FG To Pump N60b Into Capital Projects

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange continued its weekly positive run as it extended its gains by 0.41 per cent in the 38th week of trading in this year. The bullish posture was supported by the improvements in the share prices of six companies admitted to the alternative stock exchange in Nigeria. This increased the NASD Unlisted Securities Index (NSI) by  2.30 points from 805.65 points in the previous week to 808.95 points, as the market capitalisation of the bourse was relatively unchanged on a week-on-week at N1.140 trillion. Food Concepts Plc led the price gainers’ after

By Bliss Okperan A foremost content reader, FeedSpot, has named Business Post Nigeria as one of the Top 25 Nigeria Personal Finance Blogs. In the list, Business Post was placed in the 8th position, ranking among other reputable online platforms serving readers with quality and educative business and financial news reports and articles. In the top 10, FeedSpot listed Nairametrics as number one, followed by UBA Group, Financial Nigeria Magazine, Investors King, Cowrywise Blog, Financial Watch, MakeMoney, Business Post Nigeria, Nigeria Galleria Blog, and Money Matters with Nimi. Other platforms listed were LagosMums, Financengr, Rosabon Financial Blog, Ohimai Consulting Blog,

By Adedapo Adesanya The Centre for the Promotion of Private Enterprise (CPPE) has called on the newly appointed Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, to clear the backlog of foreign exchange as well as guarantee another recapitalisation in the banking sector. “The clearance of the backlog of forex obligations should be accorded high priority to restore the confidence of domestic and foreign investors,” the Managing Director of CPPE, Mr Muda Yusuf said in a press statement titled Ten Point Agenda For The CBN Governor, released over the weekend. Mr Cardoso and four new deputies on

By Adedapo Adesanya The Minister of Power, Mr Adebayo Adelabu, has called for collective efforts to shape the energy sector in Nigeria, noting that no meaningful economic growth can be achieved without it. Mr Adelabu said this at the Nigeria Energy 2023 leadership summit recently held in Lagos, with the theme Unlocking new value with reforms, investments, and technology which saw in attendance industry leaders. The Minister said, “Energy is the lifeblood of any modern economy of which Nigeria is no exception. No meaningful economic growth or industrial development can be achieved without energy. “We can be talking of potential

By Modupe Gbadeyanka Operatives of the Economic and Financial Crimes Commission (EFCC), Uyo zonal office have apprehended a banker and Account Officer with Access Bank Plc, Mr Ojo Adefemi Adedoyin, for allegedly conniving with a suspected fraudster, Mr Favour Oriafoh, to defraud a Hong Kong national, Xu Yue, of £79,000. Their arrest came, following investigation into a petition received from the Hong Kong Police Force, that the young lady was a victim of romance scam traced to Nigeria. Admitting to the crime, Mr Oriafoh who goes by the con name, Terry Mac, confessed that he opened a FaceBook account in

By Adedapo Adesanya It has been predicted that the recent acquisition of 50 percent stake in the Brazilian oil company in Nigeria, Petrobras Oil and Gas B.V. (POGBV) by Africa Oil Corporation will cause a surge in mergers and acquisitions in the oil and gas sector in sub-Saharan Africa. Earlier in the year, Africa Oil completed the acquisition of a 50 percent equity stake in POGBV in a deal worth $1.5 billion, with the total cash consideration being approximately $520 million. The deal saw Standard Bank Group as the sole advisor to Africa Oil, a Canadian group with exploration assets

By Emmanuel Nwachukwu There’s no refuting the fact that COVID-19 has had a huge impact on every facet of human endeavour. Its economic impact was felt globally. Though the pandemic itself didn’t cripple the economy; its accompanying restrictions hindered the people whose activities ran the economy. According to analysis from Australian National University, the global economy could lose up to $14.7 trillion in 2020, provided the world is able to prevent a second wave of the pandemic. The worst-case scenario could see the loss rise to about $21.8 trillion. It is an open secret that the pandemic will leave in

By Adedapo Adesanya A proprietary investment company, UBN Property Plc, has proposed the payment of 3 kobo as a final dividend to its shareholders for the 2020 financial year. This was disclosed by the company in a notice to the NASD Over-the-Counter (OTC) Securities Exchange, where it trades its securities. The payment will be subject to the approval of shareholders at the Annual General Meeting (AGM) of the company scheduled for Tuesday, June 29. According to the property investment company, its AGM will hold at the Auditorium, Stallion Plaza (9th Floor) 36 Marina, Lagos by 11 a.m. If the dividend

By Dipo Olowookere Chief executive of Sage, Mr Stephen Kelly, has lamented that small businesses are still being ignored by policy makers as big business flocks to Davos. Global research by Sage highlights that only 33 percent of small businesses feel represented by politicians in their country’s decision making. The data has been published in the run up to the annual World Economic Forum (WEF) where politicians and big business will gather in Davos to debate the global economic picture. Mr Kelly expressed his frustration at the absence of small business issues from the agenda, and called for greater representation,

By Modupe Gbadeyanka The Nigerian National Petroleum Corporation (NNPC) has vowed to continue to find sustainable solution to the challenge posed by insurgency in the Niger Delta. The corporation said it had created security management platforms that would enable it identify and evaluate risks, develop and superintend implementation of investigations, and aggregate and deploy necessary resources to guarantee peaceful business environment in the region. In his end of the year message to staff of the corporation in Abuja, Managing Director of NNPC Group, Dr Maikanti Baru, stressed that the agency was committed to implementing a robust security and stakeholders’ strategy

By Dipo Olowookere The board of Stanbic IBTC Holdings Plc has been commended for putting smiles on the faces of shareholders of the company despite the harsh operating environment. On Thursday, May 27, 2021, the shareholders of the financial institution gathered in Lagos for their yearly gathering to discuss the performance of the firm in 2020. At the Annual General Meeting (AGM) held by proxy in line with the COVID-19 guidelines of the Nigeria Centre for Disease Control (NCDC), the investors adopted the company’s audited financial statements for the 2020 financial year amongst other resolutions as presented by the board.

By Modupe Gbadeyanka Management of Ikeja Electric has informed its customers in some parts of Lagos mainland that they would experience disruption of its services from next Monday. In a notice posted on its Facebook page on Friday morning, the electricity firm explained that this is to enable it carry out maintenance work on its transformers. “This is due to the planned outage resulting from the maintenance work being carried out by the Transmission Company of Nigeria on its transformers at the Ikeja West Transmission Station,” the firm said. According to Ikeja Electric, the disruption of services to its customers