T-Bills Investors to Demand Higher Rate Amid Rising Inflation

By Adedapo Adesanya The prices of oil benchmarks jumped by 2 per cent on Tuesday on the fresh possibility that the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) will extend or deepen supply cuts. Data showed that Brent crude futures gained $1.70 or 2.1 per cent to close at $81.68 a barrel and the US West Texas Intermediate (WTI) crude increased by $1.55 or 2.1 per cent to $76.41 per barrel after a drop in Kazakh oil output and a weaker US Dollar. OPEC+ is due to hold an online ministerial meeting on Thursday to discuss 2024

By Adedapo Adesanya A hybrid solar power solutions provider, Daystar Power, has signed an agreement with Nigerian Breweries to install and operate a 4.2MWp solar plant and 2MWh battery storage system that will help the firm reduce its high energy costs. The installation will be one of the largest solar and battery storage projects for an industrial manufacturer in Nigeria. The hybrid solar solution will generate 5,249 MWh of electricity – 42 per cent of its daytime power consumption – every year at Nigerian Breweries’ Lagos brewery. According to a statement, the integration of solar into the factory’s energy mix

By Adedapo Adesanya The Minister of Solid Minerals Development, Mr Dele Alake, has assured foreign investors of low production costs as they consider investing in the country’s mining sector. Speaking at the Mines and Money Conference in London, Mr Alake said President Bola Tinubu has embarked on reforms to boost investment by streamlining procedures and reducing hurdles to attract foreign investors. “The country’s geological bounty encompasses over 44 distinct mineral types, found in exploitable quantities across more than 500 locations,” the Minister said, according to a statement by his aide, Mr Kehinde Bamigbetan. “Recently, recognizing the evolving global landscape and

By Modupe Gbadeyanka The chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, has asked his counterpart in the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, to support his agency to achieve the Renewed Hope Agenda of President Bola Tinubu, who appointed both of them. Speaking during a courtesy visit to the headquarters of the anti-money laundering firm, Mr Adedeji said the EFCC has a role in ensuring that taxpayers’ funds are “judiciously utilised in line with the social contract with the people.” He assured that the FIRS would continue to strive to raise the revenue

By Adedapo Adesanya Oil prices rose on Wednesday, with the Brent climbing above $75 per barrel, its highest since late 2018, after data showed crude inventories declined as travel picks up in the United States. The global crude benchmark traded at $75.38 per barrel yesterday after it rose by 57 cents or 0.76 per cent, while the United States crude benchmark, West Texas Intermediate (WTI), gained 28 cents or 0.32 per cent to trade at $73.08 per barrel. Official US government source, the Energy Information Administration (EIA), reported a crude oil inventory draw of 7.6 million barrels for the week

By Ahmed Rahma As part of its efforts to ensure its customers get the best at cheaper prices, a leading retail store in Africa, Shoprite, has created a platform for farmers to meet directly with buyers. The initiative is called Meet the Farmer and will create an opportunity for customers of Shoprite to buy farm products directly from the farmers through the platform. Before now, Shoprite gets the farm produce from farmers across the country and then sell to buyers at its stores spread in different parts of the nation. But with this scheme, the farmers will have the opportunity

By Modupe Gbadeyanka A fire incident was recorded on Tuesday morning at the corporate headquarters of Ecobank Nigeria in Lagos. According to the financial institution, the disaster was caused by a diesel tanker, leaving customers and officials of the lender to run to safety. Ecobank, via its official Twitter page, said officials of both the federal and Lagos State fire service have brought the situation under control. The lender said no live was lost to the inferno just as it emphasised that its building was also not affected by the fire. “Officers of the Federal and Lagos State Fire Service

By Modupe Gbadeyanka News of an investigation into the financial statements of Oando Plc by the Securities and Exchange Commission (SEC) has left operators in the Nigerian stock market, especially investors, asking few unanswered questions. Last week, Channels TV reported that the capital market regulator was looking into petitions filed by some foreign investors in Oando Nigeria Plc in relation to shareholding structure following the $1.65 billion cash the firm paid in June 2014 to acquire the oil production assets of Conoco-Phillips in Nigeria. Oando acquired ConocoPhillips’ Nigerian business in 2014 aimed at moving the business upstream into oil exploration

By Dipo Olowookere Governor Akinwunmi Ambode of Lagos State disclosed on Sunday that investment activities in the Lekki Free Trade Zone would have a huge positive impact on the economy of the metropolis. Mr Ambode, during an inspection of ongoing projects in the area, said his administration would continue to encourage and support investors to continue to do what is right for the economy, saying no efforts would be spared in providing the conducive atmosphere for investments to thrive in the state. Business Post reports that the Governor embarked on the inspection yesterday alongside his cabinet members, billionaire businessmen, Aliko

The Japanese government has approved the release of $1.5 million to fund community stabilization activities in Nigeria’s North-East region. These funds will be utilized through an ongoing programme launched in 2016, implemented by the United Nations Development Programme in Nigeria. The interventions being implemented in the region are aimed at supporting victims of Boko Haram insurgency in the three most affected states of Adamawa, Borno and Yobe. This builds on ongoing activities that the Government of Japan has been supporting which have facilitated the rehabilitation of 20 public infrastructures and provided emergency employment to more than 2,000 Internally Displaced People

By Dipo Olowookere About 50BScf of gas has been delivered to the Bonny NLNG by the Niger Delta Petroleum Resources Ltd (NDPR), a fully owned subsidiary of Niger Delta Exploration & Production Plc (NDEP). This milestone was attained on Saturday, September 23, 2017, and it is part of a long journey which began in 2008, when the decision to invest in the Ogbele Gas Plant was made. This process saw NDPR invest heavily in requisite gas infrastructure in the Ogbele Marginal Field, with the installation of a Gas Processing Plant; Gas Metering System; 12” x 20km Gas Pipeline and Telecommunication

By Investors Hub The major U.S. index futures are pointing to a lower opening on Wednesday following the lackluster performance seen over the past few sessions. Renewed uncertainty about a potential U.S.-China trade deal may weigh on the markets after President Donald Trump failed to offer many details about the trade talks in a speech on Tuesday. Early trading activity may be somewhat subdued, however, as traders wait for congressional testimony from Federal Reserve Chairman Jerome Powell. Traders are likely to keep a close eye on Powell?s testimony before the Congressional Joint Economic Committee for clues about the outlook for