Rising Stock Value Pushes NSE Index Above 39,000 Mark, Investors Gain N202b

By Adedapo Adesanya The Nigerian government is targeting an estimated $55.2 billion in oil and gas investments by 2030, according to the Special Adviser to the President Bola Tinubu on Energy, Mrs Olu Verheijen. She said the government has wrapped up a series of strategic engagements with 15 leading international and independent oil and gas companies operating in Nigeria. The President’s aide recently organised sessions in Lagos and Abuja in partnership with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to review ways to improve the sector and address the nation’s revenue emergency whilst contributing to stabilising Nigeria’s economy. Involved in

By Adedapo Adesanya The Naira closed mixed at the foreign exchange (FX) market on Friday, depreciating against the US Dollar in the Investors and Exporters (I&E) and Peer-to-Peer (P2P) segments and appreciating in the parallel market amid a new leadership at the Central Bank of Nigeria (CBN). On Friday, the CBN announced the resumption of Mr Olayemi Cardoso as the next head of the apex bank, in an acting capacity pending his confirmation by the Nigerian Senate. He is taking over the role amid a worrying FX market, high inflation, and increased call to halt interest rate hikes which currently

By Adedapo Adesanya Oil prices moderated in choppy trade on Monday as Russia relaxed its fuel ban amid a widening demand worry. Brent crude futures lost 2 cents during the session to trade at $93.29 per barrel, and the US West Texas Intermediate (WTI) crude depreciated by 35 cents to close at $89.68 per barrel. Last week, prices were down after a hawkish Federal Reserve rattled global financial markets and raised concerns that interest rates could stay higher for longer affecting oil demand. This snapped a three-week rally of more than 10 per cent after Saudi Arabia and Russia constrained

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed in the green territory after it chalked up by 0.37 per cent on Friday, September 22, as three securities finished on the price gainers’ chart and one stock closed in the price losers’ table. This raised the market capitalisation of the OTC Exchange by N4.24 billion to N1.143 trillion from the previous day’s N1.139 trillion, as the NASD Unlisted Securities Index (NSI) increased during the session by 3.00 points to finish at 808.95 points compared with Thursday’s 805.95 points. At the close of transactions, investors traded a total of 10.7

By Adedapo Adesanya Oil output from the Organization of the Petroleum Exporting Countries (OPEC) rose by about 1 million barrels per day in August, a Reuters survey has found. This happened as the group and its allies eased record oil supply curbs as the global economy and demand began to recover from the coronavirus pandemic. The 13-member association pumped 24.27 million barrels per day on average in August, the survey noted, up 950,000 barrels per day from July’s figure and a further boost from the three-decade low reached in June. OPEC and its allies, known as OPEC+, from May 2020

By Modupe Gbadeyanka The lawmaker representing Oluyole Federal Constituency at the National Assembly, Ms Tolulope Akande-Sadipe, has mourned the death of Olubadan of Ibadanland, Oba Saliu Adetunji, describing him as a brave and courageous leader. The House of Representatives member, in a condolence message issued in Ibadan on Sunday by her media aide, Mr Olamilekan Olusada, noted that the late monarch led his people with utmost diligence and unassuming dedication, commending his strong adherence for peace, progress and development. Business Post reports that the revered traditional ruler joined his ancestors today at the age of 93. He died at the

By Dipo Olowookere The planned protest for Monday, August 5, 2019 organized by Publisher of Sahara Reporters, Mr Yele Sowore, has been described as criminal, treason, felony and an act of terrorism by the Nigeria Police Force. A statement signed by the spokesman of the NPF, Mr Frank Mba, warned organisers of the march to desist from going on with the demonstration or be prepared to face the full wrath of the law. In the early hours of Saturday, Mr Sowore was picked up by men of the Department for State Services (DSS) at his Ikeja, Lagos residence and taken

By Dipo Olowookere As part of efforts to meet the end of January 2017 deadline for the reopening of the Ladoke Akintola University of Technology (LAUTECH) in Ogbomoso, Oyo State, the state Governor, Mr Abiola Ajimobi, has disclosed that a total of N500 million has been earmarked to achieve this. Mr Ajimobi made this disclosure on Monday while addressing some students of the school, who staged a peaceful protest to his office in Ibadan. During his speech, the Governor said he had to suspend the State Executive Council meeting to address them because of his concern for their plight and

By Adedapo Adesanya A Federal High Court sitting in Lagos on Tuesday ordered the permanent forfeiture of the 2,149 pieces of jewellery and a customised gold iPhone, valued at $40 million, recovered from the Abuja home of Mrs Diezani Alison-Madueke, a former Minister of Petroleum Resources. In Tuesday’s ruling, Justice Nicholas Nicholas Oweibo held that Mrs Alison-Madueke, through her lawyer, Mr Awa Kalu (SAN), failed to give a concrete reason why the items should not be permanently forfeited to the Federal Government. The Economic and Financial Crimes Commission (EFCC) had told the judge that the jewellery and iPhone were reasonably

By Modupe Gbadeyanka Unity Bank has been commended by the Borno State Governor, Mr Kashim Shettima, for donating relief materials worth millions of Naira to the Internally Displaced Persons (IDPs) in the state to help alleviate the sufferings of victims of insurgency in the North East. Executive Director in charge of North East/North West, Alhaji Abubakar Abba Bello and former Minister of State for Finance and Director of the Bank, Mrs Yabawa Lawan Hamma Wabi, led the Unity Bank’s delegation to deliver the relief items to the Borno State Government in Maiduguri recently for onward distribution to different IDP camps.

By Ashemiriogwa Emmanuel The Federal Airport Authority of Nigeria (FAAN) has said that it would address and resolve the issues hindering the installation of lights on Lagos airport runway 18L/36R (domestic airway). It was gathered that the AirField Lighting on Runway 18 Left at the airport has been uninstalled for the past 13 years and has prevented aircraft from landing or taking off when it is dark on the runway. The unserviceable state of the runway lights had, in June, forced British Airways to divert all its flights out of London to enable it to land at Lagos airport in

By Modupe Gbadeyanka The 2018 edition of Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) will focus on ways to bridge the funding gap for micro, small and medium enterprises (MSMEs) towards stimulating economic growth and development in Nigeria, organisers have said. The forum will take place from September 11 to 12, 2018 in Abuja. President and Chairman of Council, CIBN, Mr Uche Olowu, speaking at a media parley last Friday in Lagos, disclosed that the theme of the programme is ‘MSMEs: The Game Changer for Economic Growth and Development.’ Mr Olowu, who was