As all manner of weapons are deployed in the Russia-Ukraine war, the devastation impact has provoked a world food crisis. Last month, the Food and Agriculture Organisation (FAO), an agency of the United Nations, reported that the world food prices jumped to nearly 13 per cent, an all-time high attributed to the impact of the conflict on markets for staple …

Lekoil Nigeria Limited has filed a petition in the Grand Court of Cayman Island Court to request the just and equitable winding up of Lekoil Cayman to avert value loss by shareholders of the AIM-listed company. As disclosed by the Chairman of Lekoil Nigeria Limited, Mrs Aisha Muhammed-Oyebode, the petition was filed by Founder and Chief Executive Officer of Lekoil …

Lekoil Limited, the oil and gas exploration and production company with a focus on Nigeria and West Africa, has rejected the announcement on 1st April in which Lekoil Nigeria offered to purchase the Oil Prospecting Licence (OPL) 310 loan. Lekoil Limited also turned down Lekoil Nigeria’s request to repay the outstanding amount under the Savannah Energy Investments Limited convertible facility …

The Minister of Finance, Budget and Planning, Mrs Zainab Ahmed has lamented the N1.3 trillion electricity intervention fund provided by the Nigerian government did not make significant impact. Five years ago, the Federal Government approved N701 billion as a power assurance guarantee fund for the Nigerian Bulk Electricity Trader (NBET) to pay for two years the electricity produced by the …

Telephone lines that are yet to be linked with the subscribers to the National Identity Numbers (NIN) have been deactivated. About 72.2 million such lines will be affected by the new measure. This follows the directive of President Muhammadu Buhari, a decision that was anchored on improving the worrisome security situation in the country. Terrorism, banditry, kidnapping and other criminal …

Nigerians who have been paying – sometimes double the N165-per-litre official price – for Petroleum Motor Spirits (PMS) and sleeping at fuel stations should blame private depot owners for their nightmare. According to the Independent Petroleum Marketers Association of Nigeria (IPMAN), some of the private depot owners had not reduced their ex-depot price for PMS, popularly known as “petrol”. IPMAN’s …

Rating agencies Fitch and Moody’s have downgraded Ghana’s biggest banks, GCB Bank PLC and Ecobank Ghana Limited. GCB Bank PLC and Ecobank Ghana Limited are Ghana’s largest and second-largest banks, respectively. Two other Ghanaian banks with Nigerian affiliation, UBA Ghana and GTBank Ghana, also had their ratings revised from stable to negative due to their “high exposure to the sovereign …

The Development Agency of Western Nigeria (DAWN Commission) and the Asia Africa Chamber of Commerce (AACC) have entered into a bilateral trade and investment development. The Memorandum of Understanding between the Nigerian sub-regional commission and the Asian body was signed in the former’s Ibadan office last Wednesday. Present at the signing ceremony were the Director General of the DAWN Commission, …

The Minister of Power, Alhaji Abubakar Aliyu has said that the current power situation in the country is caused mainly by shortage of gas. Briefing State House correspondents after a hybrid meeting of the Federal Executive Council on Wednesday, the Minister disclosed that efforts were being made to address the situation, adding that Nigeria had the capacity of 8,000Mw on …

The past two years have seen dramatic changes in the global economy occasioned by the challenges of COVID-19 pandemic. Indeed, the pandemic had devastating consequences on many corporate organisations, hence the need to evolve new survival strategies for profit optimisation. 2022, being a pre-election year, made it even more imperative for the egg heads in various organisations to think out …