Unlisted Securities Market in Nigeria Trades Flat

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 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 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 Modupe Gbadeyanka Business owners in Lagos have been assured of more incentives by the state governor, Mr Babajide Sanwo-Olu, who added that this is part of his administration’s commitment to reforms aimed at improving the ease of doing business and enhancing investment opportunities. Speaking at the commissioning of the newly-built wet hair production factory of Godrej Nigeria Limited, the Governor said his government would continue to pursue actions that would eliminate red tapes and regulatory impediments hindering the growth of businesses in the state, thereby demonstrating his willingness for continued collaboration with the private sector to improve the livelihood

By Adedapo Adesanya The Independent Petroleum Marketers Association of Nigeria (IPMAN has accused the federal government of lying to the public by blaming marketers for the hike in the pump price of premium motor spirit (PMS), otherwise known as petrol. This is coming after the Minister of State for Petroleum Resources, Mr Timipre Sylva, said that any increase in the price of petrol has been at the instance of petroleum marketers, insisting the government has not removed fuel subsidy and was unaware of filling stations selling PMS above N165. Mr Sylva speaking at a stakeholders’ consultation forum on regulations organised

By Aduragbemi Omiyale A prolific Nigerian filmmaker, Mr Alex Eyengho, has been selected as one of the 52 beneficiaries of the Netflix Creative Equity Scholarship Fund (CESF) for movie producers in the West and Central African regions. The fund will provide financial support to its beneficiaries, including access to quality tertiary education in film and TV-focused disciplines. The scholarship fund for Sub-Saharan students is part of Netflix’s global Creative Equity Fund, launched in 2021, which is a dedicated effort to help build new opportunities for underrepresented communities within entertainment. Through the initiative, Netflix supports external organisations committed to creating equitable

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 Modupe Gbadeyanka Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Maikanti Baru, has disclosed that as part of strategies to shore up the nation’s reserve base, the state-owned firm will reinvigorate exploratory activities in the seven hydrocarbon basins in the country. Speaking on Thursday when he received Governor Ibrahim Geidam of Yobe State at the NNPC Towers in Abuja, Mr Baru said, “We are on target and we are looking at the prospect of the whole basins of Niger Delta, Chad, Anambra, Benue Trough, Benin, Sokoto and Bida. We are focused on delivering on these basins

By Adedapo Adesanya Stocks admitted to the trading platform of the NASD Over-the-Counter (OTC) Securities Exchange appreciated by 0.64 per cent on Tuesday. The NASD trading platform recorded growth in both its main index and the market capitalisation, unlike the previous day when the exit of Nigerian Exchange (NGX) Group Plc caused the market to close mixed. At the close of transactions yesterday, the NASD Unlisted Security Index (NSI) went higher by 4.74 points to 745.44 points from 740.70 points, while the total of securities increased by N3.91 billion to N615.86 billion from N611.95 billion. The day ended positively as

By Modupe Gbadeyanka The United States of America (USA) has congratulated people of The Gambia on their peaceful and democratic presidential election held on December 1, 2016. In a statement issued by the Secretary of State, Mr John Kerry, in Washington DC on December 3, the American government also commended President Yayha Jammeh for respecting the results and for agreeing to peacefully transfer power to the president-elect. “We are grateful to the Independent Electoral Commission for its transparent and efficient management of the electoral process,” the statement said. The US also congratulated the “President-elect, Mr Adama Barrow, on his historic

By Adedapo Adesanya The Naira continued its roller coaster ride at the foreign exchange (FX) segments in Nigeria on Thursday, depreciating at the Investors and Exporters (I&E) window and appreciating at the Peer-to-Peer (P2P) and parallel market windows. In the official market, the Naira lost 53 Kobo or 0.12 per cent against the United States Dollar to settle at N445.83/$1 compared with the previous day’s value of N445.83/$1. The local currency reported the fall despite the value of FX transactions going down during the session. Data showed that the turnover for the day stood at $99.50 million, 43.9 per cent

Pan-African telecommunications, media and technology group, Econet, and global crop nutrition leader, Yara International ASA, have launched an initiative called Generation Africa, created to inspire young African entrepreneurs to join the agri-food sector for its viable business opportunities. Generation Africa will reach thousands of young people through its “GoGettaz” competition, which will award $100,000 in prize money to two exceptional business ventures in the agri-food sector. The partnership initiative will support a cohort of 12 budding young agri-food entrepreneurs to scale and prosper their ventures. “Africa’s agri-food sector presents a $1 trillion business opportunity by 2030, especially when connected with