Nigeria Announces $2.2bn PV Solar Deal with US Firm

By Adedapo Adesanya Global energy company, GE Vernova, has used a series of events during Compliance Week to emphasise the critical role of ethics and compliance in business growth and success. The week-long initiative, held across Nigeria with more than 100 attendees, involved employees, suppliers, legal experts, and customers, highlighting GE Vernova’s unwavering commitment to fostering a culture of integrity and transparency. Speaking on this, Mrs Ozim Ifeoma Ibeziako, Executive General Counsel for GE Vernova’s Gas Power business in Africa, said, “At GE Vernova, we believe that integrity is the cornerstone of any successful business. “Our Compliance Week is an

By Bliss Okperan The Deputy Governor of Edo State, Mr Philip Shaibu, has announced his interest in the governorship election slated for 2024. Mr Shaibu, who fell out with former Governor Adams Oshiomhole to pitch his tenth with Governor Godwin Obaseki, declared his interest in the number one office of the state on Monday. In a televised announcement, the former student union leader said he intends to govern the state because of his desire to transform the Heartbeat of the Nation. According to him, his past records will make it easy for him to clinch the sole ticket of the

By Adedapo Adesanya A Federal Capital Territory High Court, Abuja, has adjourned an alleged procurement fraud case involving ex-Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, to January 18 and 19, 2024, for continuation of trial. Mr Emefiele is standing trial on a six-count amended charge on alleged procurement of vehicles to the tune of N1.6 billion. He had pleaded not guilty to the charges. He was granted bail on November 17, 2023, to the tune of N300 million, and two sureties and remanded at the Kuje Correctional Centre, pending when he meets his bail conditions. However,

By Adedapo Adesanya The Nigerian government has outlined its priorities for the upcoming 28th Conference of Parties (COP) in Dubai, the United Arab Emirates (UAE). Speaking to journalists at a pre-COP workshop organised by the National Council on Climate Change (NCCC), the Director General of the council, Mr Salisu Dahiru, said the country has a number of issues dear to its economy and journey towards climate resilience that it hopes to achieve at COP28. COP 28 is the United Nations Climate Change Conference taking place from November 30 to December 12. COP takes place every year and is the world’s

By Adedapo Adesanya It was a bad day for the Nigerian Naira at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market on Friday. This was because the value of the Naira depreciated against the United States Dollar yesterday by 3 kobo or 0.01 per cent as it traded at N415.10/$1 compared with N415.07/$1 it traded on Thursday. It was observed that the local currency put up a poor outing during the session despite the value of transactions going down by 81.4 per cent or $368.94 million. Business Post reports that the turnover for the trading session

By Adedapo Adesanya Investors at the NASD Over-the-Counter (OTC) Securities Exchange lost N8.08 billion last week to the bears. As a result of this, the market capitalisation of the bourse closed last Friday at N639.77 billion compared to N647.85 billion it ended at the preceding Friday. Also, the reduction in NASD investors’ wealth in the week by 1.3 per cent decreased the NASD Unlisted Security Index by 9.26 points to 736.07 points from 745.36 points. Business Post reports that the bears rampaged six companies admitted on the exchange last week, causing the over one per cent loss. UBN Property Plc

By Ahmed Rahma The customers of a financial institution in Nigeria, Polaris Bank, have lauded the bank for receiving their remittances in American currency. The lender, which has an existing relationship with all leading and licensed global money transfer operators, noted that its customers have been very impressed with its seamless service shortly after they were notified about the apex bank directives and they started receiving their payments in US dollars either in cash or into their domiciliary account. Commenting, one of the customers, who doubted that the bank would conform to the instructions, Mr Segun Adetiloye from Ikotun branch,

By Adedapo Adesanya Major oil futures prices are positive ahead of today’s meeting among nations that make up the Organisation of the Petroleum Exporting Countries (OPEC) to discuss a possible end to the oil price war between Saudi Arabia and Russia that has tanked oil prices since last month. The emergency meeting, which will be held via videoconference, could bring about the largest oil production cut deal ever made in history as OPEC states and its allies in addition to Brazil, Norway, and Canada, could cut oil production by 10 million barrels per day. On Thursday morning, Brent crude, the

By Modupe Gbadeyanka The Ligali Ayorinde branch of Access Bank Plc in Victoria Island, Lagos has been temporarily closed by management of the financial institution after a visitor tested positive for the coronavirus disease also known as COVID-19. The visitor, a former employee of Access Bank, who returned from the United Kingdom recently, was said to have checked into the banking hall on Monday, March 16, 2020 and was then not exhibiting any symptom of the disease, but later tested positive and has been taken to the Isolation Centre in Yaba for monitoring. In a statement issued today, Access Bank

By Investors Hub European stocks are extending gains from the previous session, with rising oil prices, relative strength in the dollar and encouraging economic data from the U.K. and euro area helping underpin investor sentiment. While the U.K.?s FTSE 100 Index has edged up by 0.2 percent, the German DAX Index and the French CAC 40 Index are jumping by 1.2 percent and 1.3 percent, respectively. Better-than-expected U.S. car sales data has helped lift automakers, while banks are also trading broadly higher. Meanwhile, French alcoholic beverage company Remy Cointreau has come under pressure after Investec downgraded the stock. Department store

By Adedapo Adesanya Brent crude futures surged by 2.8 per cent or $2.59 on Wednesday to the highest settlement in 2023 at $96.55 per barrel after a steep drop in crude stocks in the United States compounded worries of tighter global supplies. The price of the US West Texas Intermediate crude futures (WTI) climbed by 3.6 per cent or $3.29 to $93.68 as the Energy Information Administration (EIA) reported a crude oil inventory draw of 2.2 million barrels for the week to September 22 in the country. In the preceding week, the agency posted an inventory draw of 2.1 million

By Dipo Olowookere As parts of the efforts to meet the 21st century technology requirement for development in Lagos, Governor Akinwunmi Ambode, on Friday unveiled the ‘Code Lagos’ computer programming initiative. Speaking at the event, the Deputy Governor, Dr Idiat Oluranti Adebule, who represented the Governor, stated that the primary aim of the initiative “is to meet the growing demand for technical skills” so as to develop a workforce that would speak a universal digital language and provide solutions to myriad of socio-economic problems confronting the society.” The Governor said that, with the new concept, Lagos State “has joined the