FG Reduces Licenses to Stop Fish Importation by 2022

By Dipo Olowookere The positive momentum witnessed at the Nigerian Exchange (NGX) Limited continued on Monday with a 0.17 per cent leap at the close of business. Buying pressure, particularly in a few blue-chip equities, kept the bulls at Customs Street during the trading session, though the consumer goods space succumbed to profit-taking by 0.99 per cent. But hope was kept alive by the gains reported by the other key sectors of the market, with the banking counter growing by 1.71 per cent, and the industrial goods index appreciating by 0.01 per cent, while the insurance and energy sectors remained

By Adedapo Adesanya The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has admitted that the country recorded a revenue drop of $1.4 billion between 2015 and 2019 after imposing foreign exchange (FX) restrictions for import of 43 items over eight years. The apex bank governor made this known on Friday while delivering his keynote address at the 58th Annual Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos. The apex bank head, during the preparation of his monetary policy thrust, cited available data saying, “Studies have shown that during the period when the

By Adedapo Adesanya  The federal government, through the Nigerian Ports Authority (NPA), has announced plans to invest $1.1 billion to fully rehabilitate decaying port infrastructure at TinCan, Apapa, Rivers, Delta, Calabar, and Onne ports as part of efforts to improve the efficiency of the nation’s existing ports. Out of the estimated 47,000 kilometres of coastline in Africa, Nigeria makes up about 853 kilometres, creating the perfect opportunity to get access to its much-needed revenue. This coastline and a 200 nautical mile exclusive economic zone make up Nigeria’s coastline in the Gulf of Guinea. The coastline equals a maritime area of

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 Dipo Olowookere Governor Godwin Obaseki of Edo State has urged various governments to provide more incentives for local companies. According to him, when this is done, more firms would invest in the economy, which will in turn bring about growth in the country. The Governor, speaking at the Government House in Benin City, said one of these incentives can be a non-punitive tax regime, which he said would make attract more investments, even international companies. Mr Obaseki noted that, “Without strong local investors, we cannot attract international investors” and giving these incentives “will attract other investors to locate their

By Dipo Olowookere Stakeholders in the banking profession recently gathered at the weeklong Annual Cash & Trade Seminar organised by Citibank. During the programme, more than 45 professionals from different banks in the country were taken through current global developments and emerging trends in the banking world. Chief executive of Citi Nigeria, Mr Akinsowon Dawodu, who declared the event open, highlighted Citi’s partnership with other banks in the industry and reinforced Citi’s commitment to improving the standard of banking for all key stakeholders including regulators, banks and customers. He noted that the annual seminar was a demonstration of Citi’s commitment

By Modupe Gbadeyanka A strong delegation from the African Union Commission (AUC) is expected to take active part at the 10th Africa Women Cup of Nations to be held in Yaoundé, capital city of Cameroon from November 19 to December 3, 2016. The biennial International Football Championship organized by the Confederation of Africa Football (CAF) for the women’s national teams of Africa in partnership with the AUC, will bring together a total of eight teams. The official Opening Ceremony for the AFCON Women 2016 will take place on 19 November 2016. The tournament will be played in two cities: Yaoundé

By Dipo Olowookere An international reputation management consultant and speaker, Mr Deon Binneman, has launched a one–day Product Recall Crisis Management Program, which he will facilitate in-house for interested clients. The one-day in-house workshop ensures that team members understand the implications of a recall and their roles and functions during such an event. The South African Consumer Protection Act places onerous responsibility on companies to recall faulty products in a manner that will cause no harm to the public. This implies detailed Crisis Management and Crisis Communication protocols that incorporate best practice thinking, crisis communication & logistical management. Product Recalls

By Modupe Gbadeyanka The market capitalisation of the Nigerian Stock Exchange (NSE) crossed the N13 trillion mark last Friday after going up by N49 billion. The total value of shares on the exchange increased to N13.020 trillion. It was the second straight day the nation’s stock market was performing well after the New Year holiday. It appreciated on that day by 0.38 percent to increase the All Share Index (ASI) by 101 points to 26,968.79 points from 26,867.79 points. Okomu Oil ended the session on top of the gainers’ chart after adding 90 kobo to its share price to close

The number of times the Truecaller mobile application has been download by phone users is now over 500 million as at Wednesday, September 4, 2019, the company has announced. Also, the firm said it has now surpassed 150 million daily active users (DAUs) globally, coming close on the heels of the company recently sharing the news of attaining over one million paying subscribers on their Premium services. The key factors that have led to this rapid growth are Truecaller’s many communication features, like their smart dialer, VoIP capability, Instant Messaging, and their spam-free SMS inbox. The milestones achieved by Truecaller

By Ebitonye Akpodigha The Independent National Electoral Commission (INEC) has announced candidate of the All Progressives Congress (APC), Mr Godwin Obaseki, as winner of the Wednesday governorship election in Edo State. Mr Obaseki defeated his closest rival, Pastor Osagie Ize-Iyamu, candidate of the Peoples Democratic Party (PDP), to win the race. At the end of collation of results on Thursday, September 29, 2016, INEC’s Returning Officer for the exercise, Professor Kayode Soremilekun, declared Mr Obaseki as the Edo State Governor-elect. Prof Soremilekun announced that the APC candidate polled a total of 319,483 votes, while his opponent, Mr Ize-Iyamu managed to

By Modupe Gbadeyanka The Nigerian Stock Exchange (NSE) opened the week on Monday, January 16, 2017, on a bullish note with the major market indices ending green. This was against what was posted on the last trading day on Friday when the market closed in negative territory. The all-share index closed today at 26,373.83 points after advancing by 47.9 points or 0.18 percent, while the market capitalisation finished at N9.07 trillion after increasing by N16.5 billion. The volume of shares bought and sold by investors on the NSE on Monday went higher by 25.4 million. The chart showed that a