Shareholders Approve Winding up of RAK Unity Petroleum

By Adedapo Adesanya Nigeria’s Minister of Finance, Mr Wale Edun, has said the country is unable to clear up to $6.8 billion of overdue forward payments in the foreign exchange market, noting that this is preventing the Naira from gaining stability. Speaking in an interview on Thursday, Mr Edun lamented that the country’s FX market is facing a serious liquidity crisis due to low flows. “The issue we have now is that the market is not liquid enough,” he said in an interview in New York, per Bloomberg. The Minister said that resolving the overdue contracts would allow the Naira

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has postponed the Monetary Policy Committee (MPC) meeting scheduled to hold next week. In a statement, the apex bank noted that the MPC meeting, which was supposed to take place on Monday, September 25 and Tuesday, September 26, 2023, has been postponed until further notice. This is coming less than a week after President Bola Tinubu nominated Mr Olayemi Michael Cardoso to take over the role from Mr Folashodun Shonubi, who is filling the role following the ousting of Mr Godwin Emefiele, who is currently held in the custody of the

By Adedapo Adesanya The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that Nigeria saw a 65.7 per cent or N76.77 billion increase in earnings from the solid minerals sector in 2021 to N193.59 billion from the N116.82 billion achieved in 2020. This upward trajectory has been on for the past five years, according to a report from the agency. The Executive Secretary of NEITI, Mr Orji Ogbonnaya Orji, however, lamented that this is still abysmal considering the potential of the sector to the Nigerian economy. He said this while presenting the solid minerals sector report in Abuja, noting that

By Dipo Olowookere A total of 1.352.86 billion litres of white products were sold and distributed across the country in October, 2017, by the Nigerian National Petroleum Corporation (NNPC). The petroleum products were supplied by the NNPC through its downstream subsidiary, the Petroleum Products Marketing Company (PPMC). Details of the transactions contained in the October 2017 edition of the Monthly NNPC Operations and Financial Report also indicated that 252.83 billion cubic feet of gas was supplied in the country within the period. A breakdown of the volume of white products injected into the system shows that the 1.352.86 billion litres

By Adedapo Adesanya Lagos State Government has disclosed that its Agro-Processing, Productivity Enhancement and Livelihood Improvement Support (APPEALS) Project has created 12,350 jobs. This was disclosed by the state’s Coordinator of APPEALS Project, Mrs Oluranti Sagoe-Oviebo, at the Project Coordinating Office in Oko-Oba, Agege, Lagos. It was revealed that the programme has empowered 17,469 direct and indirect beneficiaries, which included farmers and SMs with improved technologies, physical inputs, job creation and infrastructural support, among others. The Project has also contributed N333.9 million to Lagos State GDP by 924 farmers supported by the project in 2020 from the Production Output Survey

In a bid to promote financial literacy amongst women and the younger generation, FBNQuest, the investment banking and asset management subsidiary of FBN Holdings Plc, recently held educative sessions to educate women, preteens and teenagers on how to preserve, save and grow their wealth. In celebration of International Women’s Month, the organisation, through its Leading Conversations with FBNQuest webinar series, hosted three webinars aimed at promoting financial literacy among women. The webinars were themed You Worked Hard for it – Let’s Preserve it – a webinar on the benefits of Estate Planning; Investment Options and How to Get Started and

By Dipo Olowookere Minister of Finance, Budget and National Planning, Mrs Zainab Shamsuna Ahmed, has assured investment that federal government will provide an enabling environment for businesses to thrive in the country. Mrs Ahmed gave this assurance when she inspected the reconstruction of Apapa-Oshodi-Oworonshoki-Ojota road in Lagos State by Dangote Group owned by Mr Aliko Dangote. During the tour, Mr Dangote presented the company’s investment and expansion masterplan and appreciated the Minister and the President Muhammadu Buhari administration for incentivizing investment in Nigeria. Mrs Ahmed reiterated the importance of investment in Nigerian industries and partnerships with government towards supporting the

By Dipo Olowookere Nigeria’s foremost monthly publication, The Top10 Magazine, has released the list of Nigeria’s top 10 philanthropists under the title Top 10 Philanthropists Behind Nigeria’s Largest Private Foundations”. In the latest edition of the magazine, which looks at the stakes and contributions of Nigeria’s largest private foundations, top 10 philanthropists leading the pack of individuals that have committed substantial part of their wealth to philanthropy and humanitarian services were listed. On the list are Aliko Dangote, founder of Aliko Dangote Foundation; Rochas Okorocha, founder of Rochas Foundation; Tony Elumelu, founder of Tony Elumelu Foundation; Jim Ovia, founder of

By Dipo Olowookere Governor Abiola Ajimobi of Oyo State on Friday inaugurated the caretaker chairmen for 55 local governments and local council development areas in the state at the Executive Council Chambers, Governor’s Office, Ibadan. During the ceremony, Mr Ajimobi assured the people of the state that elections into the 33 local governments and 35 local council development areas (LCDAs) would be held as soon as the suit against it was settled. A Federal High Court in Abuja presided over by Justice John Tsoho had in January 2017 ordered the Oyo State Independent Election Commission (OYSIEC) not to proceed with

By Modupe Gbadeyanka President Bola Tinubu has been urged not to treat the suspended Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, like how the former National Security Adviser (NSA), Mr Sambo Dasuki, was treated by the immediate past President, Mr Muhammadu Buhari. Mr Dasuki, who served under former President Goodluck Jonathan, was kept in custody for most of Mr Buhari’s 8-year tenure despite court orders releasing him. Mr Emefiele, who wanted to wrestle the All Progressives Congress presidential ticket (APC) with Mr Tinubu, was asked to leave his position about a month after the latter took

By Adedapo Adesanya Ghana’s economy rose 4.9 percent year-on-year in the first quarter of 2020, the Ghana Statistical Service (GSS) has announced. The GDP figures for Q1 2020 showed a decline from the 6.7 percent achieved in the same period last year. According to the GSS, the services sector recorded the highest growth of 9.5 percent; the agriculture sector grew by 2.8 percent and the industry sector by 1.5 percent. The services sector contributed 3.6 percentage points (73.1 percent) to the overall Gross Domestic Product (GDP) growth rate of 4.9 percent in the first quarter. The GSS explained that the