Shell Plc has reached an agreement to sell its Nigerian onshore oil assets to a local consortium for over $1.3 billion, pending government approval. The purchasing consortium which the pact was sealed with comprised Renaissance, ND Western, Aradel Energy, First E&P, Waltersmith, and Petrolin. The company’s Integrated Gas and Upstream Director, Zoe Yujnovich, confirmed this […]
Investment analysts at Bancorp Securities Limited, one of Nigeria’s frontline investment research and consulting firms, have projected that sentiments in the Nigerian Exchange (NGX) trading sessions will be marginally positive this week amid micro and macroeconomic whirlwinds in the economy. The analysts, in the firm’s ‘Weekly Stock Recommendations: Jan 15 – Jan 19 2024’ report, […]
The Ministry of Finance Incorporated (MOFI) has been directed by the Federal Government to take over from the Bureau of Public Enterprises (BPE), its equity holdings in the 11 successor electricity distribution companies (DiSCos) of the defunct Power Holding Company of Nigeria (PHCN). To ensure this, the MOFI was instructed, in a memo signed by […]
Morgan Stanley has expressed growing concerns surrounding social inflation, predicting it to be a significant headwind for the insurance industry throughout 2024. The firm, in a news report from Reinsurance News at the weekend, noted that based on the last decade of state-level civil court data, the increasing importance of newer court cases in understanding […]
Barely a few days after he ordered the suspension of the four programmes under the National Social Investment Programmes Agency (NSIPA), President Bola Tinubu at the weekend inaugurated a Special Presidential Panel to review and audit existing financial frameworks and policy guidelines of the social investment programme. A statement issued by the Special Adviser (Media […]
….Approves 7 Marketers For Product Lifting The Dangote Refinery, the largest single-train refinery in the world, has commenced the refining of Automotive Gas Oil (also known as diesel) and Aviation fuel (Jet AI) about seven months after its inauguration seven months ago. The refinery began operations in the early hours of Friday following the earlier […]
Nigeria’s consumer price index (CPI), which measures the general price level in the economy, rose to 28.92% in December from 28.20% recorded in the previous month and represented 0.72 percentage points month-on-month increase, the National Bureau of Statistics (NBS) reported on Monday. The rise in December inflation rate marked the eleventh consecutive month had been […]
The Lagos State Internal Revenue Service (LIRS) has issued a reminder to all employers of labour in the state to submit their annual tax returns on or before the stipulated deadline of January 31, 2024, in accordance with applicable tax legislation. The Executive Chairman of the Service, Mr. Ayodele Subair, who conveyed this reminder in […]
The International Monetary Fund (IMF) has projected that nearly 40% of jobs globally will be influenced by artificial intelligence (AI), with advanced economies expected to experience a higher impact compared to emerging markets and low-income nations. The IMF Managing Director, Kristalina Georgieva, in a Bloomberg report on Monday, was quoted as expressing concern about the […]
The Nigerian Customs Service (NCS) has hinted of its plans to launch an electronic platform to streamline applications from importers, exporters and other stakeholders in the economy as part of its current moves to enhance transparency in its auctioning process. The Comptroller-General of NCS, Mr. Adewale Adeniyi, made this disclosure during a press conference on […]