OPEC in its new report said that the global demand for crude oil in the current year is expected to increase by an average of 5.8 million barrels per day as against the initial forecast of a growth of 5.96 million barrels per day as suggested by OPEC experts. According to NAN, this disclosure is contained in OPEC’s monthly report which was published on Wednesday in Vienna. OPEC in the new report, came up with the assumption that 99.82 million barrels of crude oil per day will be needed globally in the fourth quarter. OPEC experts in their analysis of…
Author: Temitope N.
Champion Breweries Plc share price appreciated by 10.00% to close at N2.53 per share, taking the Market capitalization from N18.01 billion to N19.81 billion following today’s trading session. Champion Breweries Plc, today recorded a gain in share prices which can be attributed to investors’ positive sentiment which triggered buy-interests in the shares of the company supporting a gain of N1.80 billion in market capitalization at the close of trading activities on the Nigerian Stock Exchange. The shares of the quoted brewery advanced from N2.30 per share at the start of trading day, to N2.53 per share, the highest price traded…
The U.S. Embassy Chargé d’Affaires (CDA), Kathleen FitzGibbon, has arranged a Mission Nigeria interagency team to Abia State to establish the re-engagement of U.S. assistance to the State through the U.S. President’s Emergency Plan for AIDS Relief (PEPFAR) and support renewed efforts towards HIV epidemic control. This was made known by the U.S Mission in Nigeria via a statement issued on Tuesday. CDA FitzGibbon and the delegation met Governor Ikpeazu, where they stated the U.S. government’s commitment to Abia State in its efforts to achieve HIV epidemic control and encouraged the Governor to build on his commitment to the health…
Vice President, Yemi Osinbajo disclosed that under the Social Housing Scheme of the Economic Sustainability Plan, thousands of jobs have been created with the use of local building materials in the country. The Vice President made this statement on Monday, at the two-day Mid-Term Ministerial Performance Review retreat, presided over by President Muhammadu Buhari, where the Vice President delivered the progress report on the ESP implementation. Osinbajo also disclosed that the social housing scheme has so far seen151.689 hectares of land made ready for development
Vice President, Yemi Osinbajo established that the negligence of the Central bank of Nigeria to disburse funds is slowing down the progress of some sectors of the Economic Sustainability Plan (ESP) including the 5 million Solar Connection Scheme, and agriculture plans for the ESP. The Vice President made this known on Monday, at the two-day Mid-Term Ministerial Performance Review retreat, presided over by President Muhammadu Buhari, where the Vice President delivered the progress report on the ESP implementation. He also disclosed that only N14 billion of the N471 billion as loans has been disbursed to farmers across 14 crop…
The year has already been plagued with high inflation and insecurity, which have amounted to a shaky business environment. This is in addition to the aftermath of the lockdown due to the pandemic. Investors are increasingly wary as they navigate these turbulent waters, seeking more stable ground to secure their financial futures. Lastly, do not underestimate the power of continuous learning and adaptation in your investment journey. The financial landscape is constantly evolving, and staying abreast of new developments, tools, and platforms can enhance your investment strategy. Online courses, financial literature, and investment forums are excellent resources for expanding your…
The African Development Bank (AfDB) has offered its assistance to Nigeria in the design and implementation of “Security-Indexed Investment Bonds” to raise more funds to sort out its security challenges. The sale of these bonds will help raise funds from the global capital markets to support countries to upgrade their security architecture, rebuild damaged infrastructure in conflict-affected areas, rebuild social infrastructure and protect areas with strategic investments. This was established by the President of the AfDB, Dr Akinwumi Adesina, at the Mid-Term Ministerial Performance Review Retreat in Abuja on Monday, where he highlighted that there could not be investment, growth or…
The Lagos State Police Command has warned the organisers of the planned protest to celebrate the one year anniversary of the #EndSARS protest to desist from such a plan. This was disclosed by the Commissioner of Police in Lagos, CP Hakeem Odumosu, via a statement issued and signed by the State Police Command’s Spokesperson, CSP Adekunle Ajisebutu on Monday. The Police boss stated that Nigerians can not afford to relive the unfortunate experience of the protest which led to “needless loss of lives and wanton destruction of public and private property.” The Lagos Police Commissioner stated, “The command had…
The Chief Executive Officer, Aero Contractors, has said that the FG’s plan to concession four international airports in the country is good, urging that if done right, it will go a long way in improving Nigeria’s airport infrastructure. Capt. Mahmood Abdullahi, Chief Executive Officer, Aero Contractors Company of Nigeria Limited, said this on Sunday, in an interview with the News Agency of Nigeria. He urged that the concession should also ensure that the staff of the international airports are not deprived of the rightful benefits. Actually, concession is good. But, just to do it right, I don’t think people will…
The Academic Staff Union of Polytechnics (ASUP) has urged the FG and state governments to pay outstanding arrears of the minimum wage to its members as contained in the Memorandum of Action (MoA). This was disclosed in a statement by the Union’s National Publicity Secretary Mr Abdullahi Yelwa, on Sunday in Bauchi, after its 101st Regular ASUP National Executive Council (NEC) meeting held at the Gateway ICT Polytechnic, Saapade, Ogun State. They revealed that there have been delays in the approval of its N15 billion Revitalisation Fund, nonpayment of salaries to its members in some state-owned institutions, and non-commencement of…
The Anambra state government disclosed that it is currently seeking approval from the federal government through the Nigerian Civil Aviation Authority (NCAA) to open its cargo airport for operations from the 21st of October 2021. This was made known by Governor Willie Obiano of Anambra state at a news conference on Sunday, after a tour of the airport and the International Conference Centre in Umueri and Awka. The Governor also revealed that the airport was completed in 15 months and was optimistic of regulatory approval to commence operations.
The National Union of Petroleum and Gas Workers (NUPENG) have announced the halting of the proposed strike by its affiliate members, Petroleum Tanker Drivers (PTD). The strike, which would have started on Monday, October 11, 2021, was called off due to the intervention of the Federal Government. According to NAN, this disclosure was made by the South-West Zonal Chairman of NUPENG, Mr Tayo Aboyeji, during an interview on Sunday in Lagos. Aboyeji said that the suspension is to allow Union’s representatives and that of government to address the knotty issues at stake. He said, “The leadership of the union after…
The Federal Government has established plans to discipline ministries, departments and agencies (MDA) who fail to meet their revenue targets. The pronouncement is coming against the backdrop of serious concerns over revenue crisis experienced by government, leading to frequent borrowing in order to meet up with some of its obligations. This was made known by the Minister of Finance, Budget and National Planning, Zainab Ahmed at the Public Presentation and Breakdown of the Highlights of the 2022 Appropriation Bill in Abuja on Friday. Ahmed said that the introduction of the measure is an attempt to boost the revenue performance and…
President Muhammadu Buhari has confirmed approval of the Nigeria Extractive Industries Transparency Initiative (NEITI) and other anti-corruption agencies like the Nigerian Financial Intelligence Unit (NFIU), the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) to recover about N2.65 trillion unremitted funds from 77 oil companies operating in the country. This follows the recent revelation about 2 weeks ago by NEITI that 77 oil and gas companies operating in Nigeria were indebted to the federation to the tune of N2.659 trillion due to their failure to remit petroleum profit tax, company income…
President Muhammadu Buhari has officially received the Certificate of Incorporation by the Corporate Affairs Commission (CAC) for the National Petroleum Company Limited. Buhari made this known on Friday while receiving the documents, and challenged the new management stating that he expects nothing less “than the realisation of a global national oil company that this nation desires and deserves,” as the PIA requires NNPC to morph into a new limited liability company. Buhari described the event as a significant milestone in Nigeria’s quest to create an enduring National Energy Company that can compete with its global peers and deliver value to…
The Central Bank of Nigeria (CBN) established that it would continue to monitor Financial Technology (FinTech) companies in Nigeria as well as manage the risks associated with their activities. The apex bank which regards FinTechs as a crucial sector in its operation, has confirmed that it will work towards minimizing the risks associated with their operations to the consumers and financial institutions This was made known by the Director, Banking Supervision Department of CBN, Mr Mustapha Haruna, Director, Banking Supervision Department, CBN, who was represented by Adekunle Adeniji, Assistant Director in the department, at the end of the 31st…
The Minister of Finance, Budget and National Planning, Zainab Ahmed, in her defence of Nigeria’s mounting debt has insisted that the Federal Government’s borrowings helped the country alot in the country’s quick recovery from recession. This is as the government explained that it had to spend its way out of recession mostly in the form of capital expenditure for the provision of infrastructural development. This was made known by Ahmed during a public presentation and breakdown of the 2022 Appropriation Bill on Friday in Abuja. The budget breakdown is coming a day after President Muhammadu Buhari presented the Appropriation Bill…
Nigeria’s economy is seen to grow by 2.4% in 2021, Due to accelerated growth in Nigeria’s service sectors, however, it still falls behind the sub-Saharan growth forecasts of 3.3% in 2021 and 3.5% in 2022. The World Bank established this in its recently published Africa’s Pulse report, titled “Climate Change Adaptation and Economic Transformation in Sub-Saharan Africa”. The World Bank also strongly stated that despite Sub-Saharan Africa exiting recession in 2021, recovery is still fragile, citing that as the global economy continues its rapid recovery from the global recession of 2020, inequities in vaccine supply and access to external finance…
The Federal Government has applauded the Nigerian Association of Resident Doctors (NARD) for suspending its nationwide strike, adding it has increased the aggregate money in the 2022 budget for hazard allowance from N40 billion to N47 billion annually. This was made known by Minister of Labour and Employment, Sen. Chris Ngige, in a meeting with members of the Nigerian Medical Association (NMA), and leading NARD executive members, on Wednesday, in Abuja, according to the News Agency of Nigeria. He praised the NARD leadership for ending the strike that had paralyzed Nigeria’s healthcare institutions while announcing the increased hazard allowance for…
President Buhari has presented a budget of N16.39 trillion for the 2022 fiscal year titled budget of economic growth and sustainability to the National Assembly. He mentioned this while addressing the joint session of the National Assembly on Thursday at the Green Chamber. In his words, the government plans to spend a sum of N16.38 trillion as budget in the 2020 fiscal year. This represents the 7th presentation of the national budget by Buhari to the national assembly, which was hailed by the Senate president, Ahmed Ibrahim Lawan for ensuring timely submission of the budget proposal so that it can…