Royal Exchange Pledges to File 2018 Results Latest August 30

By Adedapo Adesanya Equinor and Chappal Energies have entered into an agreement for the sale of Equinor Nigeria Energy Company (ENEC), which holds a 53.85 per cent ownership in oil and gas lease OML 128, including the unitized 20.21 per cent stake in the Agbami oil field, operated by Chevron. Speaking on the deal, Equinor’s senior vice president for Africa Operations, Ms Nina Koch, said Nigeria has been an important part of Equinor’s international portfolio over the past 30 years, noting that, “This transaction realizes value and is in line with Equinor’s strategy to optimize its international oil and gas

By Adedapo Adesanya The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) on Thursday asked Nigeria to produce about 1.5 million barrels of crude oil per day in 2024, lower than the 1.78 million barrels per day benchmark it proposed in the 2024 Appropriation Bill presented to the National Assembly on Wednesday for passage. The output ceiling was around 1.8 million barrels per day before it was cut down to 1.5 million barrels yesterday at the group’s virtual meeting, a huge blow to Nigeria’s revenue target for the fiscal year. OPEC had tasked three consultancies – IHS, Rystad

By Adedapo Adesanya Oil slumped by more than 2 per cent on Friday as traders showed scepticism about the depth of supply cuts by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) as well as concerns about sluggish global manufacturing activity. Brent crude went down by $1.98 or 2.45 per cent to close at $78.88 a barrel as the US West Texas Intermediate (WTI) crude dropped $1.89 or 2.49 per cent to sell for $74.07 a barrel. For the week, Brent posted a decline of about 2.1 per cent, while WTI lost more than 1.9 per cent.

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 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

The International Finance Corporation (IFC), a member of the World Bank Group, in collaboration with Orthner Orthner & Associates, is sponsoring three architectural students from Ghana to attend the annual conference of the Green Building Council South Africa (GBCSA) in Cape Town. The project has been funded by the State Secretariat for Economic Affairs (SECO) with technical support provided by SGS and thinkstep. The students are the winners of a sustainable design competition using IFC’s EDGE green building software. Participants in the competition, launched on July 18 this year, were selected from the Architecture Department of the Central University in

By Dipo Olowookere The Federal Airport Authority of Nigeria (FAAN) has been directed to denominate all charges in local currency, Naira. This order was given by the Nigerian Senate. The move, the red chamber of the National Assembly explained, was to save the aviation sector from the current economic recession. At the plenary on Thursday, the lawmakers appealed to the Federal Government to critically review the currency management systems in Nigeria so as to save the country from further woes making the economy breathe well. The Senate said crisis in the aviation industry in Nigeria was becoming worrisome and urged

By Omoshola Deji The Nigerian legislative arm of government, comprising the Senate and the House of Representatives, is rarely in the good books of the public. No congregation of legislators in Nigeria has arguably suffered public condemnation like the 8th Senate. Some learned figures and media commentators at a point moved beyond reproach to demand the scrap of the Senate. They question the significance of debated bills, the running costs of bicameralism, the motives behind oversight functions and brand legislative summons as vendetta. Right on time, this trending doubt on the necessity and the credibility of the Senate amplifies the

By Adedapo Adesanya The federal government has said that it is currently stepping up the technical support and guidance it is giving the states of the federation worst hit by cholera. This was disclosed by the Director of Family Health department at the Federal Ministry of Health, Dr Salma Anas Kolo. She disclosed that Kano, Jigawa and Bauchi are the states worst hit by cholera in the country, noting that more than 48 per cent of the cases reported in the country are from the three sub-nationals. “Efforts are ongoing by the health ministry in collaboration with Nigeria Centre for

By Ahmed Rahma The Managing Director of Union Bank of Nigeria Plc, Mr Emeka Emuwa, has been applauded by the board of directors for transforming the company. Mr Emuwa joined the old generation bank in November 2012 and under eight years, he exceptionally revamped the financial institution, making it a disruptor in the banking sector in the country. However, like the Yoruba adage that says o wuni ka j’eran pe lenu, sugbon ounfa ona’fun ni koje (which loosely means it is desirable to eat meat for long but for the oesophagus), Mr Emuwa has to go and pass the baton

By Investors Hub European stocks are roughly flat on Monday as earnings results from UBS disappointed investors and a rise in U.S. Treasury yields tempered optimism over easing geopolitical risks. While the U.K.?s FTSE 100 Index just below the unchanged line, the French CAC 40 Index and the German DAX Index are both marginally higher. The pound hit a two-week low against the dollar following comments from the Bank of England Governor Mark Carney that market expectations over the possibility of a rate hike in May were overblown. Swiss banking giant UBS has tumbled, as the company?s first quarter earnings

By Dipo Olowookere The board of AIICO Insurance Plc, one of the leading insurers in the country, has announced an Extra-Ordinary General Meeting (EGM) slated for next month in Lagos. The meeting is aimed to seek the approval of shareholders of the company for the raising of fresh capital to further enhance its operations across the country. During the EGM slated for Orchids Hotel, Lekki, Lagos on Monday, October 14, 2019 at 10.00 am, the shareholders would approve the request of the board to increase the authorized share capital of the AIICO Insurance to N18 billion from N10 billion. This