Afriland, NDEP Brighten Spirits at NASD With 0.81% Growth

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 Adedapo Adesanya Crude oil prices went in different directions on Friday amid profit-taking as markets weighed supply concerns from Russia’s fuel export ban against demand woes from future rate hikes. While the Brent futures lost 3 cents to close at $93.27 a barrel, the US West Texas Intermediate crude (WTI) futures rose by 40 cents to sell for $90.03 a barrel. However, both benchmarks closed downwards on a week-on-week basis, with Brent shedding 0.3 per cent, breaking a three-week streak of gains, and WTI sliding by 0.03 per cent for the week, the first decline in four weeks. Russia

By Precious Olisa This news may not be palatable to developers and Nigerians planning to start a building project, as the Cement Producers Association of Nigeria has warned that the price of a 50kg bag of cement may start selling for N9,000 when the dry season begins in November. At the moment, the product is sold at over N5,000. In a statement jointly signed on Sunday by the National Chairman of the group, Mr David Iweta, and its National Secretary, Mr Ufomba, the manufacturers said the rise in the price of cement would be caused by the decision of the

By Dipo Olowookere The trio of Universal Insurance, Oando and UBA were the busiest stocks on the floor of the Nigerian Exchange (NGX) Limited last week, trading 2.212 billion units valued at N8.907 billion in 7,593 deals, contributing 56.56 per cent and 29.32 per cent to the total trading volume and value, respectively. In the week, investors transacted 3.911 billion shares worth N30.379 billion in 38,536 deals versus the 2.933 billion shares worth N47.449 billion exchanged in 44,654 deals in the preceding week. Financial stocks dominated with 2.774 billion units valued at N15.241 billion in 16,379 deals, contributing 70.92 per

By Dipo Olowookere Leader in renewable energy software solutions, AlsoEnergy, has completed its merger with Skytron energy, one of Europe’s leading solar software and hardware companies. The merger is expected to create a global leader for renewable energy monitoring, controls, and asset management solutions. In addition, AlsoEnergy said it has completed the acquisition of Draker Corporation, a pioneer in the solar monitoring industry. These two transactions position AlsoEnergy as the world’s leading software and solutions provider. Together, the companies will combine their business operations to offer a global footprint with leading software, hardware, and control solutions for solar, wind, and

By Adedapo Adesanya The Transmission Company of Nigeria (TCN) has accused electricity Distribution Companies (DISCOs) operating in the country of frustrating the consumers, resulting in their non-payment of energy bill as expected. Managing Director of the TCN, Mr Usman Gur Mohammed, who made this allegation while explaining why his firm sanctioned some Discos recently, stated that the actions of some DISCOs do not align with the laid down regulations of the Market Conditions/Market Participation Agreements. Mr Mohammed accused the electricity distribution firms of refusing “to put prepaid meters in some places, [but] supply them energy for few hours and charge

By Dipo Olowookere No fewer than six soldiers have been detained by authorities of the Nigerian Army for their alleged involvement in the assault of a woman in Lagos. On Sunday, March 12, 2017, a woman in Odoguyan, Ikorodu area of Lagos State was allegedly beaten by some military personnel because she challenged the soldiers, who slapped her brother. The woman, identified as Ruth Orji, sued the Army for N250 million at a Federal High Court in Lagos. But the Army has intervened in the matter, saying it has detained six soldiers having link with the issue. In a statement

By Aduragbemi Omiyale After it was cleared of any wrongdoing by the Asset Recovery Agency (ARA), Flutterwave said it’s now targeting ambitious growth in Kenya. In July 2022, ARA accused Flutterwave and other organisations of financial fraud, but the company made efforts to clear its name. it has now been left off the hook. “We are pleased to have this matter resolved so we can resume our work with our strategic partners in Kenya, providing innovative payment solutions to companies and individuals in one of Africa’s largest and most dynamic economies,” the chief executive of Flutterwave, Mr Olugbenga Agboola, said.

By Modupe Gbadeyanka Oyo State Governor, Mr Abiola Ajimobi, on Thursday presented a budget of N207.67 billion for 2017 to the state House of Assembly. During his presentation in Ibadan, the Governor said his major priority for 2017 would be agriculture, infrastructure, health and education. According to him, the 2017 Appropriation bill christened ‘Budget of Self-Reliance’ has a capital expenditure of N80.80 billion and a recurrent expenditure of N126.87 billion. Mr Ajimobi noted that the 2017 budget is 19 percent higher than the 2016 budget, which was N173.43 billion. Shedding more light on how he intends to source for funds

Plastic waste pollution in Nigeria has proven to be one of the most inimical threats to environmental health in the country, with dire consequences such as outbreaks of communicable diseases, loss of lives and properties and continuous environmental degradation. Indiscriminate dumping of waste is a major contributing factor to the environmental disasters recorded annually as citizens, especially inhabitants of metropolitan areas in the country discard most of their waste, including plastic bags and bottles illegally in drainages and canals. This in turn congests the channels, hindering the free flow of water whenever it rains and ultimately leads to flood. In

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has outlined the operational modalities for the financing of the National Mass Metering Programme (NMMP) which aims to provide support to power distribution companies (downstream) and local meter manufacturers (upstream). The programme is part of efforts to close the existing metering gap, enhance the efficiency of revenue collection by distribution companies and also facilitate meeting their obligations to other market participants. The apex bank, in the guidelines it unveiled, said that the introduction of the service-based tariff (SBT) in the Nigeria Electricity Supply Industry (NESI) in September 2020 has put amplified

One of the top banks listed on the Nigerian Stock Exchange (NSE) is holding its Annual General Meeting (AGM) today, Monday, March 18, 2019. The event is taking place at the popular Civic Center on Ozumba Mbadiwe Street, Victoria Island, Lagos by 9:00am. At the meeting, shareholders will vote to approve the N2.50k final dividend proposed for payment by the board of directors. This will bring the total dividend payout for the year to N2.80k per share, having earlier paid 30 kobo per share as interim dividend. In the 2017 financial year, the company paid an interim dividend of 25