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Lagos, Oct. 1, 2024 – Shell has named Ronald Adams as the  new Managing Director for its deep-water subsidiary in Nigeria,  Shell Nigeria Exploration and Production Company Limited (SNEPCo.) Adams was formerly the Chief Executive Officer of Atlantic LNG, Trinidad and Tobago. He takes over from Elohor Aiboni who proceeds on international assignment to Brunei Shell Petroleum (BSP) as Asset Director. Both appointments take effect today, October 1. Osagie Okunbor, the Country Chair, Shell Companies in Nigeria, said: “I’m pleased to welcome Ronald to Nigeria to consolidate and further improve the outstanding performances of …

Abuja, Sept 30, 2024 – The Tinubu Stakeholders Forum (TSF) has commended the Federal Government for the recent increase of corps members’ monthly allowance from N33,000 to N77,000, effective from July 2024.  The group said the strategic intervention by President Bola Ahmed Tinubu was aimed at cushioning effects of the current economic challenges and providing much-needed financial relief to Nigerian youths participating in the National Youth Service Corps (NYSC) scheme. It made the commendation in a statement signed by its Chairman, Ahmad Sajoh, and Secretary, Afolabi Josiah. The statement reads: …

Ilorin, Sept. 26, 2024 – A Kwara State High Court on Thursday sentenced five suspected robbers involved in the sensational bank robbery in Offa to death by hanging. The robbers are Ayoade Akinnibosun, Ibikunle Ogunleye, Adeola Abraham, Salahudeen Azeez and Niyi Ogundiran They were found guilty of illegal possession of firearms, armed robbery, and culpable homicide. The court held that the evidence against them were overwhelming and had linked them directly to the crime. In his judgement, the Presiding Judge, Justice Haleemah Salman, said their offences were punishable by death under the Nigerian …

New York, Sept. 25, 2024 – Nigeria has pledged its commitment to fostering stronger partnership with member states of the Organisation of African, Caribbean and Pacific States (OACPS). Kasim Shettima, the Vice President, representing President Bola Tinubu, made the pledge on Tuesday during a meeting of OACPS held on the sideline of the 79th Session of the United Nations General Assembly. Stanley Nkwocha, the Spokesman for the Vice President, in a stamen, said Shettima stressed the importance of solidarity among member states in the face of numerous global challenges and …

Shanghai, Sept. 25, 2024 – China’s central bank lowered the cost of its medium-term loans to banks on Wednesday in a move consistent with broad policy easing measures announced a day earlier to shore up a flailing economy. The People’s Bank of China (PBOC) said it cut the rate on 300 billion yuan ($42.66 billion) worth of one-year medium-term lending facility (MLF) loans to some financial institutions to 2.00% from 2.30%. The bid rates in Wednesday’s operation ranged from 1.90% to 2.30%, and the total balance of MLF loans now …

Vienna, Sept. 25, 2024 – OPEC says phasing out oil is a “fantasy” as the Saudi-led cartel forecast that demand would keep growing until at least 2050, a key year in the battle against climate change. The oil cartel’s prediction runs counter to the assessment of the Paris-based International Energy Agency, which sees demand for fossil fuels peaking this decade as the world turns to renewable energy and electric cars. In the group’s annual World Oil Outlook (WOO), OPEC Secretary General Haitham Al Ghais said on Tuesday that oil and …

New York, Sept. 24, 2024 – The United States Chamber of Commerce has announced a $320 million support to Nigeria’s mortgage industry and Small and Medium-scale Enterprises (SMEs). This was announced at the ongoing 79th Session of the ongoing United Nations General Assembly in New York where Kasim Shettima, the Vice President is representing President Bola Tinubu. Nisha Biswal, a member of the American International Development Finance Corporation, announced this at the US-Nigeria Executive Business Roundtable hosted by the US Chamber of Commerce. He said with a portfolio of $1 …

Abuja, Sept. 24, 2024 – The Central Bank of Nigeria (CBN) has further raised the Monetary Policy Rate (MPR) to 27.25%. The MPR is the nominal anchor of commercial banks’ lending rates. Olayemi Cardoso, the CBN Governor, announced this as part of the Monetary Policy Committee’s decision at et the end of its meeting in Abuja on Tuesday. The increase in the MPR indicates a further raise in banks’ lending rates in the country, an issue which has become contentious since current administration assumed office. Many experts have argued against …

London, Sept 23, 2024 – Nurses in England have voted to reject the government’s offer of a 5.5% pay rise, the Royal College of Nursing (RCN) has said. Members of the RCN rejected the deal by two-thirds in a record high turnout of around 145,000. The pay award for 2024-2025 was announced by the chancellor at the end of July, shortly after Labour won the general election. In a letter to Health Secretary Wes Streeting, RCN general secretary Prof Nicola Ranger said nursing staff were determined to “stand up for …

Washington, Sept. 19, 2024 – The US Federal Reserve cut its key lending rate by half a percentage-point Wednesday in its first reduction since the pandemic, sharply lowering borrowing costs shortly before November’s presidential election. Policymakers voted 11-to-1 in favor of lowering the US central bank’s benchmark lending rate to between 4.75 percent and 5.00 percent, the Fed announced in a statement. They also penciled in an additional half-point of cuts before the end of this year, and an added percentage point of cuts in 2025. The Fed’s decision will affect …