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The investigation by the committee of the House of Representatives into the acquisition of OVH Energy by the Nigerian National Petroleum Company Limited (NNPCL) has been stalled due to the absence of the CEO, Mele Kyari. Representatives were sent by Mr. Kyari and the CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (MMDPRA), Farouk Ahmed. However, the lawmakers demanded the appearances of Messrs Kyari and Ahmed themselves as the representatives were unable to speak on their behalf. A closed-door meeting will now be held to determine when the CEOs can appear.
The recent judgements of the Presidential Election Petition Court in Nigeria have raised concerns about the state of the country's election jurisprudence and its impact on the Nigerian polity. Particularly noteworthy is the court's interpretation of Section 299 of the Constitution, which effectively creates a 37th state. This article explores the potential consequences of this decision and its implications for the Nigerian Federation.
The Nigerian Exchange Limited (NGX) reported a significant increase in investments in the stock market this week, with the financial services sector leading the way. This article provides an overview of the investment figures, the top-performing sectors, and highlights the top gainers and losers of the week.
Anambra State Governor, Prof. Chukwuma Soludo, has announced that the International Convention Centre (ICC) in Anambra State will be named after his immediate predecessor, Willie Obiano. In addition, Soludo plans to name major institutions in the state after other former governors who have made significant contributions to the development of Anambra. This move is a way of honouring and celebrating the hard work and entrepreneurship that has positively impacted the state.
The Nigerian state oil firm, NNPC, has accused Eni's subsidiary, Nigerian Agip Oil Company (NAOC), of breaching the terms of their joint operating agreement. NNPC claims that NAOC did not obtain its consent before announcing the sale of onshore oil assets to local firm Oando PLC. This development raises questions about the speed and legality of the transaction, highlighting the challenges faced by international oil majors in selling their onshore assets in Nigeria.
The Nigerian state oil firm, NNPC, has accused Eni, an Italian oil major, of breaching their joint operating agreement by not obtaining consent before announcing a deal to sell onshore oil assets to local firm Oando. The transaction, which was announced on Monday, has faced scrutiny due to the difficulties international oil majors have encountered in selling onshore oil and gas assets in Nigeria. Although NNPC confirmed that the letter did not object to the transaction, it emphasized that Eni's failure to seek its prior written consent violated the joint operating agreement.
The Presidential Election Petition Tribunal (PEPT) has rejected the testimonies given by 10 out of 13 witnesses called by Peter Obi and the Labour Party. The tribunal has deemed the statements of oath as incompetent and inadmissible. Find out more about this latest development.
Meet Njeze Oluchi Doreen, the CEO of LD GLOBAL INVESTMENT LIMITED, a distinguished real estate broker making waves in the Lagos real estate industry. With her exceptional skills and numerous accolades, she is known for her commitment to excellent customer service, attention to detail, and high level of professionalism. She is also a dedicated humanitarian and has received various awards for her outstanding contributions.
A group known as South-South Professionals & Transparency Initiative (SSPTI) has called on the Federal Government not to give in to cheap blackmail aimed at obstructing the renewal of Tantita Security Services' contract. The group highlighted the significant progress made in curbing crude oil theft and illegal oil trade in the Niger Delta region since Tantita took charge of pipeline surveillance in 2022. They dismissed the blackmailers as enemies of the nation and the region.
The Nigerian Stock Market witnessed an impressive increase in August, with the Nigerian Exchange All-Share Index reaching its highest level since March 2008. This surge was driven by robust purchasing emotions across various sectors, leading to a significant rise in market capitalization. Investors have continued to demonstrate confidence in the Nigerian market amidst global uncertainties, and the Consumer Goods sector emerged as the top gainer. Trading volume and value also recorded substantial growth, reflecting the market's broad gauge.
The Nigerian Exchange Limited (NGX) sustained gains at the end of yesterday's trading session, reaching a 15-year high. This was largely due to the increase in Dangote Sugar Refinery (DSR) shares, along with gains in several other stocks. The market capitalisation of listed equities rose by N186 billion, while the All-Share Index (ASI) increased by 0.5%. Market breadth closed positive, with 34 stocks gaining and 32 decliners.
The Ekiti Movement for Good Governance (EMGG) has demanded the sanctioning of Justice Olusegun Ogunyemi by the National Judicial Council (NJC) for his controversial handling of the suits relating to the Ekiti governorship election. The group alleges corruption on the part of Justice Ogunyemi and calls for intervention from the Chief Justice of Nigeria, Justice Aloma Mariam Mukhtar.
The Nigerian Stock Exchange (NGX) equities section started the week with a positive note as consumer goods stocks boosted market capitalization by over N324 billion. Stockbrokers predict that the equities space will gain momentum with a focus on consumer goods stocks.
The Nigerian Stock Exchange (NSE) experienced a significant positive shift on Friday, with the market value of listed stocks increasing by N860 billion. The market capitalization concluded at N35.881 trillion, and the All-Share Index (ASI) gained 157.09 points. This improvement signifies a commendable upswing, reflecting the positive trajectory of the stock market.
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation experienced a 1.29% increase, reaching 65,558.91 points and N35.881 trillion respectively. The trading week showcased positive performance across most indices, with a notable few experiencing depreciation. The Financial Services Industry led in terms of volume, while equities in the Consumer Goods Industry accounted for a significant turnover in value. This article delves into the market's performance, highlighting the key sectors and equities that influenced the overall outcome.
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