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Access Bank PLC, KCB group sign binding offer on acquisition of National Bank of Kenyawritten by Business News ReportMar...
20/03/2024

Access Bank PLC, KCB group sign binding offer on acquisition of National Bank of Kenya
written by Business News Report
March 20, 2024
Access Bank PLC and KCB Group PLC (“KCB”) have signed a binding agreement to acquire 100 percent shareholding in National Bank of Kenya Limited (“NBK”) from KCB. The successful completion of the transaction is subject to conditions that are customary for transactions of this nature including receipt all regulatory approvals from, amongst others, the Central Bank of Kenya, the Central Bank of Nigeria, the COMESA Competition Commission, and notifications to other relevant regulators. For Access Bank, this move underscores its commitment to bolstering its presence in Kenya and the broader East African region. Furthermore, the acquisition builds on the Bank’s growing operations in the Democratic Republic of Congo, Rwanda, as well as its impending acquisitions of a majority stake in Uganda’s Finance Trust Bank Limited, the acquisition of majority equity stake in African Banking Corporation (Tanzania) Limited (“BancABC Tanzania”), and Standard Chartered Bank’s Consumer, Private & Business Banking business in Tanzania.

Russian firm, Rosatom commences exploration of lithium in Edo, gets nod to build processing plantwritten by Business New...
20/03/2024

Russian firm, Rosatom commences exploration of lithium in Edo, gets nod to build processing plant
written by Business News Report
March 20, 2024
One of Europe’s largest nuclear energy companies, Rosatom, has commenced exploration of lithium in Edo and has gotten the state government’s approval to build a lithium processing plant. The Commissioner of Mining and Energy, Hon. Enaholo Ojiefoh, who disclosed this in a chat with journalists in Benin City, noted that staff of the company have been resident in the State since October 2023, and are advancing on exploration activities. “We have allocated land for the company to build a lithium processing plant and it will soon commence production of lithium batteries in the State,” he

Brent crude oil trades at $87.22 a barrelwritten by Business News ReportMarch 19, 2024Oil prices hit four-month highs on...
19/03/2024

Brent crude oil trades at $87.22 a barrel
written by Business News Report
March 19, 2024
Oil prices hit four-month highs on Tuesday after breaking above range-bound trading last week, but gains were capped by the prospect of rising exports from Russia as Ukrainian attacks on oil infrastructure curb domestic refining activity. The Brent crude oil futures contract for May delivery was up 33 cents at $87.22 a barrel while U.S. West Texas Intermediate (WTI) prices were up 31 cents at $82.47. The WTI April contract, which expires on Wednesday, was up 31 cents at $83.03.

Both benchmarks hit highs not reached since early November, buoyed by lower crude exports from Saudi Arabia and Iraq as well as signs of stronger demand and economic growth in China and the United States. “Oil demand data surprising on the positive side and the extension of the voluntary OPEC+ cuts until the end of June have supported prices,” said UBS analyst Giovanni

FinanceNewsCBN sacks 14 top officials, 5 directorswritten by Business News ReportMarch 18, 2024Indication are that Centr...
18/03/2024

FinanceNews
CBN sacks 14 top officials, 5 directors
written by Business News Report
March 18, 2024
Indication are that Central Bank of Nigeria has sacked nineteen top officers of the bank including some directors. Although fillers from the apex bank are scathing, source at the bank confirmed that some Directors have been asked to go and that the sacked top CBN officials are not all directors. The source however said that seven directors affected were given letters of termination last Friday. According to the source while two of the terminated directors have accepted their fate, the other five are planning to take legal action against the bank for what they consider to be an unlawful termination of their appointments. The two directors who accepted their termination quietly are also facing a case with the Economic and Financial Crimes Commission (EFCC) due to their implication in the Obaze report.

The termination letters sent to the seven directors cited “reorganisational and human capital restructuring” as the reason for their dismissal, in line with the bank’s new strategic direction. The letters stated that their services would no longer be required with effect from Friday, 15th March 2024, and they were instructed to hand over all bank properties in their possession to their department’s administrator immediately.

Ghana, bondholders kick off formal talks on $13bn debt restructuringwritten by Business News ReportMarch 14, 2024Ghana’s...
14/03/2024

Ghana, bondholders kick off formal talks on $13bn debt restructuring
written by Business News Report
March 14, 2024
Ghana’s international bondholders entered into non-disclosure agreements (NDAs) with the government on Wednesday, three sources told Reuters, a step that marks the start of formal talks to restructure over $13 billion of international bonds. The West African country is seeking debt relief after defaulting on most of its external debt in December 2022 as the world’s second-largest cocoa producer grappled with its worst economic crisis in a generation. The government sent a formal debt rework proposal to the steering committee of a creditor group, said two of the sources with direct knowledge of the talks, speaking on condition of anonymity because the discussions are private. The sources did not provide any further details on the proposal. The move comes after Mohammed Admin Adam was appointed new finance minister in February.

Immigration lifts restrictions on human movement along Nigeria-Niger borderwritten by Business News ReportMarch 14, 2024...
14/03/2024

Immigration lifts restrictions on human movement along Nigeria-Niger border
written by Business News Report
March 14, 2024
Comptroller General of the Nigeria Immigration Service NIS, Kemi Nanna Nandap, has ordered the immediate lifting of restrictions on human movement along the Nigeria-Niger border. The directive followed the decision of President Bola Tinubu administration to reopen the borders between Nigeria and Niger Republic. According to a statement issued by the Public Relations Office of the Service and signed by ACI Kenneth Kure, the CGI ordered that “all Comptrollers stationed at States and Border Commands along the Nigeria-Niger Republic border, to promptly ensure strict compliance and lift restrictions on human movements”.

EFCC seeks to prolong detention of Binance executiveswritten by Business News ReportMarch 14, 2024Economic and Financial...
14/03/2024

EFCC seeks to prolong detention of Binance executives
written by Business News Report
March 14, 2024
Economic and Financial Crime Commission EFCC, has asked an Abuja court to extend the detention of two Binance executives caught up in the Nigeria’s cryptocurrency crackdown after an initial warrant used to hold them lapsed, people familiar with the matter said on Thursday. Tigran Gambaryan, a U.S. citizen and Binance’s head of financial crime compliance, and Nadeem Anjarwalla, a British-Kenyan who is Binance’s regional manager for Africa, flew to Nigeria following the country’s decision to ban several cryptocurrency trading websites, but they were detained on arrival on Feb. 26. They have not been charged with any crime. The crackdown follows a period after several cryptocurrency websites emerged as platforms of choice for trading the Nigerian currency, which has suffered chronic dollar shortages.

CBN reports upsurge in dollar inflow as remittances quadruple, foreign investors’ returnwritten by Business News ReportM...
08/03/2024

CBN reports upsurge in dollar inflow as remittances quadruple, foreign investors’ return
written by Business News Report
March 8, 2024
The Central Bank of Nigeria (CBN) reported a significant increase in foreign exchange inflow into the economy in February 2024, with marked increments in remittance payments by Nigerians overseas and purchases of naira assets by foreign portfolio investors. Speaking with newsmen in Abuja, the Bank’s Acting Director of Corporate Communications, Mrs Hakama Sidi Ali, said, “The Bank’s data indicates that overseas remittances rose to $1.3 billion in February 2024, more than four times the US$300 million received in January. “Foreign investors purchased more than US$1 billion of Nigerian assets last month, with total portfolio flows of at least US$2.3 billion recorded thus far in 2024 compared to US$ 3.9 billion seen in total for last year,” she added.

Only 13m Nigerians have access to electricity—TCNwritten by Business News ReportMarch 7, 2024The Transmission Company of...
07/03/2024

Only 13m Nigerians have access to electricity—TCN
written by Business News Report
March 7, 2024
The Transmission Company of Nigeria (TCN) says only 13.12 million Nigerians out of its estimated 230 million population are registered to use electricity. Ali Bukar Ahmad, the TCN General Manager (Regulation and Compliance), disclosed this on Thursday at the National Institute of Physics webinar Series 2.0. He said that 44.23 % of the13 million customers had been provided with meters. Ahmed said this meant that only 2.52% of the entire Nigerian population estimate were metered.

Airtel Africa repurchase 315,000 ordinary shares, NGX All-Share Index closes positive, up 0.40%written by Business News ...
06/03/2024

Airtel Africa repurchase 315,000 ordinary shares, NGX All-Share Index closes positive, up 0.40%
written by Business News Report
March 6, 2024
Airtel Africa has said at the floor of Nigerian Exchange NGX that it has successful repurchase 315,000 units of its ordinary shares of $ 0.50 each on the LONDON STOCK EXCHANGE (LSE) at a volume weighted average price of £96.73 each. This is coming five days after the commencement of the first phase of its $100.0m share buy-back program ($50.0m in each phase), aimed at reducing the company’s capital (all buyback shares would be cancelled.

Meanwhile the NGX closed positive as the benchmark index gained 0.40% to close at 99,591.64 points. Sustained investor interest in TRANSPOWER (+9.99%), FBNH (+9.95%), and TRANSCORP (+9.96%) outweighed losses in GTCO (-0.84%), ZENITHBANK (-4.23%), and UBA (-0.23%), keeping the market in the positive terrain. Consequently, the year-to-date return rose to 33.19%, while market capitalisation gained ₦226.83tn to close at ₦56.31tn.

FG plans to tackle challenges in Shea Industry—Minister written by Business News ReportMarch 6, 2024Minister of Industry...
06/03/2024

FG plans to tackle challenges in Shea Industry—Minister
written by Business News Report
March 6, 2024
Minister of Industry Trade and Investment Doris Uzoka-Anite said the government is set to tackle some of challenges faced by Shea industry in Nigeria such as indiscriminate falling of Shea trees, lack of standard Shea processing facilities and lack of awareness on best practices. The Minister who was represented by the Director Industrial Inspectorate department, Mrs Aniete Umuessien revealed that relevant Government agencies are making concerted efforts to maximize the potentials of the Shea sector in Nigeria thereby increasing export volume and global supply of Shea products.

“The administration is committed to building sound regulatory environment and enhancing support structures available for women and youths in business. Let me also use this opportunity to encourage all stakeholders here present today to take advantage of the policies of Government on the ease of doing business in Nigeria in order to boost competitiveness of our products, attract and retain investments, thereby generating more employment opportunities.” She added.

US court sides with Apple, Tesla, other tech companies over child labor in Africawritten by Business News ReportMarch 6,...
06/03/2024

US court sides with Apple, Tesla, other tech companies over child labor in Africa
written by Business News Report
March 6, 2024
A U. S. federal appeals court has refused to hold five major technology companies liable over their alleged support for the use of child labor in cobalt mining operations in the Democratic Republic of the Congo. In a 3-0 decision, the U.S. Court of Appeals for the District of Columbia ruled in favour of Google parent Alphabet. The plaintiffs accused the five companies of joining suppliers in a “forced labor” venture by purchasing cobalt, which is used to make lithium-ion batteries that are widely used in electronics. Nearly two-thirds of the world’s cobalt comes from the DRC. According to the complaint, the companies “deliberately obscured” their dependence on child labor, including many children pressured into work by hunger and extreme poverty, to ensure their growing need for the metal would be met.

Binance forced out of services in Nigerian local currency amid crackdown on crypto exchangeswritten by Business News Rep...
05/03/2024

Binance forced out of services in Nigerian local currency amid crackdown on crypto exchanges
written by Business News Report
March 5, 2024
Binance will stop all transactions and trading in Nigeria’s local currency after March 8 amid a country-wide crackdown on crypto exchanges that have been blamed by authorities for feeding a black market for foreign exchange. It will stop supporting withdrawals after Friday and any remaining balances in Nigerian Naira will be automatically converted into Tether – a stablecoin whose value is pegged to the U.S. dollar. Last week, Nigerian authorities detained two Binance senior executives on undisclosed charges as part of the crackdown. They were still in custody, their local lawyer said before a parliamentary committee on Monday.

16 m Nigerians, 8% of population deemed food insecure—IMFwritten by Business News ReportMarch 5, 2024International Monet...
05/03/2024

16 m Nigerians, 8% of population deemed food insecure—IMF
written by Business News Report
March 5, 2024
International Monetary Fund IMF, has said that about 16 million Nigerians are food insecure. The multilateral institution said this in its concluding article iv visit to Nigeria. In a statement it said “with about 8 per cent of Nigerians deemed food insecure, addressing rising food insecurity is the immediate policy priority. In this regard, staff welcomed the authorities’ approval of an effective and well-targeted social protection system. The team also welcomed the government’s release of grains, seeds, and fertilisers, as well as Nigeria’s introduction of dry-season farming. It said that “recent improvements in revenue collection and oil production are encouraging. Nigeria’s low revenue mobilisation constrains the government’s ability to respond to shocks and to promote long-term development. Non-oil revenue collection improved by 0.8 per cent of GDP in 2023, helped by Naira depreciation. Oil production reached 1.65 million barrels per day in January as the result of enhanced security. The capping of fuel pump prices and electricity tariffs below cost recovery could have a fiscal cost of up to 3 percent of GDP in 2024.

UAE to resume visa issuance to Nigerianswritten by Business News ReportMarch 5, 2024The United Arab Emirates (UAE) and t...
05/03/2024

UAE to resume visa issuance to Nigerians
written by Business News Report
March 5, 2024
The United Arab Emirates (UAE) and the federal government of Nigeria have reached a settlement of their diplomatic difference and UAE is to commence issuance of visa to Nigerians. UAE announced the restoration of visa services for Nigerians. The restoration of visa issuance was announced in a joint statement by the federal government of Nigeria and the UAE in a statement titled “Resumption of Visa Services for Nigerians Travelling to the UAE,” and dated March 4, 2024. The statement said the achievement followed the discussions between President Bola Ahmed Tinubu and His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the United Arab Emirates.

IWD: FG set to commence disbursement of $100m World Bank funds to Nigerian women—-UjUwritten by Business News ReportMarc...
04/03/2024

IWD: FG set to commence disbursement of $100m World Bank funds to Nigerian women—-UjU
written by Business News Report
March 4, 2024
Minister of Women Affairs, Barrister Uju Kennedy-Ohanenye has said that the Government is set to commence the disbursement of the $100m World Bank funded women project in Nigeria as part of activities marking the 2024 International Women’s Day celebration. She made this known at a media briefing announcing the line-up of activities in Abuja. She said “the president will officially be launching the P-BAT Cares for Nigerian Women alongside other programmes like the Nigeria for Women project and the Integrity Brigade which I want all of you to be part of. As a people, let us start realising who we are because this is the greatest nation in the whole of African. I want to present members of the media to the President on the 7th of March as members of the integrity brigade because you okay a crucial role in help us to fight some of these challenges.

Africa to be $2.5trn short of climate finance by 2030, UN sayswritten by Business News ReportMarch 4, 2024Africa will be...
04/03/2024

Africa to be $2.5trn short of climate finance by 2030, UN says
written by Business News Report
March 4, 2024
Africa will be $2.5 trillion short of the finance it needs to cope with climate change by 2030, a U.N. official said on Monday, adding that the continent has contributed the least to greenhouse gas emissions while seeing some of the worst impacts. Africa attracts only 2% of global investments in clean energy but needs $2.8 trillion of investment in the sector by 2030, United Nations Economic Commission for Africa chief economist Hanan Morsy told a conference in Victoria Falls, Zimbabwe, warning against the consequences of under-funding. “We end up in a vicious circle with investment shortfalls increasing exposure risk and worsening impact, further eroding fiscal space and raising finance costs,” she said. Despite producing low emissions compared to other continents, climate change is costing African countries 5% of gross domestic product (GDP) annually, Morsy said.

New data show massive, wider-than-expected global gender gap as women enjoy just two-thirds of legal rights men enjoy—WB...
04/03/2024

New data show massive, wider-than-expected global gender gap as women enjoy just two-thirds of legal rights men enjoy—WBG
written by Business News Report
March 4, 2024
The global gender gap for women in the workplace is far wider than previously thought, a groundbreaking new World Bank Group report shows. When legal differences involving violence and childcare are taken into account, women enjoy fewer than two-thirds the rights of men. No country provides equal opportunity for women—not even the wealthiest economies. The latest Women, Business, and the Law report offers a comprehensive picture of the obstacles that women face in entering the global workforce and contributing to greater prosperity—for themselves, their families, and their communities. It expands the scope of its analysis, adding two indicators that can be critical in opening up or restricting women’s options: safety from violence and access to childcare services. When those measures are included, women on average enjoy just 64% of the legal protections that men do—far fewer than the previous estimate of 77%.

EconomyFinanceNewsObaseki blasts CBN, warns of tougher times ahead written by Business News ReportMarch 4, 2024Edo State...
04/03/2024

EconomyFinanceNews
Obaseki blasts CBN, warns of tougher times ahead
written by Business News Report
March 4, 2024
Edo State Governor, Mr. Godwin Obaseki, has predicted tougher economic times for the country due to bad economic policies by the Federal Government, condemning the decision of the Central Bank of Nigeria (CBN) to increase the interest rate to 22.75 percent. The Monetary Policy Committee (MPC) of the CBN had last week raised the Monetary Policy Rate (MPR), also known as the benchmark interest rate by four hundred basis points to 22.75 percent from 18.75 percent. Obaseki, who spoke at the annual Edo Zone Bankers’ Committee Dinner held in Benin City, the Edo State capital, cited the potential adverse effect of the interest rate increase by the CBN on businesses and the nation’s economy, reiterating the need to focus on productive activities.

Court restrains Idorama, subsidiaries from operating in Eleme for pollutionwritten by Business News ReportMarch 3, 2024A...
03/03/2024

Court restrains Idorama, subsidiaries from operating in Eleme for pollution
written by Business News Report
March 3, 2024
A Federal High Court holden in Port Harcourt, Rivers State, has restrained Indorama Eleme Petrochemical Limited and its affiliates from operating in Eleme communities over issues of pollution until the suit before it is determined. Mr. Kingsley Mba-Ngei and 69 other youths of Eleme had dragged the Indorama Petrochemical and its subsidiaries to court over alleged pollution of their environment by the firm. The case in suit no: FHC/PH/CS/23/2024 is between Mr. Kingsley Mba-Ngei and 69 others and Indorama Eleme Petrochemicals Limited (IEPCLE) Indorama Eleme Fertilizer and Chemicals Limited (IEFCL) Indorama Indorama Fertilizers B.V., the Netherlands (IFBV) and The Attorney-General of the Federation.

Expatriate employment levy may trigger reciprocal actions from other countries that may affect Nigerians in diaspora—CPP...
03/03/2024

Expatriate employment levy may trigger reciprocal actions from other countries that may affect Nigerians in diaspora—CPPE
written by Business News Report
March 3, 2024
Centre for the Promotion of Private Enterprise has warned the federal government of the vast implications of its recent expatriate policy pronouncement. According to Dr. Muda Yusuf “there are serious implications for diaspora Nigerians. The policy may trigger reciprocal actions from other countries and this may affect Nigerians in diaspora. There are currently over 17 million Nigerians in various countries around the world doing extremely well in the fields of Education, Medicine, Health, Sports, Media & Entertainment, Leadership & Politics, Finance, Science & ICT, Transportation, Tourism, Industry and Agribusiness. This is a pool of very valuable external sector assets for us as country.

Nigeria imposes $10bn fine on Binance for naira exchange exchange rate speculationwritten by Business News ReportMarch 1...
01/03/2024

Nigeria imposes $10bn fine on Binance for naira exchange exchange rate speculation
written by Business News Report
March 1, 2024
The Federal Government has imposed a $10 billion fine on the crypto trading platform, Binance, over allegations of influencing the country’s forex crisis. Bola Onanuga, The Special Adviser to President Tinubu on Information and Strategy, said this to the BBC. Onanuga said that Binance profited substantially from its “illegal transactions” in Nigeria, while the nation suffered huge losses. He said Binance was not registered in Nigeria and had no presence in the country, but people used the platform to arbitrarily fix dollar-Naira rates, a practice which had negatively impacted on the value of Naira.

Nigeria’s sweet crude trade at $83 a barrel as markets await OPEC+ Decisionwritten by Business News ReportMarch 1, 2024O...
01/03/2024

Nigeria’s sweet crude trade at $83 a barrel as markets await OPEC+ Decision
written by Business News Report
March 1, 2024
Oil prices rose on Friday and were set for weekly gains as markets awaited an OPEC+ decision on supply agreements for the second quarter while weighing fresh U.S., European and Chinese economic data. Brent futures for May were up $1.43, or 1.75 per cent, at $83.34 a barrel. The April Brent futures contract expired on Feb. 29 at $83.62 a barrel. U.S. West Texas Intermediate (WTI) for April rose $1.54, or 1.97%, to $79.80 a barrel. WTI is on track for a 4.3%

The Central Bank of Nigeria (CBN), has in exercise of the powers conferred on it under the Bank and Other Financial Inst...
01/03/2024

The Central Bank of Nigeria (CBN), has in exercise of the powers conferred on it under the Bank and Other Financial Institutions Act (BOFIA) 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change 2015 (the Guidelines), revoked the licenses of 4,173 Bureaux De Change Operators. A statement issued by the apex bank Ag. Director Corporate Communication Sidi Ali, Hakama (Mrs.) said “The list of affected BDC operators is available on the Bank’s website”.

No Plans to Convert Domiciliary Account Holdings into NairaThe attention of the Central Bank of Nigeria (CBN) has been d...
03/02/2024

No Plans to Convert Domiciliary Account Holdings into Naira

The attention of the Central Bank of Nigeria (CBN) has been drawn to a story published by
a national newspaper alleging that the Federal Government is considering converting $30bn
domiciliary deposits to Naira.
This allegation is absolutely false and aims to trigger panic in the foreign exchange market,
which the CBN is working assiduously to stabilize, as evidenced by its recent work and policy
directions.
Similar false narratives have been spread on the work of the CBN over the past few months
and it is clear that vested interests are determined to sabotage our efforts.
We want to assure the general public that CBN is working to build confidence and would
never do anything to undermine the currency and the economy.
We, therefore, urge all stakeholders to disregard stories aimed at causing panic in the system
and see them clearly for what they are - acts of national sabotage.
We wish to advise, in the strongest terms, against the peddling of false reports that have the
potential to be disruptive to the economy. The Bank is the only designated authority for
monetary policy changes and will always advise on any policy change(s) before they are
brought into operation.
The CBN is always open to answer questions about our policies.
Sidi-Ali, Hakama (Mrs.)
Ag. Director, Corporate Communications
February 3, 2024

Solid minerals will contribute 50% to nation’s GDP – Ministerwritten by Business News ReportSeptember 4, 2023The Ministe...
04/09/2023

Solid minerals will contribute 50% to nation’s GDP – Minister
written by Business News Report
September 4, 2023
The Minister of Solid Minerals Development, Mr Dele Alake, says that solid minerals will contribute 50 per cent to the nation’s Gross Domestic Production (GDP). Alake said this during the unveiling of Agenda for Transformation of the Solid Minerals for International Competitiveness and Domestic Prosperity, in Abuja. He said that the ministry was poised to attract Foreign Direct Investment to the country, adding that the ministry would focus on a seven-point agenda. According to him, these include the creation of Nigerian Solid Minerals Corporation, Joint Ventures with Mining Multinationals, Big Data on specific seven priority minerals and their deposits. “Also, a 30-day grace had been given to illegal miners to join artisanal cooperatives. The Agenda will create Mines Surveillance Task Force and Mines Police, as we

Nigerian banks announce nationwide strike from Tuesdaywritten by Business News ReportSeptember 4, 2023Nigerian banks hav...
04/09/2023

Nigerian banks announce nationwide strike from Tuesday
written by Business News Report
September 4, 2023
Nigerian banks have issued an official notice regarding an impending nationwide strike. The financial institutions have informed the public that financial services will be temporarily unavailable on September 5 and 6, 2023. In fact some of the banks were rendering skeletal services in Lagos on Monday. Some customers in some of the banks branches who wanted to withdraw above two hundred thousand Naira were asked to scale down the amount as there was no cash available. Some pretended that there was no network for them to work. In one of the banks a customer service officer rudely told a customer to sit and wait for network to come up. The customer waited endlessly and had to walk away from the bank.

The directive to go on strike has been issued by the National Union of Banks, Insurance, and Financial Institution Employees (NUBIFE). The memo, dated September 2, 2023, bears the signature of the union’s General Secretary, Mohammed I. Sheikh. NUBIFE’s decision to call for this strike action aligns with the strike notice previously issued by the Nigeria Labour Congress (NLC) on August 31. Expressing their concerns, NUBIFE has accused the federal government of unwarranted interference in the internal affairs of trade unions, diverting attention away from the pressing issues related to the economy. The notice, which was made public, includes the following statement “in accordance with the communique released following the National Executive Council (NEC) meeting of the Nigeria Labour Congress (NLC) held on Thursday, August 31, 2023, all affiliated unions are hereby directed to instruct their members to participate in a two-day service withdrawal, commencing on Tuesday and Wednesday, the 5th and 6th of September 2023.

Oando acquires assets, liabilities of Nigeria Agip oilwritten by Business News ReportSeptember 4, 2023Oando Plc has offi...
04/09/2023

Oando acquires assets, liabilities of Nigeria Agip oil
written by Business News Report
September 4, 2023
Oando Plc has officially announced its acquisition of the entire shareholding of Nigerian Agip Oil Company Limited (NAOC) from Eni. This strategic move significantly strengthens Oando’s stake in the NEPL/NAOC/OOL Joint Venture, encompassing 40 oil and gas fields, 12 production stations, a sprawling 1,490-kilometer pipeline network, three gas processing facilities, the Brass River Oil Terminal, and associated infrastructure. The Italian oil major ENi signed an agreement with Oando, an energy solutions provider for the sale of all its stake in Nigerian Agip Oil Company Ltd (NOAC Ltd), a wholly –owned subsidiary focusing on onshore oil and gas exploration and production in Nigeria, as well as power generation, the Environmental Rights Action/Friends of the Earth Nigeria (ERA/FoEN).

Oando is taking over ownership of both the assets and liabilities of NAOC. NAOC Ltd presently has interests across 4 onshore blocks (OML 60, 61, 62, 63), which it operates on behalf of NAOC JV (operator NAOC Ltd 20 percent, Oando 20 per cent, NNPC E&P Limited 60 percent), in the Okpai 1 and 2 power plants (with a total nameplate capacity of 960MW), and in two onshore exploration leases (OPL 282 and OPL 135, respectively 90 percent and 48 percent) for which it also holds operatorship.

Russia faces domestic fuel crunch, braces for more shortageswritten by Business News ReportAugust 31, 2023Russia, one of...
31/08/2023

Russia faces domestic fuel crunch, braces for more shortages
written by Business News Report
August 31, 2023
Russia, one of the world’s biggest oil producers, has faced shortages of fuel crucial for gathering the harvest in some parts of its southern breadbasket and the situation may get worse in coming months, market sources told Reuters. Traders said that the fuel market has been hit by a combination of different factors including maintenance at oil refineries, infrastructure bottlenecks on railways and the weaker rouble which incentivises fuel exports. Russia has tried to tackle diesel and gasoline shortages over recent months, contemplating export curbs as the last-ditch attempt to prevent a serious fuel crisis – which is sensitive for the Kremlin ahead of a presidential election in March. A government decision to cut subsidies for refineries is likely worsen the availability of fuel in the world’s biggest grain exporter.

Regional oil product depots in Russia’s southern regions have had to cut or even suspend fuel sales, while retail filling stations were forced to limit fuel sale volumes to customers. “The Ai-92 gasoline is not available for retail sales in Krasnodar region, Adygea and Astrakhan, there is hardly any Ai-95 gasoline and diesel,” a trader in Russia’s south said. Another trader said there have been no diesel sales at oil depots and there is no diesel on retail markets for the second week running in the whole Samara region, located in the Volga river region. Russian Deputy Prime Minister Alexander Novak said on Wednesday that there were no fuel shortages. But he also said government was working on measures to ensure a stable supply of it on the domestic market, including increasing levels of mandatory sales on exchanges and limiting the number of exporters. Traders said the shortages on the retail market followed by a sharp rise of wholesales prices. The state caps the retail prices, ordering the sellers to raise prices of gasoline and diesel only in line with official inflation.

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