FY17: Lafarge Proposes N1.50k Per Share Dividend Despite N35b Loss

By Adedapo Adesanya The Naira closed mixed at the foreign exchange (FX) market on Friday, depreciating against the US Dollar in the Investors and Exporters (I&E) and Peer-to-Peer (P2P) segments and appreciating in the parallel market amid a new leadership at the Central Bank of Nigeria (CBN). On Friday, the CBN announced the resumption of Mr Olayemi Cardoso as the next head of the apex bank, in an acting capacity pending his confirmation by the Nigerian Senate. He is taking over the role amid a worrying FX market, high inflation, and increased call to halt interest rate hikes which currently

By Adedapo Adesanya Crude oil prices went in different directions on Friday amid profit-taking as markets weighed supply concerns from Russia’s fuel export ban against demand woes from future rate hikes. While the Brent futures lost 3 cents to close at $93.27 a barrel, the US West Texas Intermediate crude (WTI) futures rose by 40 cents to sell for $90.03 a barrel. However, both benchmarks closed downwards on a week-on-week basis, with Brent shedding 0.3 per cent, breaking a three-week streak of gains, and WTI sliding by 0.03 per cent for the week, the first decline in four weeks. Russia

By Adedapo Adesanya Oil prices settled lower on Thursday even after Russia announced a ban on fuel exports, with Brent crude down by 23 cents to $93.30 a barrel while the US West Texas Intermediate crude (WTI) lost 3 cents to sell at $89.63 per barrel. Russia temporarily banned gasoline and diesel exports to all countries outside a circle of four ex-Soviet states with immediate effect to stabilize the domestic fuel market, the government said on Thursday. It said the ban did not apply to fuel supplied under inter-governmental agreements to Moscow-led Eurasian Economic Union members, including Belarus, Kazakhstan, Armenia

By Dipo Olowookere Stock investors were swayed by the news of the indefinite postponement of the Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN). The quarterly rate decision meeting was supposed to occur next week, but it has been moved forward. There are speculations that the meeting was postponed to allow the new CBN Governor nominee, Mr Yemi Cardoso, to preside over the gathering. He is yet to be confirmed by the Senate, which resumes from a recess next Tuesday, the same day the rate decision is supposed to be announced. The confusion as to who

**Dedicates 2019 Budget to Capital Projects By Modupe Gbadeyanka Governor Akinwunmi Ambode of Lagos State has said his administration hopes to achieve a 4 percent growth in its Gross Domestic Product (GDP) in 2019. Speaking separately on Monday evening at the Christmas Eve Dance of Yoruba Tennis Club and Island Club, two foremost social clubs in the country, Mr Ambode said next year’s budget would be dedicated towards the completion of ongoing infrastructural projects, creation of more jobs, supporting businesses to thrive, as well as strengthening the security architecture of the state. The Governor said while it was gratifying that

By Modupe Gbadeyanka One of the leading firms in petroleum marketing and services in Nigeria, Total Nigeria, has revealed that it will hold its board of directors meeting next month. In a statement issued by the company, it was stated that the said meeting will take place on Friday, March 10, 2017, at 10am. According to the statement, the scheduled meeting will hold in the boardroom of the Total House, located at 4 Churchgate Street, Victoria Island, Lagos. During the meeting, items to be discussed include to consider and approve the Financial Statements for the year ended December 31, 2016, recommend

By Modupe Gbadeyanka One of the most capitalised banks in Nigeria, Zenith Bank Plc, has released its financial statements for the third quarter of 2017. Zenith Bank released its Q3 earnings to the Nigerian Stock Exchange (NSE) on Thursday, October 19, 2017. In the financial statements, the lender grew its gross earnings to N531.3 billion in the third quarter of this year from N380.4 billion in the third quarter of last year. Also, its net interest income stood at N201.5 billion as at September 30, 2017 in contrast to N189.8 billion as at September 30, 2016. However, Zenith Bank’s operating

By Dipo Olowookere For the second time in one week, Nigeria’s Inspector General of Police, Mr Ibrahim Idris, has failed to appear before the Senate to answer why a member of the red chamber, Mr Dino Melaye, was allegedly manhandled by security officials some days ago. At the plenary on Wednesday, the police chief was not present when it was time for him to appear for the grilling today. The Senate President, Mr Bukola Saraki, had called on the Clerk to bring in the IGP into the chamber, but minutes later, he informed his colleagues that Mr Idris was not

By Modupe Gbadeyanka The importance of human capital to any society has been stressed by the Vice-Chancellor of the Nile University, Abuja, Professor Osman Nuri Aras. Mr Aras described it as one of the most important resources in any society, noting that it was because of its importance that the institution’s team paid a courtesy visit to the Petroleum Technology Development Fund (PTDF). The PTDF is a reputed for training the skills development needs for the oil and gas industry in Nigeria as well as other related sectors. The organisation has over the years invested in the training of manpower

In order to ensure that the bank is not exposed to undue risks, Stanbic IBTC has developed a framework for adhering to laid down guidelines before granting loans to its customers. The significant rise in the level of non-performing loans (NPLs) in the banking industry clearly requires banks to put in place stringent risk management policies that would help them safeguard depositors’ funds. This is also necessary to ensure that the financial system remains stable. Indeed, following the drop of low oil prices, dwindling oil revenue, foreign exchange scarcity and a crippling recession, the last two years saw intense weakening

By Adedapo Adesanya It was a negative outcome for unlisted securities on the NASD Over-the-Counter (OTC) Securities Exchange on Monday, May 18. At the session, both the market capitalisation and NASD unlisted Security Index (NSI) dropped most of the gains recorded at the previous session. Last Friday, the market rose by 0.79 percent, but yesterday, the market went down by as it shed 0.78 percent, causing the index to shrink by 5.43 points to end the day at 688.51 points from 693.94 points. Also, the situation weakened the market capitalisation by N3.9 billion to close at N505.76 billion in contrast

In line with the annual capacity building agenda of the annual National Career Fair, which aims to reduce the alarming rate of unemployment in Nigeria, the organizers of the programme have launched career development initiative tagged #BELIKE. The initiative was borne out of the realization that the dearth of career role models and the distinct absence of structured direct mentorship are some of the biggest challenges facing young people aiming to succeed in their chosen careers. Young people have continually looked up to the same set of elite Nigerians in various careers for many years and the likes of Aliko