How we brought In Fulani militias from Mali, Sierra Leone, Senegal, others to win 2015 election — Kawu Baraje
Revelations have started to be made on how Nigeria got itself into the current high level of insecurity in the country. Abubakar Kawu Baraje, a chieftain of the ruling All Progressives Congress, (APC) on Monday traced the origin of the current insecurity in the country to the influx of Fulani from neighboring coun…
Naira appreciates across markets after CBN assures of stability
Naira, Nigeria’s currency on Monday appreciated against the dollar across foreign exchange (FX) market as demand eased amid low supply. The foreign exchange market experienced calmness after the Central Bank assured of its commitment to resolving FX issues. After trading on Monday, naira closed at..
Al Qaeda: US kills Ayman al-Zawahiri, Osama bin Laden’s replacement
The United States has killed one of the most wanted leaders of al Qaeda, Ayman al-Zawahiri, in a drone strike, President Joe Biden said on Monday in a speech from the White House. His death serves as one of the biggest blows after the death of Osama Bin Laden in 2011. “I authorized a precision strike that would…
Latest on ASUU strike: From boardroom to the street
When two elephants fight, the grass suffers, they say! This is exactly the situation in the six months and still counting the impasse between the Academic Staff Union of Universities (ASUU) and the Federal Government. ASUU had on February 14 this year declared a 30-day warning strike to allow the Federal Gov…
How to build resilient organisations for sustainable success
The University of Oxford-trained Ambassador Charles Crawford shares insights into how leaders can build resilient organisations irrespective of the headwinds. He also explains why executives should attend TEXEM UK’s forthcoming programme on TEXEM programme on Building Resilient organisations for sus…
Honeywell, Axa Mansard, other stocks drive August’s first positive close
Nigeria’s stock market recorded its first positive close in this month of August as investors saw bargain opportunities in most down beaten stocks like Honeywell Flour Mills, Axa Mansard Insurance, Caverton and others. The market advanced remarkably by 1.35percent or N364billion at the close of trading session on…
Airtel, MTN grow profits amid subscriber slowdown
Airtel Africa and MTN Nigeria posted growth in their second-quarter profits, but continue to struggle to get back to their peak periods in terms of the number of returning subscribers and the headwinds that have impacted subscribers’ wallets.
Nigeria’s housing deficit data unreliable – Experts
Experts in Nigeria’s housing sector have explained why data on the country’s housing deficit are largely inaccurate and unreliable. For many years, the country’s housing deficit has been put at 17 million units.
How BDCs fared since CBN dollar ban
One year after the Central Bank of Nigeria stopped dollar sales to them, Bureau De Change (BDC) operators are struggling to remain in business as the scarcity of the US currency in Nigeria has worsened. The CBN, on July 28, 2021, stopped dollar sales to BDCs as a…
Nigeria’s rainy day fund fails when needed most
A steep drop of approximately 10,000 percent in savings from oil sales, which was created to stabilise the Nigerian economy in case of a shock, is the latest crack in the country’s line of defence amid limited crude exports, biting fuel subsidies, piling debt and…
NNPC Remits $2.7bn to CBN in Six Months
– The Nigerian National Petroleum Company Limited remitted a total of N2.7bn into its accounts with the Central Bank of Nigeria from January to June this year, a document on NNPC remittances to CBN seen in Abuja on Sunday showed. Source Punch Read More
Marketers Responsible for Petrol Price Hike, Not FG – Sylva
– The federal government has said that any increase in the price of petrol has been at the instance of petroleum marketers, insisting it has not removed subsidy the product. Source LeadershipNG Read More
OPEC’s New Head Assumes Office, Engages Nigerian Media on Stabilising Oil Market
– The new Secretary General of the Organisation of Petroleum Exporting Countries (OPEC), Kuwaiti’s Haitham Al Ghais, yesterday engaged the Nigerian media on his immediate plans for the oil industry, hours after he assumed duty as the new head of the organisation. Source THISDAYLIVE Read More
AFEX Code Cash Crop 3.0 Calls for Scaling Agriculture through Tech and Structured Financing
– Nigeria’s Agriculture sector has enormous potential to achieve scale if the right technology and innovative solutions are combined with carefully structured finance. Source Proshare Read More
UBA Appoints New Group Managing Director and Executive Board
– United Bank for Africa Plc, Africa’s global bank, today announced the appointment of Oliver Alawuba as Group Managing Director, overseeing all the Group’s banking operations across its twenty African country network and globally in the United Kingdom, the United States of America, France, and the United Arab Emirates. Source UBA Read More
Legal Tussle May Threaten Multibillion-Dollar Eko Atlantic City Project
– A real estate development firm, Sea Global Energy Company Limited, promoters of the Ocean City Lagos Project, has accused the Lagos State Government and South Energyx, promoters of the Eko Atlantic City project, of encroaching on the geographic confines of land allocated by the Federal Government for the development of its Ocean City Lagos Project. Source Punch Read More
Lekki Deep Seaport to Start Operations Before End of 2022, Says Management
– The management of the Lekki deep seaport says the project is now at the 95 percent completion stage. The Lekki Port LFTZ Enterprise Limited (LPLEL) was awarded a 45-year concession of the deep seaport by the Nigerian Ports Authority (NPA) on a build, own, operate and transfer (BOOT) basis. Source TheCable Read More
Local Aviation Risks Collapse as Only 38 of 98 Airplanes are Active
– Beyond the withdrawal of services by two scheduled carriers, the entire local aviation sector may be in for a shutdown of operations over steady loss of fleet capacity that has made schedule reliability near impossible. Source Guardian Nigeria Read More
Pantami Rejects New Tax on Calls, Data
– The Minister of Communications and Digital Economy, Isa Pantami, has said he is against attempts by the Federal Government to introduce a five per cent excise duty on telecommunication services. Source Punch Read More
U.S. SEC Charges 11 Individuals In $300 Million Crypto Pyramid Scheme
– The Securities and Exchange Commission said on Monday it charged 11 people for their roles in creating and promoting a fraudulent crypto pyramid and Ponzi scheme that raised over $300 million from retail investors worldwide, including in the United States. Source Reuters Read More
NCC Doles out N500m for Research in Nigerian Universities
– The Nigerian Communications Commission (NCC) has committed over N500 million to the Nigerian universities and other tertiary institutions across the country to facilitate research and innovations to promote developments in the Nigerian telecommunications industry. Source The SUN Read More
Why Every Home Needs an Insurance Protection?
– You’ve just invested in buying your dream home, which as an individual, is one of the biggest investments you will ever make. After furnishing and moving in your most valuable assets, you feel accomplished as you should. Source Coronation Read More
NBCC, Tech Stakeholders Canvas Metaverse and NFTs as Paths to Grow the Digital Economy
– The digital world is starting to thrive and gain footing with its evolving technologies and ongoing advancements. In its efforts to advance best practices, the Chamber promotes the need to investigate the many opportunities available, particularly about the Metaverse and NFTs in Africa. Source NBCC Read More
Honeywell Flour Mills Plc Receives Notification That Flour Mills of Nigeria Plc Will Launch a Mandatory Takeover Offer (MTO) to Honeywell Shareholders
Honeywell Flour Mills Plc (“Honeywell” or “the Company”) announces to Nigerian Exchange Limited that Flour Mills of Nigeria Pic (“Flour Mills”) has notified the Company of a Mandatory Takeover Offer (“MTO”) that will be made to shareholders of Honeywell by Ecowise Horizon Investment Limited and Greywise Investment Solution Limited.
The Mandatory Takeover Offer – for 79,301,976 Ordinary Shares of 50 kobo each in the Company -represents 1% of the total shareholding of Honeywell Flour Mills Pic. FMN has also received the Securities & Exchange Commission’s approval to launch the MTO.
Ecowise Horizon Investment Limited and Greywise Investment Solution Limited own an aggregate of 6,086,381,572 Ordinary Shares of 50 kobo each, representing 76.75% of the total issued and paid-up Capital of Honeywell Flour Mills Plc.
The Qualification Date for the MTO is 5:00pm on Thursday August 5, 2022; being the settlement date for all trades that are executed on Friday July 29, 2022.
BUA Cement Plc Enters Loan Discussions with IFC to Expand its Sokoto Integrated Cement Plant
In furtherance of our disclosure obligations pursuant to Chapter 17 of the Rulebook, Bua Cement Plc (BUA cement or the company) hereby notifies Nigerian Exchange Limited (NGX), its esteemed Shareholders and the investing public that the Company has gone into discussion with the International Finance Corporation (IFC), serving as lead arranger in conjunction with a number of other lenders in a syndication pool, to obtain a loan for the expansion of BUA Cement’s integrated cement plant in Kalambaina, Sokoto State, Nigeria which shall include increasing its capacity from 2.0 million tons per annum (MTPA) to 8.0 MTPA and the development of other ancillary utilities (the Expansion Project);
Please be assured that the Company shall notify NGX and the investing public on any further developments.
Diesel Shortage Deepens Global Dependency on US Fuel
• Dependence on U.S. diesel supply is growing.
• The United States is exporting diesel fuel at record rates, reaching 1.4 million bpd in July.
• U.S. diesel shipments go mainly to Brazil, Mexico, Chile, and Argentina, but now they are going to Europe as well.
A deepening dependency on U.S. diesel deliveries in many parts of the world could lead to problems in the coming months as domestic demand for the fuel increases while production fails to increase at the same rate.
Bloomberg reports that the United States is exporting diesel fuel at record rates, reaching 1.4 million bpd in July, which was the highest in five years, according to data from Vortexa.
U.S. diesel shipments go mainly to Brazil, Mexico, Chile, and Argentina, but now they are going to Europe as well.
A lot of the increase is coming from Europe, which is seeking to replace Russian volumes with U.S. ones amid the Ukraine crisis and an oil and fuels embargo that will come into effect towards the end of the year.
The Bloomberg report cited Valero Energy’s chief operating officer as saying during a conference call last week that supplying Europe with enough diesel would be a challenge because of the tight supply situation.
Another challenge would come from higher domestic demand as farmers begin harvesting in the Midwest. Harvest season begins soon in Brazil, too, a big buyer of U.S. diesel.
Diesel inventories in the United States have been in decline for much of this year as demand for fuels continued to recover from the pandemic faster than supply. The latest data from the Energy Information Administration showed yet another inventory decline for the week to July 22, of 800,000 bpd. This compared with a 1.3-million-barrel draw for the previous week.
Production of middle distillates, including diesel, in the meantime, has hovered around 5 million barrels daily.
On the East Coast, a shortage is already looming, according to Bloomberg. Seasonal distillate stocks, the media reported, have been at record lows since May. Last winter, the East Coast already suffered a shortage of diesel, and if the situation continues unfolding the way it is currently unfolding, it could see a repeat. Source: Oilprice.com