CBN Keeps Rates at 14% for 9th Consecutive Time

By Modupe Gbadeyanka Business owners in Lagos have been assured of more incentives by the state governor, Mr Babajide Sanwo-Olu, who added that this is part of his administration’s commitment to reforms aimed at improving the ease of doing business and enhancing investment opportunities. Speaking at the commissioning of the newly-built wet hair production factory of Godrej Nigeria Limited, the Governor said his government would continue to pursue actions that would eliminate red tapes and regulatory impediments hindering the growth of businesses in the state, thereby demonstrating his willingness for continued collaboration with the private sector to improve the livelihood

By Adedapo Adesanya Nigeria will accept and work with a production quota of 1.5 million barrels of crude oil per day in 2024 as the country aims to grow on the back of its oil resources, following a revision done by the Organisation of the Petroleum Exporting Countries and its allies, OPEC+. According to a statement issued by the Press and Public Relations unit of the Ministry of Petroleum Resources, Thursday’s meeting of the 23-man group addressed crucial aspects, including the completion of assessments by independent sources (IHS, Wood Mackenzie, and Rystad Energy) on the projected production levels for Angola,

By Adedapo Adesanya The boards of insurance companies operating in the country have been charged by the National Insurance Commission (NAICOM) to embrace the measures put in place to tackle the challenges of unpaid claims. The Commissioner for Insurance, Mr Sunday Thomas, expressed worry over the number of outstanding claims in the sector despite efforts by the regulator to address the issue. Mr Thomas, who is also the chief executive of NAICOM, said the organisation, in collaboration with members of the Insurers’ Committee, has taken decisions and incepted measures designed to tame the menace of unpaid claims. Speaking at the

By Adedapo Adesanya A milk-producing company, FrieslandCampina Wamco Nigeria, helped the NASD Over-the-Counter (OTC) Securities Exchange return to the green territory by 0.54 per cent on Wednesday, November 29. The firm improved its value by N3.50 in the midweek session to settle at N73.50 per share compared with the previous day’s closing price of N70.00 per share. It suppressed the 10 Kobo decline posted by Central Securities Clearing System (CSCS) Plc, which ended lower at N17.00 per unit versus Tuesday’s value of N17.10 per unit. Consequently, the market capitalisation of the alternative stock exchange went up by N6.28 billion to

By Modupe Gbadeyanka No fewer than 50 rice farmers in Edo State have been trained by a United Nations agency, the Food and Agriculture Organisation (FAO). The beneficiaries were drawn from farm rice clusters in the state and the training is aimed at building their capacity on field management of seeds and padding production. A Director in Edo Ministry of Agriculture, Mr Wellington Omoragbon, informed the News Agency of Nigeria (NAN) in Benin on Sunday that the training was in collaboration with the Federal Ministry of Agriculture and Rural Development and the Competitive African Rice Initiative (CARI)’ According to him,

By Modupe Gbadeyanka After serving on the board of UACN Property Development Company Plc for over nine years, Mrs Halima Alao, a former Minister of Environment, Housing and Urban Development, has called it quit with the company. Mrs Alao, an Architect of high reputation in Nigeria, tendered her resignation to the board, which has been accepted. She joined the board on January 13, 2010 as a non-executive director. During her nearly a decade as a director of the firm, she served in different capacities including being a member of the Statutory Audit Committee, the Risk Management Committee and the Remuneration

By Modupe Gbadeyanka On Monday, May 13, 2019, the management of MTN Nigeria Place held a meeting with investment analysts in Lagos, where they discussed the financial position of the leading telecommunications company in the country. The analyst call gave financial experts the opportunity to engage top shots of the firm on their books and how the company intends to make things better when the shares are eventually listed on the Nigerian Stock Exchange (NSE) later this week. Below is the presentation made by the company during the conference call today. http://businesspost.ng/wp-content/uploads/2019/05/MTNN-Q1-2019-local-analyst-presentation.pdf

By Aduragbemi Omiyale A full-scale investigation into the alleged killings of innocent persons by senior officers of the Anambra Command of the Nigeria Police Force (NPF) has commenced. This development was confirmed by the spokesman of the NPF, Mr Olumuyiwa Adejobi, in a statement on Tuesday in Abuja. He said the Inspector-General of Police (IGP), Mr Usman Alkali Baba, was worried by the allegations of extra-judicial killings levelled against the officers of the police command. It was alleged that the Officer in Charge of Awkuzu SARS in Anambra State, CSP Patrick Agbazue, and his team comprising SP Princess Nkeiruka Nwode,

By Adedapo Adesanya Crude oil prices spiralled downward on Monday, erasing the gains it earlier garnered when the Brent crude topped $46.50 per barrel in early trading, reaching its highest level in over 5 months. Later in the day, the price of the international crude benchmark went down by 25 cents or 0.59 per cent to $45.54 per barrel, while the United States West Texas Intermediate (WTI) crude fell by 17 cents or 0.40 per cent to quote at $42.80 per barrel. Prices had found support early Monday after data showed a stronger-than-expected pickup in China’s service sector and then

By Aduragbemi Omiyale The board and management of Transcorp Hotel Plc have been commended for their “commitment towards the sustained growth of this reputable brand.” This applause was given by the CEO of the Nigerian Stock Exchange (NSE), Mr Oscar Onyema, last week at the listing of the company’s rights issue on the trading platform of the bourse. Transcorp Hotels listed additional 2,642,124,511 ordinary shares valued at N10 billion on the NSE last Thursday, while the CEO of the firm, Mrs Dupe Olushola, was honoured with the closing gong ceremony. At the event, Mr Onyema noted that the 99.3 per

By Adedapo Adesanya  Thursday, October 17, 2019 at the Investors and Exporters (I&E) segment of the foreign exchange market closed on a negative note with the Naira depreciating 0.03 percent or 12 kobo against the US Dollar. The local currency closed during the trading session at N362.48 to one Dollar compared with the N362.36/$1 it was exchanged at the last session on Wednesday. According to data from the FMDQ, the market turnover for Thursday at the market was higher when compared with the previous day as transactions worth $437.39 million occurred at the investors. This was $229.82 million or 110.7

By Dipo Olowookere Leicester City player, Ahmed Musa, has been quizzed by police in England over allegations bordering on assault on his wife, Jamila. The Nigerian international was arrested in the early hours of Wednesday after his team beat Sunderland 2-0 in an EPL match. According to Daily Mail, two plain-clothed policewomen arrived at the 24-year-old Musa’s five-bedroom home in Countesthorpe, Leicestershire and went away with him. At the station, he was questioned on the allegation and cooperated with the security officials. He was later released without charge. Last summer, Leicester City, after winning the English league, signed the Nigerian