FG Okays Fresh N350b To Boost Economy

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

By Bliss Okperan A lady who reviewed a product of Erisco Foods Limited, Nagiko Tomato Mix, Mrs Chioma Egodi, has threatened to demand the sum of N500 million from the chief executive of the company, Mr Eric Umeofia, for violating her fundamental human rights. Mrs Egodi said she purchased the product at the market with the intention of using it to cook stew for her family. However, when she tasted it, according to her, it tasted too much sugar, prompting her to post about it on Facebook. It was reported that Erisco was not happy with the negative review. She

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 Adedapo Adesanya The Naira further depreciated against the American Dollar at the Peer-2-Peer (P2P) arm of the foreign exchange market on Thursday but closed stronger at the Investors and Exporters (I&E) window and maintained stability in the parallel market. As the market continues its first trading week in the new year, there was a further N10 loss on the greenback yesterday at the P2P window to settle at N768/$1, in contrast to the N758/$1 it was traded in the preceding session. However, in the specialised I&E window or the spot market, the Naira appreciated against the United States currency

By Modupe Gbadeyanka The 6th edition of the prestigious GTCO Fashion Weekend has been fixed for November 11 and 12, 2023, a statement from the organisers, Guaranty Trust Holding Company (GTCO) Plc, has disclosed. The event is one of the most anticipated in the African showbiz calendar because it provides an avenue for stakeholders from far and near to network and get the latest trends in the fashion industry. In a statement made available to Business Post on Tuesday, it was disclosed that the GTCO Fashion Weekend would take place at the GTCentre on Plot 1, Water Corporation Drive, Oniru,

By Adedapo Adesanya FrieslandCampina WAMCO Nigeria Plc overpowered three price gainers at the NASD Over-the-Counter OTC Securities Exchange on Monday to leave the unlisted securities market bloodied by 0.43 per cent. The loss recorded by the milk maker ensured that the NASD unlisted security index (NSI) further depleted by 3.26 points yesterday to 749.04 points from 752.30 points recorded at the previous session. It also caused the market capitalisation of the exchange to reduce by N2.27 billion to N532.43 billion from N534.70 billion it closed last Friday. Business Post reports that Friesland lost 2.7 per cent or N3.23 during the

By Adedapo Adesanya The African Development Bank (AfDB) has called on Asian investors and governments with the appropriate incentives for their private sectors to look at the vast investment opportunities Africa offers. This call was made by Mr Kevin Urama, Chief Economist and vice president of the bank during a webinar to discuss the 2023 edition of the African Economic Outlook report which was jointly organised with the Korea Institute for International Economic Policy (KIEP) in Sejong-Si, Korea. “I invite investors and governments in Asia to see Africa not as a distant land, but a continent full of opportunities,” said

By Modupe Gbadeyanka The sum of N500 million has been donated by the Kano State government as assistance to victims of the fire outbreak that occurred early this year at Sabon Gari market, in the state capital. A statement issued by the Director General of Media and Communications at the Government House in Kano, Mr Salihu Tanko Yakasai, disclosed that the donation is to help victims get back on their feet. Mr Yakassai quoted the state Governor, Mr Abdullahi Umar Ganduje, to have announced this gesture during a speech he delivered at the signing of an agreement between the state

By Dipo Olowookere It was a poor start to the new trading week on the floor of the Nigerian Exchange (NGX) Limited on Monday as stocks depreciated by 0.36 per cent at the close of business. Selloffs in some financial, consumer goods and industrial goods shares contributed to the decline suffered by the market yesterday, causing the All-Share Index (ASI) to contract by 136.30 points to 37,857.89 points from 37,994.19 points. The selling pressure also shrank the market capitalisation by N71 billion to N19.725 trillion from N19.796 trillion. Business Post reports that of the five key sectors of the market

By Ahmed Rahma The management of the University of Lagos (UNILAG) has fixed Monday, January 25, 2021, for the resumption of classes. The institution said the resumption would be virtual as lectures would be done online to safeguard the lives of the students and reduce their exposure to COVID-19. Following an agreement with the federal government, the Academic Staff Union of Universities (ASUU) suspended their 9-month-old strike a few weeks ago and directed its members to return to work. The federal government also said schools in the country were free to resume from January 18. The management of UNILAG, at

By Dipo Olowookere Delta Air Lines has started offering Wi-Fi services on every flight between Africa and the United States, Business Post has learnt. The on-demand service, according to the company, is available on routes from Accra, Dakar, Johannesburg and Lagos. A statement issued by Delta Air Lines disclosed that this initiative would enable all its customers flying its nonstop services from Africa to Atlanta and New York-JFK remain connected at 30,000 feet. It said the final Boeing 777, one of a number serving South Africa, has now been equipped and is back in service. It marks a new milestone