EFCC Raids Balogun Market in Lagos, Seizes N250m

By Adedapo Adesanya A 0.54 per cent growth was recorded by the NASD Over-the-Counter (OTC) Securities Exchange on Monday, September 25, after the duo of FrieslandCampina WAMCO Nigeria Plc and Central Securities Clearing System (CSCS) Plc witnessed improvements in the share prices. The milk producer gained N1.39 during the session to end at N73.59 per unit compared with last Friday’s value of N72.20 per unit, while the Nigerian depository company grew by 70 Kobo to sell at N18.20 per share versus N17.50 per share. At the close of transactions, the total value of the unlisted securities market jumped by N6.21

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed in the green territory after it chalked up by 0.37 per cent on Friday, September 22, as three securities finished on the price gainers’ chart and one stock closed in the price losers’ table. This raised the market capitalisation of the OTC Exchange by N4.24 billion to N1.143 trillion from the previous day’s N1.139 trillion, as the NASD Unlisted Securities Index (NSI) increased during the session by 3.00 points to finish at 808.95 points compared with Thursday’s 805.95 points. At the close of transactions, investors traded a total of 10.7

By Aduragbemi Omiyale Mr Tokunbo Akande, the Special Adviser to the Executive Chairman of the Lagos State Internal Revenue Service (LIRS), Mr Ayodele Subair, has waded into the controversies surrounding stamp duty. The Federal Inland Revenue Service (FIRS) and the Nigerian Postal Service (NIPOST) have been at loggerheads at to which of them should collect the revenue charged on financial transactions in the country. Mr Akande, while commenting on the matter, described stamp duty as ‘a revenue stamp and not a postage stamp.’ While featuring as a guest on The Tax Talk programme on Channels Television recently, he emphasised that

By Adedapo Adesanya President Bola Tinubu has been charged by the Socio-Economic Rights and Accountability Project (SERAP) to investigate the allegations that over $15 billion of oil revenues and N200 billion budgeted to repair the refineries are missing and unaccounted for between 2020 and 2021, as documented by the Nigeria Extractive Industries Transparency Initiative (NEITI). In the letter dated September 23 and signed by SERAP deputy director, Mr Kolawole Oluwadare, the organisation urged him to “name and shame anyone suspected to be responsible for the missing and unaccounted for public funds and to ensure their effective prosecution as well as

By Dipo Olowookere The Naira on Thursday remained indifferent to the sale of over $250 million to licensed Bureau De Change (BDC) operators nationwide as it suffered another loss against the dollar. The News Agency of Nigeria (NAN) reports that the Naira inched against the dollar at the early hours of Thursday morning by 2 points but could not sustain the gain as it shed 3 points to close at N498 to a dollar at the open market. The Pound Sterling and the Euro traded at N596 and N520, respectively, at the open market. At the BDC window, the Naira

By Dipo Olowookere The value of the Naira to the United States Dollar in the parallel market is depreciating at an alarming rate and until something urgent is done, it could further worsen in the coming days. According to keen observation, the Nigerian currency entered its sick state last Tuesday after the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, announced that decisive action would be taken against any person caught withdrawing Naira with the sole aim of buying the Dollar. This sent a wrong signal to the foreign exchange (forex) market and despite an effort made

By Modupe Gbadeyanka The first cloud data centre of a global leader in cyber protection, Acronis, has been launched in Lagos and will ensure that service providers do not have trouble meeting the ever-changing compliance, data sovereignty, and performance requirements they and their clients face. The Acronis cyber cloud data centre unveiled on Thursday, February 10, 2022, is one of the 111 new data centres being deployed by the company, giving service provider partners access to a full range of cyber protection solutions. According to a statement from the firm, with the new data centre in Nigeria, local service providers

By Adedapo Adesanya Oil prices plunged more than 5 per cent on Tuesday on demand concerns after the International Monetary Fund (IMF) reduced its economic growth forecasts and warned of higher inflation. Brent crude fell 5.07 per cent or $5.74 to sell at $107.40 per barrel, while the price of the United States West Texas Intermediate (WTI) went down by $5.70 or 5.27 per cent to $102.50 a barrel. The Bretton Wood institution cut its global growth forecasts because of the war in Ukraine, warning that Russia’s invasion could lead to the fragmentation of the world economy into rival blocs.

By Adedapo Adesanya Ikeja Electric Plc (IE), Nigeria’s biggest Electricity Distribution Company, has been adjudged the 2020 Philanthropic Electricity Distribution Company of the Year. This was conferred at an award ceremony organised by CSR Reporters, a specialized news publication with a concentration on how organisations and well-meaning individuals are giving back to the society. According to the organizers, the award was given to the energy distribution firm in recognition of its efforts to give back to the society where it operates. The citation read that Ikeja Electric was selected because it demonstrated integrity and transparency while engaging in several corporate

By Modupe Gbadeyanka The two corporate bonds issued in September 2011 by Tower Funding Plc have been delisted on the Daily Official List of the Nigerian Stock Exchange (NSE). The N4.63 billion papers were issued by the firm under the N9.00 billion Tower Funding Plc Medium-Term Note Programme. Tower Funding issued N3.63 billion worth of Tranche A 7-year paper at 7 percent and N1 billion worth of the Tranche B 7-year note at 5.25 percent. Business Post gathered that the senior unsecured bonds were had Dunn Loren Merrifield as the Lead Issuing House/Book Runner, while Sterling Bank Plc acted as

By Modupe Gbadeyanka On Monday, June 12, 2017, Acting President, Prof Yemi Osinbajo, signed the 2017 budget into law after it was passed by the National Assembly. The event was witnessed by many key members of this administration, including the Senate President and Speaker of the House of Representatives, Messrs Bukola Saraki and Yakubu Dogara respectively. The Acting President assented to the appropriation bill after President Muhammadu Buhari told him to do so in the interest of the country. Here are photographs from the brief signing ceremony held at the Presidential Villa in Aso Rock, Abuja.

By Aduragbemi Omiyale A leading telco, Airtel Nigeria, has put a spotlight on the rarely discussed struggles associated with living with albinism in the country, featuring Ms Eunice Nwokeocha, a young woman living with albinism, in its flagship television programme, Airtel Touching Lives. The show aired the struggles of Ms Nwokeocha in the second episode of Airtel Touching Lives Season 7 on Sunday, July 2, 2023. Albinism is a genetic condition that affects the production of melanin, which is the pigment that gives colour to the skin, hair, and eyes. Due to the lack of pigmentation, Ms Nwokeocha has had