Japaul Operations Under Serious Threat

By Adedapo Adesanya President Bola Tinubu is targeting to grow Nigeria’s economy by 3.76 per cent next year and moderate the country’s inflation to 21.4 per cent. Speaking at his first budget speech to lawmakers on Wednesday, President Tinubu also projected higher oil production and tax collection, noting that this will boost government revenues and cut down on reliance on borrowing to finance budget deficits. Nigeria plans on spending N27.5 billion in the 2024 fiscal year, with priorities on security, infrastructure and easing the high cost-of-living crisis. The country will borrow around N9 trillion and N18.5 billion generated from internally

By Modupe Gbadeyanka The chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, has asked his counterpart in the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, to support his agency to achieve the Renewed Hope Agenda of President Bola Tinubu, who appointed both of them. Speaking during a courtesy visit to the headquarters of the anti-money laundering firm, Mr Adedeji said the EFCC has a role in ensuring that taxpayers’ funds are “judiciously utilised in line with the social contract with the people.” He assured that the FIRS would continue to strive to raise the revenue

By Adedapo Adesanya The House of Representatives has pledged to stop international oil companies (IOCs) operating in the Niger Delta from divestment of their offshore assets without being accountable to the environment. The Chairman of the House of Reps Committee on Host Communities, Mr Dumnamene Dekor, said this during a technical session on the implementation of the Host Communities Development Trusts (HCDT), organised by Spaces for Change (S4C) with support from Ford Foundation. Mr Dekor raised the alarm that since the passage of the Petroleum Industry Act in 2021, host communities have not experienced any positive change, rather have remained

By Dipo Olowookere Local equities rebounded by 0.34 per cent on Wednesday on the back of buying pressure on a few energy stocks and others at the Nigerian Exchange (NGX) Limited. According to data from the bourse, the bullish stance was attained despite profit-taking activities in the banking space amid plans by the Central Bank of Nigeria (CBN) to recapitalise the industry, leaving the market breadth index negative. This was because the number of price losers was more than the price gainers at 39 and 19 apiece, indicating a weak investor sentiment. Business Post reports that the energy counter grew

By Modupe Gbadeyanka The Group Managing Director/Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Mr Mele Kyari, has been asked to resign from office. This call was made by the Conference of Nigeria Political Parties (CNPP) in a statement made available to Business Post on Thursday. The group said for admitting that adulterated Premium Motor Spirit (PMS) from Belgium got into the country undetected and passed the country’s standard specifications with quality inspectors failing to detect the high level of Methanol it contained, first at the point of import in Belgium and at the point of arrival

By Aduragbemi Omiyale An initiative to celebrate mothers and reward female entrepreneurs with cash grants for their ventures called Mums in Business Challenge has kicked off. The contest is the brainchild of Mouka, one of the leaders in foam making business and it is being organised in conjunction with the AGS Tribe. It is in line with the brand’s mission of adding comfort to life and falls under its Corporate Social Responsibility (CSR) pillar of “skills for life”. For the 2021 edition, Mouka is giving away a cash grant of N500,000 to the first prize winner, while the second prize

By FSDH Research The real Gross Domestic Product (GDP) growth rate of 1.50 percent recorded in Q2 2018 was below the expectations of most analysts. The GDP numbers reflect the impact of the rising uncertainties in the country. The low growth and contraction across many sectors of the Nigerian economy also underscore the need for an urgent set of policies and engagements to rescue the economy. Although the fragile growth was driven by the Non-Oil sector, the fact that dominant sectors of the economy either recorded low growth or contracted in Q2 2018 indicates that urgent actions are required. Agriculture,

By Dipo Olowookere The need for Micro Small and Medium Enterprises (MSMEs) in the country to increase online presence and grow sales using digital tools has been highlighted by Keystone Bank Limited. At a 5-day workshop held for small business owners, the lender stressed that the current global health crisis caused by COVID-19 has made it necessary to change the way things are done. “The widespread outbreak of the novel Coronavirus (COVID-19) has impacted the world economy negatively and has led to a significant shift in customer needs and behaviour as well as a total overhaul of operating models of

By Meristem Research The Nigerian bourse closed on a negative note as the NSEASI declined by 0.71% WoW, bringing the Year to Date return to 36.14%. There were 24 gainers and 39 losers, settling the market breadth at 0.62x and topping the gainers’ chart was INTBREW after advancing by 21.77% WoW to close at NGN51.01. On the flip side, REDSTAREX closed as the top loser with a WoW decline of 13.00%. In spite of the gains recorded in the banking space, sell pressures witnessed on some bellwether stocks drove the market to the negative territory. While we anticipate continued sell-offs

By Adedapo Adesanya The Central Bank of Nigeria (CBN) and the Ministry of Niger Delta Affairs have said they will be working together to develop agriculture in the Niger Delta. According to a statement signed by the Head of Press and Public Relations at the ministry, Mrs Patricia Deworitshe, the alliance was sealed by the Minister of Niger Delta Affairs, Mr Godswill Akpabio, during a courtesy visit to the CBN Governor, Mr Godwin Emefiele, in Abuja. The Minister stated that the joint venture would not only help to explore the agricultural potential of the region but also add value to

By Modupe Gbadeyanka Amid huge expectations, the 9th edition of the Standard Bank West Africa Investors’ Conference is set to hold in Abuja and Lagos, bringing together foreign and local institutional investors, fund managers, regulators and policy makers, bankers, businessmen and captains of industry, among others to engage and explore growth potential and opportunities in Nigeria. The four-day event, themed “The Pathway towards inclusive economic recovery”, will run from February 27 – March 2, 2018, with Stanbic IBTC and Standard Bank officials leading a delegation of investors on a visit to the Minister of Power, Works & Housing, Mr Babatunde

By Dipo Olowookere Former Director of Public Relations, Events and Promotions at Globacom Limited, Mr Bode Opeseitan, has returned to the telecom firm. Mr Opeseitan left Globacom in July 2017 after some years with the company to float a SA&B Mega Resources as well as a news publication called Make It Global. But after over a year of leaving the Mr Mike Adenuga led Globacom, Mr Opeseitan has returned to the firm to held positively project its image. Confirming his second shot at Globacom, Mr Opeseitan said his return was mainly out of respect for Mr Adenuga, who he takes