Abbey Mortgage Bank Lists Shares from Rights Issue on Stock Exchange

By Aduragbemi Omiyale One of the players in the personal healthcare and consumer goods sectors, PZ Cussons Nigeria Plc, has published a list of its shareholders with unclaimed dividends. Unclaimed dividends are cash rewards given to investors, mainly from the profits from the company’s operations, but are yet to be collected by the beneficiaries. This has been a major source of sleepless nights for the Securities and Exchange Commission (SEC), which is working to bring down the number of unclaimed dividends. It has been reported that the value of unclaimed dividends in the nation’s stock market is over N185 billion.

By Adedapo Adesanya Crude oil prices rose more than 2 per cent on Friday after data from the world’s largest oil producer, the United States, supported expectations of demand growth. Brent crude futures settled at $75.84 a barrel after chalking up $1.79 or 2.4 per cent, as the US West Texas Intermediate (WTI) crude futures traded at $71.23 after gaining $1.89 or 2.7 per cent. Despite the gain at the final session of the week, both benchmarks fell for a seventh straight week, their longest streak of weekly declines in half a decade, on lingering oversupply concerns. For the week,

By Adedapo Adesanya Nigerian crude output fell by 30,000 barrels per day to 1.43 million barrels per day in November, according to data from an S&P Global Commodity Insight. This was lower than the 1.46 million barrels produced in October by Africa’s largest oil producer and 312,000 barrels per day short of its 1.742 million barrels per day target in 2023. Angola, Africa’s second-largest oil producer, saw output drop 20,000 barrels per day to 1.13 million barrels per day, according to the survey, compared with its quota of 1.46 million barrels per day. The drops impacted the wider output of

By Adedapo Adesanya The federal government has exempted imported Liquefied Petroleum Gas (LPG) and its equipment from the payment of customs duty and value-added tax (VAT), a move expected to result in a drop in the cost of cooking gas in the country and bring much-needed succour to Nigerians. This was disclosed by the Minister of Finance, Mr Wale Edun, in a letter (dated November 28, 2023) to the Special Adviser to the President on Energy; the Comptroller-General of the Nigeria Customs Service (NCS); and the Chairman of the Federal Inland Revenue Service (FIRS). Recall that in 2019, the federal

By Dipo Olowookere All is now set for the maiden edition of InterswitchSPAK National Science Quiz Competition this weekend, with the top 81 students picked from over 11,000 applicants vying for the N12.5 million up for grab in scholarship. The contestants were drawn from various private and public secondary schools across the 36 states of the federation, including the FCT. The InterswitchSPAK National Science Quiz Competition is an initiative of Interswitch Group, a leading Pan-African electronic payment and digital commerce company. Business Post gathered that the show will air on television stations across Africa from Saturday, October 27, 2018. The

By Dipo Olowookere The lawmaker representing Lagos East Senatorial District at the National Assembly, Mr Bayo Osinowo, has died. Senator Osinowo, who used to be a member of the Lagos State House of Assembly before moving to Abuja in 2019, died on Monday in Lagos. The 64-year federal lawmaker was popularly known as Pepperito and he was a prominent member of the ruling All Progressives Congress (APC) in Lagos. Details of the cause of the death of Mr Osinowo have not been made known, but sympathisers are already trooping to his residence in the Kosofe area of the state. Until

By Dipo Olowookere The rot in the Central Bank of Nigeria (CBN) as exposed last Friday in its audited financial statements for 2022 took its toll on the Nigerian Exchange (NGX) Limited on Monday. This was because the stock market was down by 0.44 per cent yesterday, as investors reacted to the revelations, which showed that the apex bank had depleted the nation’s foreign reserves to a level that could make it difficult to defend the Naira. The Naira has been in free-fall since June, when it was floated to allow market forces to determine its true value against the

**Decry tussle between Sirika, Dikwah **700 ex-workers dead By Daily Times Worried by alleged face-off between the Minister of State for Aviation, Hadi Sirika and Chairman, Presidential Initiative on Continuous Audit (PICA), Dikwa, over the disbursement of N78 billion severance benefits, former workers of Nigeria Airways based in Accra, Ghana, Lome, Togo, Yaounde, Cameroon, Benin and Gabon, have petitioned President Muhammadu Buhari over their plight. The workers, Emetule Fina (Gabon); Eno Mao (Gabon); Ndoke Hannah (Cameroon); Bareng John (Cameroon); Afandomi Raymond (Benin); and Mensah Teteh (Togo) in a petition to President Buhari, commended him (President) for approving the payment of

By Adedapo Adesanya The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has urged the incoming administration to increase the Value Added Tax (VAT) from the current 7.5 per cent to 10 per cent, saying this would stimulate the country’s economic growth. The minister made the call during a courtesy visit to the headquarters of Voice of Nigeria (VON) in Abuja. Mrs Ahmed said: “VAT is one of the ways to increase revenue, and we still have to increase VAT because at 7.5 per cent, Nigeria has the lowest VAT rate in the world, not in Africa, in

By Dipo Olowookere One of the companies listed on the Nigerian Stock Exchange (NSE), Animo International Plc, has been asked to pay the sum of N41 million as fine for contravening one of the listing rules. Animo International has interest in the production of items for personal or industrial purposes, assembling and sales of automobiles, sales of electrical and electronics, civil engineering contracting and food and beverages. The company received such huge monetary sanction for late filing of its audited financial statements for four different fiscal years; 2015, 2016, 2017 and 2018. The firm only submitted the last batch this

By Modupe Gbadeyanka The former Managing Director of the Niger Delta Development Commission (NDDC), Mr Nsima Ekere, has been grilled by the Economic and Financial Crimes Commission (EFCC). The former NDDC boss was at the Lagos office of the agency on Wednesday to honour an invitation to him to answer questions surrounding an alleged fraud to the tune of N47 billion. In 2016, a year after losing the governorship primary election of the People’s Democratic Party (PDP) in Akwa Ibom State to Governor Udom Emmanuel, he was appointed as the MD of the commission. He left office in 2018 to

From May 29-30, 2019 in Banjul, The Gambia, the Economic Commission for Africa (ECA) and the International Trade Centre (ITC) held a Gambian Private Sector Workshop on the African Continental Free Trade Area (AfCFTA). The AfCFTA was launched on March 21, 2018 in Kigali, Rwanda and a year later, the Gambia was the 22nd nation (the minimum threshold needed for the Agreement to enter into force) to ratify the agreement and deposit its instruments of ratification with the AU Commission Chairperson. As a result, the AfCFTA entered into force on May 30, 2019. The AfCFTA means expanded market access, lower