Domestic Currency Gains 0.06% to Trade N414.80/$1

By Aduragbemi Omiyale Moody’s outlook on Nigeria has been upgraded from stable to positive after the federal government implemented a few economic reforms. In a statement on Friday, the rating agency said the decisions to remove the costly petrol subsidies, devaluation of the Naira and the unification of the foreign exchange (FX) market were good for the economy. When Mr Bola Tinubu assumed office in May 2023, he announced an end to the payment of subsidies on premium motor spirit (PMS). A month later, the Central Bank of Nigeria (CBN) announced the unification of the forex market, while the Naira

By Adedapo Adesanya Nigerian crude output fell by 30,000 barrels per day to 1.43 million barrels per day in November, according to data from an S&P Global Commodity Insight. This was lower than the 1.46 million barrels produced in October by Africa’s largest oil producer and 312,000 barrels per day short of its 1.742 million barrels per day target in 2023. Angola, Africa’s second-largest oil producer, saw output drop 20,000 barrels per day to 1.13 million barrels per day, according to the survey, compared with its quota of 1.46 million barrels per day. The drops impacted the wider output of

By Aduragbemi Omiyale One of the players in the personal healthcare and consumer goods sectors, PZ Cussons Nigeria Plc, has published a list of its shareholders with unclaimed dividends. Unclaimed dividends are cash rewards given to investors, mainly from the profits from the company’s operations, but are yet to be collected by the beneficiaries. This has been a major source of sleepless nights for the Securities and Exchange Commission (SEC), which is working to bring down the number of unclaimed dividends. It has been reported that the value of unclaimed dividends in the nation’s stock market is over N185 billion.

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has cautioned Nigerians to be wary of fake Naira notes currently in circulation, vowing to prosecute those engaged in the illicit acts. The apex bank in a release signed by Mrs Hakama Sidi Ali, the acting Director of Corporate Communications, said the counterfeit notes have been spread by some individuals for transactions in food markets and other places where commerce takes place across the country, noting that this is a punishable offence. “The attention of the Central Bank of Nigeria (CBN) has been drawn to the circulation of counterfeit banknotes, especially

By Adedapo Adesanya A Tax Appeal Tribunal in Lagos has ordered MTN Nigeria Communications Plc to pay the sum of $72.6 million in a tax default that covers 10 years to the Federal Inland Revenue Services (FIRS). However, the five-man panel led by Mr A. B. Hamed comprising Mr P. A. Olayemi, Mr Babatunde Sobamowo, Mr Samuel N. Ohwerhoye, and Mr Terzungwe Gbakighir asked the telco not to pay the $21.0 million imposed on it as penalties and interest on the principal sum. The order was made on Friday in an appeal numbered TAT/LZ/VAT/075, filed by the telecommunication company against

By Modupe Gbadeyanka A suspect identified as Mr Solomon Oriere has been apprehended by the Lagos State University Teaching Hospital (LASUTH) for allegedly selling COVID-19 vaccination cards to unsuspecting victims. Mr Oriere was nabbed by officials of the hospital on Saturday morning following an investigative report by Premium Times. It was said the suspect sells COVID-19 test results to his victims without putting them through the jabs as required. After the report by the online platform, LASUTH swung into action in an attempt to clear its name from the mess. In a statement, the health facility emphasised that Mr Oriere

Leading connectivity and data centre solutions provider in West Africa, MainOne, has enabled the COVID-19 Command Centre and isolation facilities with high speed connectivity infrastructure to facilitate effective monitoring, communication and response. This is part of the company’s contribution to Lagos State’s efforts to fight the pandemic. This was made possible through a partnership with the Lagos State Government and National Centre for Disease Control (NCDC) to help curtail the COVID-19 spread in the state. The Command Centre plays a critical role in enabling the government to monitor the spread of the disease, using algorithms, data analytics and surveys to

The labelling of Public Relations professionals as Spin-Doctors has been associated with the operations of quacks in the marketing communications practice. This was revealed over the weekend during the Edubrainics Africa Lecture delivered by the Senior Consultant of Brandfit PR & Events, Anthony Elikene ANIPR. Edubrainics is an educational platform with a mission to spread education all over Africa. The organisation invites seasoned professionals to impart knowledge on African students by lecturing on specialized industries and disciplines. The lecture was transmission to a global audience generated engagement from students and young professionals from around the world who during the interactive

By Modupe Gbadeyanka One of the leading insurance companies in the country, Axa Mansard Insurance Plc, has announced the resignation of one of its members. A statement issued by the insurer disclosed that Mr Frederic Flejou, a non-executive director on the board of the firm, has left with effect from November 30, 2018. “Axa Mansard Insurance wishes to notify the Nigerian Stock Exchange (NSE), esteemed shareholders, stakeholders and the general public of the resignation of Mr Frederic Flejou, a non-executive from the board of the company with effect from November 30, 2018,” the statement said. In the same statement, Axa

By Pedro Agosto For a country that has been at peace since the end of civil war 16 years ago and struggling to service its debts as well addressing rampant poverty, is ironic that Angola is one of the African continent’s biggest spenders on military expenditure. Adding controversy to this apparent misplaced priority is the participation of some controversial international companies in bids to strengthen the country’s navy. A storm has been swirling around the Middle East-based Privinvest, which in 2016 announced a shipbuilding and maritime economy programme with Angola, a scheme that would culminate in Privinvest providing a range

By Dipo Olowookere In order to encourage savings among Nigerians in an easy and reliable way, a company known as Furst Salvo Limited has released a mobile application called Salvo. The app is a platform that helps users save money smartly while also earning lucrative interest payment of between 10 – 15 percent per annum at the same time. Marketing Director, Furst Salvo Limited, Ms Omawumi Jeyema, stated that the savings can be done daily, weekly or monthly for as little as N100, allowing Nigerians begin their journey into financial freedom. As required by the Nigerian law, this product is

By Modupe Gbadeyanka Nigerians of Igbo extraction have been asked to leave northern part of the country within the next three months or risk being forced out. This threat was given yesterday by a coalition of Northern groups, including the Arewa Youth Consultative Forum (AYCF) and the Northern Emancipation Network. At a press conference in Kaduna on Tuesday, the group said the Ndigbos were no longer welcomed in the 19 northern states and now have October 1, 2017 to quit the region. The northern youths described the Igbos as threat to national unity, vowing to reclaim, assume and assert sole