Sound Corporate Governance Good for Capital Market Integrity—Popoola

By Adedapo Adesanya The federal government has exempted imported Liquefied Petroleum Gas (LPG) and its equipment from the payment of customs duty and value-added tax (VAT), a move expected to result in a drop in the cost of cooking gas in the country and bring much-needed succour to Nigerians. This was disclosed by the Minister of Finance, Mr Wale Edun, in a letter (dated November 28, 2023) to the Special Adviser to the President on Energy; the Comptroller-General of the Nigeria Customs Service (NCS); and the Chairman of the Federal Inland Revenue Service (FIRS). Recall that in 2019, the federal

By Adedapo Adesanya Oil prices fell further on Thursday touching a six-month low, as investors worried about sluggish energy demand in the United States and China. Brent crude futures dropped 48 cents to $73.82 a barrel and the US West Texas Intermediate (WTI) crude futures fell by 33 cents to $69.05 per barrel, with both benchmarks posting their lowest prices since late June. Analysts noted that the largest global importer of oil, China, is shuttering its interests in crude and this has created pressure on prices. Chinese customs data showed that crude oil imports in November fell 9 per cent

By Adedapo Adesanya Nigerian crude output fell by 30,000 barrels per day to 1.43 million barrels per day in November, according to data from an S&P Global Commodity Insight. This was lower than the 1.46 million barrels produced in October by Africa’s largest oil producer and 312,000 barrels per day short of its 1.742 million barrels per day target in 2023. Angola, Africa’s second-largest oil producer, saw output drop 20,000 barrels per day to 1.13 million barrels per day, according to the survey, compared with its quota of 1.46 million barrels per day. The drops impacted the wider output of

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has cautioned Nigerians to be wary of fake Naira notes currently in circulation, vowing to prosecute those engaged in the illicit acts. The apex bank in a release signed by Mrs Hakama Sidi Ali, the acting Director of Corporate Communications, said the counterfeit notes have been spread by some individuals for transactions in food markets and other places where commerce takes place across the country, noting that this is a punishable offence. “The attention of the Central Bank of Nigeria (CBN) has been drawn to the circulation of counterfeit banknotes, especially

By Modupe Gbadeyanka Former and present Group Managing Directors of the Nigerian National Petroleum Corporation have expressed fears that the current pump price of N145 per litre is no longer feasible. They said the amount does not correspond with the price-determining components of the commodity and the fluctuations of the foreign exchange rate. They stated this after a one-day meeting they held with the Minister of State for Petroleum Resources, Dr Ibe Kachikwu, in Abuja. The NNPC in its statement said, “They (the GMDs) noted that the petrol price of N145/litre is not congruent with the liberalisation policy especially with

By Dipo Olowookere The management of Access Bank Plc has confirmed that it plans to issue Corporate Green Bonds worth N15 billion. Last week, there were reports in the media that the tier-one lender was planning to sell the climate-friendly bonds worth N150 billion by 2021, with the first tranche of N15 billion to be issued in the first quarter of 2019. While reacting to the matter in a notice to the Nigerian Stock Exchange (NSE) last Friday, the financial institution confirmed its intention to issue the N15 billion green bonds, but was silent on the reported N150 billion by

By Adedapo Adesanya The Petroleum Industry Act (PIA) won’t solve the problem of gas flaring in the country, says the Health of Mother Earth Foundation (HOMEF), calling on oil companies to bear the brunt of the cost. The Executive Director of the group, Mr Nnimmo Bassey, noted that the Act creates numerous provisions for operators to continue flaring gas unchecked, as it gives power to an agency to grant operators a permit to flare gas. Mr Bassey lamented that such permits could easily be abused and turned into a license for unchecked and perpetual environmental and health damage to communities

By Kestér Kenn Klomegâh The 17th Toronto Global Forum was held under the theme Fostering Economic Resilience from October 11-13, 2023, in Toronto Canada. According to reports, the forum gathered over 170 speakers and more than 3,000 attendees from all over the world. The central themes at the Toronto Global Forum revolved around the global economy, infrastructure, finance, innovation, energy and sustainable development. Through its ability to foster connections and collaboration, the Toronto Global Forum stands as an exceptional and distinctive platform bringing together decision-makers from all spheres of society to tackle the most pressing issues of the changing times.

By Adedapo Adesanya In the first six months of 2020, the Nigerian Electricity Regulatory Commission (NERC) said it metered a total of 4,234,759 electricity consumers that requested to be metered. In its 2020 second-quarter report released on Wednesday, the regulatory agency for Nigeria’s electricity sector explained that the figure represents 40.3 per cent of the 10,516,090 customers that registered for the meters. “Although there was a slight improvement during the quarter, the huge metering gap for end-use customers remains a key challenge in the industry,” a part of the report released in Abuja said. “The records of the commission indicate

By Modupe Gbadeyanka No fewer than 350 members of staff of Heritage Bank Plc have been elevated in line with the lender’s commitment geared towards greater efficiency and resource optimization. A statement issued by the financial institution explained that the promotion was part of its growth and industry innovative agenda designed to strengthen its business across all markets where it operates. Heritage Bank explained in the statement made available to Business Post on Monday that the promotion was commended by human resources analysts and greeted with joy and enthusiasm by the workforce of the bank was selected after the completion

By Kester Kenn Klomegah In her weekly media briefing July 23, Russia’s Foreign Ministry Spokeswoman, Maria Zakharova, criticised the United States support for educational programs, media and NGOs in Africa. In addition, Zakharova said, “the allocation of grants fits into the White House’s efforts to promote the idea that there is no alternative to Western concepts regarding state governance and the imposition of alien values on sovereign states, and this represents another manifestation of neo-colonialism and an element of covertly formalizing inequality in the overall system of international ties.” Russia’s position as contained in her briefing is available on the

By Adeniyi Ogunfowoke Banking abroad is more than just using your card at an ATM or using Point of Sale. So, when you travel abroad and you want to perform any transaction, you must know how to avoid paying bank fees, eliminate foreign transaction charges, and get a good exchange rate. If you do not, you will discover that your bank will have a field day deducting fees for banking transactions. In line with this, Jumia Travel, the leading online travel agency shares ways you can reduce bank charges when you travel abroad. Eliminate ATM fees ATM fees can really