Union Bank Grows PAT by 17% to N5.3b in Q1 2018

By Adedapo Adesanya Nigeria will accept and work with a production quota of 1.5 million barrels of crude oil per day in 2024 as the country aims to grow on the back of its oil resources, following a revision done by the Organisation of the Petroleum Exporting Countries and its allies, OPEC+. According to a statement issued by the Press and Public Relations unit of the Ministry of Petroleum Resources, Thursday’s meeting of the 23-man group addressed crucial aspects, including the completion of assessments by independent sources (IHS, Wood Mackenzie, and Rystad Energy) on the projected production levels for Angola,

By Adedapo Adesanya The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) on Thursday asked Nigeria to produce about 1.5 million barrels of crude oil per day in 2024, lower than the 1.78 million barrels per day benchmark it proposed in the 2024 Appropriation Bill presented to the National Assembly on Wednesday for passage. The output ceiling was around 1.8 million barrels per day before it was cut down to 1.5 million barrels yesterday at the group’s virtual meeting, a huge blow to Nigeria’s revenue target for the fiscal year. OPEC had tasked three consultancies – IHS, Rystad

By Modupe Gbadeyanka The chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, has asked his counterpart in the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, to support his agency to achieve the Renewed Hope Agenda of President Bola Tinubu, who appointed both of them. Speaking during a courtesy visit to the headquarters of the anti-money laundering firm, Mr Adedeji said the EFCC has a role in ensuring that taxpayers’ funds are “judiciously utilised in line with the social contract with the people.” He assured that the FIRS would continue to strive to raise the revenue

By Dipo Olowookere The last trading day of November 2023 on the floor of the Nigerian Exchange (NGX) Limited ended on a bullish note by 0.11 per cent on Thursday. Mild bargain-hunting in industrial goods equities like Lafarge Africa, supported by Airtel Africa, GTCO and other financial stocks left the market in the green territory at the close of business. Consequently, the All-Share Index (ASI) increased by 81.91 points to settle at 71,365.25 points compared with the preceding day’s 71,283.34 points, and the market capitalisation grew by N44 billion to N39.052 trillion from N39.008 trillion. Business Post reports that the

By Adedapo Adesanya A coalition of oil and gas industry players led by the Nigerian National Petroleum Corporation (NNPC) has kick-started the third phase of their COVID-19 support programme with the launch of a permanent Emergency and Infectious Diseases Hospital for the South-South Region in Yenagoa, Bayelsa State. In a statement released on Sunday in Abuja by NNPC Group General Manager, Group Public Affairs Division, Mr Kennie Obateru, it was stated that the flagging off of the health facility was held event held over the weekend by the intervention group to deliver lasting medical infrastructure across the six-geopolitical zones in

By Dipo Olowookere Former California Senate Majority Leader, Mr Richard Polanco, has been retained by MGX Minerals to work at the firm’s advisor and consultant. With this appointment, Mr Polanco will lead direct negotiations with the State of California and local municipalities regarding targeted exploration locations and sites identified by MGX as potential partnerships and acquisition targets to secure feedstock and operating sites. These sites will utilize the Company’s patented rapid recovery process to concentrate lithium and other minerals and metals from brine. Mr Polanco will also advise MGX on local environmental solutions and support ongoing community and stakeholder relations.

By Dipo Olowookere To mark this year’s World Savings Day, Wema Bank held financial education sessions with students in five secondary schools in various locations in the country and more than 500 students participated. Recall that, earlier in the year, the Nigeria Deposit Insurance Corporation (NDIC) released data showing that only 35 percent of Nigeria’s adult population has bank savings accounts. The low level of financial inclusion in the country has been identified as the primary reason for this not too impressive statistics. However, saving is more of a habit formed over time than availability of structures encouraging it. In

By Adedapo Adesanya A long-anticipated all-British heavyweight fight between Tyson Fury and Anthony Joshua may happen sooner than expected. Joshua’s management group said in a post on Twitter on Tuesday, September 13 that its fighter has accepted the terms presented by Fury for a bout on December 3. That was made known to Fury’s team on Friday, the 258MGT group said, before both parties agreed to halt communication following the death of Queen Elizabeth II on Thursday. “We are awaiting a response,” posted the management team, which said it was speaking on behalf of Joshua along with the fighter’s promoter,

By Investors Hub Asian stocks finished mostly lower on Thursday despite U.S. President Donald Trump and European Commission president Jean-Claude Juncker agreeing to work towards eliminating trade barriers on industrial goods. The U.S. and the EU have agreed to work for zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto goods. They also agreed to increase trade in services and agriculture, including greater U.S. soybean exports to the EU. China’s Shanghai Composite Index fell 21.42 points or 0.7 percent to 2,882.23, while Hong Kong’s Hang Seng Index dropped 0.5 percent to close at 28,781.14. Japanese shares ended a choppy

By Jerome-Mario Utomi Recently, the Lagos State Building Control Agency (LASBCA) announced that it would commence the demolition of illegal structures constructed under high tension cables and others. The demolition exercise is expected to affect owners of structures constructed under power lines, which contravene the state’s Physical Planning Laws. Significantly, there is no doubt that the present administrations in Lagos State, southwest, Nigeria, have a sincere desire to move the state forward through fair and far-reaching policies that bother particularly in creating an organized and liveable environment for the citizens of the state. Out of so much evidence, the above

By Investors Hub The major U.S. index futures are pointing to a modestly higher opening on Tuesday, with stocks likely to attempt another rebound after turning lower over the course of the previous session. The upward momentum on Wall Street comes after the downturn seen on Monday dragged the Nasdaq and the S&P 500 down to six-month closing lows and the Dow fell to its lowest closing level in well over three months. Traders may once again look to pick up stocks at reduced levels after bargain hunting efforts in the previous session were thwarted by renewed concerns about the

By Ashemiriogwa Emmanuel The National Agency for Food, Drug Administration and Control (NAFDAC) has frowned at the arbitrary and illegal advertisement of herbal medicines in Kaduna State. This action has vexed the agency, which has promised to clamp down the herbal medicine dealers in an effort to sanitise the health system, especially at a time some medical doctors have embarked on a nationwide industrial action. Addressing the situation on Monday, the State Coordinator, Mr Nasiru Mato, disclosed that the excesses and unethical advertisement of herbal medicine products in the state were quite alarming and needed to be checked. According to