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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 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  The Central Bank of Nigeria (CBN) has disclosed that the total value of the country’s merchandise trade experienced an increase of 1 per cent to $7.8 billion in August 2023 from the $7.72 billion that was quoted in July. This was disclosed by the apex bank in its latest monthly economic publication, where it disclosed that despite the rise month-on-month, Nigeria’s merchandise trade value in the period was almost 20 per cent lower compared to the value in August 2022 due to a significant decrease in import trade value. The total merchandise trade comprised an export trade

By Adedapo Adesanya The President of the Dangote Group, the owners of the Dangote Petroleum Refinery and Petrochemicals plant, Mr Aliko Dangote, has said that following the purchase of 1 million barrels of Agbami crude grade from Shell International Trading and Shipping Company Limited (STASCO), it will be looking to ramp up its production in coming months. The 650,000 barrels per day capacity refinery is not expected to hit full capacity until 2025, but with a gradual ramping, it is expected that it will begin with begin producing up to 370,000 barrels per day of diesel and jet fuel. “We

By Adedapo Adesanya Oil jumped more than one per cent on the first trading day of the new year ahead of the Organization of Petroleum Exporting Countries and allies (OPEC+) meeting to discuss production policy. Brent crude gained $1.22 or 1.57 per cent to trade at $79.00 per barrel while the United States West Texas Intermediate (WTI) rose 88 cents or 1.17 per cent to settle at $76.09 per barrel. The 23-nation alliance is on track to ratify another modest output revival of 400,000 barrels a day in February, delegates said. The cartel cut its estimate of the surplus in

By Aduragbemi Omiyale The Director-General of the Securities and Exchange Commission (SEC), Mr Lamido Yuguda, has assured the federal government that the capital market would ensure it attracts investment in infrastructure to stimulate the economy. In an interview on Thursday, Mr Yuguda said the administration of President Bola Tinubu had shown the desire to jump-start the economy with his policy direction. He said the Nigerian capital market could be a viable tool to achieve infrastructure development, as it is an organised and specialised financial market that drives capital mobilisation through domestic savings and foreign capital inflows. According to him, the

Contrary to reports by some online media that the Nigerian National Petroleum Company (NNPC) Limited, under the leadership of Group Chief Executive Officer, Mr Mele Kyari, is conducting secret recruitment without board approval, this medium reliably gathered that it’s false. The report claimed that about 35 people were recruited secretly into the NNPC Limited and are either undergoing medical examinations or writing entrance exams. But checks showed that there is no such recruitment exercise going on at the national oil company. Following its transition into a limited company governed by the Companies and Allied Matters Act, NNPC Limited has established

By Adedapo Adesanya The House of Representatives has called on the federal government, following the subsidy removal, to suspend all Direct Sales Direct Purchase (DSDP) contracts. At the plenary on Thursday, it also called on the new administration to cushion the effects of the subsidy removal for Nigerians through the provision and procurement of Compressed Natural Gas (CNG) buses as an alternative transport system with cheaper fuel consumption. The DSDP contracts are high-stakes agreements used to supply nearly all of Nigeria’s petrol needs as well as cover some of its diesel and jet fuel consumption. It also called on the

By Adedapo Adesanya The Senate on Tuesday gave clearance to a bill for an Act seeking to establish the Nigerian Mineral Development Corporation (NMDC) to pass its second reading. The bill, sponsored by Mr Umaru Tanko Al-Makura, a member of the ruling All Progressives Congress (APC) from Nasarawa South, is aimed at increasing investments in the mining sector. In his lead debate, Mr Al-Makura said next to agriculture, the solid mineral has the potential to help Nigeria diversify its economy away from its current monolithic nature if effectively managed. ”As part of this administration’s effort towards the diversification of the

By Modupe Gbadeyanka On Wednesday, August 31, 2016, history was made as Star Lager Beer announced an unprecedented partnership with five football clubs in Europe. The clubs are Arsenal, Juventus, Real Madrid, PSG and Manchester City, having a combined history in football of 544 years. Star became the ‘Official Beer Partner’ of the five clubs, which have a combined history of 87 domestic league titles, 13 Champions League titles and numerous European titles. Marketing Director, Nigerian Breweries Plc, Franco Maria-Maggi described the partnerships as a commitment from Star, Nigeria’s foremost beer brand to bring new football experience to consumers and

Determined to foster gender equity and sustain its reputation as a gender-friendly organisation, Stanbic IBTC Holdings PLC continued to ensure that every female employee has equal opportunities for career growth within the group. There have been gales of promotions of deserving female employees to senior executive positions, which was perhaps unprecedented in the financial services industry. These female executives were promoted as a reward for their excellent performance and outstanding contributions to the growth of Stanbic IBTC. Some of the executive appointments comprised the elevation of Wunmi Ehis-Uzenabor to the position of Executive Director, Operations, Stanbic IBTC Asset Management; Busola

By Adedapo Adesanya The Nigeria Data Protection Commission (NDPC) has said the new directive by the Central Bank of Nigeria (CBN) to commercial banks that they should collect their customers’ social media handles is against the law. The National Commissioner of NDPC, Mr Vincent Olatunji, said this in a statement issued by Mr Itunu Dosekun, Head of Media, on Thursday in Abuja. The central bank, on June 26, directed banks to obtain the social media handles of customers as part of enhanced Customer Due Diligence (CDD) regulations. The move has drawn ire from Nigerians as well as Socio-Economic Rights and