European Stocks Turn in Lacklustre Performance Friday

By Adedapo Adesanya The return of the bears was averted at the NASD Over-the-Counter (OTC) Securities Exchange on Thursday by Central Securities Clearing System (CSCS) Plc, which helped the alternative bourse close marginally higher by 0.03 per cent. This slight growth increased the value of the OTC exchange by N380 million, closing relatively flat at N1.165 trillion, as the NASD Unlisted Security Index (NSI) increased by 0.27 points to end the day at 859.58 points compared with the previous day’s 859.31 points. During the trading day, the value of CSCS Plc went up by 8 Kobo to settle at N17.08

By Adedapo Adesanya The boards of insurance companies operating in the country have been charged by the National Insurance Commission (NAICOM) to embrace the measures put in place to tackle the challenges of unpaid claims. The Commissioner for Insurance, Mr Sunday Thomas, expressed worry over the number of outstanding claims in the sector despite efforts by the regulator to address the issue. Mr Thomas, who is also the chief executive of NAICOM, said the organisation, in collaboration with members of the Insurers’ Committee, has taken decisions and incepted measures designed to tame the menace of unpaid claims. Speaking at the

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

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 A group of partners in the Micro, Small, and Medium Enterprises (MSMEs) space is set to execute various MSME-focused interventions, targeting 1.3 million beneficiaries across 17 States and Federal Capital Territory (FCT). This effort is part of a bid to complement the federal government’s efforts to improve the economy and create more jobs. The MSME and Job Creation Unit of the Vice President’s Office, which is coordinating the interventions, disclosed that the interventions are geared towards ensuring the realisation of the President Bola Tinubu-led administration’s commitment to job creation and economic diversification with the MSMEs playing critical

By Modupe Gbadeyanka Netherlands’ Foreign Minister, Mr Bert Koenders, has urged the United Nations to deploy sanctions in the fight against people smuggling and trafficking via Libya. Mr Koenders submitted that placing the leaders of the criminal organisations involved in people smuggling on a sanctions list would make it possible to freeze their financial assets and to prohibit any economic support for these organisations. ‘Sanctions of this kind would help undermine the business model of these criminals,’ explained Mr Koenders. ‘What’s more, our aim in Libya is not only to get the flow of migrants under control, but also to

By Adedapo Adesanya Chairman of United Bank for Africa (UBA) Group, Mr Tony Elumelu, has made donation of a multipurpose information technology centre to his alma mater, Ambrose Ali University, Ekpoma, Edo State. Categorised as part of the corporate social responsibility arm of the bank, the state-of-the-art multipurpose information technology building is for the benefit of students of the institution. The hall, to be named The Tony O. Elumelu Multipurpose Hall, is furnished with computers, desks and chairs. It measures 839 square meters and has adjoining offices and conveniences. Speaking on the motivation for the infrastructure, Mr Elumelu said, “Education

Leading telecommunications services provider, Airtel Nigeria, has taken another bold step to redefine the television viewing experience for its customers with the unveiling of Airtel TV, a one stop platform for everything entertainment – live TV, music videos, news, sports and lots more. The Airtel TV app, which is available on Android and iOS, is subscription-free and offers registered users unlimited access to the entire Airtel TV content library as well as enables them stream different content categories on the robust Airtel 4G network. In addition to the Video-On-Demand service, Airtel TV offers live television across popular TV channels including

By Adedapo Adesanya The National Information Technology Development Agency (NITDA) has reiterated its commitment to support the development of Small and Medium Enterprises (SMEs) through the development of the Nigerian Digital Innovation and Entrepreneurship Start up Policy (NDIESP). According to the agency, this is in line with the Nigerian Digital Economic Policy and Strategy (NDEPS) aimed at boosting the economic growth and diversification of the country. This was made known by the Director-General of the agency, Mr Kashifu Inuwa Abdullahi, at the Abuja Enterprise Agency Entrepreneurial Complex in Abuja, where he delivered a keynote address titled Leveraging on Technology and

By Investors Hub The major U.S. index futures are pointing to a higher opening on Tuesday following the mixed performance seen in the previous session. Stocks may benefit from recent upward momentum, which has lifted the markets to record highs amid optimism about the economic outlook. Continued strength seen in the overseas markets on the day may also contribute to early buying interest on Wall Street. Overall trading activity may remain somewhat subdued, however, with a lack of major U.S. economic data keeping some traders on the sidelines. Following the rally seen last week, stocks turned in a relatively lackluster

By Adedapo Adesanya  The Naira’s performance was diverse across different segments of the foreign exchange market on Wednesday. At the parallel market, the local currency performed relatively better, but at the Investors and Exporters (I&E) segment of the forex market, it did not put up a sterling performance. At the I&E segment of the foreign market on Wednesday, the Nigerian currency depreciated by 11 kobo or 0.05 percent to close at N361.99 in contrast to N361.80 it recorded on Tuesday. A look at the daily market turnover at the I&E segment indicated an increase by 52 percent or $91.52 million