FG to Borrow N385b from Bond Market in Q1’18

By Adedapo Adesanya The value of the NASD Over-the-Counter (OTC) Securities Exchange sharply declined by 3.86 per cent on Thursday, September 28, after the shares of VFD Group Plc were taken out of the platform. VFD Group, according to reports, is planning to trade its stocks on a larger platform, the Nigerian Exchange Limited (NGX). The delisting of the company’s equities brought down the market capitalisation of the NASD OTC exchange by N44 billion to settle at N1.102 trillion compared with the N1.146 trillion it finished on Tuesday, the last trading session. The market was closed on Wednesday as a

For maritime businesses, the stakes are high, and the seas can be unpredictable. Whether you own a shipping fleet, operate a fishing company, or oversee marine logistics, safeguarding your assets with the right marine insurance is prudent. It’s also essential for the sustainability of your enterprise. Here are some tips for how to find the best marine insurance provider. By following these strategic steps, you can ensure your business remains afloat, even in the face of unforeseen challenges. 1. Assess Your Maritime Needs The first crucial step towards securing the ideal marine insurance provider is a comprehensive assessment of your

By Adedapo Adesanya The cryptocurrency market witnessed an uptick on Wednesday, with Bitcoin (BTC) managing to stay above the $26,000 level even as the US Dollar index rose to a new year-to-date high. Data obtained by Business Post showed that the most valued crypto, BTC, posted a 0.7 per cent appreciation during the midweek session to trade at $26,408.37 in the last 24 hours. On the part of the second-most valued digital coin, Ethereum (ETH), it remained in the $1,600 mark and it improved its value yesterday by 1.6 per cent to sell at $1,610.94. At the trading session, the US

By Adedapo Adesanya The Federation Account Allocation Committee (FAAC) has shared a total of N1.1 trillion from the revenue generated by the nation in August 2023 for September to enable the three tiers of government; the federal government, states, and local government councils, to have funds to pay salaries and others. The allocation of the funds was confirmed by the Office of the Accountant General of the Federation on Friday following FAAC’s September 2023 meeting. According to a statement by the OAGF’s Director of Press and Public Relations, Mr Bawa Mokwa, there was “N1100.101 billion (N1.1 trillion) total distributable revenue.”

By Josephine Wawira The African economy has gathered momentum over the years, with an estimated increase of 3.8% of the real output growth in 2017. As the largest economies gradually strengthen, the 2018/2019 performance should reach 4.1% according to the African Development Bank. This economic growth and sustainable development has largely been contributed by Small and Medium Enterprises (SMEs). In Kenya for instance, SMEs contribute approximately 40% to the GDP and employ over half of the country’s workforce. Yet, becoming a profitable SME in the continent is never a smooth sail for many. There’s the presence of stringent government regulations

By Modupe Gbadeyanka A waste to energy project is about to be launched in Ogun State and it is sponsored by the European Union (EU). The project is part of the EU’s-sponsored feasibility study aimed at improving power supply in Ogun State. Billed to be launched on Wednesday, November 9 in Abeokuta by the Ogun State Governor, Mr Ibikunle Amosun, the project, which is to be carried out by the state government in collaboration with Lafarge-Holcim Africa, seek to convert waste generated in the state to energy. Ogun State Commissioner for Environment, Mr Bolaji Oyeleye, who disclosed this in a

By Dipo Olowookere Mr Andrew Scott Murray has been appointed to the board of directors of International Breweries Plc, a statement from the firm has disclosed. Mr Murray is coming into the board as a non-executive director, the statement signed by the Company Secretary/General Counsel, Mr Muyiwa Ayojimi, stated. He is currently the Vice-President, Finance for AB InBev Africa, leading the finance function across the AB Inbev Africa operations, based in Johannesburg, South Africa. He was the Global Director AB Inbev M&A based in New York with exceptional track record of handling transactions and Corporate disposals of different description and

By Adedapo Adesanya The Tertiary Education Trust Fund (TETFund) has disclosed that 220 tertiary institutions were given N1.67 trillion between 2010 and 2020. This was made by the Chairman of TETFund, Mr Kashim Ibrahim-Imam, during the 3rd edition of the Taxpayers Forum in Lagos. He explained that the money was handed down to public tertiary institutions, including universities, polytechnics and colleges of education across the six geopolitical zones of the country during the period of 10 years. Giving a breakdown, universities received N732.13 billion, representing 50 per cent of the total amount allocated to tertiary institutions during the period, which

By Adedapo Adesanya Nigeria recorded the biggest decline in oil production among the Organisation of the Petroleum Exporting Countries (OPEC) output cut quota in August, according to a Reuters survey. The country’s output dropped by 100,000 barrels per day, the survey said, noting that it occurred as exports from the Forcados terminal were under force majeure due to a leak on August 15. A force majeure provides temporary reprieve to a party from performing its obligations under a contract upon the occurrence of an uncontrollable event. Oil output, however, rose to its highest since April 2020, as the involuntary losses

By Aduragbemi Omiyale Senior officials of the federal government in Ministries, Departments and Agencies (MDAs) have been advised to desist from the manipulation of the budget or risk being punished. Speaking at a one-day forum in Abuja, the Director-General, Budget Office of the Federation (BOF), Mr Ben Akabueze, reminded the officials that budget is a matter of law and, therefore, infractions in this regard are punishable by law. Business Post reports that the event, themed Transparency and Fiscal Discipline in Budget Implementation, was organised by BOF in partnership with the Independent Corrupt Practices and Other Related Offences Commission (ICPC) for

By Modupe Gbadeyanka One of the big five lenders in Nigeria, Access Bank Plc, on Thursday released details of its financial statements in the first nine months of 2017 to the Nigerian Stock Exchange (NSE). The financial institution reported a profit before tax (PBT) of N72.9 billion in the period under review against the N68.9 billion it achieved in the corresponding period of 2016. In addition, the bank’s profit for the period slightly increased, closing at N56.4 billion in contrast to N54.1 last year. In the financial results, Access Bank recorded an interest income of N245.9 billion in the period

By Adedapo Adesanya The federal government has confirmed the receipt of a $750 million World Bank loan as an intervention towards helping Nigerians quickly recover from the effect of coronavirus disease (COVID-19). This was disclosed by the Minister of State for Finance, Budget and National Planning, Mr Clem Agba, at the appraisal meeting of the proposed Nigeria Cares (N-CARES) programme organised by the Community and Social Development Project (CSDP), an initiative of the federal government. He urged states to leverage on both the N560 billion and N462 billion available for MSMEs and Agriculture sectors to mitigate the effect of coronavirus