Friday, March 29Inside Business Africa
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Equities Market Closes Negative, Down By N168bn

Equities Market Closes Negative, Down By N168bn

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The Nigerian equities market yesterday closed on a negative note with selloffs in Julius Berger Plc and 23 others triggering N168 billion loss. The All-Share Index (ASI) shed 296.50 points, representing a decline of 0.28 per cent to close at 104,256.81 points. Also, market capitalisation dipped by N168 billion to close at N58.948 trillion. The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; Julius Berger, FBN Holdings (FBNH), Vitafoam Nigeria, Berger Paints and Transnational Corporation (Transcorp). Analysts at Afrinvest Limited said: ‘Tomorrow, we anticipate an extended bearish performance as the market remains short of a positive trigger.’ Investor sentiment, as measured by market breadth, closed positive as 29 stocks advan...
Aiyedatiwa orders arrest of attackers of opposition supporters during Tinubu’s visit

Aiyedatiwa orders arrest of attackers of opposition supporters during Tinubu’s visit

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The Ondo State Governor, Lucky Aiyedatiwa, on Friday, ordered security agencies in the state to investigate and arrest those who allegedly destroyed the billboards of some state governorship aspirants and attacked members of the All Progressives Congress during the visit of President Bola Tinubu to the state. Tinubu visited the family of late former Governor Rotimi Akeredolu and the Olowo of Owo, Oba Ajibade Ogunoye,  in Owo. He also visited the National lader of pan-Yoruba socio-political organization Afenifere Pa Reuben Fasoranti in Akure on Wednesday. During the visit of the President, both the Olusola Oke Campaign Organisation and the Wale Akinterinwa Campaign Organisation accused the supporters of the governor  of destroying their posters and bill boards. Denying the...
SENATE COMMENDS NASENI ON ACCELERATED TECHNOLOGY TRANSFER

SENATE COMMENDS NASENI ON ACCELERATED TECHNOLOGY TRANSFER

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The Senate Committee on National Agency for Science and Engineering Infrastructure (NASENI) has commended the Agency for championing local content development of Solar-Powered smart irrigation, tricycles, electric motorbikes and others with accelerated technology transfer. The Chairman, Senate Committee on NASENI Senator Ezenwa Francis Onyewuchi who led other members of the Committee on oversight function visit to NASENI Headquarters, Abuja on Monday February 26, 2024, expressed satisfaction, while being conducted by the Executive Vice Chairman/CEO of NASENI, Mr. Khalil Suleiman Halilu round some of the NASENI products and facilities. Other products inspected include animal feed processing machines and NASENI transformers, electric motorcycles and tricycles as well as the NASENI hom...

Insecurity: Nigeria, UK Commit to Defence, Security Imperatives

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In a decisive move to address the security challenges facing Nigeria and bolster regional and international security, Office of the National Security Adviser (ONSA) on Wednesday convened a second UK-Nigeria Security Defence Partnership Dialogue in Abuja.In his opening speech, the National Security Adviser (NSA), Mallam Nuhu Ribadu, said the event marked another significant milestone in the enduring partnership between the two nations, united in a shared unwavering commitment to regional, continental and global security, stability, and peace.Ribadu said “the longstanding ties between the United Kingdom and Nigeria are grounded in our shared values, mutual respect, and a common aspiration for a safer and more prosperous world”. He said the dialogue serves as a pivotal platform for frank ...

IOCs withhold fresh investments over $1.3bn debt

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The Federal Government is now implementing measures to significantly reduce the cost of Liquefied Petroleum Gas, popularly called cooking gas, the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, announced on Tuesday. Ekpo disclosed this at a stakeholders’ consultative meeting in Abuja that had international and indigenous oil companies, major and independent oil marketers, LPG dealers, regulators, among other players, in attendance. This came as gas producers told journalists on the sidelines of the event that the total gas debts to gas producing firms was now $1.3bn, as this was negatively impacting on investments in the sector. In his address during the meeting, Ekpo said, told his audience that the Federal Government had decided to focus on three priority area...
Seplat Energy Wins 2023 Outstanding Energy Firm

Seplat Energy Wins 2023 Outstanding Energy Firm

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Seplat Energy Plc, has been named as the Outstanding Energy Company for 2023 by New Telegraph Publishing Company Limited, publishers of the New Telegraph Newspapers. The company emerged as winner at the award ceremony held in Lagos at the weekend. The highly competitive and prestigious annual award aims to reward excellence and outstanding individuals and businesses in Nigeria that have distinguished themselves by their remarkable contributions to the development of the country in the year under review. Seplat Energy was recognised for its performance in 2023 in the areas of business and operational excellence, whilst leading Nigeria’s energy transition with accessible, affordable and reliable energy that drives social and economic prosperity for all its stakeholders. The mana...
Nigeria Begins German-funded Study On Hydrogen Potentials, Production

Nigeria Begins German-funded Study On Hydrogen Potentials, Production

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Stakeholders have called for a common pathway to exploiting Nigeria’s potential to produce Green Hydrogen, as global demand for the clean energy source likely to climax at about 700 million metric tons (MT) by the year 2050. Speaking at the Kick-off Meeting/Stakeholders’ Interaction on the Nigeria4H2 Project, the stakeholders agreed that harnessing green would be beneficial to Nigeria in bridging the high energy deficit, boost food security through enhanced fertiliser production among other benefits. Although one of Africa’s top producers of oil and gas, Nigeria still has a high rate of energy poverty with only 45 per cent of the country’s population connected to the energy grid. Electricity access as a percentage of the population is 59.5 per cent, implying about 40 per cent lack a...

Moroccan King, Mohammed Invites Tinubu To Discuss African-Atlantic Gas Project

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King Mohammed VI has extended an invitation to Nigerian President, Bola Ahmed Tinubu to visit Morocco. The monarch extended the invitation during a phone call with the Nigerian President yesterday, according to Morocco World News  A statement from the royal palace said the phone call focused on the development of bilateral relations between the two countries over the past few years. The discussion also covered the African-Atlantic Gas Pipeline Nigeria-Morocco project; a structuring project that will be a strategic lever for regional integration and economic and social development for all West African countries. Initiated first by King Mohammed VI and former Nigerian President Muhammadu Buhari in 2016, the pipeline aims to promote regional integration and reinforce Africa’...

Africa Media Festival 2024: What’s Next in Media?

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Nairobi, Kenya - Baraza Media Lab is thrilled to announce the second annual Africa Media Festival, set to take place from February 21st to 22nd, 2024, at the Nairobi National Museum, Kenya. After a successful inaugural event in 2023, which brought together over 650 participants from 18 African countries and beyond, the festival is poised to once again provide a dynamic platform for thought leaders, creatives, and innovators to converge, engage, and shape the future of African media. The 2023 edition of the Africa Media Festival provided a vital forum for African media stakeholders to reflect on the challenges and celebrate the successes within the industry. Among the significant topics addressed were the use of the African media space as a testing ground for disruptive techno...
Local Content Implementation Key To Economic Prosperity Of Africa – NCDMB

Local Content Implementation Key To Economic Prosperity Of Africa – NCDMB

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Unless  African nations understand the importance of powering their development through local content development, the economy of the continent will keep tottering, says executive secretary(ES), of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Kesiye Wabote. Wabote said, African nations seeking to achieve economic prosperity must develop local capabilities to process, utilise, and export their resources. The ES made the submission in his presentation at the ongoing 2023 Africa Energy Week in Cape Town, South Africa. He regretted that most African nations lacked requisite local capacities in key areas of the oil and industry such as Engineering, Procurement, Construction and Fabrication, Installation, Commissioning, and Operation, and that resulte...