36 States, FCT Suffer 1.93% Decline in Total IGR in 2020

By Adedapo Adesanya The Nigerian Shippers’ Council (NSC) has expressed its readiness to partner with the Lekki Deep Seaport by promoting the seamless movement of cargo and the efficiency of the nation’s ports. The NSC Executive Secretary, Mr Pius Akutah, gave the assurance when the Managing Director, Lekki Port LFTZ Enterprise Limited (LPLEL) – promoters of Lekki Deep Seaport, Mr Du Ruogang, led the port’s management on a courtesy visit to the NSC in Lagos. Mr Akutah, who commended the Lekki Deep Seaport management for the visit, said the council would partner with the port in areas that would boost

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange appreciated by 0.41 per cent in Week 48, with the market capitalisation gaining N4.77 billion to settle at N1.166 trillion from the N1.162 trillion it ended in Week 47, and the NASD Unlisted Security Index (NSI) rising by 3.52 points to 860.81 points from 857.29 points in the previous week. In the five-day trading week, the total volume of stocks traded slumped by 69.1 per cent to 4.22 million units from 13.6 million in the preceding week and equally, the value of shares dropped by 69.6 per cent to N41.4 million

By Dipo Olowookere The Nigerian Exchange (NGX) Limited commenced the first trading session in December 2023 on a bullish note, with a marginal growth of 0.08 per cent. Sustained buying pressure kept Nigerian stocks in the positive territory, extending the dominance of the bulls on Customs Street, though the turnover waned. Business Post observed that investors cherry-picked equities in the banking and the energy sectors during the session, leaving them rising by 1.14 per cent and 0.05 per cent, respectively. However, the insurance counter lost 1.10 per cent, the consumer goods index depreciated by 0.08 per cent, and the industrial

By Dipo Olowookere Profit-taking activities brought back the bears to the floor of the Nigerian Exchange (NGX) Limited on Monday as investors rebalanced their portfolios. It was observed that traders at Customs Street booked profits in shares mostly in the industrial goods sectors like BUA Cement and Lafarge Africa. This resultantly brought down the local stock market by 0.66 per cent at the close of transactions, with the industrial goods space losing 4.21 per cent, the insurance counter declining by 0.28 per cent, and the energy sector falling by 0.01 per cent. However, the consumer goods index improved yesterday by

Travel insurance is designed to rescue you in situations when your planned vacation goes wrong or awry. As such, you expect to be compensated by the insurance firm. However, it is not in every travel situations you should expect to be compensated. Jumia Travel, the leading online travel agency, shares possible things travel insurance won’t cover. Security delays Travel insurance typically doesn’t cover you if you miss a plane due to excessively long lines. While those aren’t your fault, they also aren’t the fault of the airline. If you frequent busy airports, consider precheck where it’s available. Lost lodging reservations

By Quantitative Financial Analytics The daily trading volume of Nigeria Settled FX currency futures has plunged over the past weeks as the original excitement that greeted its introduction appears to have waned. An analysis of the open interest reports issued by the FMDQ indicates that the currency futures market had momentum, going by the notable and hitherto increasing trading volume the market enjoyed from June 27th until a couple of weeks ago. Volumes, enthusiasm wane At introduction, the Naira settled currency market was instituted as a way to manage foreign currency risk exposure by Nigerians and Nigerian companies. As the

By Dipo Olowookere The Ogun State government has concluded plans to host a Youth Convention between February 7 and 8, 2017. The programme, scheduled to hold at the June 12 Cultural Centre, Kuto, Abeokuta is being organized by the state government in collaboration with the organized private sector, civil society and international agencies. With the theme, ‘Ogun Youths: Exploring New Frontiers’, the convention is a direct response of the Governor Ibikunle Amosun-led administration to the challenge of youth unemployment and under-employment. The 2016 National Youth Survey Report released by the National Bureau of Statistics (NBS) indicates that approximately 56 percent

By Aduragbemi Omiyale The chief executive of VFD Group Plc, Mr Nonso Okpala, has expressed optimism that the listing of the company on the Nigerian Exchange (NGX) Limited would strengthen the organisation’s market position, creating more avenues to source cheap funds for expansion and growth. Mr Okpala said this at the closing gong ceremony and a Fact Behind the Listing Presentation last Friday to mark a key milestone in the company’s history. On October 6, 2023, VFD Group listed 190,027,365 units of its stocks at N244.88 per share on the NGX, increasing the size of the stock exchange by about

By Modupe Gbadeyanka Former Chairman of the defunct Skye Bank Plc, Mr Tunde Ayeni, was on Tuesday in the custody of the Economic and Financial Crimes Commission (EFCC). While he was at the Abuja office of the anti-graft agency, Mr Ayeni was grilled over an alleged fraud involving him. Recently, EFCC entered into an agreement with the Asset Management Corporation of Nigeria (AMCON) to check out some banks and its officials, who facilitated the huge non-performing loans in AMCON’s portfolio. As part of its duties, the commission asked Mr Ayeni to appear at the agency’s office in Abuja to state

By Modupe Gbadeyanka Thirty-five of the 36 states of the federation have received a total of N66.5 billion ($175 million) from the federal government, with $5 million given to each of them. A statement signed by the Director of Press and Public Relations at the Ministry of Finance, Mr Hassan Dodo, disclosed that the money was disbursed to the states on the basis of the amended COVID-19 Responsive 2020 Budget results achievement. The disbursement is, according to her, under the performance-based grant component of the World Bank-Assisted States Fiscal Transparency, Accountability and Sustainability (SFTAS) Programme-for-Results. Only Rivers State missed out

By Modupe Gbadeyanka A social media user on Instagram with the handle @a.okelawal has accused Stanbic IBTC Bank of robbing him his hard earned N170,000. The customer claimed the error came from the bank, but that the financial institution is insisting he (customer) must bear the loss. The said customer has threatened to take a legal action against the bank. Below is what the said customer posted on his Instagram page: This is the Story of How Stanbic IBTC @stanbicibtc MESSED up my account and asked me to pay 170k (i.e. 170,000) for THEIR mistake. In June, I made a