Dangote Cement Generates N901b, Posts N390b Profit in 2018

By Dipo Olowookere The Nigerian Exchange (NGX) Limited retreated by 0.44 per cent on Tuesday due to selling pressure on some bellwether equities during the session. Shares of Dangote Cement, GTCO, Zenith Bank, Access Holdings, Oando, Lafarge Africa and others experienced a pullback yesterday as a result of profit-taking activities by traders. As a result, the All-Share Index (ASI) receded by 312.76 points to 71,041.05 points from 71,353.81 points and the market capitalisation moderated by N165 billion to N38.875 trillion from N39.040 trillion. The level of activity at the market waned on the second trading session of the week, as

In furtherance of my sacred duties and obligations as President of the Federal Republic of Nigeria, it is my honour to be here today to present my administration’s 2024 Budget Proposal to this Joint Session of the 10th National Assembly. This moment is especially profound and significant to me because it is my first annual budgetary presentation to the National Assembly. Distinguished Senators and Honourable Members of the National Assembly, I commend your swift consideration and passage of the 2023 Supplementary Appropriation Bills and the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper. Your prompt action underscores your devotion

By Adedapo Adesanya Equinor and Chappal Energies have entered into an agreement for the sale of Equinor Nigeria Energy Company (ENEC), which holds a 53.85 per cent ownership in oil and gas lease OML 128, including the unitized 20.21 per cent stake in the Agbami oil field, operated by Chevron. Speaking on the deal, Equinor’s senior vice president for Africa Operations, Ms Nina Koch, said Nigeria has been an important part of Equinor’s international portfolio over the past 30 years, noting that, “This transaction realizes value and is in line with Equinor’s strategy to optimize its international oil and gas

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 Modupe Gbadeyanka A non-interest bank with its headquarters in Abuja, TAJBank, has reaffirmed its commitment to the development of education in the country. The lender recently financed the expansion drive of Saint John Paul Schools in Akwa Ibom State. Funds obtained from the bank were used to put in place a new infrastructure, which was commissioned a few days ago. Saint John Paul Schools is owned by the former Governor of Akwa Ibom State, Mr Godswill Akpabio. He is the current Minister of Niger Delta Affairs. His wife, Mrs Uloma Akpabio, is the chairman of the school. At the

By Adedapo Adesanya The Naira strengthened against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange (FX) market on Thursday. At the market yesterday, the domestic currency appreciated by 20 kobo or 0.05 per cent against the greenback to close on Thursday, July 8 at N411.25/$1 compared with N411.45/$1 it finished on Wednesday. One of the factors that supported this gain was the decline in the demand for FX at the market window during the session. According to data sourced from the FMDQ Securities Exchange, the turnover for the day stood at $84.06 million, $176.45

By Aduragbemi Omiyale For another month, inflation in Nigeria further moderated in June 2021 by 0.18 per cent to 17.75 per cent from 17.93 per cent recorded in May 2021. However, the National Bureau of Statistics (NBS) in a report released on Friday, said on a month-on-month basis, the headline index increased by 1.06 per cent in June 2021, 0.05 per cent higher than the 1.01 per cent recorded in May 2021. The agency stated that the change in the average composite inflation for the 12 months period ending June 2021 over the average of inflation for the previous 12

By Modupe Gbadeyanka The Next Einstein Forum (NEF), an initiative of the African Institute for Mathematical Sciences (AIMS), in partnership with Robert Bosch Stiftung, on Thursday announced the launch of NEF Africa Science Week in Abeokuta and Lagos. NEF Ambassador, Dr Sojinu Olatunbosun Samuel, who specializes in petroleum and environmental geochemistry of oil basins, will lead the event. Thierry Zomahoun, AIMS President and CEO and NEF Chair, said:  “The NEF Africa Science Week is the first coordinated science week across Africa. “Our primary objective is to develop tomorrow’s scientists and technologists by engaging children and young people in scientific activities

By Dipo Olowookere The entire shares of Newrest ASL Nigeria Plc have been delisted from the trading platform of the Nigerian Stock Exchange (NSE). A notice issued yesterday by the regulator disclosed that the shares were removed from the stock market on Monday, May 13, 2019. Business Post reports that the delisting of the equities of Newrest ASL was requested for by the board of the company. Before now, the NSE had suspended trading on the stock on the platform. In the circular signed yesterday by the Head of Listings Regulation Department at NSE, Mr Godstime Iwenekhai, it was said

**Stops Home Care, Skin Cleansing Products By Aduragbemi Omiyale Unilever Nigeria Plc has announced that it would stop producing home care and skin cleansing products as it makes efforts to reposition its business model so as to “accelerate growth and sustain profitability while enhancing its ability to meet consumer needs.” In a notice to the Nigerian Exchange (NGX) Limited, the Fast-Moving Consumer Goods (FMCG) firm said the exit from the two markets would happen this year. According to the century-old company, this action is expected to result in an overall improvement in profitability, growth and a more sustainable business. “The

By Dipo Olowookere A strategic partnership was on Monday signed in Johannesburg, South Africa between Africa Oil & Power, and the African Energy Chamber. It was gathered that both parties will be sharing capacities to facilitate investments and deal-making in Africa across their networks. Under the agreement, the AEC will also become an official partner of the Africa Oil & Power 2018 conference taking place September 5-7, 2018 in Cape Town. As part of the partnership, the Africa Energy Chamber is extending to all its members and partners across its network an exclusive discount of 15% to attend the summit

By Modupe Gbadeyanka The Nigeria Customs Service (NCS), Federal Operations Unit Zone ‘C’ Owerri in the year 2016 recorded a giant stride in its anti-smuggling activities with the seizures of a total of 307 contraband valued at N4.7 billion. In a statement issued by the Public Relations Officer, Onuigbo Ifeoma, the agency said the above figure is a combination of both the Duty Paid Value (DPV) of N3.9 billion and an underpayment recovered as revenue of N770.3 million. The Controller of the Federal Operations Unit, Comptroller Mohammed, Uba G. who made this known while giving an annual report for the