Transcorp Assures Shareholders More Significant Yields

By Adedapo Adesanya  Oil prices fell on Friday as the release of some hostages in Gaza reduced the geopolitical risk premium and indicated that the Israel-Hamas tensions may not have much effect on the oil market. Brent crude futures depreciated by 84 cents or 1 per cent at $80.58 a barrel, while the US West Texas Intermediate (WTI) crude dropped $1.56 or 2 per cent to close at $75.54. There was no settlement for WTI on Thursday owing to the US Thanksgiving holiday. Prices notched their first week of gains in over a month ahead of next week’s meeting of

By Modupe Gbadeyanka The Nigerian National Petroleum Company (NNPC) Limited is planning to grow its revenue to N4.5 trillion as it plans to end the importation of premium motor spirit (PMS), otherwise known as petrol, by December 2024. The chief executive of the company, Mr Mele Kyari, while speaking on Thursday, said the nation would not need to rely on fuel from outside the country because its refineries would have been fully operational. Nigeria is currently revamping its four refineries to make the product available to residents of the country as it officially stopped the payment of subsidy on petrol

By Adedapo Adesanya  The federal government, through the Nigerian Ports Authority (NPA), has announced plans to invest $1.1 billion to fully rehabilitate decaying port infrastructure at TinCan, Apapa, Rivers, Delta, Calabar, and Onne ports as part of efforts to improve the efficiency of the nation’s existing ports. Out of the estimated 47,000 kilometres of coastline in Africa, Nigeria makes up about 853 kilometres, creating the perfect opportunity to get access to its much-needed revenue. This coastline and a 200 nautical mile exclusive economic zone make up Nigeria’s coastline in the Gulf of Guinea. The coastline equals a maritime area of

By Dipo Olowookere The Independent National Electoral Commission (INEC) has been ordered to declare results of the annulled June 12, 1993 presidential election. The exercise was widely acclaimed to have been won by late Moshood Abiola. It was conducted by the National Electoral Commission (NEC) then headed by Professor Humphrey Nwosu. The then Military President, Mr Ibrahim Babangida, cancelled results of the poll without giving any cogent reason. Yesterday, President Muhammadu Buhari declared June 12 as the new Democracy Day instead of May 29 in the past. He also honoured late Abiola with the national award meant for Presidents. At

By Dipo Olowookere Shareholders of Conoil Plc have approved the payment of N2.15 billion dividend proposed by the board of the oil firm. At the 47th Annual General Meeting (AGM) of the company held at the weekend in Uyo, Akwa Ibom State, the shareholders praised the management for the impressive performance recorded in the last financial year. President of Renaissance Shareholders’ Association, Ambassador Olufemi Timothy, remarked that shareholders were elated that despite the downturn in the economy; with the attendant sharp increase in operating costs, Conoil still recorded impressive growth in all key areas. “Conoil’s performance for the year ended

By Cowry Asset In the just concluded week, OTC bond prices climbed amid boost in liquidity. Specifically, the 20-year, 10 percent FGN JUL 2030 paper, the 10-year, 16.39 percent FGN JAN 2022 debt, the 7-year, 16.00 percent FGN JUN 2019 and the 5-year, 14.50 percent FGN JUL 2021 debt appreciated by N0.66, N0.63, N0.70 and N0.67 respectively; corresponding yields fell to 16.35 percent (from 16.52 percent), 16.26 (from 16.47 percent), 16.21 (from 16.67 percent) and 16.35 percent (from 16.60 percent). Elsewhere, FGN Eurobonds traded on the London Stock Exchange (LSE) depreciated in value for most of the maturities amid renewed

By Dipo Olowookere Britain’s Coventry University has invited potential students to its open days across Nigeria next week to highlight the value a UK university education provides, particularly for those wanting to pursue a career in industries such as energy, or create their own jobs through a focus on innovation and enterprise. Dr Babatunde Anifowose, a senior lecturer in Petroleum and Environmental Technology at Coventry University, will be on hand to meet open day attendees, and said that the future belonged to “forward-looking” graduates with technical and soft skills. Graduates returning to Nigeria having studied undergraduate or postgraduate degrees such

By Adedapo Adesanya In order to expand testing and combat the spread of the coronavirus outbreak across communities, Lagos State has established testing centres across its 20 local government areas (LGAs). The government said the centres are meant for those who fit the case definition of COVID-19. According to the Lagos State government, visits to these centres are strictly by appointment and not for emergency cases. “In order to increase COVID-19 testing capacity in Lagos, the State Government has set up sampling stations in the 20 local government areas, for citizens who fit the case definition of COVID-19, to visit

By Bliss Okperan The Third Mainland Bridge in Lagos will be closed for two Sundays to allow for repairs on the bad portions of the facility, the Lagos State government has said. The federal government is partnering with the state government to fix the bridge, which was built in 1990 by a former Military President, General Ibrahim Babangida. As a result of the repairs, the bridge will be shut down, with traffic diverted to other routes, according to a statement issued by the Ministry of Transportation in Lagos State. These measures were due to recurring accidents caused by potholes and

By Adedapo Adesanya  The prices of the crude oil grades rose by more than 2 per cent on Tuesday after top exporters said the Organisation of the Petroleum Exporting Countries and allies (OPEC+) was sticking with output cuts and could take further steps to balance the market. Consequently, Brent crude gained $1.83 or 2.1 per cent to close at $89.28 per barrel, while the United States West Texas Intermediate (WTI) crude was up by $1.80 or 2.3 per cent to $81.84 per barrel. Saudi Arabian Energy Minister, Prince Abdulaziz bin Salman, on Monday, denied a Wall Street Journal report that

By Adedapo Adesanya Oil prices bounced back from early losses amid supply tightness and hope for rising Chinese demand, as Brent crude rose by 50 cents or 0.6 per cent to $86.33 per barrel, and US West Texas Intermediate (WTI) crude futures up by 94 cents or 1.2 per cent to $80.62 per barrel. Earlier in the session, both benchmarks had declined by more than $1 per barrel after China on Sunday set a lower-than-expected 5 per cent gross domestic product (GDP) growth target for this year, down from last year’s 5.5 per cent target. China’s GDP grew last year