Traders Stake N19.9bn on 2.4 billion Shares in 4 Days

By Dipo Olowookere Local equities rebounded by 0.34 per cent on Wednesday on the back of buying pressure on a few energy stocks and others at the Nigerian Exchange (NGX) Limited. According to data from the bourse, the bullish stance was attained despite profit-taking activities in the banking space amid plans by the Central Bank of Nigeria (CBN) to recapitalise the industry, leaving the market breadth index negative. This was because the number of price losers was more than the price gainers at 39 and 19 apiece, indicating a weak investor sentiment. Business Post reports that the energy counter grew

By Adedapo Adesanya Equinor and Chappal Energies have entered into an agreement for the sale of Equinor Nigeria Energy Company (ENEC), which holds a 53.85 per cent ownership in oil and gas lease OML 128, including the unitized 20.21 per cent stake in the Agbami oil field, operated by Chevron. Speaking on the deal, Equinor’s senior vice president for Africa Operations, Ms Nina Koch, said Nigeria has been an important part of Equinor’s international portfolio over the past 30 years, noting that, “This transaction realizes value and is in line with Equinor’s strategy to optimize its international oil and gas

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 House of Representatives has pledged to stop international oil companies (IOCs) operating in the Niger Delta from divestment of their offshore assets without being accountable to the environment. The Chairman of the House of Reps Committee on Host Communities, Mr Dumnamene Dekor, said this during a technical session on the implementation of the Host Communities Development Trusts (HCDT), organised by Spaces for Change (S4C) with support from Ford Foundation. Mr Dekor raised the alarm that since the passage of the Petroleum Industry Act in 2021, host communities have not experienced any positive change, rather have remained

By Dipo Olowookere Reports just reaching us confirm that Mr Ahmed Makarfi has won his case against Mr Ali Modu Sheriff on the leadership of the Peoples Democratic Party (PDP). For over a year, the party has been plagued by leadership crisis, forcing the two factions seeking authenticity at the court. On Wednesday morning, the Supreme Court declared Mr Makarfi as the authentic National Chairman of the PDP. The opposition party lost powers to the ruling All Progressives Congress (APC) in the last general elections in 2015. Details later.

By Dipo Olowookere A hung parliament has been declared as Prime Minister, Theresa May’s party, Conservative, failed to claim outright majority in the parliament at the polls held yesterday in the United Kingdom. The Conservative claimed 315 seats and lost 12, while the Labour party won 261 seats, gaining additional 31 seats at the exercise on June 8. In addition, the Scottish National Party  won 35 seats, losing 19 at the polls. In a bid to gain outstanding majority in the parliament, Theresa May called for an election, three years earlier than required by law, but it seems she may

By Adedapo Adesanya Prices of crude oil rose more than four percent on Wednesday, May 20 after latest data showed that showed another surprise weekly decline in the United States crude inventories. Brent crude, the international benchmark, went up by 3.64 percent or $1.26 to $35.91 per barrel, while the US West Texas Intermediate (WTI) rose by 5.29 percent or $1.66 to $33.65 per barrel. As countries continue to lift restrictions, data from the Energy Information Administration (EIA) indicated that crude inventories dropped by 5 million barrels last week. Last week, EIA reported a surprise drop in US crude inventories,

The UPSC interview is one of the most competitive jobs in the world. But for many candidates, it’s also one of the most daunting. The application process takes months and months of research, source-refining, and strategic planning. And even among top applicants, there are usually bound to be some gaps in skills—such as those related to administration or communication—that a candidate might be best equipped to fill. UPSC Exam – A Brief Overview Every country has a governing structure that directs and monitors the daily operations of the system. Administrative officers and public servants are common names for these people.

By Cowry Asset This week, in line with our expectation, the Naira/Dollar exchange rate was relatively stable week-on-week at the interbank market (NIFEX), Bureau De Change and parallel market segments by at N329.75/$, N360/$ and N363/$ respectively. This was amid injections by the CBN worth $195 million into the foreign exchange market of which $100 million was allocated to Wholesale (SMIS), $50 million was allocated to Small and Medium Scale Enterprises and $45 million was sold for invisibles. At the Investors & Exporters Forex Window (I&E FXW), the local currency appreciated further against the Dollar by 0.23 percent to N359.56/$

By Adedapo Adesanya Carbon Finance has declared about N3.9 billion in revenue and N1.4 billion in operating income in its half-year result and accounts for the period ended June 30, 2022. On the heels of growing revenue steadily, it delivered a net income of N201 million for the period under consideration, while increasing interest income by N580 million and adopting sound risk management practices that saw impairment reduce by seven per cent amidst a challenging macro environment. It is on course to match the N7.72 billion revenue it announced in its 2021 accounts, an increase of 4.5 per cent from

By Adedapo Adesanya The Minority Caucus in the House of Representatives has called on the Economic and Financial Crimes Commission (EFCC) to investigate the suspended Managing Director of the Nigerian Port Authority (NPA), Ms Hadiza Bala Usman, over alleged mismanagement of N165 billion. The opposition lawmakers disclosed this in a statement signed on Monday by the Minority Leader of the House of Representatives, Mr Ndudi Elumelu. They insisted that such huge economic crime against the nation should not be left to an administrative panel of enquiry, but committed to an anti-graft agency for an independent investigation. The group asked the

By Ahmed Rahma The most widely used search engine, Google, has disclosed that it will not build or use alternate tools to track web browsing traffic once it begins phasing out existing technology from its Chrome browser next year, a move that will reshape how online advertising works. The company made this known on Wednesday. Google first announced it would get rid of third-party cookies, which for decades has enabled online ads, early last year to meet growing data privacy standards in Europe and the United States, Reuters reported. Privacy activists for years have criticized tech companies including Google for