Friday, December 1, 2017

Oluseyi Awojulugbe

    OPEC extends oil production cuts to end of 2018

OPEC extends oil production cuts to end of 2018

Members of the Organisation of Petroleum Exporting Countries (OPEC) have agreed to extend oil production cuts to the end of 2018.This decision was made on Thursday at the 173rd OPEC conference which held in Vienna."I am pleased to announce that the decision has been unanimous. It’s a solid decision… which is to roll over and extend the deal through the [...]

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    Seven-Up gets takeover offer from majority shareholder

Seven-Up gets takeover offer from majority shareholder

Affleka SA, majority shareholder in Seven-Up Bottling Company, has offered shareholders of the company N112 to buy all ordinary shares owned by other shareholders.According to a notice sent to the Nigerian Stock Exchange, the percentage of the shares to be bought is 26.78 percent."Affleka, the majority shareholder in SC, has informed the board of the intention to acquire all the [...]

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    We resisted the word ‘cut’, says Kachikwu on Nigeria’s exemption from OPEC agreement

We resisted the word ‘cut’, says Kachikwu on Nigeria’s exemption from OPEC agreement

Ibe Kachikwu, minister of state for petroleum resources, says Nigeria has resisted the word "cut" in crude production.He said this in reaction to the country's exemption from the production cut agreed on by the Organisation of Petroleum Exporting Countries (OPEC).The minister, however, said Nigeria has been cautioned to be disciplined and not flood global markets with crude.Kachikwu made this known [...]

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    CSOs storm Libyan embassy to protest slave auctions

CSOs storm Libyan embassy to protest slave auctions

Civil Society Organisations on Thursday protested the reported slave trade of Africans in Libya.A report by CNN had revealed that Africans, Nigerians inclusive, were auctioned as slaves for as low as $400.Deji Adeyanju, convener of Concerned Nigerians, said it is an aberration to subject fellow humans to such barbaric and horrible treatment.He urged the Nigerian government to promptly evacuate and ensure [...]

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    NNPC seeks buyers who can pay $5bn advance for crude oil

NNPC seeks buyers who can pay $5bn advance for crude oil

The Nigerian National Petroleum Corporation (NNPC) is seeking buyers who will pay $3.5 to $5 billion and get its value in crude oil between five and seven years.NAN reports that the money will be used to fund oil and gas upstream projects and infrastructure.According to the report, Standard Chartered has been hired to advise on the cash-for-crude prepayment deal.It is expected that [...]

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    Nigeria’s $3bn Eurobond over-subscribed by almost four times

Nigeria’s $3bn Eurobond over-subscribed by almost four times

The $3 billion Eurobond floated by the federal government through the Debt Management Office and the ministry of finance was oversubscribed by almost four times.According to a statement released by Kemi Adeosun, minister of finance, the Eurobond had a total demand of $11.4 billion.The debt instrument, which was released in two tranches, has a tenor of 10 years and 30 [...]

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    Adeosun suspends SEC DG

Adeosun suspends SEC DG

Kemi Adeosun, minister of finance, has suspended Mounir Gwarzo, director-general of the Securities Exchange Commission (SEC).The minister said his suspension is to allow an unhindered investigation into allegations of financial impropriety levelled against him.Abdulsalam Naif Habu, head of media division, and Anastastia Omozele Braimoh, head of legal department, were also suspended alongside the now suspended SEC boss.TheCable had reported in [...]

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    Pakistan begins purchase of Nigeria’s liquefied natural gas

Pakistan begins purchase of Nigeria’s liquefied natural gas

Amir Khan, Pakistan's head of chancery, says the country has commenced the purchase of liquefied natural gas (LNG) from Nigeria.Khan told NAN on Tuesday that the first consignment of 70,000 metric tons of gas arrived at Pakistan’s Port Qasim in Karachi.He said the importation marked the beginning of a major business expansion between Nigeria and Pakistan in the oil and [...]

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    AfDB launches youth advisory group to create 25 million jobs

AfDB launches youth advisory group to create 25 million jobs

The African Development Bank has launched the presidential youth advisory group (PYAG) to provide insights and solutions for job creation for youths in Africa.The advisory group was inaugurated on Monday on the sidelines of the 6th EU-Africa Business Forum in Abidjan.In an interview with CNBC Africa on Tuesday, Akin Adesina, president of the bank, said it was a way to [...]

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    ‘Shame on you’ — Bruce receives knocks on Twitter for saying Nigeria needs Atiku

‘Shame on you’ — Bruce receives knocks on Twitter for saying Nigeria needs Atiku

Nigerians on Twitter have criticised Ben Bruce, senator representing Bayelsa east constituency, for saying Atiku Abubakar, former vice president, is the type of leader the country needs.In his tweet, Bruce berated the federal government for not reacting to a report that Nigerians were falling victim to modern slavery in Libya.CNN had reported that migrants, including Nigerians, were auctioned and sold [...]

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    NNPC ‘exceeds’ 2017 revenue benchmark — despite falling short of first half projections

NNPC ‘exceeds’ 2017 revenue benchmark — despite falling short of first half projections

The Nigerian National Petroleum Corporation (NNPC) says oil revenue has exceeded 2017 projections by 18 percent despite a shortfall of nine percent recorded between January and June.According to a statement by the corporation, Bala Wunti, group general manager, corporate planning and strategy, made this known during a presentation to the house of representatives joint committee on 2018-2020 medium term expenditure framework (MTEF) and [...]

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    NDIC: 50 banks closed down because of loans taken by their directors

NDIC: 50 banks closed down because of loans taken by their directors

The Nigerian Deposit Insurance Corporation (NDIC) says 50 banks closed down between 1994 and 2011 because of loans taken by their directors.Adedayo Adeleke, director of bank examination department, NDIC, made this known at a workshop for business editors and financial correspondents in Kano.Adeleke, who spoke on the topic: ‘Curtailing the Growth of Non-performing Loans in Banks’, said regulators are worried [...]

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    Adeosun: Thousands will get letters to pay up their taxes

Adeosun: Thousands will get letters to pay up their taxes

Kemi Adeosun, minister of finance, says thousands will get letters advising them to pay up the differences in their taxes and take advantage of the Voluntary Assets and Income Declaration Scheme (VAIDS).Adeosun disclosed this during the weekend while speaking at workshop organised by the federal ministry of finance, Federal Inland Revenue Service and Joint Tax Board for lawyers, accountants and [...]

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    FG to increase taxes on tobacco, alcohol

FG to increase taxes on tobacco, alcohol

Kemi Adeosun, minister of finance, says the federal government is working on policies to increase excise tax on tobacco and alcohol.She said this while speaking at the ECOWAS financial council of ministers in Abuja on Friday.Adeosun was represented by Mahmoud Dutse, permanent secretary of the ministry.Edward Singhatey, ECOWAS vice president, said the commission would increase excise duties on tobacco and other unhealthy [...]

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    INFOGRAPHICS: Here are the three worst performing sectors in Nigeria

INFOGRAPHICS: Here are the three worst performing sectors in Nigeria

Data released by the National Bureau of Statistics (NBS) showed that the economy recorded a growth of 1.4 percent in the third quarter of 2017.This signals a consolidation of the 0.72 percent growth recorded in the second quarter of the year.However, an analysis of the gross domestic product (GDP) report released by the NBS showed that the oil sector grew [...]

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    235 killed in Egypt mosque attack

235 killed in Egypt mosque attack

At least 235 people have been reportedly killed in an attack that took place at The al-Rawda mosque in Egypt.The mosque, which is situated in Bir al-Abed, near al-Arish, was targeted during Friday prayers.BBC reports that no group has claimed responsibility of the attack but there have been attacks on churches and security operatives by a group affiliated with Islamic State [...]

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Exchange Rates

Nov 30,2017USDGBPEUR
INTERBANK360.45487.18428.32
LAGOS364475425
KANO363475427
PH364476427
ABUJA364475426
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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