AG Leventis Seeks Fresh Capital To Boost Operations

By Adedapo Adesanya The African Development Bank Group (AfDB) has revealed that a $1 billion facility would be used to provide insurance to more than 40 million farmers across the continent against severe impacts of climate change. Initially unveiled at the Africa Climate Summit held in Nairobi in September, the Africa Climate Risk Insurance Facility for Adaptation (ACRIFA) brings together governments, development agencies, the insurance sector and the private sector, said the president of the bank, Mr Akinwumi Adesina, while speaking during a side event at COP28 in Dubai. He said ACRIFA aims to mobilise $1 billion of concessionary financing,

By Dipo Olowookere The last trading day of November 2023 on the floor of the Nigerian Exchange (NGX) Limited ended on a bullish note by 0.11 per cent on Thursday. Mild bargain-hunting in industrial goods equities like Lafarge Africa, supported by Airtel Africa, GTCO and other financial stocks left the market in the green territory at the close of business. Consequently, the All-Share Index (ASI) increased by 81.91 points to settle at 71,365.25 points compared with the preceding day’s 71,283.34 points, and the market capitalisation grew by N44 billion to N39.052 trillion from N39.008 trillion. Business Post reports that the

By Adedapo Adesanya Nigeria will accept and work with a production quota of 1.5 million barrels of crude oil per day in 2024 as the country aims to grow on the back of its oil resources, following a revision done by the Organisation of the Petroleum Exporting Countries and its allies, OPEC+. According to a statement issued by the Press and Public Relations unit of the Ministry of Petroleum Resources, Thursday’s meeting of the 23-man group addressed crucial aspects, including the completion of assessments by independent sources (IHS, Wood Mackenzie, and Rystad Energy) on the projected production levels for Angola,

By Dipo Olowookere In one week, investors bought and sold 2.543 billion shares worth N38.644 billion in 36,138 deals on the floor of the Nigerian Exchange (NGX) Limited. In the preceding trading week, a total of 2.425 billion shares valued at N22.665 billion were transacted by investors in 33,230 deals. It was observed that financial stocks led the activity chart as usual with 1.721 billion units worth N18.281 billion in 17,151 deals, contributing 67.68 per cent and 47.30 per cent to the total trading volume and value, respectively. Conglomerates equities trailed with 200.584 million units valued at N1.546 billion in

By Adedapo Adesanya  The Lagos State government has taken a huge step to reduce the electricity metering deficit in the metropolis by unveiling initiative tagged The Lagos Smart Meter Hackathon 2020. The scheme, which is aimed at improving access to electricity in the state, will offer N7 million cash prize to any local talent who can develop an affordable meter. The state government wants to make use of Nigerians to develop and produce affordable smart meters for consumers, thereby addressing the metering gap in Lagos and Nigeria through the Smart Meter Hackathon initiative. It was gathered that the Eko Innovation

By Dipo Olowookere On Friday, the Ondo State House of Assembly received the 2018 budget proposal of N171 billion presented by Governor Rotimi Akeredolu for approval. The Governor, during the presentation, informed the parliament that the budget was designed to achieve stability, fiscal re-prioritisation and consolidation to create the base for sustainable growth and development. Christened ‘Budget of Progress,’ the appropriation bill has N81.521 billion allotted for recurrent expenditure and N68.096 for capital spending. Mr Akeredolu listed the objectives of the budget as intensifying efforts on independent revenue initiatives, massive infrastructure development, wealth creation through empowerment of youths, artisans, farmers

By Dipo Olowookere The eight straight losing streaks on the floor of the Nigerian Stock Exchange (NSE) came to an abrupt end on Friday after the market marginally gained 0.06 percent. It was observed that the uptrend was influenced by gains recorded by some large-cap stocks on the local bourse, led by Forte Oil and Dangote Cement. The All-Share Index (ASI), which closed the previous session at 30,029.15 points, went up by 17.55 points to finish at 30,046.70 points. Similarly, the market capitalisation, which ended on Thursday at N13.225 trillion, appreciated by N8 billion to settle at N13.233 trillion. A

By Dipo Olowookere The value of the Dollar to the Naira crashed at the black market on Wednesday to N800/$1, Business Post reports. This was caused by panic selling from some customers who had earlier hoarded the foreign currency in anticipation that the local currency would continue to weaken in the foreign exchange (FX) market. It was observed that most forex hawkers in Lagos were reluctant to buy the Dollars from their customers because they are not certain if the value would further move downward. In the previous trading session, the Naira was exchanged to a Dollar at the parallel

By Dipo Olowookere Since its inception in 2009, the Africa Public Private Partnership Conference and Showcase (Africa PPP) has become the definite platform for discussing, informing and instigating the successful implementation of PPPs across the continent. The 8th edition of Africa PPP will once again showcase investment opportunities and planned infrastructure development projects from across Africa. Organised by AME Trade, the event will take place from the 24 – 26 October 2016 at the Radisson Blu Hotel, London, UK, building on the success of the previous editions which have been held in Tunis, Nairobi, Abuja, Johannesburg, Abidjan and London. Watch

By Dipo Olowookere The Central Bank of Nigeria (CBN) on Wednesday surprised investors at the primary market for treasury bills when it increased the stop rates of two of the three tenors it offered for sale. In recent time, the rate of the debt instrument as well as other fixed-income assets have been cut by the apex bank to discourage investment in the financial asset, especially by moneybags and commercial banks. According to the CBN, the action was to propel the supply of capital to the real sectors of the economy, especially the manufacturing, where jobs can be created and

By Adedapo Adesanya The Senate has ordered 59 federal agencies to return over N300 billion misappropriated funds into the federation account with a 60-day ultimatum. According to the upper chamber, the ultimatum covers all the money illegally spent by the erring agencies between 2013 and 2015 and they must be recovered and remitted into the treasury. This was sequel to the consideration of the report of the Committee on Public Accounts on the yearly report of the Auditor General of the Federation (AGF) on accounts of the federation for the year ended December 31, 2015 (Part Ii &1). The Senate

By Ebitonye Akpodigha Tuesday, September 27, 2016, federal, state, local governments and other stakeholders will gather in Ogun State to discuss the present economic situation in the country, with a view to finding a way out of it. The meeting, hosted by the Minister of Finance, Mrs Kemi Adeosun, is packaged under the umbrella of the National Council on Finance and Economic Development (NACOFED) 2016 conference. A statement issued Sunday by her aide. Mr Festus Akanbi, disclosed that the meeting would precisely take place in Abeokuta, the state capital. According to Mr Akanbi, the state Governor, Mr Ibikunle Amosun, is