Shell to Pay $15.9m to Nigerian Farmers for Oil Leaks

By Adedapo Adesanya Oil prices fell by 1 per cent on Wednesday after the US Federal Reserve left interest rates unchanged, as widely expected. Brent futures fell 81 cents or 0.9 per cent to settle at $93.53 a barrel, while the US West Texas Intermediate crude (WTI) fell by 92 cents or 1.0 per cent to trade at $90.28 per barrel. Wednesday’s decision means the benchmark short-term interest rate will remain at 5.25 per cent to 5.5 per cent, a 22-year high. This is only the second time since March 2022 that the US central bank meetings have concluded without

By Aduragbemi Omiyale The Nigerian Exchange (NGX) Limited is looking to drive gender equality and sustainable development in the country through strategic instruments like gender bonds and gender-themed sustainable financing mechanisms. The local bourse said it hopes to achieve this goal by collaborating with a global organisation like the United Nations Women (UN Women). According to the Divisional Head of Business Support Services and General Counsel at NGX, Ms Irene Robinson-Ayanwale, there is a need to galvanize public and private sector stakeholders to the development and adoption of gender-responsive instruments in Nigeria’s capital market and mobilise public and private capital

By Dipo Olowookere Renewed buying interest in consumer goods stocks saved the Nigerian Exchange (NGX) Limited from collapsing on Tuesday, as it finished higher by 0.71 per cent at the close of trading activities. The trading session saw Ellah Lakes ending as the best-performing stock after its value rose by 10.00 per cent to N3.63, leading the gainers’ chart of 35 members. Berger Paints rose by 9.95 per cent to close at N11.60, eTranzact grew by 9.93 per cent to N8.08, Oando improved by 9.92 per cent to N13.30, and Chams also jumped by 9.92 per cent to N1.33. Business

By Adedapo Adesanya The distributors of petrol and other fuels in Nigeria said they can no longer sustain the distribution of the products nationwide as the price of diesel used to power their trucks is now N1,100/litre in many locations. The marketers, under the aegis of the National Oil and Gas Suppliers Association of Nigeria (NOGASA), raised the concern in a statement on Tuesday. The president of the group, Mr Benneth Korie, said that diesel has witnessed incessant hikes in recent months, lamenting that the development has been worsened by marketers’ inability to secure cheap bank loans that will enable

By Investors Hub Major U.S. index futures are pointing to a higher opening on Friday, with stocks poised to extend the seesaw trend seen over the past few sessions. The upward momentum on Wall Street comes on the heels of the sharp pullback seen in the previous session, which largely offset the rally seen on Wednesday. The markets may also benefit from window dressing, as traders look to boost their portfolios on the final trading day of the second quarter. Stocks climbed well off their worst levels in afternoon trading on Thursday but remained stuck firmly in negative territory. With

By Dipo Olowookere The market diversification and cost-optimization initiatives of United Capital Plc are already yielding results as the revenue generated in the third quarter of 2020 increased by 44.0 per cent to N7.1 billion from N5.3 billion recorded in the same period of 2019. The significant rise in the gross earnings was on the back of a strong year-on-year increase of 55 per cent in investment income, 62 per cent increase in fees and commission income, and 61 per cent growth in net trading income. In the period under review, the company recorded a net operating income of N6.8

By Dipo Olowookere The Nigerian Exchange (NGX) Limited was quite busy last week as investors bought and sold 3.029 billion shares worth N33.626 billion in 29,505 deals compared with the 3.602 billion shares valued at N36.451 billion transacted in 27,801 deals in the preceding week. Stocks in the financial sector enticed traders, who could not let go because of their liquid nature, resulting in the sale of 2.095 billion units worth N21.847 billion completed in 14,008 deals, thus contributing 69.17 per cent and 64.97 per cent to the total trading volume and value, respectively. Equities in the conglomerates industry trailed

By Adedapo Adesanya The Nigerian currency gained on the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market on Monday but lost in the Peer-2-Peer (P2P) and black market segments of the market. In the official exchange rate window, the value of the local currency yesterday was bolstered by 0.09 per cent or 40 Kobo against the greenback to N461.50/$1 from last Friday’s value of N461.90/$1. The strengthening of the Naira happened despite a surge in the demand for forex at the spot market during the session by 175.1 per cent or $126.42 million

By Adedapo Adesanya The House of Representatives has asked the Central Bank of Nigeria (CBN) to direct commercial banks to urgently overhaul their online and electronic banking platforms. At Thursday’s plenary, the green chamber said this would ease the electronic banking operations that the banks were implementing in line with the cashless/Naira redesign policy of the apex bank and reduce the pains of Nigerians. The resolution came off a motion on notice moved by a lawmaker from Edo State, Mr Sergius Ose-Ogun, in the lower house. “The House notes that Section 88 (1) and (2) of the Constitution of the

By Modupe Gbadeyanka Health Maintenance Organizations (HMOs) in Nigeria have been warned to sit up or incur the wrath of the National Health Insurance Scheme (NHIS). Executive-Secretary of NHIS, Prof Usman Yusuf, accused the HMOs of feeding fat on contributions of those who enrolled for the NHIS through them. Prof Yusuf said he has a vision of making the HMOs responsive, accountable and providing qualitative service for its enrolees. The NHIS boss declared to the HMOs that “the era of disregarding with impunity their rights and privileges [was] over.” He charged the HMOs to wake up from their lethargy in

By Dipo Olowookere A total of $93,000 grant has been provided by the Japanese government for the upgrade of six primary schools in the Laikipia North Sub-County, Laikipia County of Kenya. The financial assistance program is designed to meet diverse needs of developing countries under the ‘Grant Assistance for Grassroots Human Security Projects (GGP)’ scheme, which supports projects proposed by various bodies such as non-governmental organizations (NGOs). The Grant Contract for this project was signed on November 10, 2016 and was for the construction, renovation, provision of sanitation facilities and purchase of classroom furniture. This project was implemented by Africa

By Investors Hub European stocks have moved modestly lower on Monday amid concerns over the prospect of imminent U.S. sanctions against Moscow. As far as developments in Syria are concerned, fears of an escalation appear to have faded following the weekend?s U.S.-led airstrikes. While the U.K.?s FTSE 100 Index has fallen by 0.5 percent, the French CAC 40 Index and the German DAX Index are both down by 0.1 percent. Advertising conglomerate WPP has fallen in London after its CEO Martin Sorrell stepped down following an allegation of personal misconduct. Sage shares have also moved to the downside, extending Friday’s