Business News in Brief

Oil gains after Saudi paves way for an output cut

Oil rose by more than 1 percent on Monday, set for its largest one-day increase in a month after Saudi Arabia said Organization of Petroleum Exporting Countries, OPEC and its partners believed demand was softening enough to warrant an output cut of 1 million barrels per day.

Saudi Energy Minister, Khalid al-Falih said that OPEC and its partners had agreed with technical analysis which showed a need to cut oil supply next year by around 1 million bpd from October levels to avoid an unwelcome build-up of unused crude.

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WAEC Presents Confirmation of Result to Buhari
The Registrar of West African Examination Council (WAEC) Iyi Uwadiae has presented attestation and confirmation certificate to President Muhammadu Buhari at the Presidential Villa, Abuja.

The Registrar presented only the attestation certificate because by law it cannot present a new certificate having allegedly issued the first one which the President said was with the Military Board.

Nigeria to get first new listing in 4 years ending IPO drought

Nigeria will next week break a 4-year drought for stock market listings when Skyway Aviation Handling Company (SAHCO) starts the process for making its debut on the Nigerian Stock Exchange.

SIFAX Group, which wholly owns SAHCO, will sell 406,074,000 shares in the aviation services firm via the stock exchange from 12 Nov to 19 Dec, the Bureau of Public Enterprises said in a statement.

The statement did not mention SAHCO’s valuation or how much shares were expected to sell for.

Port Harcourt Refinery gets Financier

The Nigerian National petroleum Corporation (NNPC) says that some of the financing companies it approached to revamp the country’s refineries have shown interest in Port Harcourt refinery.

Mr Ndu Ughamadu, NNPC Group General Manager, Group Public Affairs Division, disclosed this in an interview with the News Agency of Nigeria (NAN) on Friday in Abuja.

He said that a team of engineers from the corporation had gone abroad to source for financiers to ensure revamping of the major refineries in the country.

Oil Prices Steady after Stock Markets Plunge

Oil prices steadied on Thursday, recovering from an early sell-off after Asian and European stock markets plunged in the wake of Wall Street’s biggest daily decline since 2011.

Brent crude oil LCOc1 fell 82 cents, or 1.1 percent, to a low of $75.35 before recovering to trade around $76.32, up 15 cents, by 0910 GMT.

The global benchmark has lost more than $10 a barrel since hitting a high of $86.74 on October 3.

U.S. light crude CLc1 was unchanged at $66.82 after touching an intraday low of $65.99, down 83 cents.

Airtel Africa raises $1.25b from six global investors

Airtel Africa Ltd, a subsidiary of India’s Bharti Airtel Ltd, said on Wednesday it raised $1.25 billion from six global investors including SoftBank Group Corp, Warburg Pincus LLC and Temasek Holdings (Private) Ltd.

It also said it was looking to go public on an international stock exchange, Reuters reports.

The fundraising, through a primary equity issuance, now values the company at $4.4 billion and will be used to reduce existing debt of about $5 billion and grow its Africa operations, Airtel Africa said.

Dec Exports of Nigeria's four major crude grades to hit 8-month high

Exports of the four largest grades of Nigerian crude oil will rise to 879,608 barrels per day in December, the highest since April this year, according to loading schedules seen by trading sources on Wednesday, Reuters reports.

The four largest grades of Nigerian crude oil are the Forcados, Bonga, Bonny Light and Qua Iboe crude streams.

$8.1b Row: MTN in Discussion with Nigerian Officials

Telecoms firm MTN says it is holding talks with Nigerian officials to find a “mutually acceptable solution” to a dispute over the alleged transfer of 8.1 billion dollars.

MTN made this known in a statement on Tuesday in Johannesburg.

MTN said that further announcement on the issue would be made in due course.

“Shareholders are advised to continue to exercise caution when dealing in the company’s securities until a further announcement is made,” MTN said.

Oil Prices Dip after Rally

Oil prices have dipped after sharp gains in the previous session, weighed down by a surprise increase in U.S. crude oil inventories and expectations that OPEC and other producers could decide to increase output at a meeting in June.

The overnight increase came despite the possibility of rising supplies from OPEC and Russia, and some analysts see market fundamentals as supportive.

Google Earmarks $2m for Project in Nigeria

Google on Wednesday launched the Google Impact Challenge (GIC) Nigeria 2018 aimed at empowering the citizens to drive community impact.

The Google Country Marketing Manager, Affiong Osuchukwu, said at the unveiling in Lagos that Google would commit two million dollars into the project in form of grants to non-profits using technology to reach their goals.

The News Agency of Nigeria reports that a non-profit is dedicated to furthering a social cause or advocating a viewpoint.