Benin Industrial Park Attracts $250m Investment

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 1.6 per cent appreciation on Friday, December 8, as investors gained about N19.12 billion to push the valuation of the unlisted bourse to N1.202 trillion from the N1.182 trillion it closed in the preceding session. This achievement was influenced by the gains recorded by the trio of Aradel Holdings Plc, FrieslandCampina Wamco Nigeria Plc, and Central Securities Clearing System (CSCS) Plc. Data showed that Aradel Holdings Plc improved its value by N30 to settle at N900.00 per unit compared with the previous day’s N870.00 per unit, FrieslandCampina Wamco Nigeria

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has cautioned Nigerians to be wary of fake Naira notes currently in circulation, vowing to prosecute those engaged in the illicit acts. The apex bank in a release signed by Mrs Hakama Sidi Ali, the acting Director of Corporate Communications, said the counterfeit notes have been spread by some individuals for transactions in food markets and other places where commerce takes place across the country, noting that this is a punishable offence. “The attention of the Central Bank of Nigeria (CBN) has been drawn to the circulation of counterfeit banknotes, especially

By Adedapo Adesanya Some Nigerians have expressed anger over the upward review in the foreign exchange (FX) rate, a move that could see imported goods and by extension, domestic products record surge in prices at a time when the country is battling a high cost of living. The federal government, through the Central Bank of Nigeria (CBN), has hiked the duties payable on imported goods at Nigerian ports. Business Post gathered that the upward review of prices showed the US Dollar equivalent had been put at N951.941/$1 while for the Euro, the rate was pegged at N1,030.762/€1 and the Pound

By Modupe Gbadeyanka Efforts are currently being made to release identities of beneficial owners of oil and gas firms in the country by January 1, 2020. The register containing this information is being compiled by the Nigeria Extractive Industries Transparency Initiative (NEITI) in collaboration with the Department of Petroleum Resources (DPR). According to an acting Director at DPR, Mr Ahmad Shakur, the beneficial ownership register was more than 85 percent complete and should be ready latest by the end of this month. NEITI defines beneficial owner as the natural person(s) who directly or indirectly benefits from, owns or controls the

By Aduragbemi Omiyale The Department of Petroleum Resources (DPR) has warned 27,000 petrol stations that they risk losing their operating licences if they do not desist from diverting the product. There are allegations that some marketers smuggle the product out of the country to neighbouring nations, where the prices are higher than in Nigeria. In Nigeria, the government claims it still subsidises the product for residents to buy at cheaper rates compared with nations in West Africa and parts of Northern Africa. To curb the diversion of fuel, which will likely cause the scarcity of the product in Nigeria, the

By Adedapo Adesanya  President Bola Tinubu has congratulated Governor Douye Diri of Bayelsa State, his Imo State counterpart, Mr Hope Uzodimma, and Governor-Elect of Kogi State, Mr Usman Ododo, on their victories in the governorship elections of November 11. Mr Diri (of the main opposition Peoples Democratic Party, PDP) and Mr Uzodimma won their re-election bids while Mr Ododo of the All Progressives Congress (APC) clinched the Kogi State governorship poll. President Tinubu congratulated them for the victories, saying they reflected the people’s wishes after the Independent National Electoral Commission (INEC) declared them as winners of the off-cycle elections. “The

By Dipo Olowookere One of the leading indigenous companies operating in Nigeria’s downstream oil & gas sector, NEPAL Oil and Gas Services Limited, has commenced operations in the aviation industry. The firm recently introduced its newest subsidiary, NEPAL Fly Limited, into the sector and hopes to become one of the major forces in the aviation business in few years’ time. Nepal Fly Limited is currently operating its aviation tank farm along the Murtala Muhammed Airport, Ikeja, Lagos. NEPAL Oil and Gas Services Ltd is renowned for its importation, warehousing and distribution of massive volumes of petroleum products (AGO, DPK, PMS,

By Adedapo Adesanya Crude oil prices showed no sign of slowing down on Monday as Brent crude hit $63 per barrel while the West Texas Intermediate (WTI) crossed the $60 mark. The commodity continued its 13-month high, spurred by tensions in the Middle East and freezing weather in regions across the United States. At the market yesterday, the Brent crude gained 85 cents or 1.36 per cent to sell at $63.28 per barrel, while the United States’ WTI crude rose by 65 cents or 1.09 per cent to trade at $60.12 per barrel. According to reports, oil prices reacted positively

By Dipo Olowookere A wheat milling company in Nigeria, Crown Flour Mill Limited, has been named the Most Active Corporate in the FX Futures Market. The subsidiary of Olam Group company beat two other contenders to the award in the domestic (non-bank) category at the 2020 Financial Market Dealer Quotation (FMDQ) Gold Awards held last Friday. “The FMDQ Gold award underlines our commitment to the Nigerian market and similarly, Crown Flour Mill’s commitment to operational excellence which is a key enabler delivering top quality and affordable food products for Nigerian households and the economy at large,” the Chief Financial Officer

By Dipo Olowookere Central Bank of Nigeria (CBN) says its attention has been drawn to “certain spurious and grossly uninformed” claims suggesting that about 20 percent of the Naira currency notes in circulation are counterfeited. The bank in a statement issued by its spokesman, Mr Isaac Okorafor, said while its acknowledges that no currency in the world is immune from counterfeiting, it makes bold to state that the rate of counterfeiting in Nigeria has been very minimal due to appropriate policies it has put in place. “Indeed, our records at the bank clearly indicate that the prevalence of counterfeit notes

By Dipo Olowookere Meristem Securities Limited has been directed by the Investments and Securities Tribunal (IST) in Abuja to pay the sum of N3 million as damages to an investor, Mr Steven Guar. The fine was the stockbroker’s misconduct, which forced the capital market investor to incur some losses and hardship. In his ruling, Mr Jude Ike Udunni, who presided over the tribunal, held that evidence showed that Meristem Securities Limited failed to discharge the duty of care required of it to the investor who is its client. He further ordered the company to take immediate steps to ensure that