Oil rises to $56 on US stimulus prospects

oil export proceeds

Oil rises to $56 on US stimulus prospects   Oil prices rose for a second consecutive day on Wednesday, as the market expects the new United States administration to ‘act big’ in the next COVID-19 relief package. As of 9:17 a.m. ET on Wednesday, the Inauguration Day for President-elect Joe Biden, West Texas Intermediate crude was up 1.53 per cent at $53.77, and Brent crude prices were trading above $56 a barrel – up by 1.16 per cent at $56.52, very close to the 11-month high prices hit last week,…

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NNPC rakes in $120.49m crude oil revenue in September

oil export proceeds

NNPC rakes in $120.49m crude oil revenue in September   The Nigerian National Petroleum Corporation (NNPC) has announced a total export receipt for crude oil and gas valued at $120.49 million for the month of September 2020. A statement by the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru, said the figure is contained in the September 2020 edition of the NNPC Monthly Financial and Operations Report (MFOR). The $120.49 million crude oil and gas export receipt is a 16.28 per cent improvement on the…

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COVID-19: IOSCO releases insights to help capital market regulators contain risks

IOSCO logo

COVID-19: IOSCO releases insights to help capital market regulators contain risks   The Board of International Organisation of Securities Commissions has published a report that seeks to assist regulators in responding to the retail market conduct issues caused by stress events such as the current COVID-19 crisis. According to the commissions, enhancing investor protection and investor confidence in the integrity of securities markets are fundamental objectives for IOSCO. The report examines common retail misconduct risks that have arisen in the financial services industry during the pandemic and sets out measures…

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COVID-19: Subscriber group calls for immediate suspension of NIN Registration

NIN-SIM linkage

COVID-19: Subscriber group calls for immediate suspension of NIN Registration   The Association of Telephone, Cable TV and Internet Subscribers of Nigeria (ATCIS) has urged the Federal government to suspend the ongoing NIN registration by telephone subscribers nationwide immediately. Making the call while addressing newsmen in Lagos recently, Prince Sina Bilesanmi, the national president of the association, said the suspension becomes necessary as more Nigerians are on daily basis being exposed to the dangers of the dreaded Covid-19 pandemic as they throng the National Identity Management Commission (NIMC) offices in…

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AMCON set to launch national carrier with Arik, Aero planes

AMCON set to launch national carrier with Arik

AMCON set to launch national carrier with Arik, Aero planes   The planned takeoff of the national carrier, Nigeria Eagle, has reached an advanced stage as the Asset Management Corporation of Nigeria (AMCON) is reported to be pooling together its aviation assets, largely from the seized aircraft from Arik Air and Aerocontactors Airlines. According to an anonymous source who is familiar with the development, the national carrier is likely to commence operations in June this year and will have in its fleet a minimum of 10 aircraft. AMCON is expected…

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E.F. Network Ltd, new indigenous ISP promises Nigerians lower cost of data

E.F. Network Ltd

E.F. Network Ltd, New indigenous ISP promises Nigerians lower cost of data   An indigenous technology firm, E. F. Network Limited, yesterday said it had gotten approval from the sector’s regulatory agency, the Nigerian Communications Commission (NCC) to provide Internet services in the country. A statement by the company’s director of corporate communications, Ameh Ochojila, said the approval came after meeting all requirements and qualifications stipulated by NCC for the license. F. Network Limited promised it would offer customers quality service at affordable cost, adding that its market entry strategy…

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Heirs Holdings acquires 45% of OML 17 for $1.1bn

Heirs Holdings acquires 45% of OML 17 at $1.1bn

Heirs Holdings acquires 45% of OML 17 for $1.1bn   Heirs Holdings (HH), in partnership with affiliated company, Transnational Corporation of Nigeria Plc (Transcorp), has announced its acquisition of acquisition of a 45 per cent participating interest Nigerian oil licence OML 17 and related assets costing $1.1 billion The acquisition was done through TNOG Oil and Gas Limited, a subsidiary of Heirs Holdings and Transcorp, from the Shell Petroleum Development Company of Nigeria Limited, Total E&P Nigeria Limited and ENI. In addition, TNOG Oil and Gas Limited will have sole…

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Ardova set to acquire Enyo

Ardova set to acquire Enyo

Ardova set to acquire Enyo   Ardova Plc (AP), a leading Nigerian integrated energy company, and the shareholders of Enyo Retail and Supply Limited (Enyo) have entered discussions relating to AP acquiring Enyo. Enyo is one of the newest and fastest growing retail and supply companies in the downstream sector of the oil and gas industry. Enyo is a technologically driven player and currently operates over 90 stations across Nigeria attending to over 100,000 retail customers daily across 15 states of the country. The announcement of the deal made at…

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CAC raked in N19bn IGR in 2020

CAC raked in N19bn IGR in 2020

CAC raked in N19bn IGR in 2020   Registrar-General, Corporate Affairs Commission (CAC), Alhaji Garba Abubakar, has said the organisation raked in more than N19 billion as Internally Generated Revenue (IGR) last year. Abubakar made this known in an interview with the News Agency of Nigeria (NAN) yesterday in Abuja. According to him, in spite of the COVID-19 pandemic that affected economic activities, the commission recorded increase in the registration of businesses and other corporate entities during the year. “The year 2020 was one of our best years in terms…

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Nigeria still faces 500,000MT rice production shortage

Rice Production

Nigeria still faces 500,000MT rice production shortage   The Federal Government of Nigerian has disclosed that the country still faces 500,000 metric tonnes gap in rice production. It, however, stated that the country would soon close the gap and meet the seven million metric tonnes production capacity required to attain self-sufficiency. The Federal Ministry of Agriculture and Rural Development disclosed this in a statement issued in Abuja by the Deputy Director, Information, Eno Olotu. The statement quoted the Director, Federal Department of Agriculture, Karima Babaginda, to have said this while…

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