Conoil Rewards Shareholders with N2 per Share Dividend

By Modupe Gbadeyanka The chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, has asked his counterpart in the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, to support his agency to achieve the Renewed Hope Agenda of President Bola Tinubu, who appointed both of them. Speaking during a courtesy visit to the headquarters of the anti-money laundering firm, Mr Adedeji said the EFCC has a role in ensuring that taxpayers’ funds are “judiciously utilised in line with the social contract with the people.” He assured that the FIRS would continue to strive to raise the revenue

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange fell into the danger zone on Tuesday, November 28, as it recorded a 1.14 per cent loss after the price of three securities on the platform closed lower. This chopped off N13.33 billion from the NASD OTC securities exchange at the close of transactions, going down to N1.158 trillion from the N1.171 trillion it ended in the previous session. Business Post reports that the effort of a price gainer yesterday could not save the NASD Unlisted Security Index (NSI) from declining by 9.84 points to 854.67 points from the 864.51 points

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 President Bola Tinubu is targeting to grow Nigeria’s economy by 3.76 per cent next year and moderate the country’s inflation to 21.4 per cent. Speaking at his first budget speech to lawmakers on Wednesday, President Tinubu also projected higher oil production and tax collection, noting that this will boost government revenues and cut down on reliance on borrowing to finance budget deficits. Nigeria plans on spending N27.5 billion in the 2024 fiscal year, with priorities on security, infrastructure and easing the high cost-of-living crisis. The country will borrow around N9 trillion and N18.5 billion generated from internally

By Olaniyi Tayo If 2017 was the year of blockchain early adoption by mainstream businesses, 2018 to 2027 will be the decade blockchain solutions will be disrupting many industries across the world. According to Accenture research, by 2025, blockchain will be considered mainstream and integral to the capital market and ecosystem. Blockchain offers the chance to truly rewrite the way companies and markets operate by delivering greater transparency and trust, removing redundant processes, and revamping inefficient capabilities. Beyond simply automating old processes, blockchain eliminates steps and activities amongst businesses and facilitates the restructuring of traditional value chains. From financial industry

A new report by the Deloitte Africa’s Automotive Insights, which was published in April 2016, has revealed that the local production of vehicles in Nigeria dropped in 2015. The report said production dropped from 4,000 units in 2014 to 2, 500 units in 2015. This came despite the efforts of the Nigerian Government to encourage local automobile production through the launch of the Nigeria Automotive Industry Development Plan (NAIDP) in 2014 and the subsequent hike in import tariffs for vehicles which has attracted the interest of leading international auto makers and has led to the resumption of small scale vehicle

By Dipo Olowookere For the sixth consecutive trading session, the Nigerian Exchange (NGX) Limited depreciated and yesterday, it lost 1.86 per cent on the back of sustained profit-taking. Transactions on Tuesday were mainly bearish and this showed in the performances of the key sectors as the banking space lost 1.85 per cent, the insurance counter shed 1.69 per cent, the consumer goods index fell by 1.27 per cent, the energy counter depreciated by 0.49 per cent, while the industrial goods counter closed flat. Consequently, the All-Share Index (ASI) decreased by 958.16 points to settle at 50,442.37 points compared with the

By Dipo Olowookere The Nigerian Stock Exchange (NSE) extended its gains yesterday by 0.46 percent after the All-Share Index (ASI) increased by 141.68 points to finish at 30,878.56 points and the market capitalisation went up by N53 billion to end at N11.515 trillion. It was observed that the level activity at the local market on Wednesday improved as prices of shares continue to attract more investors. At the close of transactions, the volume, value and number of trades rose by 52.96 percent, 21.47 percent and 2.68 percent respectively. The volume of shares transacted at the nation’s bourse yesterday grew to

By Modupe Gbadeyanka The federal government has introduced a yearly vehicle ownership verification fee of N1,000 for motorists across Nigeria. The fee, known as Proof of Ownership Certificate (POC), is aimed at tracking the real time status and the integrity of all vehicles registered on the National Vehicle and Identification Scheme (NVIS) database. The government said it is line with the National Road Traffic Regulation 2012 as amended, No. 101, Vol. 99; Section 73 (1), according to the Permanent Secretary of the state’s Ministry of Transportation, Mr Abdulhafiz Toriola. The Lagos State government has already keyed itself into the initiative,

By Modupe Gbadeyanka Nigerian Breweries (NB) Plc has donated a fully furnished school library to Randle Avenue Primary School, in the Surulere Local Government Area of Lagos State. During the commissioning of the project, Managing Director/Chief Executive Officer of the company, Mr Nicolaas Vervelde, explained that the initiative was in line with the company’s commitment to the development of education in Nigeria. The company’s boss, represented by NB’s Corporate Affairs Adviser, Mr Kufre Ekanem, further stated that the project was part of the company’s philosophy of Winning with Nigeria and a demonstration of its commitment to improving the standard of

By Dipo Olowookere The Nigerian National Petroleum Corporation (NNPC) has emerged winner of the 2016 Phillips Consulting/WebJurists award for best website and overall social media use among federal parastatals in Nigeria. The honour was jointly awarded by Web Jurists, a website rating outfit in conjunction with Phillips Consulting, a renowned business and management consulting company. Reacting to the honour, NNPC Group Managing Director, Dr. Maikanti Baru, said it was a testimony to the Corporation’s investment in Information and Communications Technology (ICT) over the years, adding that it also testifies to NNPC’s commitment to openness, transparency and accountability in its business

By Adedapo Adesanya As the oil market continues its recovery amid drop in demand recently, Nigeria’s oil futures, Brass River and Qua Iboe, recorded gains on Wednesday. Brass River, a sweet medium light crude, gained 99 cents equivalent to 1.68 percent to trade at $59.87 per barrel, while the Qua Iboe, a light sweet crude grade, also gained 99 cents or 1.68 percent to trade at $59.87 per barrel. Both crude futures had previously faced declines as a result of the coronavirus disease, affecting demand, they but took a different turn yesterday. This was largely because data showed new coronavirus