Total, CNOOC Back Uganda’s International Oil & Gas Summit

By Aduragbemi Omiyale Some retiring Nigerian military personnel have been educated on how they can unlock opportunities in the capital market after active service to the nation. At a seminar held on Thursday, December 7, 2023, at the Nigeria Armed Forces Resettlement Centre in Lagos, the participants were informed of the benefits of diversifying their investments for more earnings. They were also exposed to ways to invest and assess the market with technology, including via the recently launched NGX USSD Code. The Divisional Head of Business Support Services and General Counsel of the Nigerian Exchange (NGX) Limited, Ms Irene Robinson-Ayanwale,

By Adedapo Adesanya Some Nigerians have expressed anger over the upward review in the foreign exchange (FX) rate, a move that could see imported goods and by extension, domestic products record surge in prices at a time when the country is battling a high cost of living. The federal government, through the Central Bank of Nigeria (CBN), has hiked the duties payable on imported goods at Nigerian ports. Business Post gathered that the upward review of prices showed the US Dollar equivalent had been put at N951.941/$1 while for the Euro, the rate was pegged at N1,030.762/€1 and the Pound

By Adedapo Adesanya The Naira recovered from the previous day’s loss after closing stronger against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 7, by 11.4 per cent or N108.15 to trade at N843.07/$1 compared with the previous day’s rate of N951.22/$1. This occurred as the value of foreign exchange (FX) transactions slightly increased during the session by $1.67 million or 39.5 per cent to $137.25 million from the $135.58 million achieved in the preceding trading session. Similarly, in the official market, the Nigerian Naira strengthened against the British Pound Sterling on Thursday by

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has urged the Nigerian National Petroleum Company (NNPC) Limited to disclose Nigeria’s daily oil production and exports as well as the total amounts of revenue generated from oil since the removal of subsidy on petrol in mid-2023. In a letter dated December 9, 2023, the group asked the chief executive of the NNPC, Mr Mele Kyari, “to disclose how much of the revenues generated from oil have been remitted to the public treasury since the removal of subsidy on petrol.” He was also requested “to disclose details of payment of

By Kestér Kenn Klomegâh Every year during the annual African Women in Media (AWiM) conference, five female journalists are given the opportunity to pitch their story ideas according to certain categories fixed by the African Union. The African Union is a continental organization comprising 55 African countries. The pitch for the categories includes (i) Africa’s Digital transformation Strategy – Positioning Africa for the 4th Industrial Revolution (related to Agenda 2063 Programme for Infrastructure Development in Africa) and (ii) Rebranding Africa – Changing Narratives and perceptions (related to Agenda 2063, Aspiration 7). The female journalists selected as the finalists were announced

By Adamu Bello When great men celebrate, even the stars bow in solemn hallow. As Dr Victor Alewo Adoji (DVAA), the erudite banker-turned politician celebrates his 50th birthday on Saturday, May 29, 2021, the periscope is focused on a man who has given his all to create peace, tranquillity and progress for his people in Kogi State and Nigeria as a whole. It is often said that some were born great, while others attained or achieved greatness. For Adoji, it is a combination of being born great and working hard to attain greatness. As the former Kogi State governorship and

By Sodeinde Temidayo David The Governor of Rivers State, Mr Nyesom Wike, has slammed those criticising him over the decision of the state government to challenge the legality of the Federal Inland Revenue Service (FIRS) to collect Value Added Tax (VAT). Speaking when the Managing Director and Editor-in-Chief of the Sun (Newspaper) Publishing Limited, Mr Onuoha Ukeh, visited him recently, the Governor said he believes Nigeria must encourage federating states to harness their resources and generate revenues, including VAT to advance their development. Mr Ukeh led a delegation to present a letter of nomination to Mr Wike as the Sun

By Dipo Olowookere A foremost local energy company, Seplat Petroleum Development Company Plc, has taken a huge step to strengthen its board of directors with the appointment of the director-general of the Securities and Exchange Commission (SEC) from 2010 to 2015, Ms Arunma Oteh. A statement issued by the company stated that Ms Oteh joins the board as an independent non-executive director of the company with effect from October 1, 2020. She was appointed to the board alongside Mr Xavier Rolet in the same capacity. According to the Chairman of Seplat, Mr Bryant Orjiako, the appointment of the two “distinguished

By Modupe Gbadeyanka The Managing Director of First Bank of Nigeria Limited, Mr Adesola Adeduntan, has been appointed to the board of the Lagos State Security Trust Fund (LSETF). The joining of the fund’s board by Mr Adeduntan followed his appointment by the Governor of Lagos State, Mr Babajide Sanwo-Olu. The Governor selected the Ibadan, Oyo State-born reputable banker as one of the members of the LSSTF board. According to a statement issued by the Chief Press Secretary of the Governor, Mr Gboyega Akosile, the First Bank chief was chosen for the position because of his sterling and impressive track

By Sodeinde Temidayo David Airtel Africa Plc on Monday announced plans to buy back the 8.27 per cent minority stake in Airtel Networks Limited, its Nigerian subsidiary. The telecommunications company, in a notice to the Nigerian Exchange (NGX) Limited, said it plans to make the acquisition at an offer price of N55.81 per share. It further disclosed in the notice that if all the stocks belong to the minority shareholders are released, the transaction would cost about N61.24 billion, equivalent to $148.1 million at an exchange rate of N413.38/$1 at the Investors and Exporters (I&E) segment of the foreign exchange

By Dipo Olowookere Government of Uganda under the Ministry of Gender, Labour and Social Development, has said it will launch the Social Protection Investment Case Report, calling for sustained investments in social protection, in order to reduce poverty levels and improve livelihoods of vulnerable groups such as children, women, youth, older persons, and persons with disabilities, in the short, medium and long run. This is expected to take place on Tuesday, November 22, 2016 from 8:30am to 1pm at the Golf Course Hotel, Kampala. According to a statement obtained by Business Post, the guest of honour for the launch is

By Dipo Olowookere The Lagos State government has returned to the capital market to raise fresh funds to execute some critical projects aimed to stimulate the economy and achieve the current’s administration’s THEME Agenda. Mr Babajide Sanwo-Olu, when he was sworn in on May 29, 2019, promised to make the state better than he met it and make it one of the best in Africa. To achieve this, the government in 2020 approached the capital market to source N100 billion through bond sales at 12.25 per cent and more than a year after, it is seeking N125 billion. Business Post