Nigeria
Business
Equinor sells stake in Agbami oil field to Chappal Energies
Equinor Nigeria Energy, a Norwegian firm with interest in Nigeria’s upstream industry has sold its 53.85 per cent stake in Oil Mining Lease (OML) 128, including the unitised 20.21 per cent interest in the Agbami oil field, operated by Chevron to Chappal Energies. Equinor has been present in Nigeria since 1992 and has played a significant role in developing Nigeria’s largest deep-water field, Agbami. Since production started in 2008, the Agbami field has produced more than one billion barrels of oil, creating value for the partners and Nigerian society.
Ecobank grows earnings to N1.21tn
Ecobank Group grew its gross earnings by 59 per cent to N1.21tn at the end of September 2023 from N761.29bn as of the same period in 2022. This was indicated in the Audited Consolidated Financial Statements For the period ended 30 September 2023 filed with the Nigerian Exchange Limited on Thursday. Ecobank had delayed the filling of its Q3 financial results over the external audit of the results for the period. In the notice on the delay filed with the NGX, the Board and Management of Ecobank Transnational Incorporated said that it decided to undergo an audit of the 2023 Third Quarter Financial Results of the Ecobank Group.
FN135bn CBN funds: Senators threaten oil firms, as affected companies fight back
Senators who are members of the Senate Committee on Gas Resources probing the N135 billion Central Bank of Nigeria (CBN) intervention funds to some firms in the oil and gas sector, have threatened to involve the anti-graft agencies to recover the money from defaulting beneficiaries. The lawmakers issued the threat when 14 of the affected companies appeared before it on Thursday to defend the utilisation of the loans. They described as unacceptable the fact that there is no synergy between the Ministry of Petroleum Resources and the CBN on the project.
Economy
OPEC Finally Agrees On Oil Production Cut
After days of suspense, the Organisation of Petroleum Exporting Countries (OPEC+) has agreed to deepen its oil production cuts following a slump in crude prices and predictions of a renewed surplus next year. Members of the group agreed to make one million barrels per day(MMbpd) of additional oil production cuts at a meeting on Thursday, delegates said. That reduction comes alongside the much-anticipated extension into next year of Saudi Arabia’s voluntary output curb of the same size.
Senate begins debate on N27.5trn budget without documentation
Senators yesterday began debate on the general principles of the 2024 Appropriation Bill of N27.5 trillion presented before the joint session of the National Assembly President Bola Tinubu without documents for robust comments and critique. With the commencement of debate on the budget, the Senate will today pass it for second reading and, thereafter, adjourn plenary sessions to allow for ministries, departments and agencies, MDAs, to appear before various standing committees to defend the proposals, and then reconvene on December 12.
Naira gains at parallel market to N1,165/$
The naira yesterday appreciated to N1,165 per dollar in the parallel market from N1,167 per dollar on Wednesday. However, the naira depreciated to N832.32 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N832.32 per dollar from N831.47 per dollar on Wednesday, indicating 85 kobo depreciation for the naira. As a result, the gap between the official and parallel market exchange rates narrowed to N332.68 per dollar yesterday from N335.53 per dollar on Wednesday.
Politics
Aiyedatiwa, Ondo House close ranks
Top functionaries of the Ondo State Government yesterday began the implementation of the peace deal brokered last week in Abuja by President Bola Ahmed Tinubu. Members of the State Executive Council adopted the terms of the agreement at their meeting in Governor’s Office, Alagbaka, Akure, the state capital, with a pledge to work for peace. For the first time in three months, the Secretary to Government, commissioners, special advisers and other aides of Governor Rotimi Akeredolu converged on the Executive Council Chambers for an exco meeting. It was presided over by Deputy Governor Lucky Aiyedatiwa, who is the vice chairman of the state executive council.
Ghana
Business
Ghana Shippers Authority trains exporters in Eastern Region
The Ghana Shippers Authority (GSA), has organised a sensitization forum for exporters in the Eastern Region on procedures to reduce cost of export shipments. Participants included officials from the Ghana Revenue Authority, Trade Ministry, the Customs Division, business and trade groups among others, in Koforidua. GSA since its inception in 1974, has been a pacesetter in trade facilitation and addressing challenges faced by shippers. Mr. Charles Darling Sey, Tema Regional boss of the GSA, said the National Export Development Strategy (NEDS) has charted an ambitious path for the next decade and envisioned growth of non-traditional exports from $2.8 billion to a substantial $25.3 billion in 2029.
Economy
Bagbin declares 2024 budget not approved
The Speaker of Parliament, Alban Bagnin has declared the 2024 budget has not been approved. According to the speaker the budget statement and economic policy of government is still before the house contrary to claims it’s been passed. The Minister for Finance, Ken Ofori-Atta on Wednesday after a walkout by the majority truncated the approval process told the media the budget has been approved. The majority MPs subsequently repeated that chorus.
Politics
NAPO Shoots Down Asiedu Nketia’s UENR Medical School Propaganda
Press Aide to Energy Minister, Dr. Matthew Opoku Prempeh, Kofi Abrefa Afena has debunked assertions by National Chairman of the opposition National Democratic Congress, Mr. Johnson Asiedu Nketia that, Dr. Prempeh as Education Minister blocked the University of Energy and Natural Resources (UENR), Sunyani from obtaining a medical school. In a statement responding to the claims of Asiedu Nketia, Mr. Abrefa described the National Chairman as not well-informed on subject matters of tertiary education in Ghana. “For the education of Mr. Asiedu Nketia, it is not the Minister for Education that approves and accredit programs and courses in universities.
Kenya
Business
UDA MP Wamuchomba shreds Ruto's housing programme
Githunguru MP Gathoni Wamuchomba has alleged that the Affordable Housing Project is a land-grabbing scheme. The MP claimed that the programme is a plan to take land from rightful owners and give it to other people. Speaking on Thursday at Spice FM, Wamuchomba claimed that the programme is a scandal in waiting. "Housing Levy is the most contentious issue and the legal framework that has been managing the issue of housing to me is still not very clear," she said.
Economy
RUTO secures another Sh12.3 billion loan from AfDB days after IMF and World Bank gave him a whopping Sh2.4 trillion loan as Kenyans wonder where they end
The African Development Bank has boosted President William Ruto’s legacy blueprint after approving a Ksh12.3 billion (€73 million) loan for Kenya. This comes only days after Ruto landed a whopping Ksh2.4 trillion loan from IMF and the World Bank, with Kenyans wondering where the loans end up since there is nothing significant the Kenya Kwanza administration has done one year down the line. According to the continental body, the money will be channeled towards enabling the country’s economic recovery, boosting industrial development and competitiveness, and supporting Kenya’s medium and long-term goals.
Politics
DCI changes: Komesha returns as head of investigations bureau
The Director of the National Police Service’s Internal Affairs Unit Abdallah Komesha Thursday made a return to the Director of Criminal Investigations and named the new director of Investigations Bureau. Komesha replaced David Birech who had in June this year taken over from him (Komesha). Birech was recalled to police headquarters where he will be assigned new work, officials said. Deputy Director of Operations at police headquarters Judy Jebet Ndeda was named the new director of IAU replacing Komesha.