Earthquake Hits Kaduna, No Life Lost

By Adedapo Adesanya VFD Group Plc has been officially delisted from the NASD Over-the-Counter (OTC) Securities Exchange months after the proprietary investment company revealed its intention to list its stocks on the Nigerian Exchange (NGX) Limited. The bourse on Thursday confirmed the development in a notice seen by Business Post. “Pursuant to the company’s request to delist from the NASD OTC Exchange, we wish to inform you that VFD Group PLC shares will be delisted with effect from the close of business (COB) today, Thursday, September 28, 2023,” the notice read. Last Friday, after three years of trading on the

By Adedapo Adesanya The Federation Account Allocation Committee (FAAC) has shared a total of N1.1 trillion from the revenue generated by the nation in August 2023 for September to enable the three tiers of government; the federal government, states, and local government councils, to have funds to pay salaries and others. The allocation of the funds was confirmed by the Office of the Accountant General of the Federation on Friday following FAAC’s September 2023 meeting. According to a statement by the OAGF’s Director of Press and Public Relations, Mr Bawa Mokwa, there was “N1100.101 billion (N1.1 trillion) total distributable revenue.”

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.38 per cent on Friday, September 30, with N4.16 billion added to the value of the bourse, closing at N1.105 trillion compared with Thursday’s value of N1.101 trillion. The market witnessed the improvement a day after the shares of VFD Group were yanked off the trading platform, with the NASD Unlisted Securities Index (NSI) closing higher by 3.06 points to settle at 815.65 basis points versus the previous day’s 812.59 basis points. There were three gainers led by FrieslandCampina Wamco Nigeria Plc, which improved by N1.31 to close at

By Aduragbemi Omiyale The Vice President, Mr Kashim Shettima, has said Nigeria is in dire need of foreign direct investment (FDI) more than ever before, tasking domestic and foreign investors to make Nigeria their investment hub because efforts are being made to formulate business-friendly policies. Mr Shettima, while speaking when he hosted the management of First Surat Group, as well as top management of MTN Nigeria at the presidential villa in Abuja, charged MTN Nigeria to facilitate and spearhead digital mobile money and digital education. He assured that President Bola Tinubu was willing to partner with various stakeholders in the

By Adedapo Adesanya The Office of the National Security Adviser (ONSA) is set to organise cybersecurity workshops across seven sectors from September to December 2021. The three-month workshop will cut across telecommunications, defence and security, education, finance and capital market, energy, professional organisations, the private sector and the judiciary. This was disclosed by the Head, Strategic Communication, ONSA, Mr Z. M. Usman, in a press release. He noted that the decision to organise the seminars was reached after deliberations at the 7th Meeting of the Cybercrime Advisory Council, convened by the National Security Adviser, Mr Babagana Monguno on Monday. He

By Dipo Olowookere A court in the United Kingdom has sentenced Chairman of Ontario Oil & Gas Limited, Mr Walter Wagbatsona, to three and half years in prison. The Nigerian oil magnate was convicted by a Leicester Crown Court after he was found guilty of conspiracy to launder money in an international fraud and money laundering. Mr Wagbatsona was earlier last year sentenced in absentia to 10 years imprisonment by a Nigerian court for his part in a £1.9 billion oil subsidy fraud. In June 2016, whilst travelling through Germany, the convict was detained on a European Arrest Warrant and

Nigeria has an inherent love for football, and betting on sports has been a popular pastime in the country for a while. When combined, betting on football has proven to be an exciting mode of entertainment which results in a profitable end. However, one must always draw a line when planning to bet as a money-making avenue. It is essential to keep within boundaries so that it does not have any effect on the rest of your life. For someone wanting to start with sports betting, football is an excellent idea. There are several competitions played around the world, throughout

Soaring inflation and prolonged trading inactivity due to the global lockdown left businesses with huge inventories and a cash flow problem, which also disrupted funding pipelines. Currently, large, medium, and small businesses are sourcing funds to get their businesses back on track and pursue their growth mandate as markets open gradually. Absa, which offers investment banking and market products through various Nigerian registered subsidiaries, namely Absa Representative Office Nigeria Limited, Absa Capital Markets Nigeria Limited, and Absa Securities Nigeria Limited, advised local businesses to tap into the ample pool of retail and institutional investors on the stock exchange to drive

By Dipo Olowookere The latest Africa Agriculture Status Report (AASR) has predicted that the rapidly growing food market in Africa may be worth more than $1 trillion each year by 2030. The report, launched at this year’s African Green Revolution Forum (AGRF) in Cote d’Ivoire, revealed that agriculture will be Africa’s quiet revolution, with a focus on SMEs and smallholder farmers creating the high productivity jobs and sustainable economic growth that failed to materialise from mineral deposits and increased urbanisation. It noted that the power of entrepreneurs and the free market is driving Africa’s economic growth from food production, as

By Adedapo Adesanya The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has extended the 14-day ultimatum earlier given to the federal government by one week. This was disclosed in a statement issued by the union’s General Secretary, Mr Afolabi Olawale, in Lagos. He said that in spite of the various interventions and engagements with government agencies and institutions, issues concerning the welfare of members and unfair labour practices by some oil majors had yet to be fully resolved. Business Post had reported that NUPENG issued the 14-day ultimatum on November 15, threatening to embark on a nationwide strike

By Adedapo Adesanya The Brent crude grade appreciated by 1.6 per cent or $1.51 on Wednesday to $96.16 per barrel despite the United States Federal Reserve raising interest rate for the fourth time this year. The oil market held its rally even as stocks fell and the dollar rallied after Federal Reserve Chair Jerome Powell said it was premature to think about pausing rate increases. This did not have a negative effect on the market as the West Texas Intermediate (WTI) crude gained 1.8 per cent or $1.63 to quote at $90.00 per barrel. Yesterday, the US central bank boosted

By Adedapo Adesanya As part of plans to improve on local milk production, Promasidor Nigeria Limited has signed a partnership agreement with the Ekiti State Government to drive its backward integration initiative through the state-owned Ikun Dairy Farm. The agreement which was signed by Ekiti State Governor, Mr Kayode Fayemi, and the Managing Director of Promasidor Nigeria Limited, Mr Anders Einarsson, in Abuja, will enable Promasidor utilise the facilities at Ikun Dairy Farm to improve local sourcing of materials for production of its dairy products, which include Cowbell and Loya among others. Speaking on the partnership, Mr Fayemi said that