DPR Sacks Directors over Marginal Fields Controversy

By Bliss Okperan Nigeria’s President, Mr Bola Tinubu, has approved the appointment of new Chief Executive Officers for some agencies and parastatals under the Federal Ministry of Industry, Trade and Investment. A statement on Friday from the President’s Special Adviser on Media and Publicity, Mr Ajuri Ngelale, disclosed that the appointments, which take immediate effect, are in line with his resolve to base the country’s economic revival on the foundation of trade expansion through small, medium and large scale industry facilitation. Mr Ngelale said his boss “expects all new appointees in the critical sector to optimally deliver in accordance with

By Modupe Gbadeyanka A veteran journalist, Mr Bayo Onanuga, has been appointed as the Special Adviser to President Bola Tinubu on Information and Strategy. A statement issued on Friday by the Special Adviser to the President on Media and Publicity, Mr Ajuri Ngelale, said Mr Tinubu also appointed Ms Delu Bulus Yakubu as his Senior Special Assistant on Humanitarian Affairs and Poverty Alleviation. In the statement, the President wished his new aides “well in the discharge of their duties,” noting that their appointments were “part of efforts to prioritize effective and efficient working synergy between the Presidency and Federal Ministries.

By Modupe Gbadeyanka The publisher of an online news platform, Per Second New (PSN), Mr Femi Oladapo Soneye, has been appointed as the Chief Corporate Communications Officer (CCCO) of the Nigerian National Petroleum Company (NNPC) Limited. The appointment of the veteran journalist was announced on Wednesday night by the state-owned oil agency, which said it looked “forward to his valuable contributions to our company.” The new spokesman will be in charge of the corporate communications of the NNPC, leading the organisation’s “corporate communications team and drive our brand penetration, strategic communications initiatives, and stakeholder management.” According to the statement, Mr

By Precious Olisa The appointment of Mr Akutah Ukeyima as the Executive Secretary/CEO of the Nigerian Shippers’ Council (NSC) has been approved by President Bola Tinubu. The Special Adviser to the President on Media and Publicity, Mr Ajuri Ngelale, confirmed the appointment of Mr Ukeyima in a statement signed on Wednesday. Mr Ngelale said the new chief executive of the NSC was recommended for the position by the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola. He also disclosed that another recommendation was the appointment of Mr Munirudeen Oyebamiji as the Managing Director/Chief Executive Officer of the National Inland

By Modupe Gbadeyanka A total of 19 petrol stations operating in Jos, Plateau State and Yenagoa in Bayelsa State, have been sealed by operatives of the Department of Petroleum Resources (DPR). A statement issued by the petroleum agency disclosed that the affected filling stations were shut down for various offences including short-changing of customers through irregular fuel dispensing. A breakdown of the exercise carried out in Yenagoa, the Bayelsa State capital last weekend, showed that nine petrol stations and an illegal trans-filling Liquefied Petroleum Gas (LPG) station were sealed, while 10 stations in Jos, the Plateau State capital, were affected,

By Dipo Olowookere The Nigerian Stock Exchange (NSE) continued its bullish run on Wednesday, appreciating further by 1.89 percent at the close of business to finish in the green territory. Business Post reports that gains recorded by stocks in the industrial as well as the oil and gas sectors, especially Dangote Cement, propelled the equity market appreciation at the mid-week trading. By the time market activities were brought to a close, the market capitalisation increased by N297.5 billion to settle at N16.080 trillion, an all-time high. In addition, the All-Share Index (ASI) progressed by 830.52 basis points to finish at

By Dipo Olowookere The newly listed company on the Nigerian Exchange (NGX) Limited, Geregu Power Plc, paid N71.7 million as bank charges in the 2021 fiscal year, its financial statements have revealed. In the previous year, the power-generating firm paid N15.4 billion for the same purpose, indicating an increase of about 365.6 per cent on a year-on-year basis. Bank charges are fees collected by banking institutions for financial transactions, including cash deposits, withdrawals, alerts, stamp duties, and others. Nigerians have complained bitterly about what they pay as bank charges. Several stakeholders have also asked the Central Bank of Nigeria (CBN)

By Adedapo Adesanya Central Securities Clearing System (CSCS) Plc sank the NASD Over-the-Counter (OTC) Securities Exchange by 0.32 per cent on Friday, September 1. The downward trend in the stock price of the Nigerian securities depository company shrank the market capitalisation of the unlisted securities exchange by N3.55 billion to N1.109 trillion from the N1.112 trillion it quoted at the previous session. In the same vein, the NASD Unlisted Securities Index (NSI) went down by 2.53 basis points to end the day at 791.22 points as against 7931 points it recorded at the previous session. Yesterday, CSCS Plc lost 71

By Adedapo Adesanya A 0.76 per cent growth was recorded by the NASD Over-the-Counter (OTC) Securities Exchange on Monday, reversing the loss reported in the preceding trading session. This improvement was buoyed by the rise in the share prices of FrieslandCampina Wamco Plc, Food Concepts Plc, and Industrial and General Insurance (IGI) Plc. FrieslandCampina Wamco Plc appreciated during the session by N2.69 to close at N76.20 per unit versus last Friday’s N73.51 per unit, Food Concepts Plc improved by 9 Kobo to quote at N1.05 per unit compared with 96 Kobo per unit, and IGI Plc boosted its value by

By Dipo Olowookere Bids were received from about 37 companies for the supply of six triple agent fire-fighting trucks for the operation of the Nigerian Pipelines and Storage Company (NPSC), one of the downstream subsidiaries of the Nigerian National Petroleum Corporation (NNPC). The public bid-opening exercise is part of NNPC’s avowed commitment to openness and transparency aimed at transforming the agency into a Focused, Accountable, Competitive and Transparent organization conducting its business with Integrity (FACTI-based Corporation). At a public bid-opening exercise held at the NNPC Towers on Wednesday, the Group General Manager, Supply Chain Management (SCM) of NPSC, Mr Shehu

By Dipo Olowookere The Nigerian Exchange (NGX) Limited appreciated by 0.69 per cent on Monday as the country awaits the winner of the 2023 presidential election conducted by the Independent National Electoral Commission (INEC). This pushed the All-Share Index (ASI) higher by 379.21 points to 55,328.42 points from 54,949.21 points, as the market capitalisation grew by N206 billion to close at N30.140 trillion versus the preceding session’s N29.934 trillion. The direction of the polls may have triggered a renewed buying interest in Nigerian stocks, with the sectors of the exchange closing in the green territory. The consumer goods space grew

By Modupe Gbadeyanka The market capitalisation of the Nigerian Stock Exchange (NSE) finally touched down the N13 trillion mark on Thursday, fuelled by panic selloffs witnessed at the market. The total value of stocks on the exchange reduced by 0.62 percent or N86 billion yesterday to N13.966 trillion from N14.052 trillion. This came a day after the All-Share Index (ASI) dropped to the 26,000 region and on Thursday, it further declined by 166.14 points to 26,808.24 points from 26,974.38 points. However, the number of stocks transacted by traders increased by 1.38 percent to 231.5 million units from 228.4 million units.