Africa Prudential Unveils Personal Registrar Code to Check Dividend, Others

By Adedapo Adesanya President Bola Tinubu has said Nigeria is ready for business in the oil sector, stressing that he is ready to tackle all the issues relating to businesses in the country. He stated this in New York on Monday while playing host to a delegation consisting of the global leadership of an oil and gas transnational giant, ExxonMobil. According to a Tuesday statement by the presidential spokesman, Mr Ajuri Ngelale, the country is no longer settling for crumbs and leftovers on the investment agenda of the world’s most prolific energy conglomerates. “Nigeria has never been more ready for

By Benita Ayo A while ago, it was announced that certain companies would be struck off the corporate register of the Corporate Affairs Commission. The major reason for this is the failure of defaulting companies to file their Annual Returns with the commission. I have always reiterated the fact that approval of an application to register a company does not signify that its officers can fold their hands and go to sleep. There are bundles of requirements to be fulfilled by such companies one of which is the filing of its Annual Returns. The Annual Return is a yearly account

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By Adedapo Adesanya The Central Bank of Nigeria (CBN) has postponed the Monetary Policy Committee (MPC) meeting scheduled to hold next week. In a statement, the apex bank noted that the MPC meeting, which was supposed to take place on Monday, September 25 and Tuesday, September 26, 2023, has been postponed until further notice. This is coming less than a week after President Bola Tinubu nominated Mr Olayemi Michael Cardoso to take over the role from Mr Folashodun Shonubi, who is filling the role following the ousting of Mr Godwin Emefiele, who is currently held in the custody of the

By Adedapo Adesanya The federal government, through the Ministry of Finance, in collaboration with the Nigeria Customs Service (NCS), has commenced moves to create a vehicle database (VREG) with a view to checkmating import duty evasion and theft. This was disclosed at the just-concluded training programme hosted by the NCS. Mr Nnamdi Nwajiuba, the Business Analyst at Fourcore Technology Solutions Limited, a consultant to the Federal Ministry of Finance on the VREG, explained that the policy will provide lasting solutions to the menaces of customs duty evasion, vehicle theft and vehicle-related crimes. He further said the system would address ineffective

By Modupe Gbadeyanka Largest financial institution in the Middle East and Africa, QNB Group, has announced the successful closing of the syndication for its $3.5 billion three year senior unsecured term loan facility. The syndication was well supported by 21 international lenders and the facility was upsized due to strong demand from the market. The new loan facility will be used for general corporate purposes, the company disclosed in a statement. The syndication was fully underwritten by 9 Underwriters, including Bank of America Merrill Lynch International Limited (BAML), The Bank of Tokyo-Mitsubishi UFJ, Ltd., Barclays Bank PLC, Deutsche Bank AG,

Twelve lucky customers have emerged millionaires in the fourth monthly and second bi-monthly draw of the Get Alert in Millions (GAIM) promo season 4. The electronic raffle draw, which held at the head office in Lagos, was witnessed by the relevant regulatory bodies including the National Lottery Regulatory Commission (NLRC), Lagos State Lotteries Board (LSLB) and Federal Competition and Consumer Protection Commission (FCCPC). The bank, in a clear demonstration of its steadfast commitment to support initiatives that enrich the lives of its loyal customers even in times of economic uncertainties, rewarded lucky customers with cash prizes in the categories of

By Modupe Gbadeyanka The Nigerian economy shrank further by 2.24 percent year-on-year in the third quarter of 2016 as Niger Delta militants continue their attacks on oil installations in the oil rich region of the country, which have caused a huge fall in crude oil production, Nigeria’s main foreign exchange earnings. The third quarterly contraction in a row also comes as Nigeria rolls from a crash in global oil prices, which have collapsed from over $100 a barrel in 2014 to currently around half that. According to data released on Monday by the National Bureau of Statistics (NBS), Nigeria’s oil

By Adedapo Adesanya The Naira depreciated against the US Dollar in the Investors and Exporters (I&E) and the Peer-2-Peer (P2P) arms of the foreign exchange window on Thursday, July 6, but gained in the black market. At the I&E segment of the market, the Nigerian currency lost N20.32 or 2.74 per cent against the greenback during the session to settle at N762.63/$1 versus the preceding session’s N742.31/$1, amid a 10.3 per cent or $9.23 million jump in the value of FX transactions. Business Post gathered from the data obtained from FMDQ Securities Exchange that the forex trades of the session

**To Transform Togo’s Phosphate into Fertiliser By Modupe Gbadeyanka Africa’s richest man, Mr Aliko Dangote, has concluded plans to sink about $60 million in West Africa’s Togo for the construction of a cement manufacturing plant with an annual capacity of 1.5 million tonnes. The factory, Business Post gathered, would be situated in Lomé, the capital of the tiny nation. This plant will use clinker from Togo and Nigeria and will meet both local and neighbouring countries’ demand. Construction is billed to commence in the first quarter of 2020 and its commissioning scheduled to take place before the end of 2020,

By Dipo Olowookere In celebration of Global Money Week 2017, the Central Bank of Nigeria (CBN) has declared March 30, 2017 Financial Literacy Day, on which MD/CEOs and top executives of 29 banks and financial institutions across the nation will visit over 800 schools in 36 states to teach financial literacy curriculum provided by Junior Achievement Nigeria. Over 80,000 students will be impacted through Junior Achievement Nigeria’s cutting-edge curriculum based on this year’s Global Money Week’s tagged “Learn. Save. Earn” The 2017 Global Money week is scheduled to hold worldwide between Monday, March 27 and Sunday, April 2, 2017. The

By Dipo Olowookere To Fund Exercise from N731bn Retained Earnings A total 1.704 billion ordinary shares of Dangote Cement Plc are to be mopped up from the stock market by the board via a share buy-back programme. But before this exercise is carried out, shareholders of the company will first approve it at an Extraordinary General Meeting (EGM) fixed for Wednesday, January 22, 2019 at the Eko Convention Centre, Lagos. Business Post reports that the total units of the shares to be purchased from shareholders represents 10 percent of the total issued shares of the cement giant; 17,040,507,405 ordinary shares.