Shareholders Approve Winding up of RAK Unity Petroleum

By Adedapo Adesanya Crude oil prices settled gained almost one per cent higher on Tuesday as expectations of tighter supply outweighed worries that an uncertain economic outlook would hurt demand. Brent crude futures rose by 67 cents or 0.7 per cent to $93.96 per barrel and the US West Texas Intermediate (WTI) crude futures increased by 71 cents or 0.8 per cent to $90.39 per barrel. Oil supply remains tight as Russia and Saudi Arabia have extended production cuts to the end of the year. Market analysts noted that oil supply is expected to underwhelm demand in the foreseeable future

By Dipo Olowookere The Nigerian Exchange (NGX) kicked off the first trading session in the last week of the third quarter of the year on a negative note, with the key performance indices going down by 0.66 per cent on Monday. This was partly caused by the reaction of investors to the 30 Kobo interim dividend declaration of the board of Access Holdings Plc. A few days ago, its peer, UBA Plc, raised its interim dividend payment by 150 per cent to 50 Kobo and it was expected that Access Holdings would follow the same path. However, the company disappointed

By Adedapo Adesanya The new Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has said he would adopt an evidence-based monetary policy as he assumed office upon confirmation by the Nigerian Senate on Tuesday. He said the new leadership of CBN would “adopt an evidence-based monetary policy and shall not be making decisions based on a whim.” The Godswill Akpabio-led Senate confirmed the nomination of Mr Cardoso’s nomination as well as that of the four Deputy Governors of CBN nominated by President Bola Tinubu. The four deputy governors whose appointments were confirmed by the Senate are Mrs

By Bliss Okperan The exchange rate instability in the country is already giving small business owners sleepless nights and it threatens their investments. This concern was raised recently by the National Vice Chairman of the Nigerian Association of Small-Scale Industrialists, Mr Segun Kuti-George. He emphasised that business owners would have to increase their prices because of the unavoidable consequence of the current exchange rate crisis in Nigeria. According to him, if consumers are unable to meet up with the increase in the cost of goods and services, businesses would be forced to shut down their operations, which would, in turn,

An advocacy-based Civil Society Organisation (CSO), Media Initiative against Injustice, Violence and Corruption (MIIVOC), has thrown its weight behind the Nigerian Financial Intelligence Unit (NFIU) over its recent directive on the management of Local Government funds. In a letter dated May 22, 2019, signed by the group’s Executive Director, Dr Walter Duru, MIIVOC urged President Muhammadu Buhari to ignore calls by the Nigerian Governors’ Forum (NGF) to compel the NFIU to rescind its decision on Local Government funds, capable of making state governors to lose control of local government funds. The letter reads in part: “We have observed with shock,

By Nneka Okumazie Revolution chatter continues to dominate national politics in several countries across Africa. Revolution is seen as the path to progress and answer to underdevelopment. But this is wrong. For the foreseeable future, a political revolution will not work in Africa. Not because it cannot be started, it could and had in the past, but it cannot be sustained based on the ways of Africa. Revolution is also similar to succession, where for many reasons some peoples or lands want to leave a nation to form their own republic. But succession too, for now, will not work. It

By Nneka Okumazie Thoughts are the evidence that sometimes, some things are beyond proof. The world is always to see, hear, feel, smell, taste – and sense – to confirm. But there are many more things – true, existing and active – beyond the verification of those. It is sometimes hard to place thoughts or understand them. There are thoughts that overstay, whirling and unwilling to go. There are thoughts as if as trap, in the moment, suggesting immediate reaction – no matter how consequential. There are thoughts with power, overcoming everything else. There are thoughts that cannot be described,

By Aduragbemi Omiyale Nigeria’s rating has been downgraded to B3 from B2 by Moody’s Investors Service due to a “significant deterioration” in the country’s revenue despite an improvement in crude oil prices, the nation’s main source of earnings. In a rating report released on Friday, the agency said the downgrade affects Nigeria’s local currency and foreign currency long-term issuer ratings as well as its foreign currency senior unsecured debt ratings. The firm also said it had placed the ratings on review for downgrade. “Concurrently, Moody’s downgraded Nigeria’s foreign currency senior unsecured MTN rating to (P)B3 from (P)B2, also and placed

By Aduragbemi Omiyale For greater dynamism and deeper inclusiveness across generations, the Institute of Chartered Accountants of Nigeria (ICAN) has rebranded with a new corporate logo and visual identity. At the unveiling of the new logo and identity at an event held on Wednesday at the Oriental Hotel, Lagos, the leading umbrella body of the accounting profession in Africa disclosed that the transformation signifies its leadership, resilience, indelible footprints, growth and dynamism. Business Post gathered that ICAN, with this new beginning, has pledged its unwavering commitment to members and other stakeholders with a greater positive impact towards nation-building. The institute

As part of drive to contribute to the growth of economic drive, Heritage Bank Plc has continued to support The Next Titan Season-six; in ensuring that the entrepreneurial targets of the Nigerian youths are attained. The Next Titan entrepreneurial reality TV show sponsored annually by the Heritage Bank Plc has unveiled the top 16 contenders for the season-6 of the competition. The 16 lucky candidates were selected from among 50 contestants who made it to the Bootcamp after the auditions that saw thousands of Nigerian young entrepreneurs jostle for selection at the audition centres in Lagos, Port Harcourt, Enugu and

By Modupe Gbadeyanka A notable philanthropist from Ogwashi-Uku, Delta State, Mr Jude Ndudi Ozah, has donated no fewer than 10 patrol vehicles to the Delta State Command of the Nigeria Police Force. The items were given to the Delta Police Command by the High Chief on Wednesday, December 15, 2021, in the presence of the Obi of Ogwashi-Uku, HRM Obi Ifechukwude Aninshi Okonjo II, and the Commissioner of Police, Delta State, Mr Mohammed Ali. A statement signed by the spokesperson to the Obi of Ogwashi-Uku, Prince Greg Okwumbu, disclosed that the monarch thanked the donor for the gesture, describing him

By Dipo Olowookere The volume of crude oil bought from Nigeria by the United States tripled in 2016, latest data from US Energy information Administration has shown. According to the report released by the American agency, the US bought a total of 76.9 million barrels of Nigeria’s oil last year. This is in sharp contrast to the volume purchased from the West African biggest economy in 2015, which stood at 19.9 million barrels. But the recent increase in the US imports of Nigerian crude is being threatened by shale oil production. Recall that for the first time in decades, the