eTranzact Shareholders Approve Share Capital Raise to N9.1b

By Dipo Olowookere The House of Representatives Committee on Customs and Excise chaired by Mr Leke Abejide, has promised to ensure that all customs duties and levies collected by the Nigeria Customs Service (NCS) are accounted for and remitted to the nation’s purse. He gave this assurance during the inaugural meeting of the panel on Wednesday in Abuja, using the occasion to roll out the seven-point agenda of his group. The lawmaker, who contested in the recently-concluded governorship election in Kogi State under the African Democratic Party (ADC), listed the key focus of the team as oversight of the Nigeria

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 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 Nigerian Exchange (NGX) Limited depreciated by 0.49 per cent on Thursday, driven by selling pressure on banking equities, especially those in the tier-1 category. The likes of GTCO, FBN Holdings, Access Holdings witnessed sell-offs during the trading session, contributing to the weak investor sentiment observed at the Nigerian stock market. According to data obtained by Business Post, the NGX ended with 29 price losers and 24 price gainers, indicating a negative market breadth index. FBN Holdings ended as the heaviest price decliner after it shed 9.86 per cent to settle at N26.50, Secure Electronic Technology fell

By Modupe Gbadeyanka Following a meeting with G20 finance ministers and central bank governors, World Bank Group President Jim Yong Kim on Sunday announced a record $57 billion in financing for Sub-Saharan African countries over the next three fiscal years. Kim then left on a trip to Rwanda and Tanzania to emphasize the Bank Group’s support for the entire region. The bulk of the financing, $45 billion, will come from the International Development Association (IDA), the World Bank Group’s fund for the poorest countries. The financing for Sub-Saharan Africa also will include an estimated $8 billion in private sector investments

By Adedapo Adesanya A judgement delivered on Thursday, September 10 in the United Kingdom has ordered Process and Industrial Developments (P&ID) Limited to make the payment of more than £1.5 million to Nigeria within 21 days to cover legal costs in an ensuing legal battle between both parties. A UK judge gave the order following a hearing held to decide procedural and costs issues relating to Nigeria’s applications to challenge the arbitration award of $9.6 billion last year and to also determine the short-term directions to trial. This latest order follows the major victory it secured on September 4 when

By Dipo Olowookere The audited financial results for the year ended December 31, 2016 released by Guaranty Trust Bank Plc (GTBank) to the Nigerian and London Stock Exchanges revealed that the financial institution grew its gross earnings by 37 percent to N414.6 billion from N301.9 billion reported in December 2015. In the financial statements, the firm had positive performance across all financial indices, reaffirming its position as one of the most profitable and well managed financial institutions in Nigeria. It was observed that its performance was driven primarily by growth in interest income as well as foreign exchange income. Profit

By Adedapo Adesanya The Naira was relatively stable against three major foreign currencies tracked across the various segments at the foreign exchange market on Friday, October 9. At the Investors and Exporters (I&E) segment of the market yesterday, the domestic currency traded flat against the United States Dollar at N385.83/$1. This occurred as the turnover of the transactions for for the session reduced by 23.5 per cent or $41.4 million as trades valued at $134.83 million were exchanged compared with the previous session’s $176.23 million, according to data obtained from FMDQ Securities Exchange by Business Post. A look at the

By Modupe Gbadeyanka There was mild drama at the office of the Edo State Governor, Mr Godwin Obaseki, on Tuesday, as the Governor walked the Managing Director (MD) of the Benin Electricity Distribution Company (BEDC), Mrs Funke Osibodu, out of his office for failing to meet obligations to electricity consumers in Edo and throwing the state into darkness for weeks. This happened when the Governor received members of the Federal House of Representatives Committee on Power led by Mr Daniel Asuquo, who were in Government House, Benin City, on a courtesy visit. The Governor was surprised to see the BEDC

By Ahmed Rahma Leading smartphone company, Infinix, will be giving out a brand new car to a lucky winner in its ongoing Mega Jackpot Promo. The initiative is part of ways to appreciate its customers for their unwavering support and constant patronage every year. The promo started on November 27, 2020, and is expected to end on January 15, 2021. It was disclosed that since the beginning of the campaign, many Nigerians have walked away with several amazing gift prizes after participating in the jackpot. The most recent winners walked away with twin tub washing machines and refrigerator. As of

By Kikiowo Ileowo Having fervently followed Punch Newspapers as a neutral observer for the past 10 years, I am amazed by how often they throw professionalism into the dustbin when the state of Osun and Ogbeni becomes the subject. What axe does the paper have to grind with the government of Ogbeni Rauf Aregbesola? When and how did he offend its management, and why does it often abandon logic and reason in a bid to rope the governor in scandalous issues? It seems Punch Newspapers go out of its way to drag the name and legacy of Ogbeni in the

By Adedapo Adesanya Oil prices fell back into the negatives on Friday, a day after recording the first gains in 10 days as economic stimulus plans from government and central banks did not meet expectations as demand continue to fall due to coronavirus pandemic, worsened by Saudi Arabia and Russia oversupplying the market. Brent crude fell $1.02 equivalent to 3.37 percent to settle at $29.28 per barrel, while the US West Texas Intermediate (WTI) crude shed $2.50 or 9.65 percent to settle at $23.41 per barrel. Primarily affected by the coronavirus, oil posted gains at the previous session, but suffered