Equities Begin Week in Green, Gain N16bn

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a further rise of 0.55 per cent, extending its stay in the green territory to a fourth straight session on Thursday, November 7. This increased the NASD Unlisted Security Index (NSI) by 4.81 points to wrap the session at 872.54 points compared with 867.73 points in the previous session, as the market capitalisation of the OTC exchange jumped by N6.52 billion to settle at N1.182 trillion, in contrast to the preceding trading day’s N1.176 trillion. The unlisted securities market ended the trading session with two price gainers, 11 Plc and

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 Dipo Olowookere The International Monetary Fund (IMF) has said Nigeria’s revenue–to-gross domestic product (GDP) ratio of about 9 per cent was too low to trigger the economic growth projected by President Bola Tinubu in his Renewed Hope Agenda. Addressing journalists at its last press briefing for 2023 on Thursday, the global lender said the administration of Mr Tinubu must boost the government’s revenue to have funds to achieve his goals. On May 29, 2023, Mr Tinubu took over from Mr Muhammadu Buhari, promising to jump-start the economy and work tirelessly to address food security, end hunger, eradicate poverty, create

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 Dipo Olowookere A new fear over the state of Nigerian economy has been activated with news of two global financial institutions closing down their offices in the country. The two affected banks are HSBC and UBS, according to the Central Bank of Nigeria (CBN) in a report released on Friday. “Following the divestment by the Diamond Bank Nigeria Plc from the Diamond Bank UK Limited, the number of approved foreign subsidiaries of Nigerian banks fell to 54 in the first half of 2018, from 55 at end-December 2017. “The number of representative offices of Nigerian banks abroad remain unchanged

By Dipo Olowookere A senior delegation from the UK’s Foreign and Commonwealth Office (FCO) and Department for International Development (DFID) visited Sudan on 9-10 January 2017 for wide-ranging talks. Led by FCO Permanent Under-Secretary Sir Simon McDonald and DFID Permanent Secretary Sir Mark Lowcock, the delegation travelled to Khartoum and Nyala, South Darfur. Reflecting on the visit, Sir Simon said, “I’m delighted to have taken up the invitation extended by my Sudanese counterpart, Ambassador Abd Elghani Elnaim, when we met in London last October. Relations between the peoples of Sudan and the UK are deep and historic, and our meetings

By Dipo Olowookere The mid-level financial institution, Fidelity Bank Plc, is looking to source fresh funds from investors, especially new ones, to possibly use to expand its operations in Nigeria and abroad. Recall that recently, the lender announced the acquisition of Union Bank UK as part of its efforts to establish its footprint in the United Kingdom, where it believes it can penetrate. The commercial bank also intends to move up the ladder and become a tier-one banking institution in Nigeria and rub shoulders with the big boys of the sector like GTCO, Zenith Bank, Access Holdings, FBN Holdings and

By Dipo Olowookere President Muhammadu Buhari has left the shores of Nigeria for Kenya to attend an international programme in the East African country. Mr Buhari will be in Kenya to attend the 6th Tokyo International Conference on African Development (TICAD VI) in Nairobi. He left the country on Friday via the Nnamdi Azikwe International Airport, Abuja. The TICAD VI Summit will be held at Kenyatta International Convention Center in Nairobi, Kenya from August 27-28, 2016. This will be the first time TICAD is being held in Africa since its inception in 1993. The decision to host TICAD VI Summit

By Modupe Gbadeyanka The Lagos State Internal Revenue Service (LIRS) has extended the deadline for filing annual tax returns by residents of the metropolis. The deadline was extended by the agency for two weeks, a statement disclosed, noting that the new date is Wednesday, April 14, 2021. Individuals living in Lagos were earlier given till Wednesday, March 31, 2021, to file their annual tax returns but the LIRS explained that it decided to shift it forward in furtherance of the commitment to continuously mitigate the effect of the COVID-19 pandemic on taxpayers in Lagos State. “Statutorily, the filing of individual

By Modupe Gbadeyanka Heritage Bank Plc has continued to take the lead in empowering youths to become entrepreneurs, which is amongst others, is geared to creating jobs and distributing wealth across the Nigerian economy. Recently, Heritage Bank made a “measured” entry into financing and empowering youths with the N3billion Youth Innovative Entrepreneurship Development Programme (YIEDP) fund by the Central Bank of Nigeria (CBN), with the active participation of the National Youth Service Corps (NYSC) and the bank as the sole financial institution and operating vehicle for the disbursement of funds to approved beneficiaries. The bank in a statement made available

By Adedapo Adesanya  The management of Lagos State Environmental Sanitation Corps (LAGESC) has condemned the attack on operatives of the agency by some persons on Friday while carrying out enforcement on street traders. The attack occurred along Queens Drive in Ikoyi and this left three operational trucks damaged and some officials of the corps injured, with one presently in critical condition at the hospital. According to LAGESC, the exercise, which was part of the Governor Babajide Sanwo-Olu’s mandate to clear the state of all environmental nuisance and infractions, was led by Deputy Corps Marshals, Mr Ganiu Kazeem and Mr Adeleke

By Kester Kenn Klomegah Russian President Vladimir Putin has reiterated some aspects of Russia’s foreign policy agenda when he received letters of credence from 20 foreign ambassadors, including seven from Africa, who had arrived in the country to begin their duty tour. The seven new African ambassadors are from the Republics of Angola, Benin, Ghana, Guinea, Nigeria, Mauritania and Somalia. The ceremony formally marks the official beginning of the ambassadors’ duties in the Russian Federation, and it usually takes place twice a year in the St. Alexander Hall of the Great Kremlin Palace. President Putin made concrete reference to his