on Thursday, arraigned before Chief Magistrate Court 2, in Wuse zone 2 area of Abuja, presided over by chief Magistrate Mabel Bello, for their alleged criminal roles in the case of the disappearance of missing Abuja woman, Charity Aiyedogbon. While Lagos-based lawyer, Emeka Ugwuonye, was charged with criminal defamation, the other two lawyers were charged for forgery and perjury. Following their arraignment, the accused persons, through their lawyers applied for bail. Opposing the bail application by Mr Ugwuonye, the prosecutor, Adama Musa, described the accused as

By Adedapo Adesanya On Friday, the price of crude oil appreciated at the global market as information went out that peace negotiations between Russia and Ukraine have stalled. As a result, the value of the Brent rose by $1.49 or 1.40 per cent to $108.10 per barrel, while the United States West Texas Intermediate (WTI) gained $2.27 or 2.2 per cent to sell for $105.3 per barrel. Despite the increase recorded yesterday, the price of the two benchmark contracts closed the week lower by over 5 per cent, after hitting 14-year highs nearly two weeks ago. The war in Ukraine

By Modupe Gbadeyanka Oyo State government has announced Tuesday, January 24 to Friday, January 28, 2017, for the supplementary verification exercise for the beneficiaries of the Federal Government social investment programme, N-Power. Commissioner for Women Affairs, Community Development, Social Welfare and Poverty Alleviation, Mrs Atinuke Osunkoya disclosed this in a statement in Ibadan on Monday. She noted that the beneficiaries of the N-Power programme from the state who missed the earlier organized verification exercise are expected to show up at their respective local governments with their credentials, means of identification and other relevant documents. The Commissioner stressed that the deployment

By Sonia de Vries Competing interests between the exploitation of natural resources and the environmental devastation it entails, represents a real challenge for industry, country, civil society and environmentalists. In the oil and gas sector, oil and gas installations, or platforms, have a lifespan and what to do with them on expiry creates a tremendous challenge for the stakeholders, given the ever-present risks associated with oil and gas operations in the context of domestic, regional and international law. Stakeholders include the country that licensed the installation and its operation, the owner/operator of the installation, as well as the neighbouring countries