BUA Cement to Sell N100bn Bonds to ‘Big Investors’

By Adedapo Adesanya The Minister of Solid Minerals Development, Mr Dele Alake, has assured foreign investors of low production costs as they consider investing in the country’s mining sector. Speaking at the Mines and Money Conference in London, Mr Alake said President Bola Tinubu has embarked on reforms to boost investment by streamlining procedures and reducing hurdles to attract foreign investors. “The country’s geological bounty encompasses over 44 distinct mineral types, found in exploitable quantities across more than 500 locations,” the Minister said, according to a statement by his aide, Mr Kehinde Bamigbetan. “Recently, recognizing the evolving global landscape and

By Adedapo Adesanya The Nigerian Naira weakened further by 8.3 per cent or N67.28 on the American Dollar at the Nigeria Autonomous Foreign Exchange Market (NAFEM) on Tuesday, as investors intensified their demand for the greenback ahead of the festive season rush. Amid a squeeze in the supply of the foreign currency to the market, the value of the local currency closed at N881.88/$1 yesterday compared with the preceding session’s N814.60/$1. Though the supply of FX into the official market improved by 17.9 per cent or $18.00 million to $118.06 million from $100.06 million quoted on Monday, it was not

In furtherance of my sacred duties and obligations as President of the Federal Republic of Nigeria, it is my honour to be here today to present my administration’s 2024 Budget Proposal to this Joint Session of the 10th National Assembly. This moment is especially profound and significant to me because it is my first annual budgetary presentation to the National Assembly. Distinguished Senators and Honourable Members of the National Assembly, I commend your swift consideration and passage of the 2023 Supplementary Appropriation Bills and the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper. Your prompt action underscores your devotion

By Mpaka Numbere The challenges of insecurity in Nigeria and Plateau State in particular have continued to occupy and engage citizens not only because of the complex nature of the conflicts, but also of the competing interests that tend to make representations on the causes, dynamics and actors of the conflict intricate. To be sure, these contending interests again seem to accelerate the race to the bottom in finding solution to these crises which unfortunately is also against intervention initiatives to proffering elucidations on the methods to be adopted in the resolution of these crises. The search for a lasting

By Dipo Olowookere The management of Access Bank Plc has announced moving its head office in the Victoria Island of Lagos State to another location. In a notice to the Nigerian Stock Exchange (NSE) on Thursday morning, the financial institution said its corporate headquarters will now be at another location within the aquatic city. Access Bank has operated its head office on Plot 999c, Danmole Street, Victoria Island, Lagos for many years, but the lender has a new place to operate from. According to the disclosure, the new headquarters would be on No 14/15, Prince Alaba Oniru Road, Oniru, Lagos.

By Dipo Olowookere Additional 1.130 billion ordinary shares of Consolidated Hallmark Insurance Plc have been listed on the Nigerian Stock Exchange (NSE). The extra shares of 50 kobo each were listed on Tuesday, February 5, 2019 on the NSE at 65 kobo per unit. With this listing, the total issued and fully paid up shares of Consolidated Hallmark has now increased from 7 billion to 8.130 billion ordinary shares of 50 kobo each. Consolidated Hallmark Insurance is one of the insurance companies trading their securities on the floor of the local stock exchange. The firm, incorporated on August 2, 1991,

By Adedapo Adesanya The oil market rose on Thursday as the market focused on Russian oil supply concerns, rebounding Chinese demand, and interest rates hike in England. The Brent crude was sold for $90.46 per barrel after it gained 63 cents or 0.7 per cent, with the United States West Texas Intermediate (WTI) crude going for $83.49 per barrel after it appreciated by 55 cents or 0.7 per cent. Russia pushed ahead with its biggest conscription since World War II, raising concerns that an escalation of the war in Ukraine could further hurt supply. President Vladimir Putin announced earlier this

By Modupe Gbadeyanka Operations of the foremost audio streaming platform, Spotify, in Nigeria have clocked one year. About 12 months ago, the company launched its services in Nigeria and over 40 new markets across the continent, allowing music lovers to enjoy both local and foreign tunes. Since coming to the country, the average number of artists streamed per user has grown by 60 per cent, with about 1.3 million user-generated playlists. During the period, Nigerian artists dominated the local music scene, with artists such as WizKid, Burna Boy, DaVido, Buju (now known as BNXN) and Olamide topping the list of

By Dipo Olowookere Shares of 10 companies worth N3.35 trillion have been admitted on the trading platform of the Nigerian Stock Exchange (NSE) since the beginning of this year, Business Post has learned. Of these 10 firms, only three had their shares newly listed on the nation’s bourse and they are Skyway Aviation Handling Company (SAHCO) in April 2019, MTN Nigeria Communications Plc in May 2019 and Airtel Africa Plc in July 2019. During its listing by Initial Public Offering (IPO), SAHCO listed 1.35 billion shares worth N6.28 billion on the NSE at N4.65k each. When it listed its shares

By Dipo Olowookere The sum of N10 billion is about to be raised by Greenwich Merchant Bank Limited from the sale of commercial paper, Business Post reports. The lending institution for players in the business sector intends to use the proceeds of the issue to support its short-term funding needs as part of its working capital management strategy, according to a notice. The Naira-denominated corporate debt instrument is being issued to investors in the Nigerian capital market under the company’s N100 billion commercial paper programme. In the details of the exercise, Greenwich Merchant Bank is selling the commercial paper in

By Dipo Olowookere All insiders and their connected persons in Fidelity Bank Plc would be prohibited from trading in the shares of the lender from Friday, July 26, 2019, a statement from the company has declared. This is in line with Fidelity Bank Plc’s Insider Trading Policy and the extant Rules of the Nigerian Stock Exchange (NSE). This restriction will remain until a day after the company releases its audited Half Year 2019 financial accounts on the floor of the NSE on or before August 29, 2019. With this directive, persons like directors, top management staff and their connected persons