Seplat Grows EPS by 269%, Posts N37b PBT in 6 Months

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 Nigeria will accept and work with a production quota of 1.5 million barrels of crude oil per day in 2024 as the country aims to grow on the back of its oil resources, following a revision done by the Organisation of the Petroleum Exporting Countries and its allies, OPEC+. According to a statement issued by the Press and Public Relations unit of the Ministry of Petroleum Resources, Thursday’s meeting of the 23-man group addressed crucial aspects, including the completion of assessments by independent sources (IHS, Wood Mackenzie, and Rystad Energy) on the projected production levels for Angola,

By Adedapo Adesanya A hybrid solar power solutions provider, Daystar Power, has signed an agreement with Nigerian Breweries to install and operate a 4.2MWp solar plant and 2MWh battery storage system that will help the firm reduce its high energy costs. The installation will be one of the largest solar and battery storage projects for an industrial manufacturer in Nigeria. The hybrid solar solution will generate 5,249 MWh of electricity – 42 per cent of its daytime power consumption – every year at Nigerian Breweries’ Lagos brewery. According to a statement, the integration of solar into the factory’s energy mix

By Modupe Gbadeyanka The chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, has asked his counterpart in the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, to support his agency to achieve the Renewed Hope Agenda of President Bola Tinubu, who appointed both of them. Speaking during a courtesy visit to the headquarters of the anti-money laundering firm, Mr Adedeji said the EFCC has a role in ensuring that taxpayers’ funds are “judiciously utilised in line with the social contract with the people.” He assured that the FIRS would continue to strive to raise the revenue

By Modupe Gbadeyanka Monday, June 12, 2023, has been declared a public holiday by the federal government to celebrate Democracy Day. In a statement on Thursday, the federal government congratulated Nigerians on the occasion and wished them a Happy Democracy Day celebration. “Nigeria’s democratic journey has, like in many other climes, encountered both stormy and smooth sails, but the ship of state, its institutions and most importantly, the Nigerian people have remained steadfast on the tenets of democratic governance. “On this memorable occasion, therefore, Nigerians and friends of Nigeria are invited to appreciate the progress that has been made, celebrate

By Nneka Okumazie Activists and recruiters of activists often zero in on activism as everything. But the little national development across the country shows that the country is unresponsive to contiguous activism. Usually, there is a bad policy proposal. People protest, government – maybe – backs down. Activists get encouraged. They forget that bad policy going through or not, the country isn’t measurably progressing. There are too many same problems, the same way or close, from years back till present. Activists are – often – blinded by their little gains, the show, power, relevance or earnings that come with agitations,

By Adedapo Adesanya The crude oil market fell on Wednesday as traders used the opportunity provided by the worries surrounding the Omicron variant of coronavirus to sell off the commodity. While the Brent crude lost 36 cents or 0.5 per cent to trade at $68.87 per barrel, the United States West Texas Intermediate (WTI) lost 61 cents or 0.9 per cent to sell at $65.57 per barrel. The US officials said the Omicron variant – believed more transmissible than previous strains of coronavirus – had been found in the country. The first known US case was a fully vaccinated person

By Modupe Gbadeyanka A company based in Nigeria known as Biatemp Ventures Limited has taken First Bank of Nigeria Limited and the Federal Inland Revenue Services (FIRS) to court. In a suit filed before the Federal High Court, Abuja, the local firm wants the sum of N25 billion for special and general damages arising from the alleged manipulation of its account domiciled with the lender, business losses due to its withheld tax clearance and embarrassment suffered. The company accused First Bank of manipulating its domiciliary account, while the FIRS was dragged into the suit for an alleged illegal withholding of

By Ahmed Rahma, Adedapo Adesanya The Naira recorded a mixed outcome against the United States Dollar at the foreign exchange (FX) market on Tuesday, losing at the unregulated segment, appreciating at one of the regulated windows and maintaining stability at the others. Business Post reports that at the black market, the local currency suffered a decline of N3 or 0.63 per cent against the greenback to trade at N480/$1 in contrast to the N477/$1 it was sold on Monday. The Nigerian currency further compounded its woes at the parallel market yesterday when it also lost N3 against the British Pound Sterling

Thursday, May 30, 2019 has been fixed for the unveiling of the 2019 Edelman Trust Barometer Survey Report at Eko Hotel & Suites, Victoria Island, Lagos. The report will be released by Chain Reactions Nigeria, one of the country’s leading Public Relations and Integrated Communications Consulting firms and the Exclusive Nigerian Affiliate and the Preferred West Africa’s Partner of Edelman, the world’s largest PR firm with presence in 65 countries across the globe. Edelman Trust Barometer is the annual global trust and credibility online survey conducted by Edelman Intelligence, the independent research arm of the Edelman global network testing how

By Modupe Gbadeyanka There was tension among contestants and viewers of the Gulder Ultimate Search (GUS) Season 12 last Sunday as there was a fear of possible eviction. The three clans; Iroko, Irin and Amo, had their first task, the slippery slope, given to them by their taskmaster, Kunle Remi, after the main anchor, Toke Makinwa, held talks with them. The task was won by Clan Iroko and was followed by Clan Amo, while Clan Irin lost. At that point, the taskmaster said one of the members of the losing team would be leaving the jungle when they later meet

By Aduragbemi Omiyale One of the foremost traditional rulers in Yorubaland, Oba Saliu Adetunji Ajeogunguniso II, the Olubadan of Ibadan land, has breathed his last. Oba Adetunji, who was installed as Olubadan in 2016, died at the age of 93 at the University College Hospital (UCH) in Ibadan, Oyo State. But as at press time, the ruling family and the palace are yet to make an official announcement of the demise of the respected monarch. Oba Adetunji, born on August 26, 1928, became the 41st Olubadan of Ibadan following his coronation on March 4, 2016. But before then, he was