Guinness Nigeria to Maintain Strong Market Position Amid Cost Pressures

By Adedapo Adesanya A hybrid solar power solutions provider, Daystar Power, has signed an agreement with Nigerian Breweries to install and operate a 4.2MWp solar plant and 2MWh battery storage system that will help the firm reduce its high energy costs. The installation will be one of the largest solar and battery storage projects for an industrial manufacturer in Nigeria. The hybrid solar solution will generate 5,249 MWh of electricity – 42 per cent of its daytime power consumption – every year at Nigerian Breweries’ Lagos brewery. According to a statement, the integration of solar into the factory’s energy mix

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

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 Dipo Olowookere Another loss was recorded at the Nigerian Stock Exchange (NSE) on Friday as a sell-off in financial, consumer goods and industrial goods equities weakened the market by 0.74 per cent. As a result, the All-Share Index (ASI) decreased by 295.60 points to 39,799.89 points from 40,095.49 points, while the market capitalisation reduced by N154 billion to N20.824 trillion from N20.978 trillion. Business Post reports that the insurance sector depreciated yesterday by 2.32 per cent, the banking index lost 0.48 per cent, the consumer goods space fell by 0.40 per cent, while the industrial goods counter depreciated by

By Dipo Olowookere Chairman of Dangote Group, Mr Aliko Dangote, has lamented the huge foreign exchange being spent by the Federal Government to import rice into the country. Mr Dangote expressed this frustration on Wednesday at the launch of the Dangote rice outgrower scheme in Goronyo, Goronyo Local government, Sokoto. The business mogul said this moved him to go into rice cultivation because of the genuine interest of the Federal government to revive agriculture as the mainstay of the economy, and reduce importation of foods that could be produced locally. During the ceremony, a tripartite agreement spare headed by the

By Adedapo Adesanya The Federal Government has begun the sale of its third tranche seven-year N150 billion Sovereign Sukuk, the Debt Management Office (DMO) announced on Thursday. The offer circular, which was obtained from its website, said the seven year Islamic Sukuk, referred to as Ijarah, is at a rental rate of 11.2 percent and would be due in June 2027. The bond, which is aimed at funding key road infrastructure across the six geo-political zones, is payable semi-annually. The subscription for the bond, which is guaranteed by the federal government, will close on June 2, 2020. The circular said

The $4,600 reportedly paid by captain of Team Nigeria at the ongoing Rio Olympics, John Mikel Obi, in Sao Paulo on their way to Salvador has been refunded. Business Post learnt that the refund was made by the Federal Ministry of Youth and Sports, through the Minister, Solomon Dalung. Mr Dalung, who was represented by the Permanent Secretary in the Ministry, Mr Chinyeaka Ohaa, assured the players and officials of the team that they will be given all that is due to them. The Minister said he appreciates the spirit of the team despite the challenges they have faced even

By Modupe Gbadeyanka A Supervisory Councillor from Mafa Local Government Area of Borno, Mr Umar Ibrahim, has been sentenced to two years with a fine of N1m on the charge of criminal misappropriation and two years in prison for conspiracy. Mr Ibrahim was arraigned by the Economic and Financial Crimes Commission (EFCC) alongside Zangebe and Modu Bulama, for allegedly diverting about 180 bags of rice donated by Danish Refugee Council (DRC), a Non-Governmental Organization, for victims of insurgency in Mafa Local Government. They were brought before Justice F. Umaru of the State High Court Maiduguri on a 4-count charge bordering

The over 100 billion daily active users on Facebook, twitter, WeChat, Skype and Telegram can now experience the ease of performing their financial transactions directly from these platforms with the aid of the recently introduced solution, ChatPay. Never before experienced and a major leap in innovative banking solutions, ChatPay uniquely allows everyone with a social media account to conduct various transactions from the comfort of their homes, offices or wherever they are located. Uniquely different from almost similar applications, ChatPay is built on the artificial intelligence structure which allows it engage users intelligently directly from their social media channels. With

By Modupe Gbadeyanka The Lagos State Internal Revenue Service (LIRS) has been commended for introducing a Whistle-Blower Initiative aimed to boost the trust of taxpayers in its activities. According to a civil society organisation, Vanguard for Transparency and Accountability, this policy will promote openness, and accountability and ultimately enhance citizens’ participation in governance and then put the agency under public scrutiny. In a statement, the president of the anti-corruption crusade group, Mr Paulycap Nnabuogor, said the LIRS led by Mr Ayodele Subair has done well to sustain its pace-setting records in tax management reforms in Nigeria. He expressed optimism that

By Dipo Olowookere Trading activities on the floor of the Nigerian Stock Exchange (NSE) were weak on Thursday as investor confidence continues to wane. The equity market depreciated by 0.60 per cent during the session on the back of the loss printed by the industrial goods sector due to a sell-off in Dangote Cement shares. The sector was the lone loser yesterday as it fell by 1.70 per cent. The insurance, consumer goods and banking counters appreciated by 0.69 per cent, 0.42 per cent and 0.01 per cent respectively, while the energy index closed flat. At the close of transactions,