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By Adedapo Adesanya Ahead of next week’s Monetary Policy Committee (MPC) meeting scheduled for Monday, September 25 and Tuesday, September 26, the Lagos Chamber of Commerce and Industry (LCCI) has called on the Central Bank of Nigeria (CBN) to pause its interest rate hike. In a statement signed by the Director-General, Mrs Chinyere Almona, the group said this was necessary to relieve Nigerians of the pressure on the supply side following a further surge in the inflation rate. The National Bureau of Statistics (NBS) revealed last Friday that the average cost of goods and services rose by 25.80 per cent

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange improved by 0.12 per cent on Wednesday, September 20, with the unlisted securities index expanding by 1.00 points to end the day at 806.29 points as against the 805.29 points it recorded at the previous session. During the trading day, the market capitalisation of the alternative stock exchange increased by N1.42 billion to close at N1.139 trillion compared with Tuesday’s closing value of N1.138 trillion. It was observed that the bulls overcame the bears on Wednesday, with the bourse closing with three price gainers and two price losers. Aradel Holdings Plc

By Adedapo Adesanya The distributors of petrol and other fuels in Nigeria said they can no longer sustain the distribution of the products nationwide as the price of diesel used to power their trucks is now N1,100/litre in many locations. The marketers, under the aegis of the National Oil and Gas Suppliers Association of Nigeria (NOGASA), raised the concern in a statement on Tuesday. The president of the group, Mr Benneth Korie, said that diesel has witnessed incessant hikes in recent months, lamenting that the development has been worsened by marketers’ inability to secure cheap bank loans that will enable

By Modupe Gbadeyanka The management of Lagos Business School (LBS) has commenced the process of building an International Management Research Centre to be named after the late Nigerian technocrat and administrator, Mr Gamaliel Onosode. To mark the occasion, a sod-turning ceremony was held at the centre’s construction premises at the Lagos Business School on Wednesday, November 29, 2017. LBS received a generous donation from the Onosode family, on behalf of the Gamaliel and Susan Onosode Foundation (GAMSU), for the research centre project. The foundation is a non-profit and non-political organization, set out to provide the enabling environment for the success

By Adedapo Adesanya The federal government has announced the commencement of the 2022 Mini Bid Round to spur new exploration and drilling activities in the prospective deep waters offshore Nigeria, with seven offshore oil blocks put on offer for foreign buyers. In a statement seen by Business Post, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said this would bring investments that will usher in the next phase of exploration in this region, in accordance with the provision of the Petroleum Industry Act (PIA) 2021. The industry regulator noted that the programme would follow a transparent and competitive procurement process designed

By Adedapo Adesanya The situation of the Naira worsened at the black market on Tuesday, June 15 as it depreciated against the Dollar by N3 to sell for N505/$1 in contrast to N502/$1. At the same unregulated segment of the foreign exchange market yesterday, the local currency also depreciated against the British Pound Sterling by N1 to close at N716/£1 compared to N715/£1 of the preceding trading session. In the same vein, the domestic currency went down by N1 against the Euro as it traded at N608/€1 in contrast to N607/€1 of the previous day. The situation was not different at

By Adedapo Adesanya After years of discussions, the Nigerian Ports Authority (NPA) on Thursday in Lagos assured that the one-billion-dollar Ondo State Multipurpose Deep Seaport project had gotten all necessary approval for its implementation. NPA’s Managing Director, Mr Mohammed Bello-Koko, gave the assurance when he received visiting Ondo State Coordinator for Special Projects, Mr Boye Oyewumi, who submitted the Full Business Case for the port. Located on the coast of Ondo State, the Ondo Deep Seaport project would be funded through a Public Private Partnership. Receiving the case report, Mr Bello-Koko assured that the NPA would work with the Federal

By Dipo Olowookere The financial statements of Africa Prudential Plc for the first quarter of 2020 have been filed to the Nigerian Stock Exchange (NSE). In the results for the period ended March 31, 2020, Africa Prudential suffered a decline in its gross earnings, which fell to N43.4 million from N868.4 million recorded in the corresponding period of 2019. The decline in the gross earnings was majorly due to low revenue generated from contracts with customers, which stood at N131.6 million as against N273.9 million over the same period of last year. However, there was an improvement in the interest

By Modupe Gbadeyanka One of the GSM network providers in the country, Airtel Nigeria, said it has now heavily subsidised data and mobile Internet for all Nigerian schools and students using the Dynamiss Learning Management Systems. This was as a result of the partnership between Airtel Nigeria and Dynamiss, an educational technology company in the country. Airtel Nigeria is one firm that is committed to accelerating and deepening the growth of online education in Nigeria. Schools have been remained shut in the country as a result of the COVID-19 pandemic and online learning has been the new normal among students.

By Dipo Olowookere Group Managing Director/CEO of United Bank for Africa (UBA) Plc, Mr Kennedy Uzoka, has assured shareholders of the company of more dividend payment for 2019 financial year. Last Friday, the pan-African financial institution announced its Audited Financial Results for the year ended December 31, 2018 and also proposed the payment of 65 kobo per share as dividend, bringing total dividend for the year to 85 kobo, same as 2017 fiscal year. In the results, the Africa’s global bank improved its gross earnings by 7.0 percent to N494.0 billion against N461.6 billion recorded in the corresponding period of

By Modupe Gbadeyanka A firm belonging to a top Niger Delta militant, Mr Government Ekpemupolo, otherwise known as Tompolo, Muhaabix Global Services Limited, has been taken to court by Unity Bank over a debt in the region of N5.3 billion. The financial institution filed a suit against the company before a Federal High Court sitting in Lagos in efforts to recover the debt. According to the bank’s counsel, Mr Oluwafemi Atoyebi (SAN), on November 14, 2014, Muhaabix Global Services Ltd sought to get €8.4 million, €282,924 and N500 million from Unity Bank to fund letters of credit for the importation