291 Retirees in Lagos Get N1.3 billion Pension Benefits

By Adedapo Adesanya The Nigeria Upstream Petroleum Regulatory Commission (NUPRC) has unveiled the regulatory framework for energy transition, decarbonisation, and carbon monetization for upstream operations in Nigeria. The Commission Chief Executive, Mr Gbenga Komolafe, unveiled the regulatory framework at COP28 in Dubai, the United Arab Emirates (UAE) themed Driving Sustainable Upstream Operations to Achieve Just and Equitable Energy Transition.  Mr Komolafe noted that the regulatory framework has Natural Gas shift, zero routine gas flaring and methane abatement, carbon market development, and upstream operations efficiency as its key pillars. Others include technology and innovation, incentive mechanisms, collaboration, and risk management. According

By Modupe Gbadeyanka A foremost search engine platform, Google, has released the findings of its 2023 Year in Search for Nigeria, showcasing the most popular searches, notable individuals, actors, musicians, topics, questions, and other subjects that captured Nigerians’ attention throughout the year. Google’s Year in Search is an annual analysis that reveals the top trending lists and also spotlights what the world searches to see, learn, and do. In Nigeria, this year’s results show a heightened interest in lifestyle, local politics, and notable personalities such as Moyo Lawal, Peter Obi and Oladipupo Oladimeji, aka Oladips, who topped the trending people’s

By Bliss Okperan The Tincan Island Port (TCIP) Command of the Nigeria Customs Service (NCS) has created a mobile application to automate its bond and license unit, Transire. At the unveiling of the app on Thursday, the Customs Area Controller, Comptroller Dera Nnadi, said the need to automate the Bond and License Unit had become imperative for administrative and procedural ease of doing business in the command. Speaking at a sensitization program on the automation process, Mr Nnadi informed participants that the application was developed by Superintendent of Customs Samuel Bello, to reduce the volumes of documents being deployed in

By Adedapo Adesanya President Bola Tinubu came under immense criticism as Nigeria’s party was the highest from Africa at the ongoing COP28 in Dubai, United Arab Emirates (UAE). According to a list published by the United Nations Framework Convention on Climate Change (UNFCCC), Nigeria is also third-highest overall in number of delegates at the conference. The provisional total for COP28 indicates that 81,027 delegates registered to attend the summit in person, with a further 3,074 attending virtually, this takes the overall total to 84,101. The figure is 30,000 more than those who travelled to Sharm El-Sheikh in Egypt for COP27

By Dipo Olowookere One of the major factors working against the growth of the fisheries segment of the economy in Nigeria has been identified by analysts at FBNQuest Capital. Despite the abundance of water in Nigeria, not much is earned from the aquatic sector of the nation’s economy. Aquaculture has remained an integral part of Nigeria’s agriculture sector, with annual fish demand estimated at 3.3 million metric tons (mmt). According to FBNQuest Capital, over the past three years, domestic fish supply has risen to 1.2mmt, which is attributed to increased government intervention. Quoting industry sources in its daily Good Morning

By Modupe Gbadeyanka Since its inception about eight years ago, Nigeria’s first full-fledged non-interest bank, Jaiz Bank Plc, is yet to pay dividend to its shareholders. In the 2018 financial year, the lender, according to its Chairman, Mr Umaru Mutallab, had planned to break this jinx, but he said the board was not given the approval to make this a reality. Speaking at the 7th Annual General Meeting (AGM) of Jaiz Bank on Wednesday in Abuja, Mr Mutallab said barring any unforeseen contingencies, shareholders of the company should receive their first-ever dividend from the bank by next year. He informed

By Modupe Gbadeyanka Activities on the floor of the 171-member Nigerian Stock Exchange (NSE) finished in the red zone on Tuesday after reversing the previous day’s rally. A total of 21 equities depreciated against the 18 stocks that went up and 13 equities that remained on the same spot. Also, Business Post correspondent reports that Nestle Plc led the stock market to a loss N33 billion at the close of transactions today. The all-share index, which is the major market indicator, slumped by 95.63 points or 0.36 percent to end at 26,278.20 points, while the market capitalisation declined by N33

By Adedapo Adesanya President Bola Tinubu is targeting to grow Nigeria’s economy by 3.76 per cent next year and moderate the country’s inflation to 21.4 per cent. Speaking at his first budget speech to lawmakers on Wednesday, President Tinubu also projected higher oil production and tax collection, noting that this will boost government revenues and cut down on reliance on borrowing to finance budget deficits. Nigeria plans on spending N27.5 billion in the 2024 fiscal year, with priorities on security, infrastructure and easing the high cost-of-living crisis. The country will borrow around N9 trillion and N18.5 billion generated from internally

By Dipo Olowookere In line with expectations, the Central Bank of Nigeria (CBN) increased stop rates of the treasury bills at the primary market auction (PMA) on Wednesday. The apex bank raised the rates for the short and long ends of the curve during the exercise, which was largely subscribed to. While the central bank upwardly reviewed the 91-day bill higher by 0.10 percent, the 12-month paper was tuned up by 0.50 percent, with the 182-day note left unchanged. Consequently, the stop rate for the short-dated maturity settled at 11.00 percent, the mid at 13.10 percent and the long tenor

By Dipo Olowookere Governor Nyesom Wike of Rivers State has confirmed that the Real Madrid Football Academy in Port Harcourt will be completed and commissioned in May 2019. He gave this assurance on Tuesday while speaking with journalists after inspecting the projects. The Governor said the project will create talented soccer players and manpower that will positively impact the economy of the state. “This project will be completed and commissioned before the end of May this year. As you can see, the facilities are almost set. “This facility will create international soccer stars and develop the economy of the state,”

By Modupe Gbadeyanka The Nigerian transport industry has received a boost of $1 billion in investment from the United Kingdom (UK). In the next 18 months, UK companies are expected to invest in Nigeria’s maritime, railway and aviation industries. According to Punch, this was contained in a report on a recent meeting between representatives of both governments in London on November 29, 2016, which it obtained on Sunday. The paper reports that the meeting stressed the importance of more involvement of the private sector, increased public-private partnership opportunities ranging from establishment of ship building yards, flat-bottom boats for waterways, ports

By Modupe Gbadeyanka President Muhammadu Buhari on Friday in Abuja applauded the founder of Facebook, Mr Mark Zuckerberg, for sharing his wealth of knowledge with Nigerian youths, and inspiring a new generation of entrepreneurs. The President also commended Mr Zuckerberg for his “simplicity in sharing [his] knowledge and wealth with those with less income” in the society. Mr Buhari, who received owner of the popular social networking website at the Presidential Villa in Abuja, further said the various meetings Mr Zuckerberg held with Nigerian youths since his arrival were most timely as the country was already exploring opportunities to spur