Fire Guts Oando Tank Farm in Lagos [PHOTOS]

By Dipo Olowookere The International Monetary Fund (IMF) has said Nigeria’s revenue–to-gross domestic product (GDP) ratio of about 9 per cent was too low to trigger the economic growth projected by President Bola Tinubu in his Renewed Hope Agenda. Addressing journalists at its last press briefing for 2023 on Thursday, the global lender said the administration of Mr Tinubu must boost the government’s revenue to have funds to achieve his goals. On May 29, 2023, Mr Tinubu took over from Mr Muhammadu Buhari, promising to jump-start the economy and work tirelessly to address food security, end hunger, eradicate poverty, create

By Aduragbemi Omiyale Some retiring Nigerian military personnel have been educated on how they can unlock opportunities in the capital market after active service to the nation. At a seminar held on Thursday, December 7, 2023, at the Nigeria Armed Forces Resettlement Centre in Lagos, the participants were informed of the benefits of diversifying their investments for more earnings. They were also exposed to ways to invest and assess the market with technology, including via the recently launched NGX USSD Code. The Divisional Head of Business Support Services and General Counsel of the Nigerian Exchange (NGX) Limited, Ms Irene Robinson-Ayanwale,

By Adedapo Adesanya The federal government has exempted imported Liquefied Petroleum Gas (LPG) and its equipment from the payment of customs duty and value-added tax (VAT), a move expected to result in a drop in the cost of cooking gas in the country and bring much-needed succour to Nigerians. This was disclosed by the Minister of Finance, Mr Wale Edun, in a letter (dated November 28, 2023) to the Special Adviser to the President on Energy; the Comptroller-General of the Nigeria Customs Service (NCS); and the Chairman of the Federal Inland Revenue Service (FIRS). Recall that in 2019, the federal

By Adedapo Adesanya  The Central Bank of Nigeria (CBN) has disclosed that the total value of the country’s merchandise trade experienced an increase of 1 per cent to $7.8 billion in August 2023 from the $7.72 billion that was quoted in July. This was disclosed by the apex bank in its latest monthly economic publication, where it disclosed that despite the rise month-on-month, Nigeria’s merchandise trade value in the period was almost 20 per cent lower compared to the value in August 2022 due to a significant decrease in import trade value. The total merchandise trade comprised an export trade

By Dipo Olowookere The market capitalisation of the Nigerian Exchange (NGX) Limited returned to the N20 trillion region on Tuesday after it grew by N104 billion to settle at N20.027 trillion in contrast to the previous N19.923 trillion. This was buoyed by a sustained buying interest in banking stocks, which also expanded the All-Share Index (ASI) of the exchange by 198.03 points to 38,418.04 points from 38,220.01 points. Data obtained by Business Post showed that Fidelity Bank was the most traded stock at the market yesterday with 42.1 million units worth N96.6 million. FBN Holdings transacted 32.4 million shares worth

By Modupe Gbadeyanka Private Equity Africa (PEA) has announced winners of the 2018 GP & Advisor Awards with 26 firms collecting the much coveted accolades at the 7th Annual PEA Awards Gala Dinner hosted at London’s prestigious Langham hotel on June 12, which attracted over 200 industry professionals. The recipient of this year’s Outstanding Leadership Award was Papa Madiaw Ndiaye, Founding Partner and CEO at AFIG Funds, for his contributions to the growth of the industry. This is the only award given to an individual and voted on by industry peers. Runa Alam, Co-founder and Chief Executive Officer at DPI,

By Adedapo Adesanya President Muhammadu Buhari had described BUA Group as the largest employer of labour in the northwest of Nigeria, applauding the efforts of the manufacturing company in the region and the country at large. The President said this on Thursday when he paid a visit to Sokoto State to commission a cement plant by the conglomerate, which is expected to produce three million metric tonnes of cement per annum. The firm also commissioned a 48 Megawatts power plant. Commending BUA Group and other entrepreneurs for making Nigeria self-sufficient in cement and a net exporter of the strategic product,

By Ashemiriogwa Emmanuel A Nigerian-based fintech and energy startup, Infibranches Technologies Limited, has closed a total of $2 million in a seed round which will be deployed to bridge the gap of energy distribution and financial inclusion across underserved areas of the country. The fresh funding saw the participation of investors, including an impact investment company, All On, backed by Shell Foundation to support Infibranches in diversifying its energy products to extend towards rural and peri-urban areas. The two-year-old energy startup was founded by Mr Olusola Owoyemi with the sole aim of providing digital financial services for service providers in

By Modupe Gbadeyanka The sum of $70 million has been approved by the African Development Bank Group (AfDB) for the completion of a road project in Ebonyi State, south eastern part of Nigeria. It was gathered that the loan was approved by the bank on Wednesday, April 24, 2019 and the credit facility will cover the rehabilitation and asphalting of a 51 km stretch between Nwezenvi and N’Doko, and part of the corridor between N’Doko and Ezzamgbo spanning 38.91 km. It is expected to be completed in five years. While AfDB will provide $40 million, its co-financier, the Africa Growing

By Modupe Gbadeyanka Employees of DLM Capital Group, a leading developmental investment bank in Nigeria, have been applauded for the award received by the company recently. DLM Capital was named the Best Development Finance Company Nigeria 2021 by the Global Banking and Finance Review magazine. The honour was in recognition of the institution’s dedication to providing leadership and excellence in Nigeria’s development finance space. While commenting on the award, the Head of Investment Banking at DLM Capital, Mr Emeka Ngene, said the honour was made possible as a result of the continuous collaboration of the DLM community. “It is indeed

By Dipo Olowookere The management of Guinea Insurance Plc has appealed for an extension of time to file its financial statements for 2018 and for the first quarter of 2019. In a notice to the Nigerian Stock Exchange (NSE) this week, the insurer explained that the reason for the delay in filing the results was because of the adoption and implementation of IFRS 9 on Financial Instruments, and IFRS 4 (as amended) on Insurance Contracts. “The general public is hereby notified that Guinea Insurance Plc will be unable to file its first quarter unaudited financial statements for the period ended

By Modupe Gbadeyanka The appointment of Prince Babatunde Adewale Ajayi from the Torungbuwa Ruling House as the new Akarigbo and paramount ruler of Remoland has been approved by the Ogun State Executive Council. A statement signed on Tuesday by Secretary to the State Government (SSG), Barrister Taiwo Adeoluwa, confirmed this development. The state government charged the new monarch to bring his wealth of experience as an accomplished professional to bear in his new role and also use the opportunity of his ascension to the exalted throne to further engender unity, cooperation and peace in his domain. Mr Ajayi was appointed