Dangote Sugar Seeks N21.2b from Capital Market

By Modupe Gbadeyanka Taxpayers, including organisations and individuals, who are yet to pay their outstanding taxes, will not pay penalties and interests if they make the payments on or before December 31, 2023. This tax default forgiveness was given by the Federal Inland Revenue Service (FIRS), which explained that it created this window in “recognition of the challenges that many taxpayers have faced in settling their outstanding tax liabilities.” However, it stressed that if the full principal payment is not done before the deadline, defaulters would be forced to pay the outstanding tax liabilities. The Chairman of the FIRS, Mr

By Adedapo Adesanya The supply of foreign exchange (FX) into the Nigerian Autonomous Foreign Exchange Market (NAFEM) improved by 92.9 per cent or $68.7 million on Tuesday to $142.63 million from $73.93 million on Monday, according to data obtained from the FMDQ Securities Exchange. This improvement in forex liquidity into the official market supported the Naira to gain weight against the United States Dollar yesterday, as its value soared by N31.04 or 3.7 per cent to N806.73/$1 from the N837.77/$ it ended a day earlier. This also trickled down to the parallel market, which witnessed less pressure from customers, helping

By Dipo Olowookere The Nigerian Exchange (NGX) Limited quickly returned to the green territory after chalking up 0.43 per cent on Tuesday as a result of buying activities in some financial and industrial goods equities. The high demand for some large-cap stocks at the exchange influenced the rebound recorded during the session, ahead of the forthcoming earnings season. Business Post reports that the industrial goods index appreciated by 1.94 per cent, the banking space grew by 1.45 per cent, and the consumer goods sector improved by 0.08 per cent, while the insurance space depreciated by 0.17 per cent, with the

By Aduragbemi Omiyale A Nigerian startup, Pivo, which raised about $2 million in November 2022, is shutting down its operations, TechCabal is reporting. The platform quoted the co-founder and chief executive of the firm, Ms Nkiru Amadi-Emina, as confirming the intention of the company to fold up. However, no specific reason was given for the decision, though some organisations have been closing shops in Nigeria lately due to the harsh operating environment. One of the biggest pharmaceutical firms in the country, GlaxoSmithKline (GSK), announced a few months ago that it would no longer operate its business from Nigeria, opting to

By Modupe Gbadeyanka In consolidation of the value-add derived by government and corporate entities in the past year from its credible and efficient platform, FMDQ OTC Securities Exchange has diligently continued to support the deepening of the Nigerian debt capital market (DCM) through the offerings of its unique Listings and Quotations service. Commendably, in consideration of the prevailing economic reality in Nigeria, the OTC Exchange keeps aligning its processes and infrastructure to further enhance the ease of raising domestic capital via accessibility to the Nigeria DCM. Consequently, following the approval of the FMDQ Board Listings, Markets and Technology Committee, the

By Modupe Gbadeyanka It has been revealed that FCMB Group emerged the worst performing stock in the month of April 2017. This occurred because the stock depreciated by 23.20 percent to close at 96k per share against N1.25k it achieved in March. According to analysts, FCMB recorded this fall as a result of the lean dividend pay-out it made to shareholders as well as unimpressive 2017 numbers released within the period. A look into the data obtained by the News Agency Nigeria (NAN) revealed that May & Baker came second after depreciating by 15.10 percent to close at 85k, compared

By Modupe Gbadeyanka Paramount Yoruba traditional ruler, Oba Adeyeye Ogunwusi Ojaja II, the Ooni of Ife, has partnered with Empower 54, a non-profit organization, to create awareness and promote solutions to end malnutrition in Africa, which currently kills 2.3 million children annually in Nigeria. Empower 54 Project Inc (Empower 54) is a US non-profit organization providing humanitarian assistance since 2003 through health, education, empowerment, and IDP/refugee programs to underprivileged Africans. According to the founder and President of Empower 54, Princess Modupe Ozolua, Nigeria’s Minister of Health has declared that “one-third, 33 percent of Nigerian Children under 5 years old suffer

By Modupe Gbadeyanka Winner of a raffle draw held when African Alliance Insurance Plc hosted the Nigerian Council of Registered Insurance Brokers (NCRIB) Members’ Evening in Lagos, Mr Bala Augie, has finally received his prize. Mr Augie, a journalist in Nigeria, emerged the star prize winner of a year-long Term Assurance Plan during the raffle draw session of the programme. During the presentation of the prize to him, the Managing Director/Chief Executive Officer of African Alliance Insurance Plc, Mrs Joyce Ojemudia, charged him to be an ambassador of insurance in Nigeria. “We are honoured to present this Term Assurance plan

By Dipo Olowookere Researchers, policy-makers and development partners converge in Abuja, Nigeria, for the 11th African Economic Conference (AEC) from December 5-7, 2016, to share ideas on topical African development issues including how to end hunger and ensure food security in Africa. About 300 participants are expected to attend the annual event co-organised by the African Development Bank (AfDB), United Nations Development Programme (UNDP) and the UN Economic Commission for Africa (ECA) on the theme, “Feed Africa: Towards Agro-Allied Industrialization for Inclusive Growth.” The theme, according to organisers, is in line with the current African and global development agenda. Tackling

By Adedapo Adesanya As the country prepares for the resumption of flights, the Federal Airports Authority of Nigeria (FAAN) has announced an increase in the Passenger Service Charge (PSC). The agency noted that from August 1, 2020, the new PSC will be N2,000 instead of the previous N1,000 for domestic flight operations, while international passengers will pay $100 instead of the $50 they previously pay. In a circular marked Ref: FAAN/HQ/MD/18E/VOL.86/72, the Managing Director of FAAN, Mr abiu Yadudu, explained that the decision was done on the approval given by the Minister of Aviation in a letter referenced FMT/FMA/COM/T/69 dated

By Modupe Gbadeyanka The Kingsway International Christian Centre (KICC), a London- based organization, of the main church pastored by Mr Matthew Ashimolowo, has refuted the allegation that he was involved Ponzi Scheme. KICC, in a statement issued by Dipo Oluyomi, Chief Executive Officer and James Mcglashan, Chief Operating Offficer, said: “We wish to state that the headline was unfortunate and misleading and has caused damage to the reputation of Pastor Ashimolowo. The sensational headline suggests that Pastor Matthew Ashimolowo lost $5 million when in fact he did not and did not make the decision to invest. “Pastor Matthew Ashimolowo is

By Olukayode Kolawole Thinking of your next holiday destination this year? Here are four (4) reasons Calabar International Carnival should be on your priority list Come December 2016, Calabar will bubble once again, as it does every last quarter of the year, with its signature event, “The Calabar International Street Carnival.” The carnival has always played host to thousands of tourists from around the world. So, if you have to be in Calabar during this period, it must either be to catch a glimpse of the atmospheric carnival or to revel in the colourful display of traditions & traditional dances.