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Showing posts with label Be Self Employed. Show all posts
Showing posts with label Be Self Employed. Show all posts

Ghana Government to rehabilitate Tema Oil Refinery to stabilise petroleum prices in the Country

President Dankwa Akufo-Addo has said intense efforts are being made by the government to rehabilitate the Tema Oil Refinery to enable it to contribute to stabilising petroleum prices.

President Akufo-Addo said the government was also encouraging private companies to establish refineries in the country, one of which was 80% complete, and expected to be commissioned before the end of this year.

Speaking on the vexed matter of petroleum price increases at the May Day celebrations last Sunday, President Akufo-Addo said the suggestion that the government reduce taxes on petroleum products at this moment was not a sustainable one.

Removing taxes on petroleum products, the President indicated would reduce the government's revenues by some GH¢4 billion at a time the government was determined to expand revenues to increase its capacity to finance development.

He said the government was currently confronted with tight financing conditions, adding that revenues from petroleum products were used to pay the salaries of about 700,000 public sector workers on the government's payroll.

President Akufo-Addo said the government was addressing the issue of fuel price increases by implementing measures to stabilise the exchange rate, a key determinant of fuel prices, as well as ensure reliable supply and availability of petroleum products to prevent shortages.

He said even though Ghana was a modest producer of crude oil, with a current output of 148,000 barrels per day, the country was still a net importer of petroleum products. "We, therefore, continue to be vulnerable to the price volatilities of the world market for petroleum products."

President Akufo-Addo acknowledged that the country was in difficult times, but said the government had not thrown its hands in despair. On the contrary, "we are working hard to address the current challenges facing the economy, and those that relate to improving the quality of life for all Ghanaians."

"I will be the first to admit that conditions of service in the wider public service need improvement. However, these should be done within budgetary constraints to ensure that we do not put excessive pressure on our public finances," he stated.

The President said the government in 2021, spent GH¢31.7 billion, out of tax revenue of GH¢56.5 billion, to pay for compensation of public sectors worker.

Thus, payment for compensation of 700,000 public sector employees, absorbed 56% of tax revenue in 2021, a ratio which is well above the ECOWAS threshold of 35%, and above the sub-Saharan Africa average of 43%, creating an overall fiscal impact of some GH¢27.3 billion, representing 6.8% of GDP.

In addition, he said, adverse global developments had impacted severely the exchange rate and inflation, with the overall effect being the weakening of the real incomes of people in Ghana, just as in other countries.

He said despite the stark realities, the government could not take ad-hoc measures to address the issues of a pay rise that would only give a reprieve but aggravate the situation even more in the medium to long-term.

In an attempt to hasten economic recovery from COVID-19, the President said the government had introduced measures to improve fiscal consolidation and ensure debt sustainability, which was critical to achieving macroeconomic stability in the short to medium-term.

Measures such as the passage of the E-Levy Bill, President Akufo-Addo indicated were introduced at the back of a revenue loss of GH¢13.1 billion and an increase of unbudgeted expenditure of GH¢14.2 billion.

Protecting jobs and incomes in the era of COVID-19 and beyond, according to the President, was undeniably the collective responsibility and duty of all social partners.

President Akufo-Addo urged Organised Labour as much as possible, to use existing institutions and sustainable measures to address their concerns.

The President urged Organised Labour and all Ghanaians to work hard to increase productivity "so we can increase salary levels and provide the basis for paying Living Wages."

He commended Organised Labour and its leadership for their invaluable contribution in helping to keep the country going during the peak of the COVID-19 pandemic.

"Your co-operation has been a mark of patriotism, and I applaud you for that. Indeed, you continue to uphold the tradition of national engagement initiated by the legendary pioneers of Ghanaian trade unionism, Pobee Biney, Vidal Quist, Anthony Woode, through whose work and sacrifice we have inherited the free, independent Ghana in which we now live."

OPEC to finance part of the pipeline linking Nigeria to Morocco

Morocco and Nigeria manage to give new impetus to the trans-African gas pipeline project. In this search for funds to try to finance what is already considered a mega-project, the Organisation of Petroleum Exporting Countries (OPEC) will finance 14.3 million dollars for the development of the plan, which translates into 13.5 million euros.

This funding is expected to go towards the second phase of the project's development. The pipeline would link Morocco to Nigeria via an undersea infrastructure that would run along the West African coast and reach Europe. OPEC would be in charge of providing this new financing for what would be a preliminary study, according to the Moroccan Ministry of Economy and Finance in a press release.

The project, which would cover a total of 7,000 kilometres and some thirteen countries, "aims to become a catalyst for economic development in the northwest African region", in response to the cessation of Algerian gas exports after Algeria decided to unilaterally break diplomatic relations with Morocco.

Russia To Sell Oil, Gas At ‘Any Price Point’ To Nations that have not imposed sanctions on them

 Russia is ready to sell its oil and gas to certain nations at “any price point” as the Kremlin looks to prop up the main source of its revenue despite sweeping Western sanctions during the Ukraine war, the country’s energy minister said Tuesday.

Russian Energy Minister Nikolai Shulginov said the offer applies to so-called “friendly countries” – meaning nations that haven’t imposed sanctions since the Kremlin began its brutal invasion of Ukraine.

Shulginov discussed the state of Russia’s energy sector in an interview with Kremlin-friendly newspaper Izvestia, according to Reuters. Russia has continued to reap massive profits from oil and gas sales despite mounting calls for an international boycott of all oil and gas imports from the country.

The energy minister said sale prices could range as wide as $80 to $150 per barrel. Shulginov noted the Kremlin was most concerned on keeping Russia’s oil industry operational during the conflict.

Pavel Zavalny, chair of the Russian State Duma’s committee on energy, previously identified China and Turkey as two nations the Kremlin still considered “friendly.” Meanwhile, India and China are among the countries still buying shipments.

The European Union’s heavy reliance on Russian gas has complicated the West’s efforts to squeeze the country’s economy.

Russian President Vladimir Putin is requiring western nations buying oil and gas from the country to pay for the shipments in rubles – a move widely seen as an attempt to prop up the sagging currency. Last month, Putin warned Russia would cut off shipments for countries that did not follow his ruble requirement.

Ukrainian officials have repeatedly called for a complete embargo on Russian energy – arguing the proceeds were being used to fund the war. So far, the European Union has denied to take that step, with wary officials citing fears of an energy crisis without shipments required to heat homes and maintain electricity.

Oil and gas exports account for approximately 40% of the Kremlin’s annual revenue – and Russia is poised for an even larger windfall this year.

The country will earn nearly $321 billion from its energy exports this year, according to Bloomberg. That figure is an increase of more than a third compared to the previous year.

World Richest Man Elon Musk hit with a Class Law Suit over his Twitter Majority Stake ownership

 Elon Musk has only been Twitter’s largest shareholder for a few weeks, but he’s already facing a class action lawsuit over his handling of the investment. A Twitter shareholder has filed a class action lawsuit against Musk over his 11-day delay in officially disclosing his investment in Twitter to the SEC.

Under securities law, Musk was required to file paperwork with the SEC by March 24th — 10 days after his stake in Twitter grew to 5 percent — but he didn’t do so until April 4th. That delay might not sound particularly significant, but it may have netted him as much as $156 million. According to the lawsuit, those gains came at the expense of other shareholders, who were not able to similarly profit.

“Investors who sold shares of Twitter stock between March 24, 2022, when Musk was required to have disclosed his Twitter ownership, and before the actual April 4, 2022 disclosure, missed the resulting share price increase as the market reacted to Musk’s purchases and were damaged thereby,” the lawsuit states.

According to the shareholder who brought the suit, he and other investors sold shares at “artificially deflated” prices as a result of Musk’s actions. The suit also alleges that Musk made “materially false and misleading statements and omissions by failing to disclose to investors that he had acquired a 5% ownership stake in Twitter as required.”

The lawsuit comes after a chaotic few days for Twitter and Musk. The Tesla CEO and noted Twitter troll had initially agreed to join Twitter’s board of directors, much to the dismay of some employees. But the decision was abruptly reversed following several days of characteristically bizarre tweets from Musk, who polled his Twitter followers whether the company should change its name, and speculated on whether the service was “dying.”

Elon Musk

In an email to employees, Twitter CEO Parag Agrawal noted that as a board member Musk would have been a "fiduciary of the company, where he, like all board members has to act in the best interest of the company and all our shareholders.” He added that he believed it was “for the best” that Musk ultimately wouldn’t take the position.

Source: Yahoo Finance

MTN Gets Approval For Mobile money Bank In Nigeria

 Telecom firm, MTN, has received final approval from Nigerian regulators to run a payment service bank, the wireless carrier said in a regulatory filing on Monday.

“The date of commencement will be communicated to the CBN (Central Bank of Nigeria) in accordance with its requirements,” the telco heavyweight said of the bank to be known as MoMo Payment Service Bank Limited in a note to the Nigerian Exchange.

The approval, the fruit of well over two years of waiting for the permit, gives the local unit of Johannesburg-headquartered MTN Group Limited the leave to operate virtually all the services offered by conventional commercial banks with the exception of granting credit and processing foreign exchange transactions.

“We want to leverage the financial inclusion drive. We plan to give people who don’t have bank accounts or even ATM cards the opportunity to be able to do banking services,” a senior official of the telco told PREMIUM time on condition that its identity will not be divulged because of the sensitivity of the matter,” Nigeria’s biggest company by revenue said.

“And we are leveraging on our size. When we have subscribers of over 70 million spread across Nigeria with our infrastructural spread, we are well-positioned to cover everywhere. That’s exactly what we want to achieve.”

MTN Nigeria and Airtel Africa, who got an approval-in-principle last November to operate in the same space, will to tap Nigeria’s unbanked adult population of 38 million people, who according to Abuja-based media research house and data analytics firm, had N26.2 trillion last year alone, a move that will pit both telcos against traditional banks in getting a slice of the market.



The Site Manager, of the ongoing NPDC and NOSL Oil in Eastern Obolo Local Government Area, Mr Aslam Khan, has disclosed that three rigs have so far been installed, awaiting the arrival of four additional ones.

At the installation stage alone, about 1,000 people have been employed, and at the end of the installations of all seven rigs and commencement of operations, over 5,500 people are expected to be gainfully engaged.

The company is a function of Governor Udom Emmanuel's vision, capacity and focus.

The facility which was recently visited by Governor Emmanuel, is undertaken by Sterling Oil in collaboration with the Nigerian Petroleum Development Company, NPDC, Natural Oil Services Limited, NOSL and other partners in the oil and gas sector and is within the Liberty Oil and Gas Free Trade Zone of the State.

Binnabook Magazine wish the CEO of Binna Limited Obinna Pascal Amajuoyi a Happy Birthday

 Binnabook Magazine wish the CEO of Binna Limited Obinna Pascal Amajuoyi a Happy Birthday 

Binnabook Magazine wish Our Founder  @Obinna Pascal Amajuoyi, a happy Birthday Celebration. We also pray many more years for you, in good health and strength. Best wishes Sir.

Obinna Pascal Amajuoyi is a  Business Man that is base in Ghana, The CEO of Binna Limited which deals in Media, Real Estate and Hospitality. @Binnabook Magazine @Binnaparlour @BinnaHomes.

 Obinna Pascal Amajuoyi is a great Achiever ,Visionary and Hardworking Person that is the reason we are celebrating him today .

Nigerian National Petroleum Company currently working on building pipelines that would deliver gas from Nigeria to Europe.

 The Nigerian National Petroleum Company Limited on Monday said it was currently working on building pipelines that would deliver gas from Nigeria to Europe.

NNPC’s Group Managing Director, Mele Kyari, disclosed this while speaking virtually at the Atlantic Council Global Energy Forum. The forum was hosted in the United Arab Emirates.

He stated that Nigeria was moving away from dirtier fuel to cleaner energy, adding that gas had been picked by the Federal Government as Nigeria’s transition fuel.

Kyari said, “What we are doing is some kind of replacement such that we move from the dirtier fuel to cleaner fuel which is gas.

“And what we had to do is to build the enormous gas infrastructure required to ensure that there is sufficient supply of gas into the domestic market and provide some for the international market.

“And more than that, within the West African context, you will see that energy inefficiency and poverty that you see in Nigeria is also in many West African countries around us.”

He added, “Therefore, we are trying to see how we can build a network of pipeline infrastructure that will deliver gas and potentially to jump into Europe through Morocco or through Algeria.”

On Friday, the Minister of State for Petroleum Resources, Chief Timipre Sylva, told a delegation from the European Union that Nigeria was ready to step in as an alternative gas supplier to Europe.

Sylva, however, urged the European Union to step up investments in gas and hydrocarbon in Nigeria so that the country would be able to help meet the EU energy needs.

His call came on the heels of the festering war between Ukraine and Russia, which currently posed a threat to gas supply to European countries.

Portable Bags N50M Deal With Obi Cubana As Odogwu Bitters Ambassador

 Popular Afrobeat singer, Portable, bags an endorsement deal worth N50M with businessman, Obi Cubana, following the launch of his herbal drink.

This comes weeks after the billionaire businessman launched a herbal drink, Odogwu bitters, to his already existing group of businesses.

Portable who could not contain his joy took to his Instagram to announce his latest endorsement worth the sum of N50M.

@obi_cubana don show love ooo. 50 million kwen don zeh for my Aza ooo. Official Ambassador @odogwu_bitters of Africa. Drink @odogwu_bitters if you want to zeh make dem no Bleep your wife,” he wrote while sharing videos.

Top 30 Richest & Poorest Countries In The World's $94 Trillion Economy

 Just four countries - the U.S., China, Japan and Germany make up over half of the world’s economic output by gross domestic product (GDP) in nominal terms. In fact, the GDP of the U.S. alone is greater than the combined GDP of 170 countries.

How do the different economies of the world compare? In this visualization we look at GDP by country in 2021, using data and estimates from the International Monetary Fund (IMF).

An Overview of GDP:

GDP serves as a broad indicator for a country’s economic output. It measures the total market value of final goods and services produced in a country in a specific time frame, such as a quarter or year. In addition, GDP also takes into consideration the output of services provided by the government, such as money spent on defense, healthcare, or education.

Generally speaking, when GDP is increasing in a country, it is a sign of greater economic activity that benefits workers and businesses (while the reverse is true for a decline).

Top 30 Richest Countries:

Who are the biggest contributors to the global economy? Here is the ranking of the 30 largest countries by GDP in 2021:

1. U.S. - $22.9 Trillion

2. China - $16.9 Trillion

3. Japan - $5.1 Trillion

4. Germany - $4.2 Trillion

5. UK - $3.1 Trillion

6. India - $2.9 Trillion

7. France - $2.9 Trillion

8. Italy - $2.1 Trillion

9. Canada - $2.0 Trillion

10. S/Korea - $1.8 Trillion

11. Russia - $1.6 Trillion

12. Brazil - $1.6 Trillion

13. Australia - $1.6 Trillion

14. Spain - $1.4 Trillion

15. Mexico - $1.3 Trillion

16. Indonesia - $1.2 Trillion

17. Iran - $1.1 Trillion

18. Netherlands - $1.0 Trillion

19. Saudi Arabia - $0.8 Trillion

20. Switzerland - $0.8 Trillion

21. Turkey - $0.8 Trillion

22. Taiwan - $0.8 Trillion

23. Poland - $0.7 Trillion

24. Sweden - $0.6 Trillion

25. Belgium - $0.6 Trillion

26. Thailand - $0.5 Trillion

27. Ireland - $0.5 Trillion

28. Austria - $0.5 Trillion

29. Nigeria - $0.5 Trillion

30. Israel - $0.5 Trillion

At $22.9 trillion, the U.S. GDP accounts for roughly 25% of the global economy, a share that has actually changed significantly over the last 60 years. The finance, insurance, and real estate ($4.7 trillion) industries add the most to the country’s economy, followed by professional and business services ($2.7 trillion) and government ($2.6 trillion).

China’s economy is second in nominal terms, hovering at near $17 trillion in GDP. It remains the largest manufacturer worldwide based on output with extensive production of steel, electronics, and robotics, among others.

The largest economy in Europe is Germany, which exports roughly 20% of the world’s motor vehicles. In 2019, overall trade equaled nearly 90% of the country’s GDP.

Top 10 Poorest Countries:

On the other end of the spectrum are the world’s smallest economies by GDP, primarily developing and island nations.

With a GDP of $70 million, Tuvalu is the smallest economy in the world. Situated between Hawaii and Australia, the largest industry of this volcanic archipelago relies on territorial fishing rights.

In addition, the country earns significant revenue from its “TV” web domain. Between 2011 and 2019, it earned $5 million annually from companies - including Amazon-owned Twitch to license the domain name - equivalent to roughly 7% of the country’s GDP.

1. Tuvalu - $0.07 Billion

2. Nauru - $0.1 Billion

3. Palau - $0.2 Billion

4. Kiribati - $0.2 Billion

5. Marshall Islands - $0.2 Billion

6. Micronesia - $0.4 Billion

7. Cook Islands - $0.4 Billion

8. Tonga - $0.5 Billion

9. São Tomé - $0.5 Billion

10. Dominica - $0.6 Billion

Like Tuvalu, many of the world’s smallest economies are in Oceania, including Nauru, Palau, and Kiribati. Additionally, several countries above rely on the tourism industry for over one-third of their employment.

Lekki deep seaport to inject $360bn to Nigerian economy-Minister of Transportation, Rotimi Amaechi

  Lekki deep seaport to inject $360bn to Nigerian economy.

LAGOS- Minister of Transportation, Rotimi Amaechi, Sunday, said the Nigerian economy will get a boost of about $360 bn from the Lekki deep seaport in 45 years when the project is completed.

Amaechi stated this in Lagos, Sunday, shortly after inspecting ongoing work at the project cite.

The privately funded project, Amaechi noted is expected to allow investors recoup their money after which they will handover the seaport to the federal government.

He said: “The project will contribute about $360 billion over the years. It sounds much, but we actually need more of that money to accomplish what we want to achieve.

“But obviously taxes will be collected here and even them (contractors) will pay taxes. I am not sure there was any taxes mentioned in the agreement, but I doubt there is any tax exemption.

“So, we will collect taxes here, the confidence in giving them the project is because of the taxes that we will collect here that will help us in the construction of other projects”.

Speaking on the need to expand the seaport, Amaechi said the port was not spacious enough to deal with expected rise in economic activities in the future.

“It also depends on how much the economy will grow before then. The growth of the economy will put pressure on the expansion. The argument we had in cabinet is that the need for a deep seaport at Lekki was as a result of the fact that the demand for port activities in the country has exceeded the supply of Tincan and Apapa around Lagos.

“This is the first seaport in Nigeria. What we had all these while are river ports , Tincan is a river port, Apapa is a river port and port Harcourt too. Right here, you have 16.5 metres drafts which is good for the country, but the country needs more than just one of this port because of the increase in commercial activities in the future.

“We need just more than Lagos deep seaport and for me before I leave office, I will emphasize on the construction of the Bonny deep seaport” he added.

Amaechi expressed his willingness to connect the Lekki deep seaport to a rail line, lamenting however that paucity of funds remain a challenge.

“As Minister of Transportation, I imagine a lot of things that I could have implemented. I imagined that the Lagos-Calabar rail line would start from here, that was my imagination. But the Lagos-Calabar rail project needs $11.1

 billion funding”, adding that there were no such funds at the moment for the project.

“Another advice I could give is if they (contractors) want to invest, they can invest in rail and then the government will either do tax reduction or do something to help them.

“If we get the $11.1billion as it is, we would probably have to divert the rail line, because Lagos-Calabar rail line actually goes into Lagos city. We can divert it to come to the seaport in Lekki, ” he added.

Amaechi expressed optimism that the project would be ready for commercial activities in September this year.

China Development Bank, Louis Berger International, China Harbour Engineering LFTZ Enterprise and China Communication Construction are the contractors handling the project.

The Russian embassy in France is seeking an explanation from authorities over the seizure of cargo ship belonging to Russia Billionaire

The Russian embassy in Paris will send a note of protest to the French foreign ministry over the seizure of a Russian-flagged cargo ship by French officials who said they were enforcing sanctions, the embassy said in a statement sent to Reuters.

French sea police seized a ship on Saturday that authorities suspect belongs to a Russian company targeted by European Union sanctions over the war in Ukraine, a government official told Reuters.

The cargo vessel transporting cars, which was headed for St. Petersburg, is "strongly suspected of being linked to Russian interests targeted by the sanctions," said Captain Veronique Magnin of the French Maritime Prefecture.

The ship was diverted to the port of Boulogne-sur-Mer in northern France between 3 a.m. and 4 a.m. (0200-0300 GMT), Magnin said, adding ongoing checks were being carried out by customs officials and the ship's crew was "being cooperative."

The Russian embassy in France is seeking an explanation from authorities over the seizure, Russia's RIA news agency quoted the embassy as saying.

French newspaper La Voix Du Nord, which first reported the news, said the vessel was the "Baltic Leader," which - according to website - sails under a Russian flag.

The company that owns the ship belongs to a Russian businessman who is on the EU's list of sanctioned people, Magnin said.

EU states on Friday agreed to freeze European assets of Russian President Vladimir Putin and his foreign minister to punish Russia for the attack on Ukraine. A wider list of sanctioned people was put in place earlier this month.

USA, EU & UK Impose Sanctions On Russia over Putin's recognition of breakaway Ukraine regions

 President Biden is imposing sanctions on two Kremlin-backed separatist regions in Ukraine after Russian President Vladimir Putin said Russia would recognize them as independent, the White House said 

The U.S. and EU denounced Putin's move, calling it a violation of international law. The State Department was evacuating American personnel from Ukraine Monday, with many officials concerned that Putin's actions could be a pretext for a larger Russian invasion.

The UN Security Council held a rare nighttime emergency meeting on Monday following a request from the U.S., Ukraine and several other countries.

Meanwhile, Biden spoke with French President Emmanuel Macron and German Chancellor Olaf Scholz to discuss a coordinated response on next steps, according to a readout from the White House.

Meanwhile, Biden spoke with French President Emmanuel Macron and German Chancellor Olaf Scholz to discuss a coordinated response on next steps, according to a readout from the White House.

He also spoke with Ukrainian President Volodymyr Zelensky, vowing to "respond swiftly and decisively, in lock-step with its Allies and partners, to further Russian aggression against Ukraine," the statement added.

What they're saying:

White House press secretary Jen Psaki said in a statement the executive order Biden signed Monday "will prohibit new investment, trade, and financing by U.S. persons to, from, or in the so-called DNR and LNR regions of Ukraine. We will also soon announce additional measures related to today’s blatant violation of Russia’s international commitments."

"[T]hese measures are separate from and would be in addition to the swift and severe economic measures we have been preparing in coordination with Allies and partners should Russia further invade Ukraine," she added.

"Tomorrow we will be announcing new sanctions on Russia in response to their breach of international law and attack on Ukraine's sovereignty and territorial integrity."

Linda Thomas-Greenfield, the U.S. Ambassador to the UN, at the security council meeting denounced as "nonsense" Putin's description of Russian military activity in the breakaway provinces as "peacekeeping operations," accusing Russia of "creating a pretext for war."

Secretary of State Antony Blinken said in a statement Putin's action "represents a complete rejection of Russia's commitments under the Minsk agreements, directly contradicts Russia’s claimed commitment to diplomacy, and is a clear attack on Ukraine's sovereignty and territorial integrity."

Zelensky said in a televised address early Tuesday "we will not give away anything to anyone," per CNN.

UN Secretary General António Guterres said in a statement Russia's decision violated Ukraine's "territorial integrity and sovereignty" and was "inconsistent" with the principles of the United Nations Charter.

Macron tweeted that he had called for EU sanctions as well as Monday's security council meeting.

The United Kingdom's Foreign Secretary Liz Truss tweeted, "Tomorrow we will be announcing new sanctions on Russia in response to their breach of international law and attack on Ukraine's sovereignty and territorial integrity."

U.K. Prime Minister Boris Johnson said at a press conference that Russia's move "is plainly in breach of international law. It's a flagrant violation of the sovereignty and integrity of Ukraine. It is a repudiation of the Minsk process."

NATO Secretary General Jens Stoltenberg said in a statement that Russia's activity "further undermines Ukraine’s sovereignty and territorial integrity, erodes efforts towards a resolution of the conflict, and violates the Minsk Agreements."

European Commission President Ursula von der Leyen and European Council President Charles Michel issued a statement reiterating their "unwavering support" for Ukraine.

"This step is a blatant violation of international law as well as of the Minsk agreements," they added. "The Union will react with sanctions against those involved in this illegal act."

Turkey's Foreign Affairs Ministry issued a statement denouncing Russia for its "unacceptable" violation of Ukraine's "political unity and integrity."

Oil Price Risen To $93 Per Barrel Highest In Seven Years

 On Friday, crude oil prices surpassed $93 per barrel for the first time since October 1, 2014.

Brent crude futures, the global benchmark for oil, rose more than 2.9 percent to $93.54.

Likewise, West Texas Intermediate (WTI) crude futures rose 2.5 percent to $92 per barrel.

Oil prices have continued to rise in recent months as countries eased lockdowns and lifted travel restrictions.

On Friday, crude oil prices surpassed $93 per barrel for the first time since October 1, 2014.

Brent crude futures, the global benchmark for oil, rose more than 2.9 percent to $93.54.

Brent crude futures, the global benchmark for oil, rose more than 2.9 percent to $93.54.

Likewise, West Texas Intermediate (WTI) crude futures rose 2.5 percent to $92 per barrel.

Oil prices have continued to rise in recent months as countries eased lockdowns and lifted travel restrictions.

The oil market also benefited from the Ukraine crisis, which raised concerns about potential supply disruptions.

The rise in global crude oil prices should have signaled an increase in Nigeria’s revenue, but the government was shortchanged by subsidy payments.

Subsidy payments consumed N270 billion in December 2021, amounting to N1.43 trillion in annual expenses, reducing revenue accrued to the federation account.

NNPC Secures $5bn Funding From Afreximbank For Nigeria’s Oil Industry

The Nigerian National Petroluem Company Ltd has secured a $5bn corporate finance commitment from the African Export Import Bank to fund major investments in Nigeria’s Upstream sector. shocked

The funding commitment is a fallout of the meeting between the Chairman of the Board of Directors and President of the African Export-Import Bank( Afreximbank), Benedict Oramah; and the NNPC Ltd team led by the Group Managing Director/Chief Executive Officer , Mele Kyari, in Cairo, Egypt on Wednesday.

Mr Kyari was accompanied on the trip by the Chief Financial Officer, Umar Ajiya; the Group Exceutive Director , Upstream, Adokiye Tombomieye; the Group General Manager, NAPIMS, Bala Wunti; the Managing Director, NNPC Trading, Lawal Sade, and others.

The move is a major milestone achievement in the quest for the corporation to scale up investments in the oil and gas industry following the commencement of the implementation of the Petroleum Industry Act.

The PIA was signed into law by President Muhammadu Buhari on 16th August, 2021.

Following the assent of the President, the NNPC LTD was incorporated by the Corporate Affairs Commission on September 22 last year after it received application for its registration from the Federal Government.

The new legislation has provided business opportunities that will enable the NNPC earn more revenue for the country and attract foreign direct investment into the Nigerian energy sector

The PIA has also raised stakeholders expectations on the company, even as it has given it a wide room to stimulate investments in the oil and gas industry.

The NNPC’s $5bn corporate finance commitment from Afreximbank is seen by oil industry stakeholders as a dividend of the Petroleum Industry Act and the incorporation of the NNPC as a limited liability company.

Under the NNPC Ltd funding strategy for selected upstream investments, the Company would be raising between $3.5bn and $5bn as corporate finance to fund major upstream investments.

To achieve this objective, the NNPC plans to take over ownership from non-investing partner through acquisition of pre-emption rights in the sample Joint Venture.

The NNPC’s strategy would also see the company investing in assets to address integrity, bottlenecking and growth issues including rig-less activities, and drilling campaigns in the oil industry.

The company’s preference is to source lenders that can provide this funding in a ratio based on the capacity of each of the lenders.

The funding would also be used to finance part of the NNPC’s investment including acquisition of interest in quality upstream oil and gas producing assets.

The acquisition is an integral part of the NNPC’s corporate strategy to rebalance its portfolio by divesting from some toxic assets to acquire choice strategic assets that will help support its long term strategic objectives.

The repayment of the funding is expected to be done through a Forward Sale Arrangement whereby the funds provided will constitute the payment purchase of 90-120kpd of crude to be delivered to the lender over a period. shocked

The repayment of the fund is being projected to be made within a four to eight-year period with an objective to ensure major fiscal obligations and operating expenses are discharged appropriately.

The meeting between the NNPC and Afreximbank team agreed to intensify efforts at deepening investment in Nigeria’s oil sector.

Also, the NNPC and the Afreximbank agreed to, among other things, deepen the business collaboration between the two institutions.

The bank agreed to enter into a finance advisory and fundraising role to raise $5bn towards the “acquire, invest and operate energy producing assets in Nigeria as part of NNPC’s growth strategy following its incorporation as a limited liability company.”

As part of the landmark transaction, Afreximbank will also underwrite $1bn as part of forward sales base trade finance transaction.

The NNPC and Afreximbank also explored the innovative idea of establishing a pan-African Energy Transition Bank and agreed to collaborate towards achieving the objective.

GTB Vs Innoson: Supreme Court Rules In Favour Of GTB In N2.4bn Debt

 The Supreme Court has ruled in favour of Guaranty Trust Bank after it reversed its earlier decision which dismissed an appeal by GTB against a N2.4bn judgment given in favour of Innoson Motors Nigeria Limited by the Court of Appeal in Ibadan, Oyo State.

A senior official of GTB, who confirmed this to The PUNCH on Sunday, said, “Yes, the Supreme court ruled in favour of GTbank on Friday.”

A judgment delivered on Friday by a five-member panel, led by Justice Olukayode Ariwoola, held unanimously that the Supreme Court erred when, in a ruling on February 27, 2019, it erroneously dismissed the appeal marked: SC/694/2014 filed by GTB.

In the lead judgment, written by Justice Tijani Abubakar, but read on Friday by Justice Abdu Aboki, the court held that it was misled by its Registry, which failed to promptly bring to the notice of the panel that it sat on the case on February 27, 2019, and that GTB had already filed its appellant’s brief of argument.

The judgment was on an application by GTB seeking the re-listing of the appeal on the grounds that it was wrongly dismissed.

The Supreme Court said the panel that sat on the case on February 27, 2019, being notified of the existence of the appellant’s brief of argument, would not have given the ruling which dismissed GTB’s appeal on grounds of lack of diligent prosecution.

Relying on Order 8 Rules 16 of the Supreme Court’s Rules, Justice Abubakar, in the lead judgment, held that the apex court has the power to set aside its decision in certain circumstances, like any other court.

He added that such circumstances include where there is any reason to do so, such as where any of the parties obtained judgment by fraud, default or deceit; where such a decision is a nullity or where it is obvious that the court was misled into giving a decision.

Justice Tijani held that the circumstances of the GTB case fall into the category of the rare cases where the Supreme Court could amend or alter its own order on the grounds that the said order or judgment did not present what it intended to record.

“I am convinced that at the material time that the appellant’s appeal was inadvertently dismissed by this court, there was in place, a valid and subsisting brief of argument filed by the applicant.

“It will be unjust to visit the sin of the court’s Registry on an innocent, vigilant, proactive and diligent litigant.

“It is obvious from the material before us, that there were errors committed by the Registry of this court, having failed to bring to the notice of the panel of Justices that sat in chambers on the 27th February 2019 that the appellant had indeed filed its brief of argument.

“This is a case deserving of positive consideration by this court.

“Having gone through all the materials in this application, therefore, I am satisfied that the appellant/applicant’s brief of argument was filed before the order of this court made on the 27th of February 2019 dismissing the applicant’s appeal.

“The order dismissing the appeal was therefore made in error. It ought not to have been made if all materials were disclosed. The application is, therefore, meritorious and hereby succeeds,” Justice Abubakar said.

He proceeded to set aside the court’s ruling of February 27, 2019, dismissing GTB’s appeal and ordered that the appeal marked 694/2014 “be relisted to constitute an integral part of the business of the court until its hearing and determination on the merit.”

Other members of the panel – Justices Ariwoola, John Okoro, Helen Ogunwumiju, Aboki – agreed with the lead judgment.

I Have Never Felt So Low — Obi Cubana Reacts To Allegation Linking Him To Asian Drug Barons (Video)

 I Have Never Felt So Low — Obi Cubana Reacts To Allegation Linking Him To Asian Drug Barons (Video)

Nigerian socialite and businessman, Obi Iyiegbu aka Obi Cubana has reacted to the allegation linking him to Asian drug barons, IGBERETV reports.

Obi Cubana, on Thursday, January 13, 2022 visited the headquarters of the National Drug Law Enforcement Agency (NDLEA) and spent about four hours. He arrived the NDLEA premises at about 9am based on invitation for clarifications over reports of suspicious payments made into his account by three convicted drug dealers from Malaysia, Nigeria and India. He allowed to go home at about 1.30pm.

In an Instagram live session with Daddy Freeze, Obi Cubana said he was Innocent of the allegation. He said the allegation made him feel so low because he had made a covenant with his God never to be involved in illicit drug trafficking.

See video below.

Abdulsamad Rabiu Becomes Nigeria’s Second Richest Man, Now Worth $7.2 Billion

 BUA Foods Plc, one of the closely held businesses of Nigerian billionaire industrialist Abdul Samad Rabiu, completed the listing of its shares on the Nigerian Exchange on Wed., Jan. 5, after it received the requisite approvals from the regulatory authorities.

Consequently, the net worth of Rabiu, the majority owner of one of Africa’s fastest-growing cement makers, BUA Cement, rose by nearly $1.9 billion to $7.2 billion thanks to the valuation of BUA Foods.
His current net worth eclipsed the $6.6-billion wealth valuation of Nigerian telecom mogul Mike Adenuga.

The consolidated food business is an operating unit of BUA Group, a well-diversified manufacturing conglomerate founded by Rabiu in 1988. The listing of 18 billion shares at N40 ($0.0968) each gave the food-processing firm an implied valuation of N720 billion ($1.74 billion).

As of press time, Jan. 6, shares in BUA Foods were worth N44 ($0.1065), 10-percent higher than their implied price. At the current price, the market capitalization of the consolidated food business increased to N792 billion ($1.92 billion).

The value bump caused Rabiu’s fortune to increase from $5.3 billion to $7.2 billion.
His net-worth valuation includes the market value of his 92-percent stake in his cement business, which is valued at $5.3 billion.

The addition of his new business makes him Nigeria’s second-richest man ahead of Mike Adenuga, the founder of Globacom, Nigeria’s third-largest telecom company.

Upon the listing of BUA Foods’ shares, the newly formed entity became the largest consumer goods company by market capitalization after Nestle Nigeria Plc, the Nigerian subsidiary of the Switzerland-based consumer goods giant, Nestle S.A.
The successful listing of its shares comes nearly a month after BUA Group spun off its five food businesses, including BUA Sugar Refinery Limited, BUA Oil Mills Limited, IRS Flour, IRS Pasta and BUA Rice Limited.

The group confirmed that the merging of its food businesses into a newly consolidated food company known as BUA Foods will help the conglomerate maintain its leadership status in the agribusiness and food-processing sectors.
While speaking about his food business, Rabiu noted that listing the shares would help people realize the true value chain of the business and assist in dealing with Nigeria’s food crisis.
“A lot of people do not know the size of this business, that is why we decided to merge all the food businesses into one entity.

Now that we have done that, people will understand and appreciate the business,” he said.

BUA Foods Plc Receives Approval To List On The Nigerian Exchange

 BUA Foods Plc (“BUA Foods” or the “Company”) is pleased to announce that it has received approval to list on the Main Board of The Nigerian Exchange (“NGX”).

BUA Foods has satisfied the listing requirements of The Exchange and obtained relevant regulatory approvals, as a result, BUA Foods is now listed in the consumer goods sector of the Exchange, with the ticker “BUAFOODS”. A total of 18,000,000,000 (eighteen billion) shares were admitted to trading, representing the total issued share capital of the Company.

The listing by introduction means that the shares of existing BUA Foods’ shareholders has been listed without an additional public sale of shares. Henceforth, all BUA Foods shareholders will be free to trade their shares on the Exchange.

Commenting on the listing, Abdul Samad Rabiu, CON, Chairman of BUA Group said “I am delighted that yet another member of BUA Group has been listed on the NGX. This shows our commitment to national economic growth and support for the food security drive of the nation in alignment with global sustainability goals.”

We appreciate the continued support of our stakeholders – financial advisers, stock brokers, suppliers, customers, consumers and members of staff. In particular, we cherish our host communities with whom we continue to entrench very strong and mutually beneficial relationships.”

The Acting Managing Director, BUA Foods, Engr. Ayodele Abioye, also stated, “the listing today marks a new beginning for a Company playing a critical role in the FMCG industry, one that’s highly committed to nourishing lives with all our product offerings. The listing resonates with our commitment to sustainable growth as we nourish and enrich the lives of consumers by delivering high quality products at competitive prices. This listing creates an avenue for everyone to be a part of the success story of BUA Foods and benefit from the growth opportunities ahead.”

For over three decades, the company has maintained an unbroken streak of year-on-year growth, establishing ultra-modern production facility across multiple locations. BUA Foods remains a consistent leading player in the Food and FMCG industry with strong reputation for exceeding customers and consumers expectations with high-quality products.

BUA Foods also continues to invest in modern technology for efficient food production, innovating and expanding with strategic partners across the value chain. The company is also well positioned to leverage significant export potentials across West Africa and the larger African continent.

Binnaparlour Red-Carpet Night 2nd Edition Tagged Night of Glamour- 25th December 2021 Accra Ghana

 The stage is set for the 2nd Edition of Binnaparlour  Red-carpet ; Tagged Night of Glamour.

Venue Manhean Accra Ghana

Binnaparlour Red Carpet is an Annual Event that helps in promoting Africa Art, music, food and Culture. 

This is the 2nd Edition of the Red Carpet that will be featuring Top Artists, Comedian and Dancers.

It will be fun having you around on that day, Don't miss it.!!!

 Date is 25th December 2021

Binnaparlour Red carpet 2021

Publisher Obinna Pascal Amajuoyi

ECOWAS Leaders have lifted economic and financial sanctions imposed on Mali

 Leaders from the Economic Community of West African States (ECOWAS) gathered to assess efforts to secure timetables for restoring civilian ...


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