Thomas Wyatt Declares N42m Loss After Generating N59m in Q3

By Adedapo Adesanya The Nigerian government is targeting an estimated $55.2 billion in oil and gas investments by 2030, according to the Special Adviser to the President Bola Tinubu on Energy, Mrs Olu Verheijen. She said the government has wrapped up a series of strategic engagements with 15 leading international and independent oil and gas companies operating in Nigeria. The President’s aide recently organised sessions in Lagos and Abuja in partnership with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to review ways to improve the sector and address the nation’s revenue emergency whilst contributing to stabilising Nigeria’s economy. Involved in

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By Adedapo Adesanya Oil prices moderated in choppy trade on Monday as Russia relaxed its fuel ban amid a widening demand worry. Brent crude futures lost 2 cents during the session to trade at $93.29 per barrel, and the US West Texas Intermediate (WTI) crude depreciated by 35 cents to close at $89.68 per barrel. Last week, prices were down after a hawkish Federal Reserve rattled global financial markets and raised concerns that interest rates could stay higher for longer affecting oil demand. This snapped a three-week rally of more than 10 per cent after Saudi Arabia and Russia constrained

By Modupe Gbadeyanka Investors in the nation’s treasury bills market are expecting the government’s instrument worth N369.4 billion to mature this week. Business Post gathered that the T-bills are maturing at both the primary and secondary markets. The amount would be enough to offset the anticipated treasury bills to be auctioned this week by the Central Bank of Nigeria (CBN). The apex bank is expected to sell treasury bills valued at N259.97 billion to traders at the primary market. A breakdown of the expected exercise showed that the central bank will sell 91-day bills worth N7.89 billion, 1B2-day bill worth

By Dipo Olowookere The 6th World Hydropower Congress (WHC), a multi-stakeholder forum bringing together leaders and specialists with hydropower-related responsibilities from government, industry, finance, United Nations agencies, academia and civil society, is to take place in Addis Ababa, Ethiopia, from May 9-11, 2017. Organised by the International Hydropower Association (IHA) with the support of the Economic Commission for Africa (ECA), the African Union Commission (AUC) and other partners, this high-level event will chart the course for hydropower development and operation over the next 10 years, aiming to ensure reliable and resilient water and energy systems in the world and to

By Modupe Gbadeyanka The federal government of Nigeria has told residents of the country to erase the idea of reduction in the value added tax (VAT) paid on products and services. Secretary to the Government of the Federation (SGF), Mr Boss Mustapha, while speaking at the daily briefing on COVID-19 in Abuja on Friday, said government will not consider the request at this critical time. He said the global health crisis has affected prices of crude oil at the international market, reducing the revenue generated from the sale of the product. Nigeria, which is Africa’s largest producer of crude oil,

Rwanda-based service start-up known for its ‘Smart Business in a Box’ solar powered kiosks, ARED, has entered into the Ugandan market, its first expansion into an international market. The company announced that it has set up 10 solar powered kiosks with 10 women micro franchisees. The solar kiosks known as the Shiriki Hubs are run by women and differently abled individuals on a micro-franchisee model. These have been set up in Kampala as well as in the refugee camps of Arua district through which citizens belonging to lower income groups can charge their mobile devices, buy air-time and WiFi connectivity

By Modupe Gbadeyanka An alleged fraud of about N10 trillion in the oil and gas sector has been unearthed by the Joint Senate Committee on Petroleum (Downstream, Upstream) and Gas. According to the committee, the alleged fraud was perpetrated by officials of the Nigerian National Petroleum Corporation (NNPC) in connivance with some independent marketers and other key players in the petroleum industry between 2006 and 2016. To get to the root of this mess, the committee said it would carry out a holistic investigation of the fraud with a view to bringing perpetrators to book, having secured the strong support

By Dipo Olowookere The Nigerian Stock Exchange (NSE) reversed an early loss today to close the day’s transactions on a positive note. This made what could have been the third straight loss for the Nigerian stock market to be averted after the market closed 0.40 percent higher. Gains recorded by Nestle and Seplat ensured that the stock market closed in the green territory on Wednesday. Specifically, the All-Share Index (ASI) gained 150.10 points to settle 37,933.86 points, while the market capitalisation grew by N53.4 billion to close at N13.499 trillion. In addition, the YtD return increased to 41.15 percent, while

By Dipo Olowookere The first trading session of the week on the Nigerian Stock Exchange (NSE) ended on a negative note after the market lost 0.27 per cent on Monday. This was caused by the sustained selloff by investors, who have continued to take profit, leaving the market in red for the past four consecutive trading sessions. Yesterday, the All-Share Index (ASI) continued its downward movement after depreciating by 77.82 points to settle at 28,337.49 points versus 28,415.31 points of the previous session. In the same vein, the market capitalisation further reduced by N40 billion to close at N14.812 trillion

By Dipo Olowookere The management of United Bank for Africa (UBA) Plc has said its results for the second quarter of 2020 should be released on or before Tuesday, September 29, 2020. The lender made this disclosure on Monday, August 31, 2020, in a notice sent to the Nigerian Stock Exchange (NSE), to inform investors on the reason for the delay. According to UBA, a tier-1 bank, the audited results for the half-year ended June 30, 2020, have not been submitted to the exchange because of the Central Bank of Nigeria. Last month, the financial institution’s board of directors held