Unlisted Securities Bourse Records Marginal 0.01% Loss Midweek

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 1.6 per cent appreciation on Friday, December 8, as investors gained about N19.12 billion to push the valuation of the unlisted bourse to N1.202 trillion from the N1.182 trillion it closed in the preceding session. This achievement was influenced by the gains recorded by the trio of Aradel Holdings Plc, FrieslandCampina Wamco Nigeria Plc, and Central Securities Clearing System (CSCS) Plc. Data showed that Aradel Holdings Plc improved its value by N30 to settle at N900.00 per unit compared with the previous day’s N870.00 per unit, FrieslandCampina Wamco Nigeria

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 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 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

A Social Democratic Party (SDP) senatorial candidate, Barrister Natasha Akpoti, on Wednesday urged the Inspector General of Police to invite the administrators of Okehi and Adavi Local Government Areas, Abdulraheem Ozovehe Ohiare and Mr Joseph Omuya Salawu respectively for questioning over an alleged assassination plot, destruction of campaign posters and billboards. She accused the duo of instigating series of criminal activities leading to violence, civil unrest, vandalism and threat to life in Kogi State. In a petition to the inspector General of Police, Akpoti urged the police chief to arrest and prosecute some political thugs identified to be members of

By Dipo Olowookere In order to pay the November 2017 salary of those on its payroll, the Nasarawa State government says it will secure a loan of N1.8 billion from local sources. Speaking on Thursday during a Joint Account Allocation Committee (JAAC), Nasarawa State Commissioner for Local Government and Chieftaincy Affairs, Mr Haruna Osegba, stated that commercial banks were willing to provide the credit facility to the state government. He said the money, when finally secured, would be used to offset November salaries of its workers, emphasising that modalities for getting the loan were already in place. “As a responsible

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 Dipo Olowookere Mining Indaba delegates were offered a sneak preview of some ground-breaking work in Ghana, designed to unpack new approaches to linkages, investment and diversification in the country’s minerals sector during the Linkages Panel Session on 8 February 2017. The Mining Indaba Special Information Session on 8 February 2016 shared findings from a new economic assessment on linkages and domestic procurement in Ghana, conducted jointly by the African Minerals Development Centre (AMDC) and the German Federal Institute for Geosciences and Natural Resources (BGR). Ghana invited the study following its recognition of the need for upstream domestic supply linkages,

By Jerome-Mario Utomi There exists a time-honoured notion among management experts that for every given task, there is always a strategy to achieve the desired results. In planning, you may have more than one strategy which could be labelled as ‘Plan-A’ and ‘Plan-B’ or even more. Chiedu Ebie, Chairman of the newly constituted Governing Board of the Niger Delta Development Commission, recently demonstrated the understanding that NDDC as an interventionist agency is not left out in clarion formulation of strategies needed for getting hold of stakeholders and converting their support to a springboard for the right vision that will set

By Adedapo Adesanya The Nigerian Communications Commission (NCC) and the Nigerian Communications Satellite (NIGCOMSAT) have signed a Memorandum of Understanding to facilitate the deployment of fifth-generation (5G) technology in the nation’s telecommunication sector. Both agencies signed the agreement on the use of C-Band Spectrum for 5G services in Nigeria at an event held on Wednesday in Abuja, the Federal Capital Territory (FCT). According to the Chairman of the Board of Commissioners at the NCC, Mr Adeolu Akande, in recent times, precisely from the last quarter of 2019, several administrations have begun to license spectrum for commercial deployment of 5G. He

By Dipo Olowookere Governorship aspirant of the All Progressives Congress (APC) in Lagos State, Mr Babajide Sanwo-Olu, has assured residents of the metropolis of proper tax levels. Mr Sanwo-Olu gave this assurance while reacting to Governor Akinwunmi Ambode of Lagos State’s jab at him during a press conference held in Ikeja on Sunday afternoon. In a statement issued by his media team, Mr Sanwo-Olu said if given the chance to be Governor of Lagos State, his administration will focus on improving the economy of Nigeria’s commercial capital. At a world press conference yesterday, Mr Ambode had said his main challenger

By Adedapo Adesanya The Economic and Financial Crimes Commission (EFCC) has reiterated its commitment to tackling oil theft, illegal oil bunkering, sea piracy and other criminality in the maritime sector through multi-agency approaches. To this end, the anti-graft agency says it will collaborate with the Nigerian Navy to tackle the menace of illegal oil bunkering in the Niger Delta region. The Port Harcourt Zonal Head of EFCC, Mr Aliyu Naibi, said this in Port Harcourt, Rivers State while delivering a lecture to students and staff of Armed Forces Command and Staff College, Jaji, who came on a study tour of