Flour Mills’ Investment in Agro-Allied Boost HY’20 Profit by 68%

By Adedapo Adesanya The Nigerian government is targeting an estimated $55.2 billion in oil and gas investments by 2030, according to the Special Adviser to the President Bola Tinubu on Energy, Mrs Olu Verheijen. She said the government has wrapped up a series of strategic engagements with 15 leading international and independent oil and gas companies operating in Nigeria. The President’s aide recently organised sessions in Lagos and Abuja in partnership with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to review ways to improve the sector and address the nation’s revenue emergency whilst contributing to stabilising Nigeria’s economy. Involved in

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed in the green territory after it chalked up by 0.37 per cent on Friday, September 22, as three securities finished on the price gainers’ chart and one stock closed in the price losers’ table. This raised the market capitalisation of the OTC Exchange by N4.24 billion to N1.143 trillion from the previous day’s N1.139 trillion, as the NASD Unlisted Securities Index (NSI) increased during the session by 3.00 points to finish at 808.95 points compared with Thursday’s 805.95 points. At the close of transactions, investors traded a total of 10.7

By Adedapo Adesanya Nigeria has repaid a total of $12.56 billion in external debt as of 2022, data from Intelpoint showed. According to the latest debt figures, Nigeria’s total public debt rose by 75.3 per cent to N87.38 trillion at the end of the second quarter of 2023 against N49.85 trillion recorded in the first quarter of the year. The rise came as the country securitised the N22.71 trillion Ways and Means Advances of the Central Bank of Nigeria (CBN) to the federal government. The overdraft is a loan facility through which the CBN finances the shortfalls in the government’s

By Ahmed Rahma The House of Representatives has approved N199.2 billion as 2020 statutory budget for the Federal Capital Territory Administration (FCTA). The budget was passed on Wednesday sequel to the consideration of the report presented by the House Committee on FCT at the plenary presided over by the Speaker of Rep. Femi Gbajabiamila, in Abuja. According to the Chairman of the committee, Mr Abdullahi Garba, while presenting the report, the budget covers the expenditure for January 1 and ending when the 2021 FCT Statutory Appropriation Act comes into effect. Lawmakers had earlier on Tuesday completed the clause-by-clause consideration of

By Modupe Gbadeyanka A Nigerian billionaire businessman, Mr Kessington Adebutu, otherwise known as Baba Ijebu, is bereaved because of the death of one of his wives, Mrs Rosemary Adebutu. Mrs Adebutu was said to have died on Saturday after showing signs of malaria and was taken to the hospital for treatment, where she was confirmed dead. According to Street Journal, the wife of the Premier Lotto Chairman breathed her last on Saturday morning from coronavirus complications. It was reported that before complaining of fever, she was hale and hearty. However, when she was reportedly monitored and things were not looking

By Aduragbemi Omiyale To help alleviate the impact of the current economic hardship in the country, a leading full-service public relations and integrated brand communications consultancy firm, Mediacraft Associates, has announced a Special Hazard Allowance for its employees. The organisation announced this gesture on Thursday in a release signed by its General Manager/Chief Operating Officer, Ms Laura Oloyede. Mediacraft, established by a respected PR professional, Mr John Ehiguese, said the hazard allowance to its staff would assist in lessening the effect of the fuel scarcity and cash crunch in the country. The firm said it understands the significant impact the

By Adedapo Adesanya Brent crude hit $104.09 per barrel on Monday after it surged by $2.98 or 3.1 per cent as supply took center stage on the market with the potential of new production cuts getting support and deadly clashes in Libya which renewed concerns about Libyan oil exports. Also, the price of the United States West Texas Intermediate (WTI) crude gained $3.95 or 4.2 per cent to sell at $97.01 per barrel. Last week, the Brent found its way back to the $100 mark and has traded above that threshold for most of the past five days after Saudi

By Modupe Gbadeyanka A former Central Bank of Nigeria (CBN) Director, Dr Titus Okunronmu, has thrown his weight behind plans by the Federal Government to borrow $29.9 billion to finance infrastructure development in the country. The renowned economist, in a chat with the News Agency of Nigeria (NAN) on Monday in Ota, Ogun, explained that the money, when eventually sourced, would go a long way to revamp infrastructural deficit. Dr Okunronmu, an ex-staff of the CBN’s Budgetary Department, said borrowing for investment, not for consumption, would have positive impact on the economy and boost economic growth. “If the Federal Government

By Dipo Olowookere The Nigerian Stock Exchange (NSE) ended last week on a positive note with the All-Share Index (ASI) and the market capitalization appreciated by 1.31 percent to close the week at 36,939.59 points and N12.785 trillion respectively. In addition, all other Indices finished higher during the week with the exception of the NSE-Main Board and NSE Consumer Goods Indices that depreciated by 0.11 percent and 0.07 percent respectively. A total turnover of 1.363 billion shares worth N17.714 billion in 21,891 deals were traded during the week by investors on the floor of the NSE in contrast to a

By Dipo Olowookere Popular Nigerian movie actors, Olu Jacobs and Joke Silva, were given the honour to beat the year end closing gong on the floor of the Nigerian Stock Exchange (NSE) on Friday, December 29, 2017. The duo, who are husband and wife, were received by a top official of the stock market regulator, Mr Bola Adeeko. In his emotional message, Olu Jacobs thanked the management of the NSE for the honour bestowed on him and his wife to sound the year end closing gong. He commended the management of the NSE led by Mr Oscar Onyema for restoring

By Modupe Gbadeyanka The name of the Executive Vice Chairman of Aiteo Group, Mr Benedict Peters, has been removed from the Economic and Financial Crimes Commission (EFCC)’s list of wanted persons. This is in conformity with the order given of Justice O.A. Musa of a Federal High Court in Abuja, Nigeria in March 2018, directing the removal of Mr Peters’ name from the list. In the ruling, Justice Musa had described the process leading to his declaration as ‘wanted’ by EFCC as unconstitutional, since it was not initiated or validated by any known law or court order. Reacting to this