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General News

Buhari mourns Olumakaiye, Anglican Archbishop of Lagos

Lagos, Dec.5, 2022 – President Muhammadu Buhari has condoled with the Olumakaiye family, the Anglican Communion and Christendom over the passing of The Most Rev. Dr Humphrey Olumakaiye, the Archbishop of Lagos, aged 53. The President, in a statement by his media aide, Femi Adesina, lauded Olumakaiye’s commitment to the things of God, and work of the Kingdom, having been admitted into Immanuel College of Theology, Ibadan in 1988, where he obtained Diploma in Religious Studies and Diploma in Theology in 1991 with distinctions. Between 1991 and 1993, he obtained …

Money market

Nigeria’s domestic debt stands at N20.91 trillion

Lagos, Dec. 5, 2022 – Nigeria’s domestic debt stood at N20.91 trillion as at June 2022, up from the N17.63 trillion recorded in the same period last year. The statistics were reported by the CBN Financial Market Half-Year Activity Report 2022 just posted on the apex bank’s website. The report indicated that the cost of debt servicing had increased by 40.74 per cent to N1.37 trillion at June 2022 from the N977.03 billion recorded in the same period last year due to the increase in borrowings by the federal government. …

Foreign Oil and Gas

G7 price cap on Russian oil kicks in, Russia will only sell at market price

BRUSSELS, Dec, 5, 2022 (Reuters/GBN) – The Group of Seven price cap on Russian seaborne oil came into force on Monday as the West tries to limit Moscow’s ability to finance its war in Ukraine, but Russia has said it will not abide by the measure even if it has to cut production. The price cap to be enforced by the G7 nations, the European Union and Australia, comes on top of the EU’s embargo on imports of Russian crude by sea and similar pledges by the United States, Canada, …

Commodities Oil and Gas

Oil prices rise after OPEC+ keeps output cut targets, China eases COVID curbs

SINGAPORE, Dec. 5, 2022 (Reuters/GBN) – Oil prices edged up on Monday after OPEC+ nations held their output targets steady ahead of a European Union ban and a price cap kicking in on Russian crude. At the same time, in a positive sign for fuel demand, more Chinese cities eased COVID-19 curbs over the weekend, though the partial easing in policies sowed confusion across the country on Monday. While prices rose as much as 2 percent earlier in the day, both the Brent and U.S. West Texas Intermediate (WTI) contracts have since pared some …

Politics

Tinubu addresses Chatham House today

Lagos, Dec. 5, 2022 – Bola Ahmed Tinubu, the Presidential candidate of All Progressives Congress (APC), will address Chatham House in London today. Chatham House, also known as the Royal Institute of International Affairs, is an independent policy institute and a trusted forum for debate and dialogue in London. Tinubu will speak on his presidential ambition, programmes and plans for Nigerians. President Muhammadu Buhari also addressed Chatham House on February 25, 2015 as APC Presidential Candidate. (GBN)

Uncategorized

Nigeria’s debts no longer sustainable -DMO

Lagos, Dec. 5, 2022 – Ms Patience Oniha, the Director-General of Debt Management Office, says Nigeria’s public debts stock is growing out of sustainability. Oniha, who spoke at the annual conference of the Capital Market Correspondents Association of Nigeria (CAMCAN) in Lagos at the weekend, said Nigeria was now facing the risk of being unable to sustain its rising public debt stock. Nigeria’s public debt stock, both external and internal, stood at N42. 84 trillion ($103. 31 billion) as at June 30, 2022.  She said it was important that the public debt …

Politics

Buhari has taken Nigeria off the course of unity, prosperity – Atiku

Lagos, Dec. 4, 2022 – Alhaji Abubakar Atiku, the Presidential Candidate of Peoples Democratic Party (PDP), on Sunday said President Muhammadu Buhari’s administration had taken Nigeria far off the course of unity and prosperity. In a statement by his campaign organisation, Atiku said that for Nigeria to be great, it must be united and inclusive. He said that for a country to be united, it must possess a leadership ready to work through the purpose. Atiku described the upcoming general elections as a rescue mission to save the soul of …

Oil and Gas

OPEC+ sticks to output targets

London/Dubai, Dec 4, 2022 – OPEC+ agreed to stick to its oil output targets at a meeting on Sunday as the oil markets struggle to assess the impact of a slowing Chinese economy on demand and a G7 price cap on Russian oil on supply. OPEC+, which comprises the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, angered the United States and other Western nations in October when it agreed to cut output by 2 million barrels per day (bpd), about 2% of world demand, from November …

Oil and Gas

Equatorial Guinea’s Lima takes over as OPEC President

Lagos, Dec. 4, 2022 – Gabriel Mbaga Obiang Lima, the Minister of Mines and Hydrocarbons of Equatorial Guinea, will take over as the president of the Organization of Petroleum Exporting Countries (OPEC) in 2023. The African Energy Chamber (AEC) said this, adding that Obiang Lima would be taking over from the Republic of the Congo’s Minister of Hydrocarbons, Bruno Jean-Richard Itoua. The OPEC presidency holds a one-year tenure. The Executive Chairman of African Energy Chamber, NJ Ayuk, was credited as saying: “We at the African Energy Chamber are very pleased …

Commodities Oil and Gas

Saudi Aramco’s Luberef expects to raise up to $1.32 billion from IPO

DUBAI, Dec. 4, 2022 – Saudi oil giant, Aramco’s,base oil subsidiary,Luberef, expects to raise up to 4.95 billion riyals ($1.32 billion) from its initial public offering, it said, if it prices at the top of a range announced on Sunday. Luberef will sell nearly 30% of the company’s issued share capital, or 50.045 million shares, at between 91 and 99 riyals each, the company said in a statement. State-led IPO programmes in Saudi Arabia, Abu Dhabi and Dubai have helped equity capital markets in the oil-rich Gulf, in sharp contrast …