FG Commissions Flood, Erosion Control Project in Abia

By Modupe Gbadeyanka The sum of N27.5 trillion has been approved for the 2024 budget by the Federal Executive Council (FEC) on Monday. The Minister of Budget and Economic Planning, Mr Atiku Bagudu, confirmed this development to newsmen after the FEC meeting in Abuja. He also disclosed that the council, which was chaired by President Bola Tinubu, said the 2024 Appropriation Bill should be funded from N18 trillion revenue expected to be generated by the country. “The federal executive council considered the 2024 Appropriation bill. The Medium Term Expenditure Framework (MTEF) was earlier approved by the National Assembly. It has

By Adedapo Adesanya Appreciation in the prices of three stocks saw the NASD Over-the-Counter (OTC) Securities Exchange closed with a 1.36 per cent rise on Friday, November 24 despite efforts by two equities to bring down the market. Aradel Holdings Plc recorded a N79.20 appreciation to sell at N871.20 per share compared to the previous day’s N792.00 per share, FrieslandCampina Wamco Nigeria Plc increased by N2.82 to close the day at N74.00 per unit versus Thursday’s closing price of N71.14 per unit, and UBN Property Plc jumped by 15 Kobo to finish at N1.65 per share, in contrast to the

By Modupe Gbadeyanka The Nigerian National Petroleum Company (NNPC) Limited is planning to grow its revenue to N4.5 trillion as it plans to end the importation of premium motor spirit (PMS), otherwise known as petrol, by December 2024. The chief executive of the company, Mr Mele Kyari, while speaking on Thursday, said the nation would not need to rely on fuel from outside the country because its refineries would have been fully operational. Nigeria is currently revamping its four refineries to make the product available to residents of the country as it officially stopped the payment of subsidy on petrol

By Adedapo Adesanya The Naira depreciated in the opening session of the week in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, November 27 against the Dollar by N19.71 or 2.5 per cent as the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, said the lender was committed to clearing a backlog of foreign exchange (forex). “We have initiated the payment of unsettled forward foreign exchange obligations, and these payments will continue until all obligations are cleared,” he told bankers last Friday during a dinner speech in Lagos. However, his assurance could not ease the pressure

By Modupe Gbadeyanka The Bank of Industry (BOI) has promised to do its best to reduce poverty in Nigeria by working towards enriching economic activities among Nigerians, despite the challenges struggling with the country’s economy. The Divisional Head, Small and Medium Enterprises in the Southwest, Abdul-Aniyu Mohammed, speaking at the quarterly Customers’ Networking Forum for the Southwest region held in Osogbo the Osun State capital, said the bank would continue to ensure Nigerians get more empowered. According to Mr Mohammed, the forum was to create a proactive path and direction for small business owners and entrepreneurs‎, to interact with them

UNHCR, the UN Refugee Agency, is becoming increasingly troubled by ongoing violence in Niger’s border areas with Mali and Burkina Faso, which has forced 52,000 Nigeriens to flee their homes this year alone. Cross-border incursions and attacks by militant groups in Niger’s Tillaberi and Tahoua border regions have forced many to flee for safety to other nearby towns and villages. Those displaced report fleeing horrific violence. Armed groups are said to be attacking villages, killing and abducting civilians, including community leaders, burning schools and looting homes, businesses and livestock. While a government declared state of emergency continues to take effect

By Dipo Olowookere Organisers of AfroMillions Lotto, the Nigerian Professional Football League’s (NPFL) new lotto, says it is allowing people to buy their online tickets for the first big jackpot draw, which will take place on Wednesday, October 18, 2017. Starting at N1 billion, the www.AfroMillionsLotto.com twice-weekly draw features bigger jackpots than all the lotteries in Nigeria combined. What’s more, it will also be the largest jackpot on offer anywhere in Africa. And if the jackpot rolls over because there are no winners, it increases by N100 million with each draw until it reaches a maximum of over N2 billion.

By Modupe Gbadeyanka United Bank for Africa (UBA) Plc on Tuesday released its unaudited 2018 third quarter financial results to the Nigerian Stock Exchange (NSE). The results were applauded by analysts, investors and shareholders because the pan African financial institution with presence in 20 African countries recorded an impressive growth in gross earnings, which stood at N374.8 billion, about 12.3 percent increase when compared with the N333.9 billion recorded in the corresponding period of 2017. The lender revealed that its net operating improved by 1.7 percent year-on-year to N227.7 billion in contrast to N224 billion achieved in the similar period

By Aduragbemi Omiyale The Central Bank of Nigeria (CBN) has approved the appointment of Mr Akinola George-Taylor as the acting Managing Director of Heritage Bank Plc with effect from Monday, September 12, 2022. Mr George-Taylor, who started his banking career in 1993 with GTBank, was appointed chosen by the board of Heritage Bank to take over the affairs of the financial institution from Mr Ifie Sekibo, who leaves the company after spending 10 years. The acting MD, who served as the Managing Director of GTBank in Sierra Leone between 2005 and 2009, is expected to oversee all banking operations of

By Dipo Olowookere Sustained profit-taking further weakened the Nigerian Exchange (NGX) Limited on Tuesday by 0.19 per cent as investors awaited the inflation figures from the National Bureau of Statistics (NBS). The stats office, which later released the numbers after the equity trading closed for the day, said inflation accelerated by 15.70 per cent in February 2022 on a year-on-year basis. Back to the stock market, the All-Share Index (ASI) depreciated by 87.81 points to 47,340.86 points from the preceding day’s 47,428.67 points, while the market capitalisation went down by N48 billion to N25.514 trillion from N25.562 trillion. During the

By Adedapo Adesanya Oil prices settled lower in volatile trading on Friday, with both benchmarks recording their biggest weekly declines in months. Brent crude settled 5 cents lower at $76.10 per barrel, while the United States West Texas Intermediate (WTI) crude shed 44 cents to trade at $71.02 a barrel. Both crude benchmarks posted weekly losses of around 10 per cent each. It was the biggest weekly decline since April for the U.S. WTI futures and since early August for Brent. Growing recession fears negated any supply woes after weak economic data from China, Europe and the US. Oil prices

By Benita Ayo The complexity of day-to-day business transactions has made the requirement of having a contract drafted a necessity and not merely a need. More often than not, disputes as to the exact terms of a business relationship which is contractual in nature may arise, and it is the terms so stated in the contract document that a Court of Law will always look at in settling the dispute. When the need for a Contract arises The need for a contract arises where two or more persons agree to transact any form of business together. It caters for situations