By Ayomide Otitoju The Situation Room on Positive Reforms has dismissed widespread rumours of the resignation of Nigerian National Petroleum Company Limited (NNPCL) GCEO Bayo Ojulari, denouncing the claims as a smear campaign. In a statement signed by Dr. Collins Atawodi, the group accused political detractors of spreading misinformation to destabilize Nigeria’s energy sector and…
By Ayomide Otitoju Sub-Saharan African central banks could face reserve and liquidity risks if gold prices drop sharply, Fitch unit BMI warned on Wednesday. Countries including Nigeria, Ghana, and Tanzania have ramped up domestic gold purchases to diversify reserves amid global volatility. Others like Kenya, Uganda, Rwanda, Namibia, and Zimbabwe are either exploring or have…
Senegal plans to raise nearly $10 billion over the next three years through new taxes, spending cuts, and renegotiation of energy contracts to address its mounting debt crisis. Prime Minister Ousmane Sonko announced the measures Friday in Dakar, saying the government would mobilize domestic resources to stabilize public finances and restore investor confidence. “Sixty-five years…
By Ayomide Otitoju ExxonMobil reported a 23.4 percent decline in second-quarter earnings on Friday, citing lower crude oil prices despite increased production in key regions. The oil giant posted net profits of $7.1 billion for the quarter, down from $9.3 billion a year earlier, as global crude prices slipped below $65 per barrel—more than $10…
U.S. President Donald Trump on Thursday announced sweeping new tariffs on nearly 70 countries, including a 35 percent duty on Canadian imports, as part of a broader effort to reshape global trade in favor of American industries. While the tariffs were initially expected to take effect immediately, the White House said most of the measures…
Inflation in the eurozone remained unchanged at 2.0% in July, defying market expectations of a slight decline, according to data released by Eurostat on Friday. The figure aligns with the European Central Bank’s inflation target, despite forecasts from Bloomberg and FactSet predicting a drop to 1.9%. Core inflation—which excludes energy, food, alcohol, and tobacco—also held…
By Ayomide Otitoju Fidelity Bank Plc has reiterated its commitment to Nigeria’s economic transformation, aligning its initiatives with the federal government’s ambition to achieve a $1 trillion GDP by 2030. As part of its efforts, the bank continues to provide critical support to small and medium-sized enterprises (SMEs)—a sector that accounts for 96% of businesses…
By Ayomide Otitoju The Nigerian National Petroleum Company Limited (NNPCL) is working to ensure that Nigerians enjoy a 50 percent discount on the cost of converting their vehicles to run on Compressed Natural Gas (CNG). Executive Vice President, Gas, at NNPCL, Mr. Lekan Ogunleye, made the disclosure during an investigative hearing by the House of…
Gold purchases in Iran soared in Q2 2025 despite high global prices, driven by heightened regional tensions during a 12-day conflict with Israel, the World Gold Council (WGC) reported Thursday. Iran recorded a 20% year-on-year increase in gold coin and bar sales — the highest level in six years. Demand for jewellery also rose 12%…
