SEC Sets up Panel on N80b Unclaimed Dividend

By Adedapo Adesanya Brent crude benchmark dipped below $80 a barrel on Monday, precisely losing 60 cents of 0.7 per cent to trade at $79.98 a barrel as investors await this week’s meeting of the Organisation of the Petroleum Exporting Countries and their allies (OPEC+). The group is anticipated to maintain its ceiling on crude oil production by member countries into 2024. This affected the oil market, with the West Texas Intermediate (WTI) crude futures declining yesterday by 68 cents or 0.9 per cent to trade at $74.86 per barrel. Last week, the 23-man OPEC+ postponed its Sunday ministerial meeting

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, November 27 as expectations of renewed confidence that the Central Bank of Nigeria (CBN) would offer stability to the market. Before the market closed, there were indications that the CBN Governor, Mr Olayemi Cardoso, would share his plans for the Nigerian economy at a dinner for bankers in Lagos and this boosted a fresh hope, considering he had not offered a direction prior then. In the official market, the domestic currency gained N161.44 or 16.9 per cent against the Dollar

By Adedapo Adesanya Appreciation in the prices of three stocks saw the NASD Over-the-Counter (OTC) Securities Exchange closed with a 1.36 per cent rise on Friday, November 24 despite efforts by two equities to bring down the market. Aradel Holdings Plc recorded a N79.20 appreciation to sell at N871.20 per share compared to the previous day’s N792.00 per share, FrieslandCampina Wamco Nigeria Plc increased by N2.82 to close the day at N74.00 per unit versus Thursday’s closing price of N71.14 per unit, and UBN Property Plc jumped by 15 Kobo to finish at N1.65 per share, in contrast to the

By Modupe Gbadeyanka The Nigerian National Petroleum Company (NNPC) Limited is planning to grow its revenue to N4.5 trillion as it plans to end the importation of premium motor spirit (PMS), otherwise known as petrol, by December 2024. The chief executive of the company, Mr Mele Kyari, while speaking on Thursday, said the nation would not need to rely on fuel from outside the country because its refineries would have been fully operational. Nigeria is currently revamping its four refineries to make the product available to residents of the country as it officially stopped the payment of subsidy on petrol

By Nkem Ndem ‘Mamaput’ a word used by most locals in Lagos city in reference to small scale restaurants or roadside kiosks that offer food, has since been polarized around the state and country. Visitors, as well as locals on the prowl for budget meals, are huge patrons of these food vending stations, as not only do they offer affordable meals, they also are the best place to have an authentic taste of the city’s indigenous cuisines. Like it is with proper restaurants, visitors to any Mamaput need to behave in certain ways and follow certain rules in order to

By Dipo Olowookere The social media space was on fire yesterday following the video of a Nigerian Senator, Mr Ishaku Abbo, allegedly beating up a lady in a brutal manner at an adult shop located in Abuja. Protests were staged at the police headquarters in Abuja, calling for his prosecution, while the lawmaker reportedly skipped plenary at the red chamber, ostensibly because of the backlash that followed his action, which happened in May 2019, few months after he was elected to represent the people of Adamawa North Senatorial District at the National Assembly. Though he initially promised to give a

By Dipo Olowookere The Nigerian Exchange (NGX) Limited appreciated by 0.75 per cent on Friday as the local demand for FBN Holdings Plc stocks was sustained during the final trading day of the week. This raised the All-Share Index (ASI) by 308.17 points to 41,438.15 points from 41,129.98 points and as for the market capitalisation, the listing of 1.964 billion shares of NGX Group Plc shares on the exchange yesterday expanded it by N193 billion to N21.625 trillion from N21.432 trillion. The market breadth closed positive yesterday with eight declining stocks and 30 appreciating equities led by SCOA Nigeria, which

Olusegun Olatunde Oyegbami is the author of Reversing the Rot in Nigeria. In this book, he analysed the alleged fraud behind the Petroleum Equalization Fund (PEF) and other national issues. Excerpt. Sir, what is the inspiration behind this book? The inspiration is that things have become so bad that we must speak out and I have plumbed the depth of what has been happening in Nigeria for the past forty to forty-five years and have struck the nail on the head that the way we have being running the oil industry is what has led the economy collapse as we

By Adedapo Adesanya The Lagos State Government has lauded Ecobank Nigeria for its active role to uplift the artisanal fisheries value chain in the state. This was made known by Ms Abisola Olusanya, the Commissioner for Agriculture in her remark at the presentation of 34 fibreglass boats with outboard engines and other ancillary fishing equipment to cooperative societies of 680 youth fishermen. She said the partnership with Ecobank has been phenomenal in helping to develop business models suitable for the fishermen, stating that the ministry was partnering with Ecobank and Old Mutual Assurance to provide banking services, track cash flow

The 2017/18 Premier League top scorer and the 2018 PFA Player of the Year, Mohamed Salah, does a lot for his compatriots. With rising unemployment and political unrest in Egypt, the attacker is an icon and an example of a young man who has worked hard to achieve his dreams. Although his life hasn’t always been enviable, he has worked his way into Liverpool’s starting line-up, whose matches you can follow on the 1xBet app with fast bets and withdrawals at any time. Mohamed Salah was born in June 1992 in the small village of Nagrig, located in the Gharbia

By Modupe Gbadeyanka The Nigeria Customs Service (NCS) has been given a revenue target of N3.019 trillion by the Senate for the year 2022 as it approved the N369.04 billion budget for the agency in the year under review. The target was set by the upper chamber of the National Assembly on Wednesday after the consideration of a report by the Committee on Customs, Excise and Tariffs headed by Mr Francis Alimikhena. According to the lawmaker, out of the N3.019 trillion revenue target, the NCS is expected to rake in N1,693,157,559,312.00 from import duty; N161,695,617,629.00 from excise duty, with N3,717,140,635.00

By Adedapo Adesanya Nigeria witnessed a 180.3 per cent increase in the total crude oil and gas export sales in May, standing at $219.8 million compared to the value in April 2021. The Nigerian National Petroleum Corporation (NNPC) disclosed in its Monthly Financial and Operation Report (MFOR) for the month of May 2021 that crude oil export sales contributed $181.2 million (82.5 per cent) of the dollar transactions compared with $4.22 million contributions in the previous month. Similarly, the export gas sales component stood at $38.6 million in May. The MFOR showed that between May 2020 and May 2021, the