Friesland, UBN Properties Lead NASD Exchange to 0.54% Loss

By Adedapo Adesanya Ultrasonic sensing technology company, Fluenta, has completed work on the Dangote Refinery in Nigeria, Africa’s biggest oil refinery, installing 18 ultrasonic flare gas meters on large pipelines around the plant. This company is using its technology to aid Nigeria’s flare gas reduction efforts and with Dangote Refinery set to begin operations soon, according to its management recently, this could be a step to fix inaccurate measurements of gas flaring. Nigeria currently imports refined petroleum products for its use, even though it is Africa’s biggest oil producer and with Dangote Refinery, the world’s largest single-train refinery capable of

By Adedapo Adesanya The cryptocurrency market witnessed an uptick on Wednesday, with Bitcoin (BTC) managing to stay above the $26,000 level even as the US Dollar index rose to a new year-to-date high. Data obtained by Business Post showed that the most valued crypto, BTC, posted a 0.7 per cent appreciation during the midweek session to trade at $26,408.37 in the last 24 hours. On the part of the second-most valued digital coin, Ethereum (ETH), it remained in the $1,600 mark and it improved its value yesterday by 1.6 per cent to sell at $1,610.94. At the trading session, the US

By Aduragbemi Omiyale The value of unsold finished products in the inventory of Nigerian manufacturers in the first half of 2023 increased by 44/9 per cent on a year-to-date basis to N272 billion from N187 billion in the same period of 2022. This information was contained in the report released by the Manufacturers Association of Nigeria (MAN) on Tuesday. According to Punch, the document also revealed that in the period under review, the manufacturing sector laid off 3,567 workers due to the harsh business environment triggered by high inflation, the foreign exchange (FX) crisis, and fuel subsidy removal. “This increase

By Adedapo Adesanya To boost the nation’s economy and enhance air connectivity, the Minister of Aviation, Mr Hadi Sirika, has said the federal government will double the number of airports in the country before the end of 2023. Nigeria currently has 31 airports out of which 26 of the airports are operated by the Federal Airports Authority of Nigeria (FAAN), five of which are functional international airports. This means if this is actualised, there will be at least 62 airports in the country. The Aviation Minister made the plan known during the public presentation of the 2021 budget proposal organised

By Adedapo Adesanya The Supreme Court in the United Kingdom on Wednesday ruled that Nigerian claimants were too late to sue oil giant Shell over an offshore oil spill in 2011. This means that it was too late for people in the Niger Delta region to lodge pollution claims against the energy giant as the panel of five Supreme Court justices unanimously upheld two previous rulings by lower courts that found the claimants had brought the case against the oil giant after the six-year deadline for taking action after an incident had passed. The claimants’ lawyers argued that the ongoing

By ASHE Foundation Your Imperial Majesty, Alaafin of Oyo Oba Lamidi Adeyemi, with utmost respect, and on prostration, we are responding to your letter dated 2nd May 2019. We greatly appreciate your contribution to the public consciousness of our cultural origins, linkages and identity. We are also informed that the Ooni of Ife is also glad that the conversation is taking place to give us a true picture of our cultural origins and linkages. ASHE Foundation welcomes all scholars to contribute to this most important conversation in 500 years. We have previously stated that the discussion is about whether Ifa

By Ebitonye Akpodigha On Monday, October 31, 2016, foremost and outspoken Catholic priest, Rev Fr Mathew Kukah, visited the Abuja office of the Economic and Financial Crimes Commission (EFCC), where former Ministers, Mr Femi Fani-Kayode and Mr Musiliu Obanikoro as well as a former presidential spokesman, Mr Reuben Abati are presently being held. During the visit, Mr Kukah, who is the Bishop of Catholic Diocese of Sokoto, commended the anti-graft agency for maintaining good facilities he described as ‘clean and orderly’. He was taken round the EFCC’s detention facility and clinic by the acting Chairman of the Commission, Mr Ibrahim

By Adedapo Adesanya The first trading day of the week at the NASD Over the Counter (OTC) Securities Exchange closed flat on Monday, September 23, 2019 as both the NASD Security Index (NSI) and market capitalization remained unchanged from their quoted data last Friday. The market capitalization saw no increase nor decrease as it ended on Monday at N505.91 billion while the NASD Security Index (NSI) retained 704.19 points as it was quoted at the end of trading on Friday at the market. However, the total volume of trades went down by 51,081 units or 50.89 percent to 49,300 units

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the bearish territory on Friday, May 27 after it further depreciated by 2 per cent. The loss reported by the unlisted securities market in Nigeria yesterday was the fourth it was recording in five trading sessions and the pain was inflicted by four market heavyweights. FrieslandCampina WAMCO Nigeria Plc, Niger Delta Exploration and Production (NDEP) Plc, Nigeria Exchange (NGX) Group Plc and Central Securities Clearing Systems (CSCS) Plc were the decliners of the session. At the trading day, Friesland dropped N9.14 or 7.0 per cent to close

By Aduragbemi Omiyale After a long battle in the court, Unity Bank Plc can now heave a sigh of relief as its hope of getting the N150 million loan it granted a late businessman, Mr Adekunle Adedeji, who owned Decrest Ayaduk Haulage, is brighter. This is because Justice Mojisola Dada of the Special Offences Court, sitting in Ikeja, Lagos, has ordered the company’s assets sold to repay the Unity Bank loan. Delivering the judgement on Thursday, December 15, 2022, the judge also directed that Decrest Ayaduk Haulage be wound up over the N150 million fraud. Business Post gathered that in

By Aduragbemi Omiyale President Muhammadu Buhari on Friday again blamed middlemen for the rise in food prices in the country, disclosing that security operatives and others to tackle the issue. Addressing the nation on Friday morning to mark the 61st Independence Day celebration, the President alleged that these middlemen buy food items from farmers at cheaper prices only to sell them at a higher cost at the market. He expressed frustration at this alleged act, which he said is carried out to create an artificial scarcity of food in the country, ostensibly to discredit his administration. “Unfortunately, as our food