Vandals Destroy 106 Oil Pipeline Points in June—NNPC

By Adedapo Adesanya Brent crude closed below $75 per barrel on Wednesday, precisely selling at $74.39 per barrel after shedding $2.81 or 3.5 per cent. It was the lowest level for the crude oil grade since June, as a larger-than-expected rise in US fuel inventories added to worries about fuel demand, also pressuring the West Texas Intermediate (WTI) crude futures by $2.74  or 3.8 per cent in the midweek session to $69.58 a barrel. The US Energy Information Administration (EIA) reported a crude oil inventory draw of 4.6 million barrels for the week to December 1. A sizeable inventory build

By Adedapo Adesanya Some Nigerians have expressed anger over the upward review in the foreign exchange (FX) rate, a move that could see imported goods and by extension, domestic products record surge in prices at a time when the country is battling a high cost of living. The federal government, through the Central Bank of Nigeria (CBN), has hiked the duties payable on imported goods at Nigerian ports. Business Post gathered that the upward review of prices showed the US Dollar equivalent had been put at N951.941/$1 while for the Euro, the rate was pegged at N1,030.762/€1 and the Pound

By Dipo Olowookere The Nigerian Exchange (NGX) Limited depreciated by 0.49 per cent on Thursday, driven by selling pressure on banking equities, especially those in the tier-1 category. The likes of GTCO, FBN Holdings, Access Holdings witnessed sell-offs during the trading session, contributing to the weak investor sentiment observed at the Nigerian stock market. According to data obtained by Business Post, the NGX ended with 29 price losers and 24 price gainers, indicating a negative market breadth index. FBN Holdings ended as the heaviest price decliner after it shed 9.86 per cent to settle at N26.50, Secure Electronic Technology fell

By Dipo Olowookere Trading activities on the floor of the Nigerian Exchange (NGX) Limited further ended on a positive note on Wednesday despite investors diversifying their funds to other securities available in the capital market. Yesterday, the Central Bank of Nigeria (CBN) sold treasury bills to investors in the primary market but this did not affect the stock market, which closed higher by 0.78 per cent amid sustained buying pressure. The growth recorded in the midweek session was mainly driven by bargain-hunting in the banking space, which rose by 5.01 per cent at the close of transactions. It was the

The need for a new outlook for Nigeria’s education system, in a bid to foster a clearer path to sustainable development in the country, has been reiterated by a foremost business solution consulting firm, Verraki. Head of the Service Practice for Verraki Nigeria, Ms Toluwaleke Adenmosun, emphasised that the education sector is critical in enabling transformation in the country, adding that both formal education and skill acquisition are necessary for achieving growth and enabling development.  Speaking on sustainable financing for innovative teaching and learning at the 5th edition of the NEDIS education innovation summit held recently in Lagos, Ms Adenmosun

By Modupe Gbadeyanka Customers of 9mobile will enjoy special discounted data plans for use on TikTok, the customer-friendly telecommunications company has disclosed. A statement from the telco stated that the special TikTok data offers are another affirmation of its commitment to a positive customer experience. With the TikTok data offer, 9mobile subscribers will receive three times more data value for the same price daily, weekly and monthly, depending on their preference. The exciting deal, a unique partnership between 9mobile and TikTok, will see customers get between 100MB to 12GB data plans at very affordable rates. Customers will get a 100MB

By Dipo Olowookere The newly constructed Agege/Pen Cinema Bridge in the Agege area of Lagos State would be commissioned on Saturday, February 20, 2021, Governor Babajide Sanwo-Olu has confirmed. Speaking on Tuesday at the 2021 Ehingbeti Lagos Economic Summit at Eko Hotel and Suites, Victoria Island, the Governor expressed optimism that the facility would ease the traffic in the area. Mr Sanwo-Olu commended residents of Agege and its environs for their patience while the construction of the project lasted, saying he’s confident that the bridge would improve economic activities of the area. He said his administration will continue to fund

Elixir Asset Management Limited and Elixir Investment Partners Limited, along with two of their directors, have been dragged before the Federal High Court sitting in Ikoyi, Lagos, on allegations of fraud of over N3 billion. Elixir Asset Management Limited, Elixir Investment Partners Limited, Clara Bittinger Mshelia-Whyte and Sarah Ogbemudia were arraigned for promoting an unregistered market product, the Elixir Treasury and offering the same to the investing public. In a four-count charge brought against the companies and their promoters by the Federal Republic of Nigeria, they are accused of offering for subscription an unregistered product, ‘Elixir Treasury Product’ valued at

By Dipo Olowookere It has been revealed that board members of Nigeria’s Sovereign Wealth Authority (SWA) are paid N250,000 per sitting. More interestingly, the board members sit four times in some days, totalling N1m sitting allowance per member. The multiple entries of four sittings in just one day were discovered during an investigative hearing by the lawmakers, while vetting the accounts of the authority. According to Vanguard, responding to the query, the Managing Director of SWA, Mr Uche Ubosi, said “It is the standard practice of sovereign wealth authorities worldwide to pay sitting allowances to board members.” This however angered

By Dipo Olowookere Executive Director/CEO of the Nigerian Export Promotion Council (NEPC), Mr Olusegun Awolowo, has expressed delight in Nigeria’s entry into force of the Trade Facilitation Agreement (TFA) by the World Trade Organisation (WTO). Mr Awolowo described this as a “major milestone” for global multilateral trade, expressing optimism that “Nigeria would go ahead to domesticate and implement the agreement to the letter.” The NEPC boss made these remarks at his office in Abuja, saying further that, “We expect remarkable outcomes for international trade through TFA, which aims to expedite the movement, release and clearance of goods including goods in

Mr Henry Nkemadu has been appointed by the Nigerian Communications Commission (NCC) as Director Public Affairs. His appointment as Director Public Affairs was announced to the participants at the annual Workshop for Judges taking place at Enugu where he (Nkemadu) is participating as part of the commission’s delegation. About a fortnight ago, Mr Nkemadu became a full Director at the Commission and until on Friday morning, he was Head, Special Intervention Projects at the Projects Department of the agency. A graduate of veterinary medicine from the University of Nigeria, Mr Nkemadu has traversed the length and breadth of NCC acquiring

One Chukwu Darlington was brought before a Surulere Magistrates’ Court on Tuesday on the allegation of stealing two live turkeys in Lagos. The accused, 23, was said to have eaten the turkeys said to be worth N35,000. Mr Darlington was charged with a three-count of conspiracy and stealing, which the prosecutor, Sgt. Christopher Okoliko, said contravenes sections 285 (1), 289 and 409 of the Criminal Law of Lagos State, 2011. Mr Okoliko further said the accused committed the offences against the complainant, Solomon Agwuocha, at Ojoajeje Close, Sari-Iganmu on June 8, 2016. The suspect reportedly lives in the same neighbourhood.