Dangote Cement Plans Second Tranche of Share Buyback Programme

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 President Bola Tinubu has been charged by the Socio-Economic Rights and Accountability Project (SERAP) to investigate the allegations that over $15 billion of oil revenues and N200 billion budgeted to repair the refineries are missing and unaccounted for between 2020 and 2021, as documented by the Nigeria Extractive Industries Transparency Initiative (NEITI). In the letter dated September 23 and signed by SERAP deputy director, Mr Kolawole Oluwadare, the organisation urged him to “name and shame anyone suspected to be responsible for the missing and unaccounted for public funds and to ensure their effective prosecution as well as

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 Nigerian government is targeting an estimated $55.2 billion in oil and gas investments by 2030, according to the Special Adviser to the President Bola Tinubu on Energy, Mrs Olu Verheijen. She said the government has wrapped up a series of strategic engagements with 15 leading international and independent oil and gas companies operating in Nigeria. The President’s aide recently organised sessions in Lagos and Abuja in partnership with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to review ways to improve the sector and address the nation’s revenue emergency whilst contributing to stabilising Nigeria’s economy. Involved in

By Adedapo Adesanya Despite a high volume of shares transacted on Thursday, September 17 at the NASD Over-the-Counter (OTC) Securities Exchange, the market pointed south at the close of business. The major performance indicators of the market fell by 0.29 per cent with the market capitalisation closing at N528.90 billion after losing N1.55 billion, while the NASD Unlisted Security Index (NSI) ended at 720.02 points against 722.13 points, down 2.11 points. As earlier indicated, the trading volume increased by 63.9 per cent to 1.33 million units from the previous session’s 812,166 units. Also, the value of transactions recorded on Thursday

By Dipo Olowookere Comptroller-General of the Nigeria Immigration Service (NIS), Mr Muhammad Babandede, has approved the redeployment of 207 senior officers of the service between the ranks of Assistant Comptrollers General to Assistant Comptrollers. A statement issued by spokesman of the NIS, Mr Ekpedeme King, disclosed that those affected included ACG Ezekiel Kaura who now heads the ICT Department which is considered the engine room for the e-solution programme of the NIS, Chizoba Dibi who has been promoted to ACG and posted to Zone ‘G’ in Benin as Zonal Coordinator, ACG Hamman Yerima from Delta State Command to the Investigation

By Modupe Gbadeyanka Nigeria may be on the way to shortening its wide housing deficit with the introduction of an affordable housing scheme by one of the fastest-growing realtors and properties managers in the country, Mrs Morola Babalola. To celebrate her birthday, Mrs Babalola unveiled her new baby christened Affordable Housing Cooperative Society (AHCS) in the presence of a few associates on Monday. She explained that her genuine love for the masses spurred her to come up with this project so as to make low-income earners become proud homeowners and have the opportunity to live among society’s powerful people. The

By Ahmed Rahma The Nigerian chapter of the International Facility Management Association (IFMA) now has a new president and he is Mr Segun Adebayo. Mr Adebayo, who was elected by members of the association as the 11th president, was the former vice president and the pioneer Publicity Secretary of the respected group. The astute administrator, resourceful and solution-driven individual with a strong flair for excellence is expected to serve for a period of two years alongside other members of the executive, who was elected at the last Annual General Meeting (AGM) presided over by the outgoing president, Mrs Abimbola Adamolekun, at

By Adedapo Adesanya The Fixed Income and Currencies (FIC) markets recorded a total transaction turnover of N215.1 trillion in 2020, a year-on-year decline of 7.6 per cent compared with N232.7 trillion recorded in 2019. This was disclosed in the latest FMDQ Exchange’s FIC Monthly Report for December 2020, which indicated that the period ended December 31, 2020, total contribution was N19.9 trillion, representing a Month-on-Month (M-o-M) increase of 35.3 per cent and YoY 20.9 per cent respectively. It was explained that Foreign Exchange (FX) and Money Market transactions were the highest contributors to the FIC markets in December 2020, jointly

On Thursday, August 11, 2016, some villagers staged a demonstration outside a Chevron facility in Delta State. The protesters demanded for better attention from the company as well as placements in Chevron. During the protest, personnel of the Nigerian military were deployed to forestall any breakdown of law and order. The demonstrators, mainly from Ugborodo village in Delta State, stayed outside the company’s depot, carrying placards conveying different messages. President of the National Association of Itsekiri Graduates, Collins Edema, told AFP that, “The protest is fully on course.” He said further that, “We have brought a DJ and traditional drums

By Modupe Gbadeyanka Nigerians may soon have the opportunity to be part owners of the state-owned oil agency, the Nigerian National Petroleum Corporation (NNPC). This is because the company is planning to list 40 percent of its shares on the Nigerian Stock Exchange (NSE). However, this will only happen when President Muhammadu Buhari finally signs the Petroleum Industry Governance Bill (PIGB) into law. Speaking on Thursday at the 2018 annual conference of the Association of Energy Correspondents of Nigeria (NAEC), Group Managing Director of NNPC, Mr Maikanti Baru, said the corporation was considering listing on the local exchange. Mr Baru,