Berger Paints Workers Call Off Strike

By Dipo Olowookere The bears tightened their grip on the Nigerian Exchange (NGX) Limited on Tuesday, chopping off 0.34 per cent from the local bourse despite assurances from Mr Yemi Cardoso he would endeavour to ensure the Central Bank of Nigeria (CBN) restores its independence. Mr Cardoso was confirmed as the new CBN Governor by the Senate yesterday and he promised to formulate evidence-based monetary policies, a departure from his predecessor, Mr Godwin Emefiele, who was accused of romancing the President and coming up with trial-and-error policies. Business Post reports that investors were more interested in trimming their exposure to

By Aduragbemi Omiyale A new Code of Conduct for Approved Persons of Trading License Holders, otherwise known as stockbrokers, has been introduced by the Nigerian Exchange (NGX) Regulation Limited (NGX RegCo). It was disclosed that the ethical guideline was designed to ensure professionals dealing with the trading of shares at NGX Limited follow high standards. Furthermore, it highlights the expected standards and values that Approved Persons must display at all times when conducting their businesses at all times. The idea of the code of conduct for stockbrokers, according to the regulator, is to deepen the market and foster professionalism, integrity,

By Aduragbemi Omiyale Mr Tokunbo Akande, the Special Adviser to the Executive Chairman of the Lagos State Internal Revenue Service (LIRS), Mr Ayodele Subair, has waded into the controversies surrounding stamp duty. The Federal Inland Revenue Service (FIRS) and the Nigerian Postal Service (NIPOST) have been at loggerheads at to which of them should collect the revenue charged on financial transactions in the country. Mr Akande, while commenting on the matter, described stamp duty as ‘a revenue stamp and not a postage stamp.’ While featuring as a guest on The Tax Talk programme on Channels Television recently, he emphasised that

By Adedapo Adesanya Oil prices moderated in choppy trade on Monday as Russia relaxed its fuel ban amid a widening demand worry. Brent crude futures lost 2 cents during the session to trade at $93.29 per barrel, and the US West Texas Intermediate (WTI) crude depreciated by 35 cents to close at $89.68 per barrel. Last week, prices were down after a hawkish Federal Reserve rattled global financial markets and raised concerns that interest rates could stay higher for longer affecting oil demand. This snapped a three-week rally of more than 10 per cent after Saudi Arabia and Russia constrained

By Dipo Olowookere Companies in the oil and gas industry have been assured of the right financial support needed to efficiently grow the sector. This assurance was given by the Chief Executive Officer of First Bank of Nigeria, Mr Adesola Adeduntan, at the Energy Finance Forum at the recent Nigeria International Petroleum Summit in Abuja. Mr Adeduntan, stated that the bank had been in the forefront supporting oil and gas firms, especially indigenous operators. Represented by the bank’s Executive Director, Public Sector, Mr Abdullahi Ibrahim, the bank chief noted that infrastructure financing was critical in accelerating development, adding that this

By Adedapo Adesanya, Ahmed Rahma The value of the Naira against the Dollar moved southwards on Thursday at the Investors and Exporters (I&E) and the black market segments of the foreign exchange market. This was mainly influenced by the significant rise in the demand for forex at the market windows. Data harvested by Business Post showed that at the I&E window, transactions worth $215.63 million were carried out compared with the $17.23 million recorded the preceding day, indicating a rise of $198.4 million or 1,151.5 per cent. This put pressure on the local currency yesterday, causing it to depreciate by

By Modupe Gbadeyanka The National Insurance Commission (NAICOM) has asked 17 insurance companies in the country to review and resubmit their plans, which highlights how they intend to meet the new capital base requirement requested for by the regulator. NAICOM had given the underwriters till Tuesday, August 20, 2019 to submit the recapitalisation templates, which should contain a resolution of the board on how the funds for the exercise would be sourced with timelines and deliverables. “Companies intending to seek funds from the capital markets are required to submit their plan of action on a file-and-use basis. “Companies that intend

By Modupe Gbadeyanka The House of Representatives has kicked against an alleged plan to install an interim government in Nigeria, urging security agencies, particularly the Department of State Services (DSS), to be on alert and forestall any plans to cause chaos or mayhem in the country. At the plenary on Tuesday, the lower chamber of the National Assembly said those against the inauguration of a democratically-elected government on May 29, 2023, should have a rethink. Debating a motion of urgent national importance in Abuja today, the lawmakers appealed to parties not satisfied with the outcomes of the 2023 general elections

By Dipo Olowookere After initially declining to be part of the African Continental Free Trade Area (AfCFTA), Nigeria has rescinded its decision to stay away from the initiative backed by almost all the nations on the continent. On Sunday, July 7, 2019, President Muhammadu Buhari signed the Agreement Establishing AfCFTA. He signed for the continent’s largest economy at the opening of the 12th Extraordinary Session of the Assembly of African Union Heads of State and Government on #AfCFTA in Niamey, Niger Republic. With this development, Africa will operate as a single market, allowing easy movement of goods across borders. The

By Adedapo Adesanya **As Pantami Clarifies Telecommunication Situation in Zamfara The Federal Executive Council (FEC) has approved the national policy on the fifth-generation (5G) network in Nigeria. This was disclosed by the Minister of Communications and Digital Economy, Mr Isa Pantami, in Abuja after the weekly FEC meeting held on Wednesday. He explained that the benefits that accrue from employing such networks include larger capacity, higher data rates, among other economic, health, security and educational opportunities. According to the Minister, the radiation from the 5G has proven to be lower than the 4G, televisions or microwaves, contrary to stories peddled

By Dipo Olowookere The bulls cemented their dominance on the Nigerian Exchange (NGX) Limited on Wednesday amid sustained buying interests in local equities. Impressive corporate earnings bolstered the bourse further by 0.49 per cent at the close of transactions yesterday, with investors mopping up shares in the energy and banking sectors, especially Geregu Power and MTN Nigeria, which declared dividends. An analysis of the market data showed that the energy index rose by 3.61 per cent, as the banking counter appreciated by 1.22 per cent, offsetting the 1.34 per cent loss, the 0.11 per cent decline and the 0.02 per

By Dipo Olowookere On Thursday, October 13, 2016, leading global technology company, Philips, launched its brand of hair clippers in Nigeria at a ceremony held in Lagos. Business Post correspondent at the event gathered that the clippers were designed to ensure they caused no bumps to users. Philips is a known and dependable brand in the world of electronics and healthcare segments of the market. Speaking at the launch, which took place at Protea Hotel in Ikeja, the General Manager, Personal Health Care West Africa, Mrs Chioma Nweke, stated that the barbing clippers business remains a huge market valued at