SON Approves Standards for Renewable Energy

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By Adedapo Adesanya A foreign oil company, Equinor ASA, has chosen a little-known Nigerian company, Chappal Energy, as the preferred buyer of its stake in one of the country’s largest deep-water oil fields, Agbami. According to a report by Bloomberg on Monday, the Norwegian energy giant is trying to sell its 20.2 per cent interest in the Agbami field – joining other international producers such as Shell Plc, Exxon Mobil Corporation and Eni SpA in looking to offload assets in Africa’s biggest crude producer, Nigeria. In January, Equinor launched the sale of its stake in an offshore Nigerian oilfield, joining

By Adedapo Adesanya President Bola Tinubu has been charged by the Socio-Economic Rights and Accountability Project (SERAP) to investigate the allegations that over $15 billion of oil revenues and N200 billion budgeted to repair the refineries are missing and unaccounted for between 2020 and 2021, as documented by the Nigeria Extractive Industries Transparency Initiative (NEITI). In the letter dated September 23 and signed by SERAP deputy director, Mr Kolawole Oluwadare, the organisation urged him to “name and shame anyone suspected to be responsible for the missing and unaccounted for public funds and to ensure their effective prosecution as well as

Cowry Asset The local currency further gained 0.09 percent against the Dollar last week at the Investors & Exporters (I&E) segment of the foreign exchange to close at N360.18 as foreign portfolio inflows rose amid increasing demand for fixed income assets. Also, the Naira/Dollar exchange rate at the parallel market appreciated by 0.28 percent to finish at N359/$. However, at the interbank segment of the market, the exchange rate remained unchanged at N356.92/$ amid weekly injections of $210 million by the Central Bank of Nigeria (CBN) into the forex market via the Secondary Market Intervention Sales (SMIS) of which: $100

By Modupe Gbadeyanka    Guinness Plc and 12 other equities led the Nigerian Stock Exchange (NSE) to its first gain of the year 2017 on Friday. The stock market has had to endure three straight losses since it opened for trading activities on Tuesday, January 3, 2017. This made investors to lose about N228 billion since the beginning of the year. But the negative trend was reversed on Friday as the market closed positive with the market indicators finishing 0.15 percent better. The all-share index improved by 39.3 basis points to end at 26,251.39 basis points, while the market capitalisation

By Modupe Gbadeyanka At the invitation of the International Committee of the Red Cross (ICRC), Jess Markt, a wheelchair basketball coach for people with disabilities is coming from the United States, will coach players, train coaches, classifiers and referees from Juba and Yirol. He is expected to arrive in Juba on Tuesday, January 10, 2017 for the tasks. Jess began playing wheelchair basketball at the age of 19 after suffering a spinal cord injury. He has been coaching wheelchair basketball since 2009, and has trained teams in Afghanistan, India, Palestine, Cambodia and in his home state of Colorado. “We are

By Dipo Olowookere “The world is far better prepared for another Ebola outbreak,” said Dr Margaret Chan, Director-General of the World Health Organization, today at a celebratory event to recognize the Governments and people of the three most-affected countries for their contribution to the control of the Ebola outbreak in 2014-15. Dr Chan joined the President of the Republic of Guinea, HE Professor Alpha Conde, His Excellency Minister of Health, Dr Abdourahmane Diallo, and representatives from the Governments of Liberia and Sierra Leone, in celebrating the successful development of the world’s first vaccine against Ebola. Dr Matshidiso Moeti, Regional Director

By Modupe Gbadeyanka On Thursday, Secretary to the Government of the Federation (SGF), Mr Boss Mustapha, informed the parliament that he was shock at the poor state of healthcare system in Nigeria. This statement by Mr Mustapha, who was appointed by President Muhammadu Buhari as Chairman of the Presidential Taskforce for the Control of Coronavirus pandemic, did not go down well with some Nigerians, who lambasted him for it. But the leadership of all Progressives Congress (APC) Mandate Defenders, in a statement, signed on Friday in Abuja by its National Publicity Secretary, Mr Ifeanyi Emeka, said the SGF should be

By Adedapo Adesanya Following President Bola Tinubu’s visit to India last week, the country’s oil company, the Nigerian National Petroleum Company (NNPC) Limited, has signed a memorandum of understanding (MoU) with Indorama Eleme Petrochemicals Limited on gas supply in a bid to promote the use of natural gas by large-scale gas utilization industries. The deal, if actualised, will allow both parties to explore and develop suitable opportunities within the remits of their interests across the hydrocarbon value chain in Nigeria. According to NNPC Group Chief Executive Officer (GCEO), Mr Mele Kyari, “NNPC Limited is on the threshold of making value

By Modupe Gbadeyanka An Integrated Produce City (IPC) project has been inaugurated in Edo State by the Vice President, Prof. Yemi Osinbajo. The IPC, worth $136 million, was launched by the Vice President at a ceremony held at the location of the project in Ugbokun, near Okada town, a few kilometres away from Benin City, the state capital. The IPC project is the first in Nigeria and it is expected to transform the lives of thousands of people in the country. Governor of Edo State, Adams Oshiomhole, who represented Mr Osinbajo, disclosed that the government moved to establish the IPC

By Adedapo Adesanya  The Naira wrapped the week pulling another gain against the Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Friday, January 10, 2020. At the previous session on Thursday, the Naira gained N1.01k to close at N362.80 per Dollar and on Friday, the gains were extended by 0.06 percent or 20 kobo to trade at N362.60/$1. The strong performance of the local currency came despite rise in the volume of transactions recorded at the forex window. The turnover for the day was $766.00 million, higher than $87.10 million printed on Thursday,