Author: Aishat Olalere

The National Assembly, Federal Republic of Nigeria has vowed to support the Nigeria National Petroleum Company (NNPC) Limited’s ongoing efforts to boost Nigeria’s crude oil production and grow its reserves. This was disclosed by the Chief Corporate Communication officer of NNPC, Mr Olufemi Soneye in a statement made on Wednesday in Abuja. He disclosed that the National Assembly said this when its Joint Committees on Petroleum Resources (Upstream) paid an oversight visit to the NNPC Upstream Investment Management Services (NUIMS). Soneye emphasized that the efforts promised by the NNPC include strategizing on ways to reduce crude oil thieves and vandals…

Kenya Shilling and Eurobond has fallen by 0.5% and 0.4 % respectively at the Foreign Exchange Market. This is sequel to the protests in the country which causes a standstill in business activities in various part of Kenya. Despite these declines, the stock market remained largely unaffected. The NSE 20 Share Index rose by 13.79 points to 1710.92, and the All Share Index NASI gained 0.10 points to close at 110.23. However, the NSE 25 Share Index and the NSE 10 Share Index saw minor declines, closing at 2912.28 and 1139.26, respectively. The bond market was active, with bonds worth KES 13…

Nigeria’s Minister of Power, Adebayo Adelabu has made known the ministry’s willingness to sanction any agency or director that does not meet the corporate expectations in the power sector. He gave the warning on Tuesday in Abuja during a meeting where performance contracts were signed with various agencies in the sector. Adelabu said the sanction will be top-down depending on the sanctions that Mr. President is going to leach out to a non-performing minister and a non-performing council. “We will determine the sanctions that will be given to everybody involved here,” he said. He added that the saction is aimed…

The Government of USA has shown interest in investing in Nigeria’s technology and educational sectors. This, according to U.S Consul-General to Nigeria, Will Stevens is for the benefit of both countries development. Stevens disclosed this on Tuesday during a visit of President Biden’s Advisory Council on African Diaspora Engagement Team (PAC- ADE) to Vibranuim Valley Tech City at Ikeja, Lagos. Steven said the U.S government has sent the PAC- ADE team to boost the economic, technology, cultural and educational ties with Nigeria. He added that the U.S Government needed to understand African market before investing into the market. He said…

The International Monetary Fund (IMF) has forecasted Nigeria to grow by three percent in 2025. This was released by the IMF’s latest World Economic Outlook (WEO) update report ‘The Global Economy in a sticky spot” on Thursday. It has previously been predicted by IMF in April for Nigeria to grow by 3.1 percent which is higher than the predicted growth in July. This is as a result of Nigeria embarking on some monetary reforms with the central bank clearing foreign exchange backlog and the federal government removing petrol subsidies. The country is however facing galloping inflation and rising poverty, which…

₦1.354 trillion from the Federation account of the month of June 2024 has been allocated between the three tiers of Government. The fund was shared between the federal government, 36 states and 774 local government. The revenue was shared at the July 2024 meeting of the Federation Accounts Allocation Committee (FAAC) which was chaired by the Minister of Finance, Wale Edun. The communique was issued and sighed by a representative of the Accountant General of the Federation, Bawa Mokwa. The revenue comprised distributable statutory revenue of ₦142.514 billion, distributable Value Added Tax (VAT) revenue of ₦523.973 billion, Electronic Money Transfer…

Equities analysts at Futureview Financial Services Limited have estimated more than 56% potential return investment in Access Holdings Plc stocks amidst ongoing rights issue. It rated Access Holdings Plc’s buy at ₦19.20 with expectation of 56.25% return. The banking share climbed from ₦19.05 to ₦19.20 in the stock market on Monday. “The Pan African financial services holdings company market price is tracking Futureview Financial Services estimated target price of N30 per share.” “Access Holdings Plc share price had peaked at N30.70 in the local bourse following strong buying interest in the market. The Ticker: ACCESSCORP is trading at more than…

Nigeria has lost over 1.84 billion dollars worth of petroleum products from refineries in nine years to oil theft. The Executive Secretary of the Nigeria Extractive Industries Transparency Initiative, Dr Ogbonnaya Orji said this at the opening ceremony of 2024 NEITI board retreat/ meeting in Lagos on Monday. Oji said between 2009 and 2018 about 4.2 billion litres of petroleum products were lost from the refineries as a result of oil theft which was estimated at 140,000 barrels per day. He said that these losses has negative effects on the economy which made the previous administration constitute a special panel…

Nigeria has been announced to become a net exporter of petroleum by December 2024. This will be achieved with the ongoing improvements and strategic initiatives in Nigeria oil industry. This was disclosed by the Group Executive Officer of the National Petroleum Corporation Limited (NNPCL), Male Kyari, on Monday during an interactive session with the senate Committee on Financial state of Nigeria Economu. The interactive session attendees include Heineken Lokpobiri, the Minister of State for Petroleum Resources; Atiku Bagudu, the Minister of Budget and Economic Planning; Sani Abdullahi, the Deputy Governor of Economic Policy at the Central Bank of Nigeria (CBN),…

The United Arab Emirate (UAE) has increased non- refundable fees application fee for visa to ₦640,000. This follows the lift of visa ban on Nigerian passport holders on Tuesday The non- refundable fee worth ₦155,500, with the current exchange rate ₦1,555, before the visa was ban. “The ₦640,000 fee does not guarantee a visa to UAE as issued DVN will only be valid for 14 days of issuance or once the visa application has been processed by the visa application department (whichever of these come first).” These are in accordance to the new visa issuance guidelines established by the government…