2016 Budget: MDAs in Non-Implementation Mess

By Adedapo Adesanya President Bola Tinubu has been charged by the Socio-Economic Rights and Accountability Project (SERAP) to investigate the allegations that over $15 billion of oil revenues and N200 billion budgeted to repair the refineries are missing and unaccounted for between 2020 and 2021, as documented by the Nigeria Extractive Industries Transparency Initiative (NEITI). In the letter dated September 23 and signed by SERAP deputy director, Mr Kolawole Oluwadare, the organisation urged him to “name and shame anyone suspected to be responsible for the missing and unaccounted for public funds and to ensure their effective prosecution as well as

By Bliss Okperan A foremost content reader, FeedSpot, has named Business Post Nigeria as one of the Top 25 Nigeria Personal Finance Blogs. In the list, Business Post was placed in the 8th position, ranking among other reputable online platforms serving readers with quality and educative business and financial news reports and articles. In the top 10, FeedSpot listed Nairametrics as number one, followed by UBA Group, Financial Nigeria Magazine, Investors King, Cowrywise Blog, Financial Watch, MakeMoney, Business Post Nigeria, Nigeria Galleria Blog, and Money Matters with Nimi. Other platforms listed were LagosMums, Financengr, Rosabon Financial Blog, Ohimai Consulting Blog,

By Adedapo Adesanya Though the supply of foreign exchange (FX) in Nigeria has remained low, the Naira closed stronger against the United States Dollar in the Investors and Exporters (I&E) and the Peer-to-Peer (P2P) segments on Wednesday, September 20, and maintained stability in the parallel market. According to data obtained from FMDQ Securities Exchange, the local currency appreciated against the Dollar in the midweek session by 0.76 per cent or N5.89 to sell for N770.71/$1 versus the previous rate of N776.60/$1 amid a decline in the value of forex transactions by 9.4 per cent or $6.65 million to $64.36 million

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange suspended trading in the shares of VFD Group Plc months after the proprietary investment company revealed its intention to list its stocks on the Nigerian Exchange (NGX) Limited to allow it gain access to public equity markets, increase its visibility, and strengthen its financial position. The group joined the NASD trading platform in 2020. In a notice, the NASD OTC Exchange said investors would not be able to trade securities of VFD Group Plc with effect from Friday, September 22, 2023 (today). This is per the company’s request to delist from

By Modupe Gbadeyanka The Executive Director in charge of Finance and Administration at Abbey Mortgage Bank Plc, Mr Mobolaji Adewumi, has been appointed as the acting Managing Director of the company. He was chosen to fill the vacancy created by the MD/CEO of the lender, Mr Madu Hamman, who was selected by President Muhammadu Buhari as the new MD of the Federal Mortgage Bank, the apex mortgage bank in Nigeria. Mr Adewumi is an experienced professional with a deep knowledge of the financial services industry, possessing extensive working knowledge of sub-Saharan Africa. He obtained his MBA (specializing in Finance) from

By Modupe Gbadeyanka Founder and CEO of Nedcomoaks Limited, Mr Kennedy Okonkwo, has told Forbes Africa how the housing gap in Nigeria can be narrowed. The top player in affordable real estate in Nigeria was featured on the November edition of Forbes Africa, where he revealed that long term partnerships between private and public sector was key to improving housing gap in Nigeria. According to him, government and private players must understand the needs and earnings of the people to be able to service the area of living in our society. He revealed to Forbes Africa that public-private partnerships can

By Adedapo Adesanya Nigeria’s total trade rose by 14 percent in 2019 as the country recorded a total of N36.2 trillion in both its import and export for the year. This was disclosed in the Foreign Trade in Good Statistics for the fourth quarter released on Friday by the National Bureau of Statistics (NBS), where it showed that there were higher exports value than imports in the year despite imports recording a higher rate. In the year 2019, there was a total of N19.2 trillion in exports while total imports stood at N16.9 trillion, resulting in a trade balance of

By Modupe Gbadeyanka For those who have tried to open a corporate bank account in Nigeria, they must have come across the word ‘SCUML.’ In some cases, without this document in your possession, banks cannot complete the account opening process for you. SCUML is an acronym for Special Control Unit Against Money Laundering and it is issued by the Economic and Financial Crimes Commission (EFCC). If someone had in the past told you that obtaining the SCUML certificate costs a lot and difficult to obtain, we are here to let you know that all you need is a computer, internet

By Dipo Olowookere The Nigerian stock market rebounded on Thursday by 0.40 per cent after it recorded a significant loss on Wednesday as a result of profit-taking. Yesterday, a bit of bargain hunting was witnessed, especially in large-cap equities like Zenith Bank, the newly listed GT HoldCo, BUA Cement, amongst others. As a result, the All-Share Index (ASI) moved up by 149.89 points to 37,954.35 points from 37,804.46 points, while the market capitalisation increased by N78 billion to N19.781 trillion from N19.703 trillion. Data showed that only the insurance sector closed lower during the session and this was by 0.30

By Adedapo Adesanya Despite the macro-economic challenges faced as a result of slow economic environment, UACN Property Development Company (UPDC) said it achieved operational improvement in the third quarter of 2019 compared with the same period last year. The leading property development firm’s profit margin grew above 120 percent, driven by management’s focus on the sale of high margin properties. This occurred as it recorded a gross profit of N380.2 million as at September 30, 2019 in contrast to N170.8 million recorded in the corresponding period of last year. The company, however, recorded a loss of N14.7 billion as at

As the world grapples with the effects of the COVID-19 pandemic and African countries such as Nigeria announce their country-specific responses to the outbreak Nielsen has found that global consumers are adapting their purchase behaviour to cope with this rapidly evolving situation. This insight stems from the identification of six key consumer behaviour threshold levels that tie directly to concerns around the novel coronavirus (COVID-19) outbreak. These thresholds offer signals of spending patterns, particularly for emergency pantry items and health supplies with these patterns being mirrored across multiple markets. Nielsen’s Global Intelligence leader Scott McKenzie says the spending patterns identified

By Dipo Olowookere All is now set for the inaugural flight of United Nigeria Airlines as the management has confirmed that the company will begin operations on Friday, February 12, 2021. According to the organisation’s Head of Corporate Communications, Mr Achilleus-Chud Uchegbu, the inaugural flight will be conducted with an EMB145 aircraft. He further disclosed that the flight will depart Lagos through the domestic wing of the Murtala Mohammed International Airport (MM2), Ikeja and then land at the Akanu Ibiam International Airport Enugu. Mr Uchegbu further said the aircraft will thereafter leave Enugu to the Nnamdi Azikiwe International Airport in