Seplat Lists $350m Notes on London Stock Exchange

By Dipo Olowookere The domestic currency had a breather in the peer-to-peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, with its value strengthening against the Dollar at the two windows. This was supported by the ease in the forex demand pressure during the trading session, which had the official market, the Investors and Exporters (I&E) arm of the market, non-operational yesterday due to the public holiday observed in the country for Eid el Maulud. Many customers who may have needed FX for their transactions stayed back to enjoy the work-free day, easing off

By Adedapo Adesanya The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised the alarm over alleged secret reintroduction of fuel subsidy payments by the federal government. In late May, after taking the oath of office, President Bola Tinubu announced the total removal of subsidy on petrol, which saw prices jump to over N600. The removal of fuel subsidy and the resulting increment in the pump of petrol by almost 300 per cent had quadrupled the inflation rate in the country and affected the purchasing power of Nigerians, especially the middle class and low-income earners. It was expected that as

By Adedapo Adesanya Ultrasonic sensing technology company, Fluenta, has completed work on the Dangote Refinery in Nigeria, Africa’s biggest oil refinery, installing 18 ultrasonic flare gas meters on large pipelines around the plant. This company is using its technology to aid Nigeria’s flare gas reduction efforts and with Dangote Refinery set to begin operations soon, according to its management recently, this could be a step to fix inaccurate measurements of gas flaring. Nigeria currently imports refined petroleum products for its use, even though it is Africa’s biggest oil producer and with Dangote Refinery, the world’s largest single-train refinery capable of

By Adedapo Adesanya Brent crude futures surged by 2.8 per cent or $2.59 on Wednesday to the highest settlement in 2023 at $96.55 per barrel after a steep drop in crude stocks in the United States compounded worries of tighter global supplies. The price of the US West Texas Intermediate crude futures (WTI) climbed by 3.6 per cent or $3.29 to $93.68 as the Energy Information Administration (EIA) reported a crude oil inventory draw of 2.2 million barrels for the week to September 22 in the country. In the preceding week, the agency posted an inventory draw of 2.1 million

By Modupe Gbadeyanka Governor Seyi Makinde has appealed to residents of Oyo State to support the efforts of the government to make the state cleaner and healthier for all. In a newsletter dated July 28, 2022, Mr Makinde said unregistered Private Sector Participants (PSPs) should not be allowed to evacuate solid waste in any part of the state, warning that the state government would prosecute both the operators and their customers. He stated that the new solid waste management structure was designed for the benefit of all, saying, action would “be taken against any PSPs and anyone who continues to

By Aduragbemi Omiyale The Oyo State Road Transport Management Authority (OYRTMA) has maintained that the owner of a fallen container along Efunsetan Roundabout, Challenge, Ibadan, the state capital, one Mr Abdul-Mumeen, must pay fines for violating the state’s traffic law. In a statement issued on Friday, the chairman of the agency, Mr Akin Fagbemi, said no amount of intimidation would deter the organisation from enforcing the law. Recall that for about three weeks, the fallen container obstructed the flow of traffic in the area, causing members of the public to criticise the government for not taking action to ease the

The Nigerian Extractive Industries Transparency Initiative (NEITI) has disclosed that the total financial flows from Nigeria’s oil and gas sector depreciated to $17.05 billion in 2016, a 31 percent decline on the $24.79 billion generated in 2015, and a 75 percent plunge on the sector’s peak earnings of $68.44 billion in 2011. This decline in oil earnings showed that Nigeria lost $51.39 billion within the period under review, with the 2016 figure the lowest in 10 years and the fifth lowest in the 18 years covered by NEITI’s audit reports so far (1999 to 2016). The latest report revealed that

By Sodeinde Temidayo David The Chairman of Dangote Sugar Refinery Plc, Mr Aliko Dangote, has expressed optimism with the National Sugar Master Plan (NSMP), saying the country could generate more revenue from the policy. According to Mr Dangote, if the NSMP is executed as designed, it could fetch the nation foreign exchange in excess of $700 million yearly from the backward integration component of the plan. “If the national sugar master plan is followed strictly and the players all follow the rules, the country will be better for it as Nigeria will save between $600 million and $700 million annually

By Modupe Gbadeyanka The Department of Public Health at the Federal Capital Territory Administration (FCTA) has once more reiterated that there is no confirmed case of Corona Virus in Abuja, urging residents of the nation’s capital city to remain calm. Director of Public Health, Dr Josephine Okechukwu, maintained that Nigeria is presently free of the Coronavirus as there is no confirmed case of the disease anywhere in the country. The health expert gave this clarification in reaction to the arrest and parading of some alleged pranksters by the police. The television crew went to the Wuse District Hospital claiming that

By Adedapo Adesanya The Naira depreciated against the greenback at the Peer-to-Peer (P2P) segment of the foreign exchange (FX) market on Friday amid wobbling forex supply in Nigeria. The value of the Naira to the Dollar fell by N6 in the P2P window yesterday, closing at N723/$1 compared to the N717/$1 it closed in the previous session. The local currency, however, gained 8 Kobo or 0.02 per cent against the US Dollar in the Investors and Exporters (I&E) window to close at N436.25/$1 versus Thursday’s N436.33/$1. Low demand for forex at the spot market helped the Nigerian currency gain strength

By Dipo Olowookere It was a bad for investors trading in the Nigerian stock market on Tuesday as they lost N103.7 billion to profit taking. Business Post reports that at the close of transactions, the Nigerian Stock Exchange (NSE) depreciated by 0.88 percent. This occurred on a day the National Bureau of Statistics (NBS) released inflation rate for the month of September, which eased further by 0.03 percent to 15.98 percent from 16.01 percent in August. However, the market breadth closed positive with 22 gainers and 21 losers. International Breweries emerged the biggest gainer, growing by N2.42k to settle at

By Modupe Gbadeyanka The Oyo State Government on Tuesday said that activities marking the 2017 World Tourism Day will come up on Wednesday, September 27, 2017 with mountaineering at the Ado Awaye suspended lake which is one of the two lakes on the hill in the World. The government said the climax of the one day activities is the mountaineering of the 246 steps Ado Awaye hill at Ado Awaye suspended lake, Iseyin. The State Commissioner for Information, Culture and Tourism Mr Toye Arulogun said that Stakeholders in the Tourism industries, media and general public are expected to be part