Equities Remain Down as Investors Lose N11b

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 The prices of oil benchmarks jumped by 2 per cent on Tuesday on the fresh possibility that the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) will extend or deepen supply cuts. Data showed that Brent crude futures gained $1.70 or 2.1 per cent to close at $81.68 a barrel and the US West Texas Intermediate (WTI) crude increased by $1.55 or 2.1 per cent to $76.41 per barrel after a drop in Kazakh oil output and a weaker US Dollar. OPEC+ is due to hold an online ministerial meeting on Thursday to discuss 2024

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange fell into the danger zone on Tuesday, November 28, as it recorded a 1.14 per cent loss after the price of three securities on the platform closed lower. This chopped off N13.33 billion from the NASD OTC securities exchange at the close of transactions, going down to N1.158 trillion from the N1.171 trillion it ended in the previous session. Business Post reports that the effort of a price gainer yesterday could not save the NASD Unlisted Security Index (NSI) from declining by 9.84 points to 854.67 points from the 864.51 points

By Dipo Olowookere Lagos State government has said that the ongoing reform in waste management will restrict the Lagos Waste Management Agency (LAWMA) role to only regulatory and monitoring while conceding policy implementation to private entities. Commissioner for the Environment, Mr Babatunde Adejare, who disclosed this at the monthly press briefing of the Ministry, said this new direction in waste management would allow for the infusion of needed technology and resources into waste management through partnerships with world renowned waste managers. He said further that LAWMA will close existing landfill sites in the state and replace them with engineered landfill

By Dipo Olowookere The Kwara State government on Tuesday refuted reports on social media that its debt profile had increased to N50.2 billion. Commissioner for Finance in the state, Mr Demola Banu, clarified that the state’s current debt portfolio stands at N30.2 billion with a monthly repayment of N496.4 million. Mr Banu said in 2017, the debt stood at N31.5 billion and N30.8 billion at the end of 2018, contrary to social media speculation of N50.2 billion. Giving a breakdown of the current indebtedness, Mr Banu explained that the N30.2 billion includes N15.3 billion as the balance of the federal

By Dipo Olowookere Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, on Monday said that capacity deficits remained a major challenge facing countries in the West African region. Mr Emefiele said at the 20th anniversary of the West African Institute for Financial and Economic Management (WAIFEM) in Lagos. Mr Emefiele, represented by the Deputy Governor, Economic Policy, Dr Sarah, said that the socio-economic capacity deficits had been a challenge in the region in spite of the efforts to achieve sustainable development. He said, “Those deficits continue to inhibit efforts in implementing their developmental strategies and policies and in

By Modupe Gbadeyanka The election of Mr Bola Tinubu as the President of Nigeria has been upheld by the Presidential Election Petitions Tribunal on Wednesday, September 6, 2023. On March 1, 2023, the Independent National Electoral Commission (INEC) declared Mr Tinubu of the All Progressives Congress (APC) as the winner of the presidential election held on Saturday, February 25, 2023. This was challenged by the candidate of the Peoples Democratic Party (PDP), Mr Atiku Abubakar, and that of the Labour Party (LP), Mr Peter Obi, at the appeal court. In his lead judgement, Justice Haruna Tsammani held that the petitions

By Modupe Gbadeyanka Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr Simbi Wabote, has disclosed that the board has obtained all necessary approval to relaunch the Nigerian Content Intervention Fund (NCI Fund). Speaking recently at the technical meeting held between top officials of Dangote Refinery and NCDMB at the refinery project site in Lekki, Lagos, Mr Wabote said the slight cost differentials between Nigerian and foreign vendors should not be an excuse to export jobs, stressing that the opportunity cost of creating employment for Nigerians, developing local capacity, retaining spend in the economy and engendering a

By Dipo Olowookere The average treasury bills yields marginally depreciated on Wednesday by 0.08 percent to finish at 9.97 percent, Business Post is reporting. This came on the back of the absence of an Open Market Operations (OMO) by the Central Bank of Nigeria (CBN) yesterday. It was observed that the significantly robust system liquidity levels triggered some renewed demand interests mostly on the mid to long end of the curve. Apart from the 6-month instrument, which rose by 0.12 percent to end at 13.56 percent, every other maturity depreciated yesterday. The one-month bill declined by 0.19 percent to close

By Adedapo Adesanya Nigeria’s new Minister of Steel Development, Mr Shuaibu Audu, has promised to revive the Ajaokuta steel company using a different approach from his predecessors. Ajaokuta Steel Company has not been able to produce liquid steel since it was conceived in 1979 despite successive administrations, including Mr Audu’s predecessor, Mr Olamilekan Adegbite. Upon his assumption of office, the previous Ministers always promise to revive the moribund Ajaokuta plant, but fail at the end of their tenures. However, the new sheriff in town, who is the son of the late Abubakar Audu, a former Governor of Kogi State, on

By Adedapo Adesanya The World Bank has approved a $700 million credit from its International Development Association (IDA) for the Nigeria Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) Project. In a statement issued in Washington on Thursday, the project will increase the implementation of sustainable landscape management practices in northern Nigeria and strengthen the country’s long-term enabling environment for integrated climate-resilient landscape management. It said that the productivity of major crops in Nigeria had been steadily declining over the past two decades, due partly to climate change, forcing an expansion of the area under agriculture and increased imports to meet the