Diamond Bank Gets Extra 30 Days to File 2016 Audited Accounts

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 Dipo Olowookere Local equities rebounded by 0.34 per cent on Wednesday on the back of buying pressure on a few energy stocks and others at the Nigerian Exchange (NGX) Limited. According to data from the bourse, the bullish stance was attained despite profit-taking activities in the banking space amid plans by the Central Bank of Nigeria (CBN) to recapitalise the industry, leaving the market breadth index negative. This was because the number of price losers was more than the price gainers at 39 and 19 apiece, indicating a weak investor sentiment. Business Post reports that the energy counter grew

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigeria Autonomous Foreign Exchange Market (NAFEM) and the unregulated Peer-to-Peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, November 29 as President Bola Tinubu reiterated his administration’s promise to meet its obligations. Speaking during the presentation of his administration’s N27.50 trillion 2024 budget proposal to the joint session of the 10th National Assembly on Wednesday, Mr Tinubu said, “Despite the challenges, we continue to meet our obligations.” In the official NAFEM segment of the market, the value of the local currency went

By Adedapo Adesanya  Oil prices rose by more than $1 a barrel on Wednesday as investors focused their attention on an upcoming OPEC+ output policy meeting and looked past a jump in crude stockpiles in the United States. Brent crude futures were up by $1.01 or 1.2 per cent to $82.69 per barrel, and the US West Texas Intermediate (WTI) crude futures gained $1.16 or 1.5 per cent to close at $77.57 a barrel. Prices were lifted by a media report that the Organisation of the Petroleum Exporting Countries and allies such as Russia, known collectively as OPEC+, was considering

By Prince Charles Dickson PhD A leaky roof tricks the sun but does not deceive the rain. Running in the rain, falling in the river, nations that lie to themselves live with flesh but are skeletons—AbdulChukwudi Balogun I centre my admonishment for this week around the National Day Rally Speech of the state of Singapore. It was a lengthy rallying speech that touched on several facets of their national life by their 70-year-old leader. It is pertinent to note that the speech occurred at the Institute of Technical Education ITE. (kontri wey sabi) I wait for that day, a Nigerian

By Modupe Gbadeyanka The SoftBank Vision Fund has announced its first major close with over $93 billion of committed capital. In addition to SoftBank Group Corp and the Public Investment Fund of the Kingdom of Saudi Arabia as previously announced, investors in the Fund also include the Mubadala Investment Company of the United Arab Emirates, Apple, Foxconn Technology Group, Qualcomm Incorporated and Sharp Corporation. The Fund is targeting a total of $100 billion of committed capital, with a final close within six months. SBG created the SoftBank Vision Fund as a result of its strongly held belief that the next

By Dipo Olowookere Data released by the Debt Management Office (DMO) has revealed that as at December 31, 2017, the total domestic debts of the 36 states in Nigeria and the Federal Capital Territory (FCT) Abuja have increased to N3.35 trillion. According to the data obtained by Business Post from the website of the debt office, the debts rose sharply by 13.2 percent from N2.96 trillion as at December 31, 2016 A breakdown of the figures released by the DMO showed that Lagos emerged as the most indebted state in Nigeria with N363.3 billion as at December last year in

By Adedapo Adesanya Following Russia’s military invasion of Ukraine, Saint Petersburg has lost the hosting rights for the 2022 UEFA Champions League final. The change of venue of Europe’s prestigious club competition to Paris was announced by the Union of the European Football Association (UEFA). Russian troops continued their advancement into Ukraine on Friday, which has caused widespread condemnation and sanctions from world leaders. The decision to move the game to the Stade de France, which last hosted the Champions League final in 2006 when Barcelona beat Arsenal to lift the European Cup for the second time, was confirmed during

By Dipo Olowookere The embargo earlier placed on the shares of African Alliance Insurance Plc has now been lifted by the Nigerian Stock Exchange (NSE). Trading in the equities of the insurance company was initially suspended on the local bourse following failure of the firm to adhere to listing rules. African Alliance Insurance was among the eight companies suspended from trading their shares at the NSE on July 5, 2018. They had failed to comply with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of the NSE, which required them to file their financial statements

By Modupe Gbadeyanka Barely two weeks after their retirement from the military, President Muhammadu Buhari has nominated all the immediate past service chiefs as ambassadors. Recall that on January 26, 2021, after calls from several quarters, Mr Buhari approved the resignation of the Chief of Defence Staff, General Abayomi Olonisakin; the Chief of Army Staff, Lt-General Tukur Buratai; the Chief of Naval Staff, Vice Admiral Ibok Ekwe Ibas; and the Chief of Air Staff, Air Marshal Sadique Abubakar. They were replaced by Major-General Leo Irabor as the Chief of Defence Staff; Major-General I. Attahiru as the Chief of Army Staff;

By Dipo Olowookere The family of renowned football agent, Mr Mino Raiola, has confirmed his death in a statement issued on Saturday. It was earlier rumoured that he died after battling an illness but this was quickly dispelled as it was later reported that he was fighting to remain alive at a medical facility. Today, the family issued a statement to confirm his passing but asked for respect for the privacy of family and friends in this moment of grief. In the disclosure, the family did not explain the type of illness the Italian agent suffered but it thanked many

By Adedapo Adesanya An estimated $88.8 billion, which is equivalent to 3.7 per cent of Africa’s Gross Domestic Product (GDP), leaves the continent yearly as illicit capital flight. This revelation was made by the United Nations Conference on Trade and Development (UNCTAD) Economic Development in Africa Report 2020. Illicit financial flows (IFFs) are movements of money and assets across borders which are illegal in source, transfer or use. According to the report entitled Tackling illicit financial flows for sustainable development in Africa, these outflows are nearly as much as the combined total annual inflows of official development assistance, valued at