CSCS, CitiTrust Spur NASD OTC Securities to 0.59% Growth

By Adedapo Adesanya Nigeria has repaid a total of $12.56 billion in external debt as of 2022, data from Intelpoint showed. According to the latest debt figures, Nigeria’s total public debt rose by 75.3 per cent to N87.38 trillion at the end of the second quarter of 2023 against N49.85 trillion recorded in the first quarter of the year. The rise came as the country securitised the N22.71 trillion Ways and Means Advances of the Central Bank of Nigeria (CBN) to the federal government. The overdraft is a loan facility through which the CBN finances the shortfalls in the government’s

By Adedapo Adesanya The Minister of Power, Mr Adebayo Adelabu, has called for collective efforts to shape the energy sector in Nigeria, noting that no meaningful economic growth can be achieved without it. Mr Adelabu said this at the Nigeria Energy 2023 leadership summit recently held in Lagos, with the theme Unlocking new value with reforms, investments, and technology which saw in attendance industry leaders. The Minister said, “Energy is the lifeblood of any modern economy of which Nigeria is no exception. No meaningful economic growth or industrial development can be achieved without energy. “We can be talking of potential

By Precious Olisa This news may not be palatable to developers and Nigerians planning to start a building project, as the Cement Producers Association of Nigeria has warned that the price of a 50kg bag of cement may start selling for N9,000 when the dry season begins in November. At the moment, the product is sold at over N5,000. In a statement jointly signed on Sunday by the National Chairman of the group, Mr David Iweta, and its National Secretary, Mr Ufomba, the manufacturers said the rise in the price of cement would be caused by the decision of the

By Adedapo Adesanya The Lagos State Government has said the economic summit, Ehingbeti 2020, which is scheduled to hold from November 10 through 12, is targeting 100,000 participants. This plan was made known by the Commissioner for Economic Planning and Budget, Mr Sam Egube, who is also the co-chair of the event at a stakeholders’ conference and logo presentation in Lagos on Thursday. The summit, organised by the Lagos Economic Summit Group (LESG), is expected to provide a robust platform for deliberations on pragmatic optimisation of the inherent opportunities in Africa’s fifth-largest economy. It is also expected to offer perspectives

By Dipo Olowookere Kwara State government says its forthcoming Solar-powered street lights project, Light Up Kwara (LUK) will be funded over 10-year period under a Public Private Partnership (PPP) and through the Kwara State Infrastructure Development Fund (IFK). The state government made this disclosure through a statement issued on Monday by Dr Muideen Akorede, Senior Special Assistant on Media and Communications to Governor Abdulfatah Ahmed. The state government said under the PPP arrangement, the contractors will finance, build, operate and maintain the 3000 streetlights before handing them over to the state government which will have ten years to pay for

By Dipo Olowookere One Mr Olawunmi Oladele has been arraigned by police in Lagos for allegedly beating two female cops. Mr Oladele was brought before an Ikeja Magistrates’ Court on Monday on charges bordering on breach of peace and assault. It was alleged that the suspect, 41, who lives at Fagba area of Lagos, unlawfully assaulted two policewomen alongside a woman, who is now at large. Mr Oladele was accused of assaulting Inspector Patricia Okhide and Sergeant Funmilayo Adeamo, on October 12, 2016, at Iju in Agege, Lagos. He was said to have pummelled the officers while they were performing

By Dipo Olowookere One of the leading energy firms in Nigeria, Seplat Energy Plc, has reacted to news reports that the visa, work and residence permits of its chief executive, Mr Roger Brown, have been revoked by the federal government. The permits were withdrawn by the Nigerian government over allegations that Mr Brown was favouring foreigners at the company over Nigerians. “I write to inform you that the Ministry is in receipt of a petition from the Solicitor to the concerned workers and stakeholders of Seplat Energy PLC accusing Mr Rogers Thomson Brown, the CEO of the company, of various

By Modupe Gbadeyanka A leading consumer digital payments platform, Quickteller, has signed a contract for service with two Nigerian movie stars, Toyin Abraham and Destiny Etiko. The Nollywood sensations will work for the company as brand influencers in a bid to expand its message of convenient and secure payment to a wider audience, according to a statement made available to Business Post. At the unveiling ceremony held at Interswitch’s office on Monday, December 12, 2022, the Brand Manager of Quickteller at Interswitch Group, Ms Priscilla Iyari, noted that as a brand that takes the business of payment convenience seriously, there

By Dipo Olowookere Managing Director and Chief Executive Officer of Heritage Bank Plc, Mr Ifie Sekibo, has described entrepreneurship as the antidote for unemployment of youth in the country. Mr Sekibo gave this submission in his keynote address delivered at the Next Titan Season-4 Premiere Show/Gala Evening held in Lagos not too long ago. Heritage Bank Plc, in partnership with organisers of the Next Titan Nigeria, Bravopoints International Limited, unveiled 16 finalists with brightest business ideas who will compete for the grand prize of the competition. The Next Titan is Nigeria’s entrepreneurial reality TV show where thousands of ambitious young

By Modupe Gbadeyanka The Nigerian Stock Exchange (NSE) closed for the week on Friday, March 24, 2017, in the red, leaving investors to part with N20.5 billion at the close of trading activities. A total of 21 stocks led by 7up depreciated at the market today against 7 equities that appreciated led by Access Bank. Business Post correspondent reports that the All-Share Index declined by 59.10 points or 0.23 percent to finish at 25,454.93 points, while the market capitalisation lost N20.5 billion to close at N8.807 trillion and the year-to-year return at -5.28 percent. 7up dropped N3.99k to close at

By Investors Hub The major U.S. index futures are pointing to a slightly lower opening on Wednesday following the downturn seen over the course of the previous session. Political uncertainty may weigh on the markets after House Speaker Nancy Pelosi, D-Calif., announced that the Democrat-controlled House is moving forward with an official impeachment inquiry of President Donald Trump. Pelosi said she is directing six House committees to proceed with their investigations under the umbrella of the impeachment inquiry, saying Trump ?must be held accountable? and ?no one is above the law.? The speaker accused Trump of a breach of his