In One Week, NASD Investors’ Wealth Shrink by N19.24bn

By Adedapo Adesanya The Supreme Court has ordered that the old N200, N500, and N1,000 notes should continue to co-exist with the new banknotes beyond the earlier December 31, 2023, deadline. The apex court ruled on Wednesday that both old and new notes should continue to remain legal tender until the federal government puts a process in place for its replacement or redesign after due consultation with relevant stakeholders. The seven-man panel led by Justice Inyang Okoro gave the ruling following an application by the central government asking the court to grant an extension of time for old naira notes

By Dipo Olowookere The last trading day of November 2023 on the floor of the Nigerian Exchange (NGX) Limited ended on a bullish note by 0.11 per cent on Thursday. Mild bargain-hunting in industrial goods equities like Lafarge Africa, supported by Airtel Africa, GTCO and other financial stocks left the market in the green territory at the close of business. Consequently, the All-Share Index (ASI) increased by 81.91 points to settle at 71,365.25 points compared with the preceding day’s 71,283.34 points, and the market capitalisation grew by N44 billion to N39.052 trillion from N39.008 trillion. Business Post reports that the

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

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

Residents of Nigeria can obtain a residence permit in Portugal through a significant investment in several ways. It can be a real estate purchase, a capital transfer, or the creation of jobs. Portugal Golden Visa for Nigerians is available to candidates who meet the following requirements: the minimum age is 18 years old; no criminal record; investment of the required amount; spend at least seven days in the region in the first year. It is possible to implement Portugal golden visa for Nigerian citizens in several ways. The candidate chooses one method of naturalization that is suitable for him: purchase

By Modupe Gbadeyanka The Nigerian National Petroleum Corporation (NNPC) depot in Ejigbo area of Lagos State has shut down due to alleged incessant disappearance of petroleum products pumped into the facility. ThisDay reports that the issue of missing petrol forced management of the state-owned oil agency to launch an investigation into the matter. The Ejigbo NNPC depot had resumed loading activities in March after the efforts of NNPC to tackle vandalism had yielded results with the repairs of the vandalised portion of the pipelines linking the depot with Atlas Cove Depot, also in Lagos. Ejigbo Depot is one of the

By Dipo Olowookere Some dispatch operators in Lagos has kicked against the high cost of registration and renewal fees by the Nigeria Postal Service (NIPOST). They were on the premises of the Lagos State House of Assembly on Thursday to express their grievance over the issue, calling on the lawmakers to prevail on NIPOST to bring down the fees. A spokesman for the group, Mr Jude Nwosu, said the exorbitant fees charged by the agency could chase them out of business, noting that they have contributed significantly to the growth of the economy through job creation, supported the telecommunications system,

By Modupe Gbadeyanka The Speaker of the House of Representatives, Mr Femi Gbajabiamila, has been appointed as the Chief of Staff to President Bola Tinubu. Mr Gbajabiamila won his re-election into the lower chamber of the National Assembly on February 25, 2023, but with this appointment, he will have to lose his seat in the parliament to coordinate the activities of his new boss. Also, Mr Tinubu has picked the former Governor of Benue State, Mr George Akume, as the new Secretary to Government of the Federation (SGF). He is take over from the former occupier of the position, Mr

By Adedapo Adesanya A ranking member of the US Senate Foreign Relations Committee, Mr Jim Risch, has criticised the American government for accepting the results of Nigeria’s presidential elections held on Saturday, February 25. The election, which saw Mr Bola Tinubu of the All Progressives Congress (APC) emerge as the winner, has been challenged by leading opposition parties, including the Labour Party and the People’s Democratic Party (PDP), among others. The lawmaker from Idaho, in a statement seen by this newspaper, said the exercise was “widely viewed as deeply flawed by election observers and many Nigerians,” noting that, “It is

By Adedapo Adesanya Oil prices rose higher on Monday as traders banked on tighter supplies from major producers, leading the Brent crude to trade around the $43 region. The oil futures rose by 85 cents or 2.01 percent to sell at $43.04 per barrel, while the US West Texas Intermediate (WTI) crude was at $40.60 per barrel, up by 85 cents equivalent to 2.14 percent. This means oil prices kept up the momentum built at the market last week after gaining about 9 percent, supported by a recovery in fuel demand as lockdowns eased and economic activity resumed. Analysts believe

By Dipo Olowookere Shareholders of FBN Holdings Plc and the investing community anticipating the release of the financial statements of the company for the year ended December 31, 2021, will have to wait a little longer. The organisation, in a notice last weekend, said the results should be ready for public consumption by the end of this month. There have been agitations for the release of the financial statements of FBN Holdings amid issues the board had with the regulator of its flagship firm, First Bank of Nigeria Limited, the Central Bank of Nigeria (CBN) in the year under review.