Gains in NDEP, Nipco Push NASD Exchange 0.25% Higher

By Precious Olisa This news may not be palatable to developers and Nigerians planning to start a building project, as the Cement Producers Association of Nigeria has warned that the price of a 50kg bag of cement may start selling for N9,000 when the dry season begins in November. At the moment, the product is sold at over N5,000. In a statement jointly signed on Sunday by the National Chairman of the group, Mr David Iweta, and its National Secretary, Mr Ufomba, the manufacturers said the rise in the price of cement would be caused by the decision of the

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 Aduragbemi Omiyale Mr Tokunbo Akande, the Special Adviser to the Executive Chairman of the Lagos State Internal Revenue Service (LIRS), Mr Ayodele Subair, has waded into the controversies surrounding stamp duty. The Federal Inland Revenue Service (FIRS) and the Nigerian Postal Service (NIPOST) have been at loggerheads at to which of them should collect the revenue charged on financial transactions in the country. Mr Akande, while commenting on the matter, described stamp duty as ‘a revenue stamp and not a postage stamp.’ While featuring as a guest on The Tax Talk programme on Channels Television recently, he emphasised that

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 Dipo Olowookere On Wednesday, September 27, 2017, the Debt Management Office, on behalf of Federal Government, will auction N135 billion worth of bonds at the local market. A circular issued today (Tuesday) by the DMO said government would be offering N35 billion for the FGN JUL 2021 bond at 14.50 percent. In addition, the debt office is offering N50 billion for the FGN MAR 2027 at 16.2884 percent, while N50 billion is also being offered for the FGN APR 2037 at 16.2499 percent. However, the DMO said all offers are re-opening, and pointed out that for re-openings of previously

By Dipo Olowookere The Nigerian Exchange (NGX) Limited appreciated by 0.12 per cent on Wednesday amid buying interest in banking stocks and others. Analysis showed that the banking index grew during the session by 0.22 per cent, the energy counter appreciated by 0.08 per cent, and the consumer goods sector improved by 0.05 per cent. However, the insurance counter witnessed a 0.14 per cent loss, as the industrial goods sector remained unchanged at the close of transactions. Business Post reports that when it was 2:30 pm after the market closed for the session, the All-Share Index (ASI) was up by

By Modupe Gbadeyanka Minister of State for Petroleum Resources, Mr Emmanuel Ibe Kachikwu, and the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Maikanti Kacalla Baru, led other industry leaders to commend the Nigerian Content Development and Monitoring Board (NCDMB) for the numerous achievements recorded in the implementation of Nigerian Content in the oil and gas industry. They spoke Tuesday at the 8th Practical Nigerian Content Workshop, organised by the NCDMB and CWC, in Yenagoa, Bayelsa State and pledged support to deepen the implementation of policies and initiatives that would increase in country value addition in the

By Dipo Olowookere In bid to provide quality healthcare for Ghanaians, world’s leading digital industrial company, GE Healthcare, has partnered with the Ghana Ministry of Health and Bouygues Batimat International with the support of the US Government to overhaul the Greater Accra Ridge Regional Hospital in the Ridge District of Accra, Ghana. The company comes on board as a technology partner to supply and install various high-end medical equipment in the new facility. The upgraded hospital, which launched this week, has almost trebled its bed count from 192 to 420 and a further 200 beds will be added in the

By Modupe Gbadeyanka The death toll continues to rise following the horrific military attack on civilians in Rann, Nigeria, according to latest estimates by Médecins Sans Frontières (MSF). Around 90 people were killed when a Nigerian airforce plane circled twice and dropped two bombs in the middle of the town of Rann, which hosts thousands of internally displaced people. At the time of the attack, an aid distribution was taking place. The majority of the victims were women and children. Outside of what MSF teams have witnessed, consistent reports from residents and community leaders say as many as 170 people

By Adedapo Adesanya The defending champions, Senegal, defeated the Pharaohs of Egypt 6-5 on penalties to win the Beach Soccer African Cup of Nation in Mozambique on Friday. Both sides had played a 2-2 draw in full time before having to decide the game by spot kicks, which was won by the defending champions, who have won the AFCON Beach Soccer cup on the last four occasions (2016, 2018, 2021, 2022). The Senegalese, who led 1-0, saw the Egyptians equalize and then return to the lead (2-1). However, the West African country obtained the equalizer (2-2) before the end of

By Dipo Olowookere Africa’s largest mezzanine fund manager, Vantage Capital, has provided €19 million of mezzanine funding to a leading distributor of oil & gas products in Côte d’Ivoire, Pétro Ivoire. The company operates a network of 72 petrol stations across the country (3rd placed after Total and Vivo Energy) and is also the largest gas distributor, with over 1.7 million gas bottles in circulation. It also holds a 40% stake in Côte d’Ivoire’s largest gas storage and bottle filling facility, SAEPP. The company sold 230 million litres of petroleum products in 2017. Vantage’s funding has enabled the founding family

By Aduragbemi Omiyale About five hospitals and healthcare facilities have been sealed in Oyo State by government officials for employing unlicensed doctors and engaging in acts that could put the lives of patients at risk. The private health facilities were shut down in Ibadan, the state capital, on Wednesday, according to a statement issued on Thursday by the Director of Press and Public Relations in the Ministry of Information, Culture and Tourism, Mr Rotimi Babalola. He said the affected facilities were sealed by the Director for Secondary Healthcare and Training in the state, Dr Wale Falana, during an inspection at