CBN Extends BVN Registration For Diaspora Customers

By Dipo Olowookere In one week, investors bought and sold 2.543 billion shares worth N38.644 billion in 36,138 deals on the floor of the Nigerian Exchange (NGX) Limited. In the preceding trading week, a total of 2.425 billion shares valued at N22.665 billion were transacted by investors in 33,230 deals. It was observed that financial stocks led the activity chart as usual with 1.721 billion units worth N18.281 billion in 17,151 deals, contributing 67.68 per cent and 47.30 per cent to the total trading volume and value, respectively. Conglomerates equities trailed with 200.584 million units valued at N1.546 billion in

By Adedapo Adesanya  Angola, one of Africa’s top crude oil producers and a key member of the Organisation of the Petroleum Exporting Countries (OPEC), has officially rejected the proposed production quota for the year 2024 and may even exit the group. This was signalled by Mr Diamantino Pedro Azevedo, Angola’s Minister of Energy and Mineral Resources, confirming the nation’s decision and indicating a divergence from OPEC’s suggested allocations for both member and non-member countries. The announcement was made during the 26th OPEC+ Meeting on Thursday, where the organisation proposed 1.11 million barrels of crude oil per day production quota for

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 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 Dipo Olowookere Africa’s Best Airline for 14th consecutive years, South African Airways (SAA), will from December 11, 2016, bring new travel experience to Nigerian travellers with the introduction of brand new A330-300 aircraft on the Lagos-Johannesburg route. The SAA A330-300 aircraft deployed to the Lagos-Johannesburg route is one of the five new state of-the-arts, environmentally friendly, super-comfortable aircrafts that the airline has acquired to improve its service offering for passengers’ memorable journey. Aboard the SAA new A330-300 aircraft, Nigerian travellers will enjoy brand-new 46 Premium Business Class and 203 Economy Class seats with warm, neutral colours and cabin furnishings

By Aduragbemi Omiyale About $200 billion is expected to be raised as foreign exchange (FX) earnings for Nigeria from non-oil exports in the next three to five years. This is being championed by the Central Bank of Nigeria (CBN) in collaboration with the Bankers’ Committee, according to the governor of CBN, Mr Godwin Emefiele. Addressing newsmen on Thursday after the committee’s meeting, Mr Emefiele said this initiative will forex supply into the market and boost the value of the Naira. He said this policy would be implemented under the RT200 FX Programme through five components of value-adding exports facility, non-oil

By Dipo Olowookere Governor Dave Umahi of Ebonyi State has been lambasted by the All Progressives Congress (APC) Youths Renaissance for not allowing the party hold its rally in the state this Saturday. In a statement issued by the group, it described the action of the Governor as irresponsible, declaring him as an enemy of democracy and urged him to resign from the position. “We wonder why a governor who took the oath of office to defend the constitution of Nigeria in Ebonyi State would be the very one violating the same law in which he is a custodian. “Hence,

By Dipo Olowookere The Nigerian stock market has started to gain the confidence of investors and this may have been boosted by the decision of the Central Bank of Nigeria (CBN) to retain the interest rate at 11.50 per cent on Tuesday. At the market on Wednesday, the Nigerian Exchange (NGX) Limited appreciated by 1.29 per cent on the back of interest in the shares of Airtel Africa Plc. According to the trading data analysed by Business Post, the All-Share Index (ASI) closed at a 13-year high of 46,529.99 points after it added 590.48 points to its previous value of

By Dipo Olowookere Foremost Ogun-based politician and farmer, Mr Tunde Oladunjoye, has advised cocoa farmers in the Gateway State to come together to form a united front against those he described as political farmers. He said this at the Cocoa Farmers Roundtable Conference held at the Muslim Community Event Centre in Ijebu Mushin on Thursday, November 28, 2019. The former council chairman of Ijebu Mushin local government area of Ogun State, while addressing participants at the gathering, emphasized that the cash crop remains very important to the nation’s economy and has been playing contributory roles in revenue mobilization to the

By Dipo Olowookere The stop rates of treasury bills were further increased by the Central Bank of Nigeria (CBN) at the primary market on Wednesday. The apex bank had in recent time been raising the annual interest rate of the financial asset, resulting in renewed interest from investors, who waste no time to pounce on any available risk-free investment tool with high yields. Yesterday, the bank offered N128.3 billion worth of T-bills to investors via the PMA across three tenors, with N20.4 billion auctioned for the 91-day bill, N55.9 billion for the 182-day bill and N52.0 billion for the 364-day

By Dipo Olowookere Some branches of commercials banks in Ibadan were on Monday sealed by officials of the Oyo State government. This was because the affected financial institutions allegedly failed to pay some levies into the coffers of the state government despite series of warnings to them. When they least expected, officials of the Oyo State Interministerial Enforcement Unit stormed premises of Diamond Bank, Stanbic IBTC Bank, Skye Bank, FCMB and Heritage Bank around Dugbe, Mokola, Idi-Ape, Agodi Gate, Secretariat Road, Challenge, Jericho, Bodija, UI among others. This left business activities at the bank branches disrupted as the task force

By Modupe Gbadeyanka Some officials of the Economic and Financial Crimes Commission (EFCC) have undergone training on cryptocurrency, forensic auditing and investigation. The four-day workshop was organised by the anti-money laundering agency as part of efforts to tackle some emerging crimes and build stronger capacities for future challenges. A statement issued on Friday by the Media and Publicity Department of the EFCC said the seminar commenced on Monday, June 6 and ended on Friday, June 9, 2022. It took place at the EFCC Academy in Karu, Abuja with participants drawn from different cadres of operatives of the commission. The Acting