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Seplat’s bid for ExxonMobil assets meets NNPC brick wall

While Seplat Energy Plc, a major energy company in Nigeria, has agreed to buy the shallow-water assets of ExxonMobil in the country, the crucial green light from the Nigerian National Petroleum Company Limited (NNPC) could come at a heavy cost.

Oil majors’ asset sales bad for Nigeria – Kachikwu

Ibe Kachikwu, a former minister of state for petroleum resources, has said the flurry of divestments by International Oil Companies from onshore and shallow waters does not bode well for Nigeria and the government needs to have an honest conversation on how to deal with the issues.

Lack of emergency infrastructure to deal with supply shocks worsens fuel scarcity

The absence of emergency infrastructure to deal with shocks to supply like the current importation of off-spec petrol is contributing to the worsening fuel scarcity in the country, operators say. Huub Stokman, CEO of OVH Energy Marketing Ltd in remarks at the 5th edition of Nigerian International Energy

Kyari maps NNPC’s new vision, to be world’s top 5 gas producer

Mele Kyari, the CEO of Nigeria’s state oil firm, says the new Nigerian National Petroleum Corporation (NNPC) Ltd formed by the new oil law, will debut in July and aims to become the world’s fifth biggest gas producer. In an address on Wednesday at the Nigerian International Energy Summit in Abuja, Kyari said

ASUU strike: FG affirms readiness to improve lecturers’ pay

Chris Ngige, the minister of labour and employment has stated that the government is actually interested in enhancing lecturers’ remuneration, and is disposed to comparing what they earn with their counterparts elsewhere. The minister was at the presidential villa yesterday to brief President Muhammadu

Lafarge Africa’s 2021 profit jumps 65% on sales growth

Lafarge Africa Plc, a leading Sub-Saharan Africa building Materials Company has recorded a 65 percent jump in profit in 2021, helped by growth in cement sales. The cement maker saw its profit after tax surge to N51 billion in the full-year period of 2021 compared to N30.8 trillion in 2020.Revenue

Ukraine: First batch of evacuated Nigerians to arrive Thursday

The Nigerian Government has commenced the evacuation of stranded Nigerians fleeing Ukraine to neighbouring countries, following the conflict between the country and Russia, with the first batch expected to arrive Thursday, March 3. Gabriel Aduda, the permanent secretary of, ministry of foreign affairs

Investors Lose N65.72bn as NGXASI Dips by -0.26%; Erases Previous Day Gain

Equities market closed on a negative note, as NGXASI depreciated by -0.26% to close at 47,482.73 basis points as against +0.19% appreciation recorded previously. Its Year-to-Date (YTD) return currently stands at +10.87%.         

Market breadth closed negative as ROYALEX led 15 Gainers as against 32 Losers topped by NIGERINS at the end of today’s session an unimproved performance when compared with previous outlook.       

Market turnover closed negative as volume moved down by -24.45% as against +23.20% uptick recorded in the previous session. TRANSCORP, UBCAP and ACCESS were the most active to boost market turnover.  SEPLAT and AIRTELAFRI topped market value list.

REDSTAREX leads the list of active stocks that recorded impressive volume spike at the end of today’s session.

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First Ideas Limited is an investment and financial advisory company established in 1994 to provide advisory services to high net worth individuals, trust funds, financial institutions and medium sized companies in growth sectors.

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