Geregu Power to Share N8 Dividend to Investors Amid 50.5% Slump in Net Profit

By Dipo Olowookere The leadership uncertainty in the Central Bank of Nigeria (CBN), which some observers have said led to the indefinite postponement of the Monetary Policy Committee (MPC) meeting, further put investors off at the local equity market on Friday. Yesterday, the central bank said the person chosen by President Bola Tinubu to head the organisation, Mr Yemi Cardoso, has resumed in an acting capacity replacing the former acting CBN chief, Mr Folashodun Shonubi. Mr Shonubi was appointed by Mr Tinubu to take over from Mr Godwin Emefiele, who was suspended from office and was said to have resigned

By Adedapo Adesanya President Bola Tinubu has been charged by the Socio-Economic Rights and Accountability Project (SERAP) to investigate the allegations that over $15 billion of oil revenues and N200 billion budgeted to repair the refineries are missing and unaccounted for between 2020 and 2021, as documented by the Nigeria Extractive Industries Transparency Initiative (NEITI). In the letter dated September 23 and signed by SERAP deputy director, Mr Kolawole Oluwadare, the organisation urged him to “name and shame anyone suspected to be responsible for the missing and unaccounted for public funds and to ensure their effective prosecution as well as

By Adedapo Adesanya Nigeria’s Minister of Finance, Mr Wale Edun, has said the country is unable to clear up to $6.8 billion of overdue forward payments in the foreign exchange market, noting that this is preventing the Naira from gaining stability. Speaking in an interview on Thursday, Mr Edun lamented that the country’s FX market is facing a serious liquidity crisis due to low flows. “The issue we have now is that the market is not liquid enough,” he said in an interview in New York, per Bloomberg. The Minister said that resolving the overdue contracts would allow the Naira

By Adedapo Adesanya  The Central Bank of Nigeria (CBN) has confirmed the resignation of Mr Godwin Emefiele as its governor and the resumption of Mr Olayemi Cardoso as the next head of the apex bank, albeit in an acting capacity. The apex bank’s Director of Corporate Communications, Mr Isa AbdulMumin, said Mr Cardoso will act as governor pending his confirmation by the Nigerian Senate, which is away on recess until Tuesday, September 26. This also confirms the exit of Mr Folashodun Shonubi, who was acting in that position following the ousting of Mr Emefile three months ago. “Dr Olayemi Michael

By Modupe Gbadeyanka The 6th edition of the prestigious GTCO Fashion Weekend has been fixed for November 11 and 12, 2023, a statement from the organisers, Guaranty Trust Holding Company (GTCO) Plc, has disclosed. The event is one of the most anticipated in the African showbiz calendar because it provides an avenue for stakeholders from far and near to network and get the latest trends in the fashion industry. In a statement made available to Business Post on Tuesday, it was disclosed that the GTCO Fashion Weekend would take place at the GTCentre on Plot 1, Water Corporation Drive, Oniru,

By Ebitonye Akpodigha President Muhammadu Buhari has touched down in Berlin, the German capital city, on a visit to the European country. Mr Buhari travelled to Germany with Governors Kashim Shettima of Borno State and Rochas Okorocha of Imo. While in the country, he will have talks with German Chancellor, Angela Merkel, on issues of shared interests between Nigeria and Germany, including further cooperation on security, the humanitarian situation of Internally Displaced Persons (IDPs) and rehabilitation of the North-East, as well as trade and economic relations between both countries. The Nigerian leader will also meet with President Joachim Gauck. The

Ghana’s May Day is a public holiday honouring workers and their contribution to the country’s development. Central Region marked the occasion by holding a unique programme of celebratory events for the community at Saltpond Victoria Park in the Mfantseman Municipality. Lithium exploration and development company Atlantic Lithium Ltd. was a proud headline sponsor of the event, demonstrating its strong commitment to local community development through employment. Atlantic Lithium is advancing the Ewoyaa Project, a significant lithium spodumene concentrate discovery on track to become Ghana’s first lithium-producing mine. Over 95% of the company’s employees are Ghanaian, many of which are from

By Dipo Olowookere The stock price of University Press Plc witnessed a 20.59 per cent rise on the floor of the Nigerian Exchange (NGX) last week. In the four-day trading sessions, as a result of the public holiday observed on Friday, October 1, 2021, the value of the company’s equities closed at N1.23 in contrast to N1.02 it traded a week earlier. The firm topped the gainers’ chart, which had 33 members last week, higher than 28 of the preceding week. Dangote Cement appreciated in the week by 14.29 per cent to N280.00, Presco gained 9.93 per cent to sell

By Adedapo Adesanya The Abuja Chamber of Commerce and Industry (ACCI) has advised the Nigeria Export Processing Zones Authority (NEPZA) to set up free trade zones on university campuses. This came following a meeting among ACCI, NEPZA and the Vice Counsellor of the University of Abuja, Prof Na’Allah Abdulrasheed, where he stated that when this is achieved in his university, it will challenge other campuses in Nigeria to take up the same task. Prof Na’Allah lauded the partnership between ACCI and the University of Abuja while stating they cannot achieve their goals without working with industry players like the ACCI.

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By Dipo Olowookere Winners have emerged in the male and female categories of the prestigious GTBank Masters Cup Season 9, which climaxed last week. In the final match of the male category played last Friday at the Campos Stadium, Lagos Island, Eko Boys High School defeated Anwar Ul Islam by 2-0. The victory was a testimony to resilience as Eko Boys had tried for many years to win the coveted trophy. In the third-place game played on Thursday, June 17, Kings College were winners in a 3-0 walkover in the absence of Greensprings College, Lekki. In the female category, the

By Modupe Gbadeyanka The family of Ms Peace Anyiam-Osigwe has confirmed her death in a statement issued on Tuesday, January 10, 2023. The founder of the Africa Movie Academy Awards (AMAA) died on Monday at the St Nicholas Hospital, Lagos. Her demise caused confusion in the movie industry as there were conflicting reports about her health status. But today, the family confirmed that the veteran filmmaker and critical stakeholder in Nollywood has passed on, promising to continue to uphold her legacies, especially AMAA. The family also said it would “announce the details of her rites of passage in due course.”