Air Liquide Nigeria Plans N2.07bn Rights Issue

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 The oil market retreated on Thursday, as traders took profits after prices soared recently while the space worried that high interest rates may weigh on demand. During the trading session, Brent futures fell by $1.17 or 1.2 per cent to settle at $95.38 a barrel and the US West Texas Intermediate crude (WTI) declined by $1.97 or 2.1 per cent to close at $91.71 per barrel. The market had reached a 10-month high as some traders worried high oil prices would stoke inflation, encouraging the US Federal Reserve and other central banks to persist with rate hikes.

By Dipo Olowookere The board of Capital Hotels Plc has announced the creation of an escrow account for the payment of about N1.6 billion to minority shareholders of the company. The hospitality firm is leaving the Nigerian Exchange (NGX) Limited after years on the nation’s main stock exchange. In a notice signed by Alex Ugwuanyi, the organisation said the account was created with CardinalStone Registrars Limited and has been sufficiently funded for payment “to shareholders” who “have accepted to exit” the firm by selling their holdings. Recall that in March 2023, shareholders of Capital Hotels approved the request of the

By Adedapo Adesanya The value of the NASD Over-the-Counter (OTC) Securities Exchange sharply declined by 3.86 per cent on Thursday, September 28, after the shares of VFD Group Plc were taken out of the platform. VFD Group, according to reports, is planning to trade its stocks on a larger platform, the Nigerian Exchange Limited (NGX). The delisting of the company’s equities brought down the market capitalisation of the NASD OTC exchange by N44 billion to settle at N1.102 trillion compared with the N1.146 trillion it finished on Tuesday, the last trading session. The market was closed on Wednesday as a

By Dipo Olowookere President Jacob Zuma of South Africa has appointed new commissioners to serve in the Public Service Commission. According to a statement issued on Wednesday, it was revealed that the appointees would occupy their positions for a period of five years. The appointed Public Service Commissioners are Ms Clara Phumelele Nzimande, Richard Khaliphile Sizani and Dr Tholumuzi Bruno Luthuli. In the statement, President Zuma wished the new commissioners all the best in their new important responsibilities.

By Modupe Gbadeyanka The science and technology landscape in Nigeria is set to receive a boost with the debut of SPAK National Science Competition. SPAK National Science Competition is a unique initiative aimed at igniting interest and promoting the study of science in secondary schools in Nigeria. The SPAK National Science Competition is strictly for students currently in the second year of their Senior Secondary School (SSS2) students aged 14 to 17. Over 10,000 students from about 2,000 senior secondary schools across Nigeria have already registered for the opportunity of taking part in the show. The Spak National Science competition

By Dipo Olowookere Some loyal customers of Zedvance Finance Limited were on Sunday, February 14, 2021, swept off their feet when officials of the leading consumer finance company came knocking on their doors. The firm, in celebration of love and brand loyalty, made the surprise visits to the customers to share several gifts with them for Valentine’s Day. Zedvance designed the #WithLoveFromZedvance initiative to “show love to our customers and reward their loyalty for having us as their preferred financial partner,” according to the acting Managing Director of the firm, Mr Ever Obi. Some of the customers that received the

By Modupe Gbadeyanka Mr Ayeni Philip Olusegun has been appointed as a non-executive director of Morison Industries Plc, a company listed on the Nigerian Stock Exchange (NSE). A statement signed by the company’s Secretary, Miss Abosede Agbetu, disclosed that the appointment of Mr Olusegun was confirmed by Board of Directors of the firm. In the statement issued on Monday, January 30, 2017, it was disclosed that the appointment of Mr Olusegun takes effect from February 1, 2017. The appointee is a fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and holds a B.A. degree in Pastoral Theology. He

By Ebitonye Akpodigha Two new Directors for the Federal Airports Authority of Nigeria (FAAN) have been appointed by the Federal Government on Tuesday. The new appointees replaced some recently sacked Directors of the agency. The two newly appointed Directors are Mrs Nike Aboderin, who is now the new Director of Finance and Accounts (DFA), and Mr Sadiku Abdulkadir Rafindadi, now the new Director of Commercial and Business Development (DCBD). A statement issued by the Acting General Manager, Corporate Affairs of FAAN, Mrs Henrietta Yakubu, explained that Mrs Aboderin is a Fellow of the Chartered Institute of Bankers of Nigeria (FCIB)

By Adedapo Adesanya The black market segment of the foreign exchange (FX) market may have reacted negatively to an attack from the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, on Tuesday. The apex bank chief had described the parallel market as illegal, adding that it was a place where bribery and corruption thrive, urging genuine forex customer not to patronise traders at the platform because they would be supporting actions aimed to sabotage the economy. “Parallel market and quote me is a tainted market in Nigeria, where people who desire to deal in illegal foreign exchange

By Adedapo Adesanya A group of partners in the Micro, Small, and Medium Enterprises (MSMEs) space is set to execute various MSME-focused interventions, targeting 1.3 million beneficiaries across 17 States and Federal Capital Territory (FCT). This effort is part of a bid to complement the federal government’s efforts to improve the economy and create more jobs. The MSME and Job Creation Unit of the Vice President’s Office, which is coordinating the interventions, disclosed that the interventions are geared towards ensuring the realisation of the President Bola Tinubu-led administration’s commitment to job creation and economic diversification with the MSMEs playing critical

By Ebitonye Akpodigha The Sokoto State Government on Monday, October 10, 2016, commenced the distribution of free pre-paid metres to electricity consumers in the state. The ceremony was witnessed by the state Governor, Mr Aminu Tambuwal; and the Minister of Power, Works and Housing, Mr Babatunde Fashola. During the event, Mr Fashola expressed President Muhammadu Buhari’s administration’s commitment to solve the perennial power problem in Nigeria. On his part, Mr Tambuwal said his government would continue to support residents of the state and solicited for more of their supports. Also today, the Minister inspected ongoing works at the site of