Again, NGX All-Share Index Crosses 52,000 points as 40 Stocks Appreciate

By Dipo Olowookere Local equities rebounded by 0.34 per cent on Wednesday on the back of buying pressure on a few energy stocks and others at the Nigerian Exchange (NGX) Limited. According to data from the bourse, the bullish stance was attained despite profit-taking activities in the banking space amid plans by the Central Bank of Nigeria (CBN) to recapitalise the industry, leaving the market breadth index negative. This was because the number of price losers was more than the price gainers at 39 and 19 apiece, indicating a weak investor sentiment. Business Post reports that the energy counter grew

By Aduragbemi Omiyale President Bola Tinubu has said the 2024 budget presented to the joint session of the National Assembly on Wednesday was designed to achieve macroeconomic stability, a better investment environment, greater access to social security, poverty reduction and enhanced human capital development. According to him, if these goals are achieved, the standard of living of Nigerians will improve and the citizens will enjoy the dividends of democracy. While presenting the 2024 Appropriation Bills to the parliament yesterday, the President said this was why he christened the budget proposal as the Budget of Renewed Hope. Mr Tinubu told the

By Adedapo Adesanya A hybrid solar power solutions provider, Daystar Power, has signed an agreement with Nigerian Breweries to install and operate a 4.2MWp solar plant and 2MWh battery storage system that will help the firm reduce its high energy costs. The installation will be one of the largest solar and battery storage projects for an industrial manufacturer in Nigeria. The hybrid solar solution will generate 5,249 MWh of electricity – 42 per cent of its daytime power consumption – every year at Nigerian Breweries’ Lagos brewery. According to a statement, the integration of solar into the factory’s energy mix

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigeria Autonomous Foreign Exchange Market (NAFEM) and the unregulated Peer-to-Peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, November 29 as President Bola Tinubu reiterated his administration’s promise to meet its obligations. Speaking during the presentation of his administration’s N27.50 trillion 2024 budget proposal to the joint session of the 10th National Assembly on Wednesday, Mr Tinubu said, “Despite the challenges, we continue to meet our obligations.” In the official NAFEM segment of the market, the value of the local currency went

By Dipo Olowookere Tuesday, October 4, 2016, has been declared as public holiday by the Sokoto State Government. This, according to the Government, is to commemorate the start of the Islamic New Year (Muharram 3, 1438 AH). The state Governor, Aminu Tambuwal, in a statement, appealed to residents to use the occasion to intensify prayers for the nation. In the statement issued by his spokesman, Mallam Imam Imam, Mr Tambuwal congratulated Muslims for witnessing the Hijra New Year. He urged all citizens to care, love and protect one another, adding that, Islamic virtues of unity, peace and honesty, should be

By Adedapo Adesanya The African Export-Import Bank (Afreximbank) has announced a $3 million grant to provide a continental boost towards ensuring the sound health of Africans during the current wave of COVID-19 pandemic. Making the announcement in a statement, President of the Cairo-based agency, Mr Benedict Oramah, said that the grant was in response to a request by African Heads of State, through the African Union Chairperson, Mr Cyril Ramaphosa, President of South Africa, for the mobilisation of resources to address the rampaging pandemic. According to him, a significant proportion of the grant would go to the COVID-19 Special Fund

By Modupe Gbadeyanka GE’s Power Services business is celebrating the 40th anniversary of its 6B gas turbine fleet by launching the world’s first 6B repowering solution. GE also announced it has signed its first agreement for the solution with a global chemical company to repower three 6B gas turbines and save significant amounts of fuel each year at its site in Asia. These announcements mark another example of GE’s continued commitment to investing in its mature fleets to keep them competitive. In Africa, GE has an installed base of 60 6B gas turbines at various locations with the most recent

By Modupe Gbadeyanka Stream 2 training of an empowerment scheme established by the Oyo State government called the ‘Oyo Able Youth Programme’ is commencing on Monday, May 8, 2017. A statement issued by the state government urged those who registered for the scheme to check their email box for further information on the programme. Also, the statement said participants should reach the relevant ministry for more information. “If you registered for this initiative via our online platforms (www.oyostate.gov.ng/oyoable) between April 24th and May 7, please check your email box for your letters and participants information about the Stream 2 training

By Adedapo Adesanya Aiteo Global Group has donated 21 gunboats, 14 operational patrol boats, seven houseboats and four airboats to the Nigerian Navy to tackle crime and criminality on the nation’s territorial waters. Other equipment donated were four high-speed interception inshore patrol boats, long-range surveillance drones and six high definition cameras. These were received in Port Harcourt by the Chief of Naval Staff, Vice Admiral Awwal Gambo, who promised that the items would be deployed to the creeks to fight oil theft, piracy and sea robbery. According to him, the donation was the manifestation of months of collaboration with critical

By Ebitonye Akpodigha The warring parties in Gabon have been urged to “exercise restraint and refrain from provocative rhetoric” that could further dip the country into messier crisis. This appeal was made by the United Kingdom, which noted verdict of the Gabonese Constitutional Court confirming the victory of Ali Bongo Ondimba in last month’s Presidential election. Mr Bongo’s main rival in the poll, Mr Jean Ping, rejected outcome of the election. Shortly after the poll, violence erupted in Gabon and the warring parties have refused to back down. But the UK, in a statement issued by the British High Commission

By Dipo Olowookere The board of Airtel Africa Plc has released the financial statements of the company for the first quarter ended June 30, 2020. The firm, which has already commenced its 2021 fiscal year, recorded a 6.9 per cent growth in the revenue generated in the period. This rose to $851 million from $796 million of the corresponding period of last year. Business Post observed that this increase in turnover was influenced by the data consumed by its customers, who relied on the network during the lockdown imposed on its operating markets, including Nigeria. The revenue generated from data

By Adedapo Adesanya A global consumer electronics company, Infinix, has partnered with Microsoft and Intel to launch its first flagship laptop series, INBook X1, for top-notch performance. Speaking at the unveiling of the new INBook X1, Managing Director of Infinix Mobility, Mr Benjamin Jiang, reiterated the company’s commitment to satisfying customers’ diverse digital needs. “Leveraging our deep understanding of consumers in the smartphone space, we are thrilled to enter a new era with Intel and Microsoft by launching our first laptop series. This not only marks a significant milestone for the brand but also signifies our commitment to our global