Investors Gear up for DMO’s N150bn Bond Sale on Wednesday

By Dipo Olowookere Ellah Lakes Plc can now go ahead with its plans to raise fresh capital through a rights issue to shareholders, the Securities and Exchange Commission (SEC) has declared. In 2022, shareholders of the company authorised the board to source about N2.90 billion. The board later filed an application to the SEC to carry out the transaction. In an update on Wednesday, Ellah Lakes informed the investing community that the apex regulatory agency for the country’s capital market had approved its request. The firm, which operates in the agricultural sector, intends to get N2.90 billion from shareholders from

By Adedapo Adesanya The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that Nigeria saw a 65.7 per cent or N76.77 billion increase in earnings from the solid minerals sector in 2021 to N193.59 billion from the N116.82 billion achieved in 2020. This upward trajectory has been on for the past five years, according to a report from the agency. The Executive Secretary of NEITI, Mr Orji Ogbonnaya Orji, however, lamented that this is still abysmal considering the potential of the sector to the Nigerian economy. He said this while presenting the solid minerals sector report in Abuja, noting that

By Benita Ayo A while ago, it was announced that certain companies would be struck off the corporate register of the Corporate Affairs Commission. The major reason for this is the failure of defaulting companies to file their Annual Returns with the commission. I have always reiterated the fact that approval of an application to register a company does not signify that its officers can fold their hands and go to sleep. There are bundles of requirements to be fulfilled by such companies one of which is the filing of its Annual Returns. The Annual Return is a yearly account

By Adedapo Adesanya Though the supply of foreign exchange (FX) in Nigeria has remained low, the Naira closed stronger against the United States Dollar in the Investors and Exporters (I&E) and the Peer-to-Peer (P2P) segments on Wednesday, September 20, and maintained stability in the parallel market. According to data obtained from FMDQ Securities Exchange, the local currency appreciated against the Dollar in the midweek session by 0.76 per cent or N5.89 to sell for N770.71/$1 versus the previous rate of N776.60/$1 amid a decline in the value of forex transactions by 9.4 per cent or $6.65 million to $64.36 million

A high level implementation committee for the newly launched Kwara State Infrastructure Development Fund (IF-K) has been inaugurated by the state governor, Abdulfatah Ahmed. Mr Ahmed charged the committee to create a programmed funding plan for all ongoing and new projects across the State. Speaking during the inauguration at the Government House, Ilorin on Friday, Mr Ahmed described the IF-K as a stand-alone funding scheme, which offers a reliable funding window for infrastructural projects. He explained that in view of the current economic realities, it was imperative for the state government to devise alternative funding options to meet its obligations

By Dipo Olowookere The management of one of Heritage Bank Plc has expressed its commitment to give its customers and Nigerians cutting edge banking services through its transparent MasterCard. Head of Corporate Communications of the lender, Mr Fela Ibidapo, disclosed this in a statement over the weekend, remarking that; “that is the philosophy behind the bank’s e-payment offerings.” According to him, there is more to e-payment than Nigerian banking customers are currently enjoying, adding that the financial institution was determined to take Nigerians to new heights of e-payment services that deliver unparalleled convenience and security through the Heritage Bank Transparent

By Dipo Olowookere As part of efforts to enhance the financial inclusion policy of the Central Bank of Nigeria (CBN) designed to bring banking services to the under-banked in Nigeria, Heritage Bank Plc recently registered its presence in Ogijo, under Sagamu Local Government Area of Ogun State, with the commissioning of Dunmop Ventures as agent banking partner. The corner shop was appointed as the lender’s agent banking partner to carry out banking transactions on beside the 74th Battalion of the Nigerian Army and PZ manufacturing outfit along the Sagamu Road in Ikorodu area of Lagos State to provide agency banking

The family of late Captain Romeo Itima, majority shareholder at Global West Vessel Specialists Limited (GWVSL), has expressed disappointment over what they termed as ‘the lacklustre performance’ of the incumbent Managing Director/ CEO of the company, Captain Winfred Itima. Speaking on behalf of the family in an interactive session with some workers of the firm on Sunday, May 12, 2019, Mr Kevin Itima (son of Late Romeo Itima), deplored the refusal of the Managing Director to pay the salaries of workers for about three years now. He debunked the claim that workers were not being paid because of the court

There is always some risk even in the most surefire business ideas – after all, nothing ventured, nothing gained right? But businesses that operate by using different currencies for buying and selling, face uniquely pertinent risks from changes in the volatile currency markets – especially when dealing with a marginal currency like the Nigerian Naira. In this post, we will take a close look at just what these risks are and how Nigerian businesses can best guard against them. Despite experiencing some hardships since the oil crash of 2014, Nigeria is Africa’s largest economy by some distance and in many

By Nneka Okumazie What is the chance that the tragedy that will not miss would befall someone, or anyone? Who could have done something, or linked to something that – maybe – got caught up with, but affecting others unknowingly? What is the slight chance, some often have, missing the worst? What is it with suddenness and unpredictability, in the many terrible events of life? Why does it seem that tragedy does not make exemptions – say for people called good people? Is there a decision-making process for what tragedy, or for whom? There are lots of questions to ask

By Adedapo Adesanya Manchester City: Raheem Sterling (20′) Sergio Agüero (35′) Tottenham Hotspur: Erik Lamela (23′) Lucas Moura (56′) Manchester City and Tottenham Hotspur drew 2-2 in a thrilling Premier League match at the Etihad Stadium on Saturday that saw the Video Assistant Referee (VAR) again take centre stage, this time stealing City’s thunder. Gabriel Jesus thought he’d scored the winner from a corner in stoppage time. However, a video review judged that the ball grazed the arm of a Man City player before reaching the Brazil international. Coming off a hat trick last week, Raheem Sterling had put the

By Modupe Gbadeyanka For the third straight year, Zedcap Partners Limited (ZPL) has won the Best Brokerage Service Firm of The Year at the FMDQ Gold Awards 2021. The firm again clinched the coveted prize in recognition of its exemplary brokerage service in the Nigerian fixed income, currencies and derivatives markets. At the event held on Friday, November 5, Zedcap, which is adjudged as the leading and largest inter-dealer brokerage (IDB) company in Nigeria, claimed the award for being the brokerage firm with the most satisfied clients, voted by members of the FMDQ Securities Exchange as providing the most exemplary