Solid Minerals Areas Development Commission Bill Passes Second Reading

By Adedapo Adesanya A milk-producing company, FrieslandCampina Wamco Nigeria, helped the NASD Over-the-Counter (OTC) Securities Exchange return to the green territory by 0.54 per cent on Wednesday, November 29. The firm improved its value by N3.50 in the midweek session to settle at N73.50 per share compared with the previous day’s closing price of N70.00 per share. It suppressed the 10 Kobo decline posted by Central Securities Clearing System (CSCS) Plc, which ended lower at N17.00 per unit versus Tuesday’s value of N17.10 per unit. Consequently, the market capitalisation of the alternative stock exchange went up by N6.28 billion to

By Adedapo Adesanya The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) on Thursday asked Nigeria to produce about 1.5 million barrels of crude oil per day in 2024, lower than the 1.78 million barrels per day benchmark it proposed in the 2024 Appropriation Bill presented to the National Assembly on Wednesday for passage. The output ceiling was around 1.8 million barrels per day before it was cut down to 1.5 million barrels yesterday at the group’s virtual meeting, a huge blow to Nigeria’s revenue target for the fiscal year. OPEC had tasked three consultancies – IHS, Rystad

By Adedapo Adesanya  Angola, one of Africa’s top crude oil producers and a key member of the Organisation of the Petroleum Exporting Countries (OPEC), has officially rejected the proposed production quota for the year 2024 and may even exit the group. This was signalled by Mr Diamantino Pedro Azevedo, Angola’s Minister of Energy and Mineral Resources, confirming the nation’s decision and indicating a divergence from OPEC’s suggested allocations for both member and non-member countries. The announcement was made during the 26th OPEC+ Meeting on Thursday, where the organisation proposed 1.11 million barrels of crude oil per day production quota for

By Dipo Olowookere The last trading day of November 2023 on the floor of the Nigerian Exchange (NGX) Limited ended on a bullish note by 0.11 per cent on Thursday. Mild bargain-hunting in industrial goods equities like Lafarge Africa, supported by Airtel Africa, GTCO and other financial stocks left the market in the green territory at the close of business. Consequently, the All-Share Index (ASI) increased by 81.91 points to settle at 71,365.25 points compared with the preceding day’s 71,283.34 points, and the market capitalisation grew by N44 billion to N39.052 trillion from N39.008 trillion. Business Post reports that the

By Ashemiriogwa Emmanuel Mouka Limited, manufacturers of household and industrial foam products in Nigeria, has demonstrated its commitment to promoting a sustainable environment with the launching of its new eco-friendly mattress called Eco-Comfy. According to Mouka’s Head of Marketing, Mr Tolu Olanipekun, the Eco-Comfy fibre mattress is made of  100 per cent recyclable polyester fibre which allows for the conversion of old mattresses into other valuable items to cut down on environmental pollution. Commenting at the launch of the product, he said, “Eco-Comfy is eco-friendly as it is made of 100 per cent recyclable polyester fibre, which means an old

By Adedapo Adesanya Crude prices reacted positively to the news of the decision of the Organisation of the Petroleum Exporting Countries (OPEC) and its allies known as OPEC+ to reduce the global crude supply by 7.7 million barrels per day initially agreed when the deal was signed in April. On Wednesday, an OPEC committee held a virtual meeting, where talks about the possibility of extending the reduction of crude production by 9.7 million barrels per day till August came up. In April, when prices were down, oil producers held a meeting and it was agreed that supply should be reduced

By Adedapo Adesanya For another month, Nigeria failed to meet its crude oil output quota in June 2022, recording a decline of 80,000 barrels per day. The country, which prides itself as Africa’s largest oil producer, finished the month as the second-highest laggard among producers that make up the Organisation of the Petroleum Exporting Countries (OPEC). According to a Reuters survey, secondary data from sources said Nigeria followed Libya as the producer with the second-largest decline, adding that outages and maintenance curbed output. The decline from both African countries offset supply increases by Saudi Arabia and other large producers including

By Adedapo Adesanya The 41st week of trading at the NASD Over-the-Counter (OTC) Securities Exchange closed with a N24.3 billion loss largely as a result of the exit of the Nigerian Exchange (NGX) Group Plc from the platform. According to the weekly NASD market review and analysis by Business Post, the market capitalisation dropped to N616.99 billion from N641.28 billion in Week 40. NGX Group Plc exited the bourse as it listed its stocks by introduction on the floor of the Nigerian Exchange (NGX) Limited, which is its demutualised exchange. On the other hand, the NASD Security Index (NSI) rose

By Adedapo Adesanya In order to boost agricultural productivity in Nigeria in line with the President Muhammadu Buhari 9-point agenda, the National Varieties Release Committee (NVRC) has released 18 high-yielding crop varieties. The unveiling of these new crop varieties is expected to favour farmers in the country, who will now experience bountiful harvest going forward and in turn, make food cheaper. During the announcement, the Chairman of NVRC, Mr Oladosu Awoyemi, said the 18 crops were taken from the 25 submitted by researchers. While speaking during the 29th meeting at the National Centre for Genetic Resources and Biotechnology (NACGRAB) in

By Dipo Olowookere Tier-2 Nigerian lender, Sterling Bank Plc, has obtained a credit facility worth $65 million from a financial institution owned by 18 Arab countries members of the League of Arab States (LAS) known as Arab Bank for Economic Development in Africa (BADEA). The loan deal, which comes in two parts, was signed on Monday, February 18, 2019, in Cairo, with the first Line of Credit worth $15 million. This is to be used to finance private sector projects, while the second one, which amounts to $50 million, is a Line of Credit for financing Arab Exports to African

By Adedapo Adesanya Prices of crude oil faced a very difficult outcome last week as the Organisation of the Petroleum Exporting Countries (OPEC) and its allies led by Russia could not all agree on cutting supplies by a further 600,000 barrels per day after a three-day extended meeting. Major futures like the international-benchmark Brent and the US West Texas Intermediate crude oil finished lower in the week after starting the week with a promising news that OPEC alliance would increase their production cuts to balance the decline in demand caused by the impact of the coronavirus on China’s economy. However,

By Adedapo Adesanya The week opened with the bull returning to the floor of the NASD Over-the-Counter (OTC) Securities Exchange on Monday with a marginal 0.04 per cent rise. The day’s favourable outcome came as two companies – Central Securities Clearing Systems (CSCS) Plc and Nigerian Exchange Group Plc – made gains. As a result of the growth printed by the market bellwethers, the NASD unlisted security index (NSI) moved up by 0.30 points to 745.66 points from 745.36 points, while the market capitalisation of the NASD Exchange rose by N260 million to N648.11 billion from N647.852 billion. Business Post