Babalola Unveils Scheme to Shorten Nigeria’s Housing Deficit

By Adedapo Adesanya The Norwegian Floating Production Storage and Offloading (FPSO) leasing firm, BW Offshore, has closed the transaction for the sale of the Nigerian vessel, Abo FPSO, after several short-term charter extensions for $20 million. FPSO refers to a floating vessel located near an offshore oil field, where oil is processed and stored until it can be transferred to a tanker for transporting and additional refining. BW Offshore closed the transaction for the sale of Abo FPSO to STAC Marine Offshore Limited, a member of the Nigerian Transport Group (STAC). As part of the transaction, BW Offshore has entered

By Adedapo Adesanya The two leading opposition presidential candidates in the 2023 general elections, Mr Atiku Abubakar of the Peoples Democratic Party (PDP) and Mr Peter Obi of the Labour Party, on Tuesday, approached the Supreme Court to upturn the judgment of the Presidential Election Petition Court (PEPC), which on September 6, affirmed Mr Bola Tinubu of the All Progressives Congress (APC) as winner of the exercise held on Saturday, February 25. Mr Atiku, in his Notice of Appeal predicated on 35 grounds, insisted that the tribunal, in the judgment delivered by Justice Haruna Tsammani, committed grave error and miscarriage

By Precious Olisa Three persons have been confirmed dead due to the heavy downpour that happened in Genere, Rikkos, Bauchi Road and Eto-Baba communities of Jos North Local Government. It was said that the rain lasted for two days. The Zonal Coordinator of the National Emergency Management Agency (NEMA), Mr Eugene Nyenlong, who confirmed the incident, said his agency got a distress call that three persons had died as a result of the flood that occurred. “As I speak to you, we are moving to the scene with other stakeholders to have an on-the-spot assessment of the disaster and also

By Adedapo Adesanya The gross domestic product (GDP) of the United States of America fell 4.8 percent in the first quarter of 2020 as the country’s longest run of economic expansion came to an abrupt end. This was disclosed by a report published by the Bureau of Economic Analysis on Wednesday, April 29. The slump from January through March reflects the sharp economic impact of country-wide shutdowns to curb the spread of COVID-19. The Q1 GDP contraction has ended the longest-ever economic expansion that took place in the US after the Great Recession from 2007 to 2009. During this period

By Modupe Gbadeyanka The decision of the apex bank in Zambia, the Bank of Zambia (BoZ), to further ease monetary conditions in the country has received commendations of the International Monetary Fund (IMF). The global financial firm, in a statement, said it also welcomed BoZ’s efforts to strengthen its supervision of the financial system, including with technical assistance from the IMF. From May 31-June 10, 2017, a team of IMF led by Mr Tsidi Tsikata, visited Zambia to continue discussions on the 2017 Article IV consultation and the authorities’ request for an IMF-supported program. During the meeting, the IMF team

By Dipo Olowookere Manchester United had to wait till 92 minutes to secure a win against a stubborn Hull City in a late Premier League match on Saturday. Hull City held their guests within the 90 minutes of normal time, but could not survive the mounting pressure they were put under by the determined Jose Mourinho’s men. United pushed forward till they snatched three points away from KCom Stadium. The goal was scored by Marcus Rashford, who came in as a substitute for Juan Mata just less than 25 minutes before the end of the game. It was his first

By Adedapo Adesanya Amid recent political turmoils like military coups and the spate of internal terrorism that has seized the region, one of the many good things to look forward to in West Africa is the 1,081 kilometres highway that will soon link Abidjan and Lagos. Once achieved, the $15.6 billion road project will connect five West African countries – Nigeria, Benin, Togo, Ghana, and Ivory Coast, and this spells a big opportunity to transfer population and geographical advantages into economic prosperity. The purpose of this Abidjan-Lagos highway is to strengthen trade and integration in West Africa, in particular by

By Adedapo Adesanya The crude oil benchmarks fell more than one per cent a barrel on Friday amid disruptions in Nigeria and Libya after Shell suspended loadings of Nigeria’s Forcados crude oil owing to a potential leak at a terminal. Exports of the grade, which was scheduled to ship 220,000 barrels per day in July, were halted on Wednesday evening after workers saw fumes near the single buoy mooring that was loading oil onto a vessel. Also, several oilfields in Libya were shut down on Thursday because of a local tribe’s protest against the kidnapping of a former minister. Production

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Ecobank Nigeria Limited has announced special discount for shoppers using the EcobankPay option to pay for their goods and services during the Easter holidays. The promo will run to the end of April 2019, a statement from the lender said. EcobankPay is a digital QR code/ Unstructured Supplementary Service Data (USSD) that enables payments using the mobile phone, without the need for a debit/credit card. “When you sign up, your EcobankPay QR is emailed to you, which you can print and post/stick it anywhere your customers can see it to easily scan and pay. “When paid, you receive notifications and

By Modupe Gbadeyanka The Debt Management Office (DMO) will on Wednesday, December 18, 2019, auction bonds worth N150 billion to investors at the local market. The exercise would be conducted on behalf of the Federal Government of Nigeria (FGN) and the papers to be offered in three different maturities; 5-year, 10-year and 30-year. A circular from the debt office said N50 billion worth of the 5-year note maturing April 2023 would be offered at 12.75 percent, N50 billion of the 10-year paper maturing April 2029 would be sold at 14.55 percent, while N50 billion worth of the 30-year instrument maturing