AIICO Insurance Opens Subscription for N3.5bn Rights Issue

By Dipo Olowookere Profit-taking persisted at the Nigerian Exchange (NGX) Limited on Thursday, with Customs Street going down by 0.31 per cent on its return from a midweek break. The market closed its doors to traders on Wednesday due to the public holiday declared by the federal government to mark Eid-el Maulud, the birthday of Prophet Mohammed. Business Post reports that market participants did not take their minds off the pressing issues affecting the Nigerian economy, especially rising inflation, energy costs and the foreign exchange (FX) crisis. As a result, they liquidated their shares, leading to a negative market breadth

By Adedapo Adesanya VFD Group Plc has been officially delisted from the NASD Over-the-Counter (OTC) Securities Exchange months after the proprietary investment company revealed its intention to list its stocks on the Nigerian Exchange (NGX) Limited. The bourse on Thursday confirmed the development in a notice seen by Business Post. “Pursuant to the company’s request to delist from the NASD OTC Exchange, we wish to inform you that VFD Group PLC shares will be delisted with effect from the close of business (COB) today, Thursday, September 28, 2023,” the notice read. Last Friday, after three years of trading on the

By Adedapo Adesanya Trading activities resumed at the official segment of the foreign exchange (FX), with the Nigerian Naira returning to familiar territory after the Eid-el-Maulud break due to forex demand pressure. The nation’s currency depreciated against the US Dollar in the Investors and Exporters (I&E) arm of the market on Thursday, September 28, by 2.68 per cent or N20.23 to finish at N775.31/$1 compared with the preceding day’s value of N755.08/$1. It was observed that the domestic currency crumbled during the session due to FX demand caused by the break, with the spot market recording trades valued at $144.55

By Adedapo Adesanya The federal government has put in place new security measure that will help tackle the increasing rate of mobile phone theft in Nigeria. Tagged Device Management System (DMS), which will be managed by the Nigerian Communications Commission (NCC), the strategy will serve as a repository for all registered mobile phones’ International Mobile Equipment Identity (IMEI) and owners of such devices in the country. The IMEI is a 15-digit unique number for mobile devices that identifies each mobile device and its model specification. It can be used in the tracking of stolen phones. This new development is contained

By Prince Charles Dickson PhD (‘A person is dead, but their spirit lives; if you poke the iris of their eye, they still come alive’) Democracy has a dream-like character. It sweeps into the world, carried forward by an immense desire by humans to overcome the barriers of indignity and social suffering. When confronted by hunger or the death of their children, earlier communities might have reflexively blamed nature or divinity, and indeed those explanations remain with us today. But the ability of human beings to generate massive surpluses through social production, alongside the cruelty of the capitalist class to

By Modupe Gbadeyanka Paramount Yoruba traditional ruler, Oba Adeyeye Ogunwusi Ojaja II, the Ooni of Ife, has partnered with Empower 54, a non-profit organization, to create awareness and promote solutions to end malnutrition in Africa, which currently kills 2.3 million children annually in Nigeria. Empower 54 Project Inc (Empower 54) is a US non-profit organization providing humanitarian assistance since 2003 through health, education, empowerment, and IDP/refugee programs to underprivileged Africans. According to the founder and President of Empower 54, Princess Modupe Ozolua, Nigeria’s Minister of Health has declared that “one-third, 33 percent of Nigerian Children under 5 years old suffer

By Dipo Olowookere The remains of the Chairman of the Brand Journalists Association of Nigeria (BJAN), Mr Princewill Ekwujuru, would be laid to rest on Thursday, September 2, 2021, at Njaba, Imo State. This was confirmed in a statement jointly signed by the Chairman and Secretary of the burial committee, Mr Goddie Ofoseh and Mr Godwin Anyebe, respectively. Mr Ekwujuru died last month after he was admitted to the hospital for surgery following an auto accident he had in the Ojo area of Lagos State. He was until his death a reporter with Vanguard Newspaper Mr Ofose, who handed over

By Dipo Olowookere Nigeria’s Sovereign Wealth Fund (SWF) has been rated by the International Monetary Fund (IMF) as the second worst in the world. According to the global money lender, Nigeria is only second to Qatar in the world in the use of sovereign wealth funds. In its Fiscal Monitor report released on Wednesday, the IMF urged governments to use the funds to increase investment in infrastructure or education to support the economy in the near term, and foster inclusive growth over the next few decades. “It is critical to develop a strong institutional framework to manage these resources, including

Millennium Place JVT Dubai, one of the latest hotel projects from leading Dubai-based property developer, The First Group, has received a Highly Commended Award in the Best New Hotel Design & Construction category at the 2016-17 Africa & Arabia Property Awards. The property eclipsed a host of high-profile rivals to receive the honour, which was judged by an esteemed panel of more than 70 internationally recognised architectural and design experts. The objective of the awards is to acknowledge excellence in the property industry worldwide and to promote the highest international standards for construction and design. The striking 34-storey glass-clad Millennium

By Investors Hub Asian stocks ended mostly higher on Thursday as fears over trade disputes abated and remarks by a European Central Bank board member eased worries about the new Italian government’s spending plans. The euro rose against the dollar after the ECB indicated it will discuss ending its bond purchasing program at a meeting next week. Oil inched higher after falling yesterday on supply worries, while gold rose on dollar weakness. Japan’s Nikkei 225 Index climbed 197.53 points or 0.9 percent to 22,823.26 on receding worries about a full-blown global trade war. The broader Topix Index closed 0.6 percent

By Ellie Richards Recently, the entire world has been affected by the wave of inflation. From the United States to Australia, every part of the world has witnessed the ballooning inflation. Whether it is a rise in the prices of daily commodities or an increase in property rates, the effects of inflation could be seen in every single sector. While inflation affects the entire economy of a nation at a larger extent, its effects can also be observed in the daily lives of the common people. As the prices of goods and services rise, the amount of money spent earlier