C&I Leasing’s Remarkable Growth Trajectory Attracted us—PMT

By Adedapo Adesanya The value of the NASD Over-the-Counter (OTC) Securities Exchange sharply declined by 3.86 per cent on Thursday, September 28, after the shares of VFD Group Plc were taken out of the platform. VFD Group, according to reports, is planning to trade its stocks on a larger platform, the Nigerian Exchange Limited (NGX). The delisting of the company’s equities brought down the market capitalisation of the NASD OTC exchange by N44 billion to settle at N1.102 trillion compared with the N1.146 trillion it finished on Tuesday, the last trading session. The market was closed on Wednesday as a

By Adedapo Adesanya  The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has vowed to down tools and shut down all oil field locations if demands following the acquisition of Nigerian Agip Oil Company (NAOC) are not met. Business Post had reported in September that Oando Plc had acquired a 100 per cent stake in the Nigerian subsidiary of Italian giant, Eni. However, the deal allegedly happened without management addressing the welfare and benefits of the workers and without due process. The development has led to several protests by members of PENGASSAN since the beginning of September 2023.

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.38 per cent on Friday, September 30, with N4.16 billion added to the value of the bourse, closing at N1.105 trillion compared with Thursday’s value of N1.101 trillion. The market witnessed the improvement a day after the shares of VFD Group were yanked off the trading platform, with the NASD Unlisted Securities Index (NSI) closing higher by 3.06 points to settle at 815.65 basis points versus the previous day’s 812.59 basis points. There were three gainers led by FrieslandCampina Wamco Nigeria Plc, which improved by N1.31 to close at

By Dipo Olowookere No fewer than 15 Nigerian Small and Medium-sized Businesses (SMBs) will share the N75 million set aside by a tech giant, Google, in the 2023 edition of Hustle Academy Fund. The initiative was introduced in 2022 to provide equity-free funds to small business owners to scale up their operations and support entrepreneurial growth in Nigeria. Entries for the exercise opened on Thursday, September 28 and will close on Thursday, October 12, 2023, and to be eligible, businesses must be Nigerian-founded, operating within Nigeria for 1-5 years, and have a clear and scalable business plan. They should have

By Dipo Olowookere The sum of N60 billion would be shared to holders of MTN Nigeria Communications Plc stocks, the leading telco in the country has announced. In a disclosure last week, the firm said the amount was a cash reward for the half year ended June 30, 2019 and it represents N2.95k per share. According to the notice, the payment would be made on Friday, August 16, 2019 only to shareholders whose name appear on names appear in the register of members as at the close of business on Monday, August 8, 2019. Last week, MTN Nigeria released its

By Dipo Olowookere The local stock exchange lost 1.32 per cent on Thursday, putting a halt to the two-day positive momentum triggered by the suspension of Mr Godwin Emefiele as the Central Bank of Nigeria (CBN) governor. Business Post observed that investors were swayed by the inflation numbers released by the National Bureau of Statistics (NBS) during the trading session. According to the NBS, inflation for May 2023 increased by 22.41 per cent as a result of the surge in the prices of food in Nigeria. This information rattled traders at the Nigerian Exchange (NGX) Limited, causing profit-taking as they

By Adedapo Adesanya President Muhammadu Buhari has reconstituted the boards of Nigerian Liquefied Natural Gas Limited (NLNG) and Bonny Gas Transport Limited (BGT). Following this action, the President has appointed Mr Edmund Daukoru as Chairman and President of the boards of the NLNG and BGT. Mr Daukoru will replace Mr Osobonye Longjohn. In a statement in Abuja, Minister of State for Petroleum Resources, Mr Timipre Sylva, disclosed that Mr Buhari also appointed four other individuals to the board of the NLNG and four others to the board of BGT. The other appointments to the board of the NLNG, according to

By Aduragbemi Omiyale The operational licence of UNIC Insurance Plc has been revoked by the National Insurance Commission (NAICOM). This development was confirmed by the agency in a public notice signed by the management. NAICOM is the institution saddled with the responsibility of regulating the insurance industry in the country as well as the activities of operators. UNIC Insurance, which has its corporate headquarters in Lagos, operates as an insurance company, with a focus on the life and health insurance business, as well as financial services. But due to some issues, NAICOM has withdrawn the operational licence it granted the

By Adedapo Adesanya The federal government has suspended the implementation of the minor upward review of the electricity charges from N2 per kWh to N4 per kWh by the National Electricity Regulatory Commission (NERC). This was disclosed by the Minister of Power, Mr Sule Mamman, via his Twitter handle on Thursday. He noted that this should be halted pending the conclusion of the Joint Ad Hoc Committee’s work at the end of January 2021. According to him, the development will give room for the outcome of all resolutions from the committee to be implemented together. He tweeted, “To promote a

By Modupe Gbadeyanka Chairman of Transnational Corporation of Nigeria (Transcorp) Plc, Mr Tony Elumelu, has described the appointment of Mr Christopher Ezeafulukwe as an Executive Director of the firm as a welcome development. Mr Elumelu said the move would “deepen and open new doors of commercial opportunities for Transcorp and all our stakeholders as we pursue our goal of providing power in every home, school, hospital and business enterprise in Nigeria.” According to him, “Chris is an invaluable member of the Transcorp team. His insights, drive and commitment to business execution are exemplary.” Transcorp, one of the leading conglomerates in

By Modupe Gbadeyanka Nigeria is set to capture at least 10 percent of the global market share of Liquefied Natural Gas (LNG) as part of the concerted efforts to harness the nation’s gas resources which currently stand at 192 Trillion Cubic Feet, tcf, of proven reserve. Group Managing Director of NNPC, Dr Maikanti Baru, who stated this while delivering a keynote address at the 2017 Society of Petroleum Engineers, SPE, Oloibiri Lecture Series and Energy Forum, said the projection was in line with the gas component of the NNPC 12 Business Focus Areas termed the 12BUFAs initiative which seeks to

By Modupe Gbadeyanka Last week, over 125 healthcare professionals and logistics experts converged at the DHL 6th annual Regional Life Sciences and Healthcare conference held in Pretoria, South Africa, to discuss on the topic ‘Delivering Healthcare to Africa’. At the event, it was noted by Vice President EMEA, DHL Life Sciences & Healthcare, Mr Thomas Ellmann that Africa has positive growth potential in the healthcare sector, but needed continuous investment in capabilities, quality and innovation to operate successfully across the continent. Africa is considered the final frontier in delivery of healthcare services and there are a number of service delivery