Analysts Urge Investors to Buy WAPIC Insurance N5.93bn Rights Issue

By Adedapo Adesanya The return of the bears was averted at the NASD Over-the-Counter (OTC) Securities Exchange on Thursday by Central Securities Clearing System (CSCS) Plc, which helped the alternative bourse close marginally higher by 0.03 per cent. This slight growth increased the value of the OTC exchange by N380 million, closing relatively flat at N1.165 trillion, as the NASD Unlisted Security Index (NSI) increased by 0.27 points to end the day at 859.58 points compared with the previous day’s 859.31 points. During the trading day, the value of CSCS Plc went up by 8 Kobo to settle at N17.08

By Adedapo Adesanya The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) on Thursday asked Nigeria to produce about 1.5 million barrels of crude oil per day in 2024, lower than the 1.78 million barrels per day benchmark it proposed in the 2024 Appropriation Bill presented to the National Assembly on Wednesday for passage. The output ceiling was around 1.8 million barrels per day before it was cut down to 1.5 million barrels yesterday at the group’s virtual meeting, a huge blow to Nigeria’s revenue target for the fiscal year. OPEC had tasked three consultancies – IHS, Rystad

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 Modupe Gbadeyanka Taxpayers, including organisations and individuals, who are yet to pay their outstanding taxes, will not pay penalties and interests if they make the payments on or before December 31, 2023. This tax default forgiveness was given by the Federal Inland Revenue Service (FIRS), which explained that it created this window in “recognition of the challenges that many taxpayers have faced in settling their outstanding tax liabilities.” However, it stressed that if the full principal payment is not done before the deadline, defaulters would be forced to pay the outstanding tax liabilities. The Chairman of the FIRS, Mr

By Modupe Gbadeyanka A frontline socio-political pressure group known as Enugu Youth Coalition has condemned in its strongest terms the recent attack on the campaign office of a factional governorship candidate of the opposition All Progressives Congress (APC) in the state which led to the destruction of two branded campaign buses belonging to ‘Buhari/Osinbajo Campaign’ team in the state. In a statement released to newsmen in Abuja on Sunday night, the group blamed the attack on the inability of the party in the state to manage its internal crisis properly. The coalition further suggested that members of APC which have

By Adedapo Adesanya The trio of Aradel Holdings Plc, FrieslandCampina Wamco Nigeria Plc, and Central Securities Clearing System (CSCS) squeezed 1.29 per cent from the NASD Over-the-Counter (OTC) on Monday. The three price losers overpowered the two price gainers at the unlisted stock market yesterday, causing the NASD Unlisted Securities Index (NSI) to go down by 10.54 points to 809.02 basis points from the 819.56 basis points recorded last Friday. Similarly, the profit-taking observed in the space weakened the market capitalisation of the exchange by N14.29 bullion at the close of transactions to N1.096 trillion from N1.111 trillion. Aradel Plc

With its Wega 3DSA 2.0 product, Truxtun Capital has reached an unachieved milestone in the payment industry by releasing the first broadly available FIDO Certified, multi-factor strong authentication payment solution for consumers. The Geneva-based Fintech uniquely combines several technologies in a mobile app, City Wega, available now on iOS. Truxtun Capital’s exclusive white label technology solution is leveraging European and global security requirements with a unique online on-boarding and identity validation process. The Wega payment solution developed by Truxtun Capital provides customers with mobile, virtual and physical card products in a simple user experience. Each customer takes control of their

By Adedapo Adesanya  The Naira depreciated against the US Dollar at the Investors and Exporters (I&E), Interbank and the Bureaux De Change (BDC) segments of the foreign exchange market on Monday, January 20, 2020. This came after the local currency performed well at the market segments last week. Yesterday, the domestic currency dropped 54 Kobo equivalent to 0.15 percent against the American currency at the Investors window to trade at N362.38 per Dollar in contrast to N361.84 to a Dollar at the previous session. According to data gathered by Business Post from the Financial Markets Dealers Quotations (FMDQ) platform, the

By Modupe Gbadeyanka One of the insurance firms in the country, Sovereign Trust Insurance Plc, has released its audited annual financial statements for the year ended December 31, 2016. In the results released to the Nigerian Stock Exchange (NSE) today, the company said during the period under review, its profit after tax depreciated to N23.6 million compared with N557.9 million recorded in 2015. Also, its profit before tax slumped to N45 million in 2016 in contrast to N430.5 million achieved 12 months earlier. Furthermore, its net premium income stood at N3.92 billion as at December 31, 2016 against N3.93 billion

By Adedapo Adesanya A total of 319,755 Nigerians will benefit from the Economic Sustainability Plan’s Survival Fund Payroll Support (ESP), says the federal government. This was made known by the Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, Mr Laolu Akande, in Abuja. It was announced that the one-off Micro, Small and Medium Enterprises (MSMEs) grant of N50,000 will commence within the week in furtherance of the federal government’s support for small businesses affected by the COVID-19 pandemic under its ESP. “This is expected to increase the number of beneficiaries under the Payroll

By Ashemiriogwa Emmanuel A payroll, benefits and compliance software company based in Nairobi, Kenya, Workpay, has spread its tentacles to Nigeria with the mission of enabling businesses across the country to disburse approved salary payments to their employees instantly and securely. The Software As A Service (SaaS) for B2Bs, via its designed web portal and mobile self-service app, allows Small and Medium Enterprises (SMEs) to easily manage and pay their employees from anywhere in Africa as they can track time, process a locally compliant payroll, and reimburse their employees. This is happening a year after the two-year-old company raised $2.1

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.