Capital Importation into Nigeria Falls to $875.6m in Q2 2021

By Dipo Olowookere Nigerian stocks attracted more investments last week than the preceding week as a result of renewed confidence in the market, as traders quickly take a position, especially in large-cap equities, ahead of the release of financial results in the coming months. The Nigerian Exchange (NGX) Limited has been impressive in 2023, and there are indications that next year will be better. Those who have missed out on the goodies this year are already positioning themselves for 2024 so as not to be left behind again. Consequently, the bourse witnessed an improvement in the value of transactions by

By Aduragbemi Omiyale Moody’s outlook on Nigeria has been upgraded from stable to positive after the federal government implemented a few economic reforms. In a statement on Friday, the rating agency said the decisions to remove the costly petrol subsidies, devaluation of the Naira and the unification of the foreign exchange (FX) market were good for the economy. When Mr Bola Tinubu assumed office in May 2023, he announced an end to the payment of subsidies on premium motor spirit (PMS). A month later, the Central Bank of Nigeria (CBN) announced the unification of the forex market, while the Naira

By Adedapo Adesanya The federal government has exempted imported Liquefied Petroleum Gas (LPG) and its equipment from the payment of customs duty and value-added tax (VAT), a move expected to result in a drop in the cost of cooking gas in the country and bring much-needed succour to Nigerians. This was disclosed by the Minister of Finance, Mr Wale Edun, in a letter (dated November 28, 2023) to the Special Adviser to the President on Energy; the Comptroller-General of the Nigeria Customs Service (NCS); and the Chairman of the Federal Inland Revenue Service (FIRS). Recall that in 2019, the federal

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 Investors Hub European shares are turned in a mixed performance on Wednesday as investors digest mixed earnings and economic releases and look ahead to the outcome of the Federal Reserve’s latest two-day monetary policy meeting concluding later in the day. Some economists expect the central bank to raise its economic assessment at Fed Chair Janet Yellen’s final meeting. In economic news, Eurozone inflation slowed as expected in January, flash data from Eurostat revealed. Inflation came in at 1.3 percent, in line with expectations, but lower than December’s 1.4 percent. The Eurozone jobless rate held steady at an almost 9-year

By Modupe Gbadeyanka Results of the half-year review of the market indices have been announced by the management of the Nigerian Stock Exchange (NSE). According to a statement issued by the NSE, the review has led to the entry and exit of some companies from some indices with effect from Wednesday, July 1, 2020. The indicators reviewed by the exchange were the NSE 30 Index, NSE Lotus Islamic Index, NSE Pension Index, Corporate Governance Index, Afrinvest Bank Value Index, Afrinvest Dividend Yield Index, Meristem Growth Index, Meristem Value Index; and the five Sectoral Indices of The Exchange–NSE Banking, NSE Insurance,

By Modupe Gbadeyanka In the Q1 2017 financial accounts of Diamond Bank released to the Nigerian Stock Exchange (NSE) recently, the lender recorded strong growth in its asset base, customer base, quality service delivery, product development and deployment of cutting-edge technology to drive its operations. However, its Profit Before Tax (PAT) mildly declined to N5.6 billion from N6.6 billion in the previous year, while Profit After Tax (PAT) depreciated to N4.8 billion from N5.8 billion. But the bank remains optimistic that it is solidly committed to growing its corporate and mid-tier market segment in the business year and the years

By Dipo Olowookere Minister of Power, Works and Housing, Mr Babatunde Fashola, on Tuesday participated in a Special Town Meeting with Youths in Abuja bearing an unmistakable message of hope even as he called for patience and hard work among Nigerians as the panacea for the much desired national economic recovery. Mr Fashola, who spoke at the Town Hall Meeting with Nigerian Youths in Abuja organised by the Federal Ministry of Information and Culture, prefaced his contribution with an acknowledgement of his age and some of his colleagues as being beyond the youth bracket but quickly added that he has

By Dipo Olowookere Leading pan-African banking group, Ecobank, has won ‘Bank of the Year’ awards in five of its countries of operation. Ecobank scored the five-trophy hall at The Banker awards, which were held on November 29, at the Hilton London Bankside, with Cameroon, Guinea Conakry, Gambia, Togo and Uganda, all emerging triumphant. This is the second consecutive year that The Banker honoured Ecobank Guinea Conakry for its performance. The Banker, part of the Financial Times, is one of the most recognised and widely respected trade finance titles. Judges said that the winning countries had made significant progress over the

By Dipo Olowookere After years of serving his jail term in the United Kingdom, former Governor of Delta State, Mr James Ibori, has regained his freedom. Mr Ibori was convicted by a court in the UK for offences bordering on fraud. During his trial, the politician confessed purchasing six foreign properties and a fleet of cars with the stolen funds of about £200 million. He was sentenced to prison for 13 years after pleading guilty to 10 charges of fraud and money laundering in February 2012. However, on Wednesday, a UK Court ordered his unconditional release, nevertheless held that the

By Kelvin Adegbenga Plagiarism is the “wrongful appropriation” and “stealing and publication” of another author’s “language, thoughts, ideas, or expressions” and the representation of them as one’s own original work. The idea remains problematic with unclear definitions and unclear rules. Plagiarism is not in itself a crime, but can constitute copyright infringement. In academia and industry, it is a serious ethical offense. Plagiarism and copyright infringement overlap to a considerable extent, but they are not equivalent concepts, and many types of plagiarism do not constitute copyright infringement, which is defined by copyright law and may be adjudicated by courts. Plagiarism

By Dipo Olowookere Mr Babajide Sanwo-Olu has been finally declared as winner of the governorship primary election of the All Progressives Congress (APC) held in Lagos State yesterday. Chairman of the APC National Working Committee (NWC) Panel appointed to monitor the process, Mr Clement Ebri, announced Mr Sanwo-Olu as winner of the exercise this morning. At a press briefing in Lagos, Mr Ebri, who first declared the process as illegal yesterday, said the Mr Sanwo-Olu defeated the incumbent governor of the state, Mr Akinwunmi Ambode, during the primary poll. According to him, while Mr Sanwo-Olu polled 970,851 votes, Mr Ambode