US Vows to Back Sokoto’s Agric Modernisation Initiatives

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 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

By Adedapo Adesanya As more startups seek ways to change how things are done, Errand360 has launched the first Bicycle Community Delivery hub in Nigeria. The company noted that its services are tailored to serve users with demand for quick and short errands within their communities and on-demand delivery services. Errand360 Bicycles will serve users in the following ways: food deliveries, pharmaceutical product delivery, grocery purchase and delivery, document dispatch within the city, short errands, long errands, and messenger’s tasks. The company noted that the pilot phase of Errand360 Bicycles will start with Lagos. It noted in a statement that,

By Adedapo Adesanya Nigeria imported a total of 61,884.291 metric tonnes (MT) of Liquefied Petroleum Gas (LPG), also known as cooking gas, in March 2022. This was disclosed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in its latest gas report, which covers the third month of the year. This indicated that the total gas import rose by 107.61 per cent from the 29,807.591 MT imported in February. According to the NMDPRA, the totality of Nigeria’s 61,884.291 MT cooking gas import, represented 47.9 per cent of the total cooking gas supplied in the country in the month under

By Adedapo Adesanya The former Governor of the Central Bank of Nigeria (CBN), Mr Sanusi Lamido Sanusi, has lamented the continuous drop in the purchasing power of Nigerians. Mr Sanusi noted that in the last 40 years, the Nigerian economy has not made any meaningful progress, noting that the gross domestic product (GDP) per capita of the nation on purchasing power parity had gone through a cycle. Speaking during a colloquium to mark his 60th birthday in Kaduna on Saturday, the former Emir of Kano maintained that the government must make the economy grow for the sake of ordinary Nigerians.

By Ahmed Rahma Some stakeholders in the nation’s capital market, especially the equity arm, have warned that the plans by the federal government to take charge of unclaimed dividends of investors could have an adverse effect on the economy at large. They argued that it is wrong for the government to contemplate making use of private funds all because the country is going through challenges in boosting its revenue streams. According to the Chief Executive Officer of Wyoming Capital, Mr Tajudeen Olayinka, the move will put too much pressure on public companies’ additional source of finance. The federal government wants

By Adedapo Adesanya Nigerian superstar, Kizz Daniel, as well as internationally acclaimed DJs Diplo and Calvin Harris, with Nora Fatehi and Trinidad Cardona, will headline the flagship FIFA Fan Festival event in Doha during the World Cup scheduled to start on November 20. Performances are an extension of FIFA Sound, an entertainment strategy designed to bring more connections between the beautiful game and music. The five international, award-winning musicians will perform on the Qatar 2022 FIFA Fan Festival mainstage as part of the FIFA Sound. While Diplo (US) will have his performance on November 22, the Buga star will have

By Dipo Olowookere The weekly sale of treasury bills via the Open Market Operations (OMO) by the Central Bank of Nigeria (CBN) suffered a huge setback on Thursday as most investors stayed back from the exercise. Of the N300 billion worth of the OMO bills offered for sale by the apex bank yesterday, only a paltry of N41 billion was eventually sold. Business Post gathered that this was mainly due to liquidity strain in the system. Out of the N50 billion offered for the 112-day bill, the CBN could only manage to rake 60 million at 11.05 percent, while it

By Adedapo Adesanya The Federal Road Safety Corps (FRSC) has disclosed that during the second quarter of the year covering April to June 2023, it apprehended 8,592 traffic offenders for committing 179,165 offences. This is contained in a statement by the Corps Public Education Officer (CPEO), Assistant Corps Marshal (ACM) Bisi Kazeem, in Abuja on Monday. Mr Kazeem said that the arrests made during the second quarter of the year were pursuant to the corps’ commitment to making the highways safe. He said that 64,544 drivers were educated with 5,431 motor park rallies conducted, saying that the Corps organised 1,950

By Adedapo Adesanya Waltersmith Petroman Oil Limited has completed its 5,000 barrels per day Phase 1 modular refinery located in Ibigwe, Imo State. The completion of the facility will help boost Nigeria’s local refining capabilities. Lauding the effort of the company, the Group Managing Director of the Nigeria National Petroleum Corporation (NNPC), Mr Mele Kyari, during a pre-commissioning visit to the plant, said that the modular refinery was part of Nigeria’s push towards energy sufficiency. Mr Kyari said it reinforces the federal government’s agenda of increasing local refining capacity, adding that it will also enhance value addition to the hydrocarbon