DMO to Investigate N1.08bn Corruption Scandal

By Adedapo Adesanya The return of the bears was averted at the NASD Over-the-Counter (OTC) Securities Exchange on Thursday by Central Securities Clearing System (CSCS) Plc, which helped the alternative bourse close marginally higher by 0.03 per cent. This slight growth increased the value of the OTC exchange by N380 million, closing relatively flat at N1.165 trillion, as the NASD Unlisted Security Index (NSI) increased by 0.27 points to end the day at 859.58 points compared with the previous day’s 859.31 points. During the trading day, the value of CSCS Plc went up by 8 Kobo to settle at N17.08

By Adedapo Adesanya Nigeria will accept and work with a production quota of 1.5 million barrels of crude oil per day in 2024 as the country aims to grow on the back of its oil resources, following a revision done by the Organisation of the Petroleum Exporting Countries and its allies, OPEC+. According to a statement issued by the Press and Public Relations unit of the Ministry of Petroleum Resources, Thursday’s meeting of the 23-man group addressed crucial aspects, including the completion of assessments by independent sources (IHS, Wood Mackenzie, and Rystad Energy) on the projected production levels for Angola,

By Modupe Gbadeyanka Business owners in Lagos have been assured of more incentives by the state governor, Mr Babajide Sanwo-Olu, who added that this is part of his administration’s commitment to reforms aimed at improving the ease of doing business and enhancing investment opportunities. Speaking at the commissioning of the newly-built wet hair production factory of Godrej Nigeria Limited, the Governor said his government would continue to pursue actions that would eliminate red tapes and regulatory impediments hindering the growth of businesses in the state, thereby demonstrating his willingness for continued collaboration with the private sector to improve the livelihood

By Okechukwu Keshi Ukegbu A US-based pharmacist and philanthropist, Mr Victor Chinedu Egbulefu, has offered succour to at least 10 persons with different eye defects such as cataracts, glaucoma, among others. Egbelefu, through his foundation, Victor Chinedu Egbulefu Foundation, is paying the medicals bills of the patients who have commenced the requisite medical examinations to determine their treatment plans. The optometrist undertaking the examinations at the Embassy Hospital, Aba, Dr Michael Okpe, told newsmen that the examinations would determine their treatment plan. Earlier, the foundation had offered scholarship awards to four indigent students to cover their secondary and undergraduate studies.

By Dipo Olowookere Cadbury Nigeria Plc has released its audited results for 2016 and from the analysis, the company recorded a pre-tax loss of N563 million compared with N1.6 billion profit in 2015. However, the firm posted a turnover of N29.979 billion in 2016, showing an increase by 8 percent from N27.825 billion in 2015. Also, cost of sales went up from N18.9 billion to N23 billion, bringing gross profit to N6.86 billion, compared with N8.9 billion in 2015. Selling and distributing expenses stood at N5.59 billion, as against N5.6 billion in 2015, while administrative expenses increased to N2.058 billion,

By Zuko Mdwaba Generation Z will determine the extent to which generative AI will truly advance how we live and work. Born into a world of smartphones, virtual assistants, and the Internet, the level of comfort among ‘digital natives’ with the pace of technological change and its impact on society will be a driving force behind AI’s widespread adoption. Global research released by Salesforce – Generative AI Snapshot Research: The AI Divide – shows that over one-third of current users are “super-users,” tapping generative AI daily and planning to use it even more. The data also shows that half of all consumers have never

By Dipo Olowookere The board of Fidelity Bank Plc has been reorganised as the financial institution prepares for life after its current Managing Director, Mr Nnamdi Okonkwo. Mr Okonkwo will retire from the company this week and would be succeeded by the current executive director of the bank in charge of its Lagos and Southwest Directorate, Mrs Nneka Onyeali-Ikpe, from Friday, January 1, 2021. As Mr Okonkwo is handing over to Mrs Onyeali-Ikpe, Fidelity Bank, which wants to meet the targets set for the next phase of its growth trajectory, has shopped for some of the best brains in the

By Dipo Olowookere Activities resumed on the floor of the Nigerian Stock Exchange (NSE) on Monday and when the market closed for the day, it was pointing south by 0.31 percent. This came as investors continue to react to the revocation of the operating license of Skye Bank Plc, one of the banks trading its shares on the stock exchange. Yesterday, the stock market regulator suspended trading on the shares of the lender because of the action taken by the Central Bank of Nigeria (CBN). However, this did not stocks the banking sector from closing bullish as the index appreciated

By Adedapo Adesanya For the sixth straight month, Nigeria’s inflation slowed in September 2021 to 16.63 per cent (year-on-year), according to data released by the National Bureau of Statistics (NBS) on Friday. In its latest Consumer Price Index (CPI) report for the ninth month of the year, the stats office said the prices of goods and services increased by 16.63 per cent, 0.38 per cent lower than the 17.01 per cent recorded in August 2021. The NBS also said the Composite Food Index rose by 19.57 per cent in September 2021 compared to 20.30 per cent in August 2021. This

By Modupe Gbadeyanka Marriott International and Manchester United have announced a multi-year marketing partnership, giving the 120 million members of the Marriott Bonvoy travel programme exclusive opportunities for once-in-a-lifetime Manchester United football experiences, including the chance to become the club’s Stadium Announcer or Kit Manager for the day. The new partnership launches with a film that features familiar faces from the Manchester United first team and team management, bringing these magical moments to life. Group Managing Director of Manchester United, Mr Richard Arnold, stated that, “Marriott International is the leader in its field and we’re excited to be partnering with

By Modupe Gbadeyanka Nigerian Stocks closed on a positive note on Wednesday for the first time this week, growing by 0.44 percent at the end of transactions. A total of 24 equities appreciated today against 22 depreciating stocks, leaving the market breadth to end positive. Nestle was the highest gainer today on the floor of the Nigerian Stock Exchange (NSE), advancing by N4.76k to settle at N1210.6k per share. It was trailed by Dangote Cement, which moved up by N4 to close at N210 per share, and Zenith Bank, which improved by 39k to finish at N22.51k per share. Furthermore,