FMDQ Exchange Admits Dangote Cement N100bn CP Notes

In furtherance of my sacred duties and obligations as President of the Federal Republic of Nigeria, it is my honour to be here today to present my administration’s 2024 Budget Proposal to this Joint Session of the 10th National Assembly. This moment is especially profound and significant to me because it is my first annual budgetary presentation to the National Assembly. Distinguished Senators and Honourable Members of the National Assembly, I commend your swift consideration and passage of the 2023 Supplementary Appropriation Bills and the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper. Your prompt action underscores your devotion

By Adedapo Adesanya President Bola Tinubu is targeting to grow Nigeria’s economy by 3.76 per cent next year and moderate the country’s inflation to 21.4 per cent. Speaking at his first budget speech to lawmakers on Wednesday, President Tinubu also projected higher oil production and tax collection, noting that this will boost government revenues and cut down on reliance on borrowing to finance budget deficits. Nigeria plans on spending N27.5 billion in the 2024 fiscal year, with priorities on security, infrastructure and easing the high cost-of-living crisis. The country will borrow around N9 trillion and N18.5 billion generated from internally

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigeria Autonomous Foreign Exchange Market (NAFEM) and the unregulated Peer-to-Peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, November 29 as President Bola Tinubu reiterated his administration’s promise to meet its obligations. Speaking during the presentation of his administration’s N27.50 trillion 2024 budget proposal to the joint session of the 10th National Assembly on Wednesday, Mr Tinubu said, “Despite the challenges, we continue to meet our obligations.” In the official NAFEM segment of the market, the value of the local currency went

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange slid into the negative zone on Wednesday, July 12 by 0.17 per cent. The loss was recorded after Central Securities Clearing System (CSCS) Plc depreciated by 38 Kobo to close at N18.00 per unit versus the preceding day’s N18.38 per unit, and Mixta Real Estate Plc shed 11 Kobo to close at N1.65 per unit versus N1.76 per unit. Consequently, the market capitalisation of the bourse shed N1.14 billion to finish at N1.075 trillion compared with the preceding session’s N1.076 trillion, and the NASD Unlisted Securities Index (NSI) went down by

By Adedapo Adesanya  FrieslandCampina Wamco Plc posted a good performance on Wednesday, December 4, 2019, at the NASD Over-The-Counter (OTC) Securities Exchange, closing with its share value rising again. Last week, the share price of the food processing company in the agricultural sector suffered losses for three consecutive days, but yesterday, things looked good. During trading last week, the share price plunged down to N115 per share from N128.72. However, on Wednesday, it gained N2.27k to close at N117.27 per share. As a result of this, it helped the market capitalisation of the exchange to rise by N2.22 billion to

By Modupe Gbadeyanka A deal worth N232 million has been signed by Biase Plantations Limited (BPL) and Heritage Bank to boost oil palm production in Nigeria. The agreement was sealed on Friday in Lagos by both organisations in the presence of their top management staff. Managing Director of Heritage Bank, Mr Ifie Sekibo, explained that the deal was signed as part of efforts to support government’s diversification agenda. He said the out-growers agreement would reposition the country as the highest oil palm producer in the world. “We are on a quest to restoring a lost glory in Nigeria and today

By Dipo Olowookere The annual profit of Okomu Oil Palm Company Plc depreciated by 8.72 percent in 2018 financial year, the financial statements of the Edo State-based firm have revealed. The profit after tax, which was N9.3 billion in 2017, dropped to N8.5 billion in 2018, while the profit before tax declined to N10.3 billion from N11.1 billion. A brief analysis of the results showed that revenue generated by the company in the period under consideration marginally reduced to N20.258   billion from N20.262 billion, while the external charges rose to N4 billion from N3.7 billion. In the year under review,

By Dipo Olowookere Federal Government has disclosed that it has recovered an additional N793 million unremitted operating surpluses from three revenue generating agencies accused of short changing the government. This was revealed in a statement issued by the Ministry of Finance on Wednesday in Abuja. It said this was made possible by the efforts of the Recovery Committee set up two weeks ago by the Ministry. The Committee was tasked to recover unremitted N450 billion operating surpluses from Federal revenue-generating Ministries, Departments and Agencies (MDAs). The surpluses are legally classified as a Federal Treasury Revenue. The Committee immediately swung into

By Dipo Olowookere A study conducted on Tuesday, July 21, 2020, by Burson Cohn & Wolfe (BCW) revealed that Nigeria’s President, Mr Muhammadu Buhari, is the most followed Sub-Saharan African leader on Twitter during the COVID-19 pandemic. A statement from the leading global communications agency disclosed that President Buhari recorded 3.1 million followers ahead of President Paul Kagame of Rwanda’s 1.9 million followers. The Twitter follower growth of PMB, as the Nigerian leader is fondly called, within the period when Coronavirus emerged in mid-March until June was 51 per cent. According to BWC, its Twiplomacy study 2020 focused on how

By Adedapo Adesanya The Naira depreciated against the United States Dollar for yet another day at the Peer-2-Peer (P2P) window of the foreign exchange (FX) market on Friday, March 11, 2022. Business Post reports that the Nigerian currency lost 0.2 per cent or N1 against the greenback at the exchange to sell for N577/$1 compared with N576/$1 it was traded on Thursday. But at the Investors and Exporters (I&E) window of the forex market, the Naira ended the final session of the week with a 0.04 per cent or 17 kobo gain, selling at N416.50/$1 in contrast to N416.67/$1 it

By Modupe Gbadeyanka It was a day of glory for Sterling Bank Plc at the annual Petroleum Technology Association of Nigeria (PETAN) Industry Achievement Awards held at the weekend in Lagos. The bank was announced as the Best Financial Institution in the Oil & Gas sector as well as the Best Supporting Bank in SME. Sterling Bank was rewarded for its huge contribution to the growth of the Nigerian oil & gas sector and also its unique role in the development of Small and Medium Enterprises (SME) in the country. The conferment of the Best Financial Institution in the Oil