Index Drops 0.69% as Investors Trim Exposure to Conoil, BUA Foods Stocks

By Modupe Gbadeyanka One of the leading digital and mobile banking institutions in Nigeria, OPay, has been praised for revolutionising financial inclusion in the country and Africa. This commendation came from the World Economic Forum (WEF), which said OPay’s ascent in the financial inclusion landscape stands as a testament to its unwavering commitment to innovation and customer-centricity. In its recent report titled Here’s Why Africa is the World Leader in Digital and Mobile Banking, OPay was lauded for leveraging cutting-edge technology to democratise access to vital financial services, such as money transfers, bill payments, airtime purchases, and merchant transactions, reaching

By Modupe Gbadeyanka A New York-based audio streaming platform, Audiomack, has chosen Aleph as its Authorized Sales Partner in Nigeria and Ghana, underlining Aleph’s commitment to enhancing its presence and strategy in Sub-Saharan Africa (SSA). This collaboration will leverage Aleph’s deep expertise in crafting targeted and impactful campaigns and Audiomack’s robust platform teeming with engaged users, creating an unparalleled landscape of opportunity for brands and agencies across the region. Aleph was unveiled on December 5 at a pop-up event dubbed #AudiomackHouseLagos, which brought together key players in the music industry to celebrate the thriving Nigerian and African music scenes. The

By Jerome-Mario Utomi The ancient city of Agbor, Delta State, Nigeria, houses many hospitals. While some are government-owned such as the General Hospital and Primary Healthcare Centers (PHC), others were established and operated by faith-based organizations like churches. The rest, which of course are higher in number, were midwifed by private individuals. Among these privately owned hospitals is Anioma Hospital. The subtle meaning of Anioma in the Igbo language is good land. Aside from the quality of service delivery, which is the hallmark of the hospital in the past 42 years, Anioma Hospital has for other obvious reasons, scored other

In the vibrant tapestry of African music, gospel holds a special place. Its soulful melodies and uplifting messages resonate deeply with listeners across the continent. American gospel music might have taken the forefront as a preferred source of inspiration for Gospel music lovers but African listeners are increasingly rediscovering and embracing their homegrown gospel sounds. African gospel music is deeply rooted in the cultural overtones and spiritual aspirations that arise from local communities. It incorporates local languages, traditional rhythms, and music styles that create an authentic sound that deeply resonates with African audiences. In recent years, African gospel music has

By Adedapo Adesanya Almost two months after Nigeria’s victory in an $11 billion suit, the Commercial Courts of England in the United Kingdom has ordered Process & Industrial Developments (P&ID) Limited to pay £20 million in damages and compensation. The court ordered that the money be given to Nigeria within the next 28 days. The award of £20 million in damages was revealed during a subsequent ruling on the subject in London to determine what happened after the October ruling. The hearing was also held to determine whether P&ID would be granted permission to appeal the decision, however, the court

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has urged the Nigerian National Petroleum Company (NNPC) Limited to disclose Nigeria’s daily oil production and exports as well as the total amounts of revenue generated from oil since the removal of subsidy on petrol in mid-2023. In a letter dated December 9, 2023, the group asked the chief executive of the NNPC, Mr Mele Kyari, “to disclose how much of the revenues generated from oil have been remitted to the public treasury since the removal of subsidy on petrol.” He was also requested “to disclose details of payment of

By Adedapo Adesanya The federal government has exempted imported Liquefied Petroleum Gas (LPG) and its equipment from the payment of customs duty and value-added tax (VAT), a move expected to result in a drop in the cost of cooking gas in the country and bring much-needed succour to Nigerians. This was disclosed by the Minister of Finance, Mr Wale Edun, in a letter (dated November 28, 2023) to the Special Adviser to the President on Energy; the Comptroller-General of the Nigeria Customs Service (NCS); and the Chairman of the Federal Inland Revenue Service (FIRS). Recall that in 2019, the federal

 By Adedapo Adesanya The Cross River Government has entered into a partnership with Oando Clean Energy on the provision of wind power in the state. Signing the Memorandum of Understanding (MoU) at the ongoing climate conference, known as COP28, in Dubai, Governor Bassey Otu of Cross River State said the collaboration signified the commitment of the state to spearhead the green economy, which he described as a significant milestone in his development objective for the state. Represented by the state Commissioner for Special Duties and Inter-Governmental Relations, Mr Oden Ewa, the Governor said the strategic deal with the energy company

By Aduragbemi Omiyale Moody’s outlook on Nigeria has been upgraded from stable to positive after the federal government implemented a few economic reforms. In a statement on Friday, the rating agency said the decisions to remove the costly petrol subsidies, devaluation of the Naira and the unification of the foreign exchange (FX) market were good for the economy. When Mr Bola Tinubu assumed office in May 2023, he announced an end to the payment of subsidies on premium motor spirit (PMS). A month later, the Central Bank of Nigeria (CBN) announced the unification of the forex market, while the Naira

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 1.6 per cent appreciation on Friday, December 8, as investors gained about N19.12 billion to push the valuation of the unlisted bourse to N1.202 trillion from the N1.182 trillion it closed in the preceding session. This achievement was influenced by the gains recorded by the trio of Aradel Holdings Plc, FrieslandCampina Wamco Nigeria Plc, and Central Securities Clearing System (CSCS) Plc. Data showed that Aradel Holdings Plc improved its value by N30 to settle at N900.00 per unit compared with the previous day’s N870.00 per unit, FrieslandCampina Wamco Nigeria