Ijaw Youths, under the umbrella of Ijaw Youths Council worldwide have asked federal government to reconsider the revocation and re-award of Atala Oil Marginal Field (OML 46), which license was revoked by the government through Department of Petroleum Resources (DPR) in April 2020. According to the Ijaw Youths, Bayelsa State, which has kept faith with federal government in sustaining peace and security of the region deserves the ‘right of first refusal’ in the decision to re-award the Atala Oil Marginal Field (OML 46). Governor Diri had, on Wednesday reacted to the issue publicly for the first time amid the controversy…
Author: Temitope N.
The Organization of the Petroleum Exporting Countries (OPEC) rose from its 19th virtual meeting with members and non-OPEC members (ONOMM) on Sunday, with a decision to adjust upward their overall production by 0.4 mb/d on a monthly basis starting August 2021 until phasing out the 5.8 mb/d production adjustment. The ONOMM, will in December 2021, assess market developments and participating countries’ performance. Consequently, Nigeria’s daily production now stands at 1,829 mb/d effective August 2021. That of Saudi Arabia is 11,500 mb/d, Angola, 1,528 mb/d and the United Arab Emirates, 3,500 mb/d. The Group Managing Director of the Nigerian National Petroleum…
The Organisation of Petroleum Exporting Countries and its allies known as OPEC+ have decided to adjust upwards their overall production by 0.4 million barrels per day (mbd). The decision was taken at the end of the 19th OPEC and non-OPEC Ministerial Meeting on Sunday. A statement issued after meeting said the upward adjustment would take effect from August. It said in view of the current oil market fundamentals and the consensus on its outlook, the participating countries reaffirmed the framework of the Declaration of Cooperation signed on 10 December 2016, further endorsed in subsequent meetings, including on 12 April 2020.…
The Nigerian Export Processing Zones Authority (NEPZA) has said it is diligently deploying the Special Economic Zone Scheme to revolutionise Sokoto State economic space. Prof Adesoji Adesugba, the NEPZA Managing Director made the remark while taking delivery of Certificate-of- Occupancy of 503.8 hectares of land for proposed world-class special economic zone to be sited in the state from the state governor, Aminu Tambuwal on Wednesday in Abuja. According to a statement by head, Corporate Communications, NEPZ, Martins Odeh said Adesugba, also chief executive officer of the Authority, said the state had been deliberately positioned to attract right investments, adding that…
Uber has agreed to pay $9 million to the California Public Utilities Commission (CPUC) after refusing to hand over data about riders and drivers who were sexually assaulted, and pay a separate $150,000 fine, according to a settlement agreement reached Thursday. The CPUC will give $5 million of that money to the California Victim Compensation Fund, and the remaining $4 million will “go to address physical and sexual violence in the passenger carrier industry,” according to The San Francisco Chronicle, which reported on the agreement Thursday. Uber will also now provide data about the assaults to the CPUC, though it…
The unrest that has ripped through South Africa in the past week will force its economy to contract by 3% in the third quarter and drag down full-year growth, Wall Street bank JPMorgan said on Friday. Rioting broke out in several parts of the country, which has Africa’s most industrialised economy, following the jailing of former President Jacob Zuma last week for his failure to appear at a corruption inquiry. The week of looting has destroyed hundreds of businesses and killed more than 100 people. The flare-up prompted JPMorgan to revise Q3 growth quarter-on-quarter projections sharply lower from a previous…
The naira fell marginally against the U.S dollar at the parallel market segment on Friday after maintaining stability for five consecutive sessions simultaneously. However, the local unit clinched a pronounced gain at the official market after it also remained unchanged in the previous session on Thursday. Data gleaned on abokiFX.com, a website that displays parallel market rates in Lagos showed that naira closed at N506.00 per $1 at the black market window on Friday. This implies a N1.00 or 0.20 per cent devaluation from the N505.00 rate it was trading since July 9. However, data published on the FMDQ Security…
The consumer price index (CPI), which measures the rate of change in prices of goods and services, dropped to 17.75 percent in June from 17.93 in May. This is according to the ‘Consumer Price Index Report for June’, released by the National Bureau of Statistics (NBS), on Friday. This implies that prices continued to rise in June 2021 — but at a slightly slower pace than it did in May 2021. On month-on-month basis, the Headline index increased by 1.06 percent in June 2021. This is 0.05 percentage points higher than the rate recorded in May 2021 (1.01 percent). The…
President Muhammadu Buhari said the Kano–Kaduna rail project is crucial to the establishment of a supply chain in railway transport within its corridor, Kano–Kaduna-Abuja, as it links the major commercial cities of Kano and Kaduna to the Federal Capital Territory (FCT), Abuja. Speaking at the ground-breaking ceremony for the Kano – Kaduna railway project in Kano on Thursday, the president said: “the take-off of construction activities on this segment of the Lagos – Kano vividly represents the commitment of this administration in the revival of Nigerian railway system, to reduce the deficiency in our transportation infrastructure and drive effective and…
The Minister of Transportation, Mr. Chibuike Amaechi, yesterday hinted that the proposed Kano-Kaduna railway project would greatly boost trade as well as present the opportunity for Nigerians to traverse between Abuja and Kano via Kaduna with relative ease. Amaechi, in his remarks at the groundbreaking ceremony of the project at Zawaciki, Kudu Local Government Area of Kano State, noted that the project is part of the third and outstanding segment of the Lagos-Kano railway modernisation project. The minister stated that the first segment-Abuja-Kaduna railway line-was flagged off for commercial operation in July 2016, and just recently, the second segment, the…
The Edo State Traffic Control and Management Agency (EDSTMA) has concluded plans to ensure strict enforcement of colour codes for commercial taxi operators in the state. In a statement, Managing Director, EDSTMA, Dennis Oloriegbe, said the agency is undertaking the exercise in compliance with the law and order guiding the operation of commercial vehicles in the state. Oloriegbe said: “EDSTMA hereby reiterates Edo State Government’s existing directives on the use of unauthorized color code of all intra-state commercial vehicles within Benin metropolis except for vehicles painted with authorized color code, ‘Yellow and Red.’ “Consequently, any intra-state commercial vehicle found in…
The Board of Directors of First City Monument Bank Limited (the Bank) have announced the appointment of Mrs. Oluwatoyin Olaiya as Executive Director, Risk & Compliance. This follows the approval of the Central Bank of Nigeria (CBN). Mrs. Olaiya is a finance and risk management professional with over 30 years of experience. Prior to her appointment, she was the Chief Risk Officer / Divisional Head Risk Management at FCMB, overseeing Enterprise Risk Management, Risk Policy, Credit Administration, Credit Underwriting and Monitoring. She has been responsible for redefining the Bank’s risk policies, improving risk management culture across the institution, and proactively…
FMDQ Securities Exchange Limited has continued to avail its credible and efficient platform, as well as tailor its Listing and Quotation services to suit the needs of issuers and its registration members (sponsors of issuances on FMDQ Exchange). Following its due diligence process, the Exchange, through its Board Listings and Markets Committee, has approved the quotation of the FBNQuest Merchant Bank Limited ₦7.34 billion Series 19 Commercial Paper (CP) under its ₦100.00 billion CP Programme, on its platform. The net proceeds from this CP will support the issuer’s short-term funding requirements. FBNQuest Merchant Bank Limited is a merchant banking firm…
The UN warned Thursday that a “perfect storm” was brewing, with a raging pandemic disrupting access to routine vaccinations, leaving millions of children at risk from measles and other deadly diseases. A full 23 million children missed out on basic childhood vaccines last year, as routine health services were hit worldwide by restrictions aimed at controlling Covid-19 and many parents shunned the clinics that were open for fear of exposure to the virus. It marks the highest number in over a decade and 3.7 million more than in 2019, according to data published Thursday by the World Health…
The Senate resolves that all students should vacate the halls of residence immediately. The Senate of the University of Lagos (UNILAG), Akoka, has mandated the institution’s management to ask all students to vacate hostels “with immediate effect.” A member of the Senate, who was part of the meeting but does not want to be quoted, claiming not to be authorised to do so, he added that the decision was unavoidable following the rising cases of coronavirus infection on the campus. “The Senate at its meeting held today considered the situation of third wave of COVID-19 in Lagos State and its…
The Chinese government has partnered with the GAC Motors in developing the automobile industry. The partnership yielded fruits recently when the Chinese Embassy in Nigeria and GAC Motor Nigeria recently held a diplomatic fleet delivery ceremony in Abuja. The colourful handover ceremony had in attendance Mr. Cui Jianchun, Chinese Ambassador to Nigeria; Mr. Guo Zhiqiang, Counselor of the Chinese Embassy, Mr. Jubril Arogundade, General Manager, Commercial and Head of Communication of GAC Motor Nigeria, as well as Mr. Qian Jin, Business Director of GAC Motor Nigeria . The delivery is the result of a long lasting relationship between GAC Motors…
Elon Musk insisted in court on Monday he does not control Tesla Inc and said he did not enjoy being the electric vehicle company’s chief executive as he took the stand to defend the company’s 2016 acquisition of SolarCity. The lawsuit by union pension funds and asset managers alleges the celebrity CEO strong-armed Tesla’s board into wasting the company’s assets to buy SolarCity, which was running out of cash. Musk at the time owned a 22% stake in both Tesla and SolarCity, which was founded by his cousins. Musk said in his testimony Monday that he’s tried “very hard not…
In a bid to link the country through rail, President Muhammadu Buhari will do the groundbreaking of the Kaduna-Kano standard gauge on Thursday. The Permanent Secretary, Ministry of Transportation, Magdalene Ajani, disclosed this in a statement on Tuesday in Abuja. The statement by Eric Orjiekwe, Director, Press and Public Relations, said the event would be at Zawacki, Dawaki Local Government Areas, Kano at 10.a.m. According to her, the project will further boost the president’s programme of linking the country through rail in order to enhance the economic growth of the nation. She added that major players in the transport sector…
President Muhammadu Buhari Tuesday said that Nigeria loses $26.3 billion annually to maritime crimes annually. He spoke at the commissioning ceremony of a maritime surveillance project, Falcon Eye Alignment, at the Naval Headquarters in Abuja. The president’s disclosure came as the Chief of Naval Staff, Vice Admiral Awwal Gambo, said the surveillance project had aided the navy in the recovery of 300,000 bags of foreign rice valued at N9billion and the arrest of 500 suspects in addition to the arrest of 30 vessels and 50 pirates since 2016. This comes as the National Security Adviser, Maj. Gen. Mohammed Monguno (rtd),…
The Securities and Exchange Commission (SEC) has proposed N10 million registration fee for issuing houses, underwriters and fund managers from the current fee of N500,000. SEC disclosed this in a document titled, “Exposure of Proposed New Rule and Sundry Amendments to the Rules and Regulations of the Commission”, released on Monday. The new amendment showed that a broker would be required to pay N3 million as registration fee against N300,000 currently applicable. Also brokers/dealers would pay N5 five million, from N500,000 as registration fee. A broker/dealer is expected to pay N100,000 each as processing fees and registration of sponsored individuals…