Economy

Oando PLC has finalised its acquisition of Nigerian Agip Oil Company (NAOC) from Italian energy major Eni, marking a significant achievement in its long-term growth strategy. The total consideration for the deal is $783 million, which includes reimbursement and consideration for the asset, as confirmed by Oando in a press release. The landmark transaction, according to Mr. Wale Tinubu, Group Chief Executive, Oando PLC, is the "culmination of ten years of toil, resilience, and an unwavering belief in the realisation of our ambition since the 2014 entry into the Joint Venture via the acquisition of Conoco-Philips Nigerian Portfolio". The Nigerian…

By SHEDDY OZOENE  After three days of nationwide protests over bad governance in the country, President Bola Ahmed Tinubu has scheduled to address the nation on Sunday. Chief Ajuri Ngelale, Special Adviser to the President on Media and Publicity, announced this in a statement, on Saturday. The spokesman said the broadcast would hold at 7am. The Protesters had requested that the President address the nation on the many demands they have laid out.  There is so far no insight into what the broadcast will contain and it is doubtful that Tinubu chose to address the nation because the protesters said…

By People& Politics Aliko Dangote’s activist stance on the need for lower interest rates to attract investments and create jobs is a rallying cry for urgent and pragmatic government intervention in Nigeria’s current dire economic situation. Although Dangote’s argument is rooted partly in Reaganomics – a supply-side theory favouring lower corporate taxes and interest rates, his youth unemployment prognosis meets the bull’s eye. Strangely, youth unemployment and widespread poverty, which has grown into a national crisis, continue to escape the priorities of the political elite. As Dangote alludes, a failure to address these critical macroeconomic conditions that stifle business growth,…