Expert Advises NGX to Make Sustainable Reports Mandatory for All Listed Companies

By Dipo Olowookere The board of Capital Hotels Plc has announced the creation of an escrow account for the payment of about N1.6 billion to minority shareholders of the company. The hospitality firm is leaving the Nigerian Exchange (NGX) Limited after years on the nation’s main stock exchange. In a notice signed by Alex Ugwuanyi, the organisation said the account was created with CardinalStone Registrars Limited and has been sufficiently funded for payment “to shareholders” who “have accepted to exit” the firm by selling their holdings. Recall that in March 2023, shareholders of Capital Hotels approved the request of the

By Dipo Olowookere Profit-taking persisted on the floor of the Nigerian Exchange (NGX) Limited, as investors refused to tone down their profit-taking activities. It was observed that the market is gradually entering panic mode due to macroeconomic instability in the country, especially with the exchange rate of the Naira to the Dollar going above N1,000 in the parallel market. A stockbroker with one of the leading brokerage firms in the country, who asked not to be named, said the local bourse was witnessing panic selling due to investors liquidating their shares for Dollars. “This trend will continue for a while

By Aduragbemi Omiyale The management of BUA Cement Plc has announced a reduction in the prices of its cement from its factory without the transportation costs to N3,500 per bag (50kg). The cement maker confirmed this development in a statement issued on Sunday, noting that it was part of efforts to make sure customers get the products at cheaper prices. In the statement, BUA Cement disclosed that the slash in cement prices is from Monday, October 2, 2023, urging its distributors not to fleet the end users. The firm said, “All pending, undelivered orders which had been paid for at

By Aduragbemi Omiyale A Norwegian start-up, Empower New Energy, has injected about $13 million into a Nigerian hybrid solar solutions provider, WATT Renewable Corporation, to reduce the country’s carbon footprint through innovative technologies. A statement from WATT said the funds would be used to improve the renewable energy portfolio, adding an impressive 8MW of installed generating capacity and 14.3MWh of storage capacity through end-to-end services and operation of towers in Nigeria. The firm stated that this is set to make a substantial impact on the availability and reliability of clean energy in the region and reduce the consumption of diesel

By Adedapo Adesanya The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has disclosed that the multi-billion-dollar refinery in Lagos being built by Mr Aliko Dangote is 97 per cent completed. The agency disclosed this to newsmen in Abuja when representatives of the Dangote Petroleum Refinery presented the work plan for the facility for 2022/2023. Speaking on the refinery project, NMDPRA’s Chief Executive, Mr Farouk Ahmed, reiterated the importance of the Dangote Refinery to the country while assuring that the agency will give all necessary support to ensure timely completion and kick-start operations. The oil facility, situated on 6,180 acres

By Modupe Gbadeyanka Acting Director General of the Securities and Exchange Commission (SEC), Mr Abdul Zubair, has advocated for a strong and competitive capital market in West Africa that will rank at par with the markets of other regions of the world. The SEC Nigeria boss made this call at the fourth Executive Council meeting of the West African Securities Regulators Association (WASRA) held recently in Rabat, Morocco. The meeting was precisely held on the sidelines of the 40th annual meeting and conference of the African Middle East Regional Committee (AMERC) of the International Organisation of Securities Commissions (IOSCO). Mr

By Dipo Olowookere Nigeria’s Vice President, Mr Yemi Osinbajo, on Tuesday, November 14, 2017, held a meeting with the team of MasterCard executives led by its president and CEO, Mr Ajay Banga, at the State House in Abuja. During the meeting, both parties discussed the importance of developing a digital framework for Nigeria to support the country’s ongoing transformation, ensuring the development of a more inclusive economy. Mr Osinbajo recognised the critical role of technology in driving Nigeria’s development to help enable the country to benefit from the expansion of consumer and business spend as cities become hubs for commerce.

By Modupe Gbadeyanka The International Monetary Fund (IMF) has advised the Nigerian government to quickly come up with stronger macroeconomic policy to revamp the economy and restore confidence of investors in the country. This suggested was made by the IMF Executive Board, which concluded the Article IV consultation with Nigeria on Wednesday, March 29, 2017. The board recognized that the Nigerian economy had been negatively impacted by low oil prices and production, which forced it into a recession in 2016, with growth contracting by 1.5 percent. It commended the efforts already made by the authorities to reduce vulnerabilities and enhance

By Dipo Olowookere The Lagos Chamber of Commerce and Industry (LCCI) will on Thursday, November 1, 2018 hold its International Investment Conference in Lagos. A statement from the agency disclosed that the theme for the confab is Promoting Investment, Connecting Businesses. The 2018 edition of the Investment Conference, which starts by 9am at the Shell Hall, Muson Centre, Onikan, Lagos, will provide participants with the investment opportunities in Nigeria, insight into factors that impede foreigners from leveraging on the investment opportunities and challenges faced by indigenous investors and proffer solutions. It would also provide a veritable platform for a mutually

By Dipo Olowookere **As N106bn Bond Coupon Payments Impact System Liquidity The frequency at which stop rates of treasury bills are declining in recent times in Nigeria is giving some investors in that space something to worry about. At the last exercise held on Wednesday, January 15, 2020, the Central Bank of Nigeria (CBN) offered the debt instrument for as low as 2.95 percent. Two days later, the National Bureau of Statistics (NBS) released a report that showed that inflation rate for December 2019 increased to 11.98 percent from 11.85 percent in November 2019. From this, an investment in T-bills

By Dipo Olowookere A member of the leading Pan African Banking Group, Ecobank Transnational Incorporated (ETI), Ecobank Nigeria, is showcasing a bouquet of Digital Products at the Digital Pay Expo 2018 opening today in Lagos. Ecobank products on display at the event include the Ecobank Mobile App which enables customers instantly open Ecobank Xpress Account; this account type does not attract any account fees, paperwork or minimum balance requirements. Digital Pay Expo is an event which brings together stakeholders in digital financial services to discuss key issues affecting the payments industry. Executive Director, Consumer Banking, Ms Carol Oyedeji, while announcing

By Comrade Oladimeji Odeyemi “The most important thing I learned is that soldiers watch what their leaders do. You can give them classes and lecture them forever, but it is your personal example they will follow.”- General Colin Powell. Nearly all leaders can stand adversity, bit if you want to text a man’s character, give him a war. This very word fit into the compass mind under which the character of Lieutenant General Tukur Yusuf Buratai has evolved. In the war against terror,  his leadership qualities stood out the most. With this treatise, with this article, a reflection on the