EFCC Investigates Listing of MTN Nigeria on NSE

By Aduragbemi Omiyale A workshop designed to educate investors, especially those in the retail end of the curve, on how they can improve corporate governance has been organised by the Nigerian Exchange Regulation (NGX RegCo) Limited. The two-day event, which took place on Thursday, November 23, and Friday, November 24, 2023, was themed Rights and Responsibilities of Shareholders in Driving Corporate Governance. According to the NGX RegCo, the seminar was designed to promote a transparent and fair market, with participants agreeing that all hands must be on deck to sanitize the market and bring the boards and management of listed

By Modupe Gbadeyanka The chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, has asked his counterpart in the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, to support his agency to achieve the Renewed Hope Agenda of President Bola Tinubu, who appointed both of them. Speaking during a courtesy visit to the headquarters of the anti-money laundering firm, Mr Adedeji said the EFCC has a role in ensuring that taxpayers’ funds are “judiciously utilised in line with the social contract with the people.” He assured that the FIRS would continue to strive to raise the revenue

By Adedapo Adesanya A milk-producing company, FrieslandCampina Wamco Nigeria, helped the NASD Over-the-Counter (OTC) Securities Exchange return to the green territory by 0.54 per cent on Wednesday, November 29. The firm improved its value by N3.50 in the midweek session to settle at N73.50 per share compared with the previous day’s closing price of N70.00 per share. It suppressed the 10 Kobo decline posted by Central Securities Clearing System (CSCS) Plc, which ended lower at N17.00 per unit versus Tuesday’s value of N17.10 per unit. Consequently, the market capitalisation of the alternative stock exchange went up by N6.28 billion to

In furtherance of my sacred duties and obligations as President of the Federal Republic of Nigeria, it is my honour to be here today to present my administration’s 2024 Budget Proposal to this Joint Session of the 10th National Assembly. This moment is especially profound and significant to me because it is my first annual budgetary presentation to the National Assembly. Distinguished Senators and Honourable Members of the National Assembly, I commend your swift consideration and passage of the 2023 Supplementary Appropriation Bills and the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper. Your prompt action underscores your devotion

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange continued in the green territory as it pulled a 0.63 per cent appreciation on the back of a positive price movement from FrieslandCampina WAMCO Nigeria Plc on Thursday, February 16. FrieslandCampina WAMCO Nigeria Plc closed the day N3 or 4.62 per cent higher to finish at N68.00 per share, in contrast to the preceding session’s N65.00 per share. As a result, the portfolios of investors at the bourse increased by N5.86 billion, leaving the market capitalisation of the NASD OTC bourse at N934.22 billion versus Wednesday’s value of N928.36 billion. Following

By Dipo Olowookere Nigeria’s Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has said the country’s economy can be reflated if local savings is encouraged. The global economy is currently on a life support because of the coronavirus pandemic, which forced many countries to lockdown their economies. Nigeria was not an exception as it only eased the lockdown early June after almost all economic activities were shut down for nearly three months in order to curb the spread of COVID-19. Already, the fiscal authorities are looking ahead of post-COVID-19 era. It is believed that the virus will disrupt

By Dipo Olowookere Unity Bank Plc has been asked by the Nigerian Stock Exchange (NSE) to pay the sum of N79.7 million as fine. This followed its failure to file its financial statements as required by the extant laws. Last week, the stock market regulator suspended the lender from trading its shares, which forced the firm to release the accounts for 2017 financial year, first quarter of 2018, half year and third quarter of this year. In a document released by the NSE and obtained by Business Post, Unity Bank, which is almost sealing a deal with new investors, was

By Adedapo Adesanya A Federal High Court in Abuja has ordered the federal government to account for the spending of a $460 million Chinese loan it secured to fund the failed Closed-Circuit Television (CCTV) project in Abuja. This directive was given by the court after the Socio-Economic Rights and Accountability Project (SERAP) instituted a suit against the administration of President Muhammadu Buhari on the Abuja CCTV project loan. The court also ordered the government to “publish the total amount of money paid to Chinese and local companies and contractors, specific details and the implementation of the project.” Justice Emeka Nwite

By Modupe Gbadeyanka The Kwara State Social Investment Programme (KWASSIP) said it has received a total of 342 applications for the N500 million small and medium enterprise (SME) recovery fund announced by the state government. Last month, the Kwara State government announced the establishment of N500 million fund aimed to assist owners of shops, malls and others looted by hoodlums in the state. Governor of Kwara State, Mr AbdulRahman AbdulRazaq, had during a visit to the Kwara Mall and Agro Mall explained that the funding package was to reduce the negative impact the looting could have on the economy. “We

By Adedapo Adesanya The federal government, through the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has disclosed plans to unveil six regulations on midstream and downstream operations. The regulations are being put in place to bring clarity to the sector as well as improve business processes and ease of doing business in the sector. According to the Authority Chief Executive (ACE) of NMDPRA, Mr Farouk Ahmed, in a statement after a meeting with the Independent Petroleum Producers Group (IPPG), said the regulations are gas pricing, environmental management plan, environmental remediation fund, decommissioning and abandonment, gas infrastructure fund, and natural

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has sent an open letter to President Muhammadu Buhari, urging him to use his leadership position to withdraw the National Broadcasting Commission (NBC) policy banning journalists and broadcast stations from reporting details of terrorist attacks and victims across the country. In a notice dated July 7, 2021, NBC issued a directive asking journalists, television and radio stations in Nigeria to stop “glamourizing and giving too many details on the nefarious activities of terrorists and kidnappers” during their daily newspaper reviews. The directive, titled Newspaper Reviews And Current Affairs Programmes: A

By Adedapo Adesanya The week opened with the bulls retaining their presence on the floor of the NASD Over-the-Counter (OTC) Securities Exchange following a marginal 0.01 per cent rise. The bullish outcome came on the back of the growth recorded by NASD Plc as its equity went up by 51 kobo or 9.1 per cent to close at N5.61 per unit compared with N5.10 per unit it closed at the previous session. As a result of this, the NASD unlisted security index (NSI) moved up by 0.07 points to 737.94 points from 737.87 points, while the market capitalisation gained N60