Lagos Unveils Black Pearl Towers in Eko Atlantic City

By Adedapo Adesanya The Group Managing Director (GMD) of the Nigerian National Petroleum Company (NNPC) Limited, Mr Mele Kyari, is not heading to the exit door despite speculations amid continued organisational changes to the management of the state oil company. In a statement on Monday night, it was stated that in “addition to the recent exit of three Executive Vice Presidents, other Management Staff with less than 15 months to statutory retirement will be exiting the company effective 19th September 2023.” What this means is that the exit is happening downward since three Executive Vice Presidents were changed over the

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

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By Aduragbemi Omiyale The Norwegian Investment Fund for developing countries, Norfund, has described Nigeria as Norway’s most important market in Africa, noting that efforts are being made to increase investments in the giant of the continent. Nigeria is one of the biggest economies in Africa and has the largest market because of its population of over 200 million, according to the government. At an event held in Lagos recently, Norfund said it intends to drive development in Nigeria and create jobs through investments in the private sector. “Set to become the world’s third most populated country, Nigeria is Norway’s most

By Modupe Gbadeyanka The Lagos State government has concluded plans to charge 92 persons to court over their alleged involvement in the burning of some properties in the state last month. In October, some youths in the metropolis and across the nation kicked against police brutality through a protest that lasted almost two weeks. The exercise, which was largely peaceful, was later hijacked by hoodlums and things got worse after some soldiers allegedly opened fire on some demonstrators at the Lekki Toll Gate. This action triggered anger and led to the destruction of several public and private properties in Lagos.

By Dipo Olowookere The management of the National Youth Service Corps (NYSC) has reacted to a report by an online news platform that Minister of Finance, Mrs Kemi Adeosun, forged her exemption certificate purportedly issued by the agency. In a statement issued on Monday by its Director in charge of Press and Public Relations, Mrs Adeyemi Adenike, the NYSC said it would investigate of the purported certificate to determine its authenticity. However, the agency confirmed that the Minister did apply for an exemption, but did not state categorically if it issued a certificate to Mrs Adeosun. “Our attention has been

By Ahmed Rahma No fewer than 20 young Nigerians have completed the Graduate Trainee Programme (GTP) of the Nigerian Stock Exchange (NSE). Last Friday, they were honoured at the first-ever digital graduation ceremony, with the chief executive of the exchange, Mr Oscar Onyema, charging them to maintain the high standard set for them. The NSE GTP is a one-stop capacity platform for passionate young graduates to develop skill sets that will open up countless opportunities for personal and professional growth. It is an 11-month intensive programme designed to groom talents locally and raise a new generation of leaders for the

By Modupe Gbadeyanka As the “curtains come down” and the year draws to an end, FMDQ has so far recorded over $9 billion worth of the Naira-settled OTC FX Futures contracts, traded across different tenors (one through to 12 months) on the platform of the OTC Exchange. With about $6.31 billion of the contracts matured on FMDQ, the OTC FX Futures Exchange, market participants in the Nigerian financial market may appear to be gearing up for the planned introduction of other plain vanilla derivatives products in 2018 by FMDQ, ahead of more exotic types when the market is mature and

By Dipo Olowookere The Federal Government has maintained that Nigeria will not withdraw from the Paris Climate Accord it signed to be part of in 2016. On Thursday, President of the United States, Mr Donald Trump, announced the withdrawal of America from the Paris agreement, saying it was not favourable to the nation. After President Trump’s announcement, there were fears that other less powerful nations would show solidarity to the US and announce pulling out of the deal. But the Federal Government has maintained that Nigeria, which is an ally of the United States, will not abandon the accord. In

By Adedapo Adesanya Preparations for Easter caused a spike in the demand for Dollar at the foreign exchange market on Thursday, especially at the Investors and Exporters (I&E) segment of the market. Yesterday, the value of transactions at the FX window significantly increased by 93 percent to $146.91 million from $76.18 million. This has almost been the pattern this week at the market segment despite the restriction placed on movements at various major cities in Nigeria to curtail the COVID-19 pandemic. While the lockdown will remain active in Lagos, Ogun and Abuja, cities like Port Harcourt, Akure in Ondo State

Nigeria’s leading downstream marketing company and licensee of the Oando retail brand, OVH Energy, has partnered with the Oando Foundation in the global push for quality education. These organizations recently embarked on the upgrade of a Model Primary School in Onne, Port-Harcourt, Rivers State, which is a beneficiary school under the Oando Adopt-A-School Program and is within OVH Energy’s host community. The strategic partnership comes on the heels of OVH Energy’s efforts to foster the United Nation’s Sustainable Development Goal Four (4) on Basic Education, aimed at holistic improvement of public primary schools to improve access to qualitative education and