Lagos Vows to Ease Process of Doing Business

By Adedapo Adesanya  Africa Finance Corporation (AFC) has secured a $300 million loan from the Export-Import Bank of China (CEXIM) to drive increased trade finance and investment across the African continent, fostering economic growth and development. The infrastructure solutions provider on the continent announced the successful signing of the landmark agreement on the sidelines of the Asian Infrastructure Investment Bank (AIIB) Annual meetings in Egypt. The 3-year credit facility is a significant development in AFC’s long-standing relationship with CEXIM. The two institutions have collaborated since 2018, with AFC receiving $400 million in bilateral loans from CEXIM to date. According to

By Adedapo Adesanya The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised the alarm over alleged secret reintroduction of fuel subsidy payments by the federal government. In late May, after taking the oath of office, President Bola Tinubu announced the total removal of subsidy on petrol, which saw prices jump to over N600. The removal of fuel subsidy and the resulting increment in the pump of petrol by almost 300 per cent had quadrupled the inflation rate in the country and affected the purchasing power of Nigerians, especially the middle class and low-income earners. It was expected that as

By Dipo Olowookere The Nigerian Exchange (NGX) kicked off the first trading session in the last week of the third quarter of the year on a negative note, with the key performance indices going down by 0.66 per cent on Monday. This was partly caused by the reaction of investors to the 30 Kobo interim dividend declaration of the board of Access Holdings Plc. A few days ago, its peer, UBA Plc, raised its interim dividend payment by 150 per cent to 50 Kobo and it was expected that Access Holdings would follow the same path. However, the company disappointed

By Adedapo Adesanya The new Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has said he would adopt an evidence-based monetary policy as he assumed office upon confirmation by the Nigerian Senate on Tuesday. He said the new leadership of CBN would “adopt an evidence-based monetary policy and shall not be making decisions based on a whim.” The Godswill Akpabio-led Senate confirmed the nomination of Mr Cardoso’s nomination as well as that of the four Deputy Governors of CBN nominated by President Bola Tinubu. The four deputy governors whose appointments were confirmed by the Senate are Mrs

By Modupe Gbadeyanka May & Baker Plc has again cemented its position as one of the leading pharmaceutical manufacturing companies in Nigeria by signing an agreement with the local subsidiary of a notable French drugs company, Sanofi Nigeria Limited. A statement from May & Baker, also locally known as M&B, explained that it would use its facility in Nigeria, which conform with the standard set by the World Health Organisation (WHO), to produce four brands of Sanofi drugs specifically tailored for the Nigerian and West African markets.  “Under this agreement, May & Baker would use her World Health Organisation certified

Ericsson’s leadership in supporting service providers’ Net Zero ambitions while meeting market demands for higher 5G capacity and revenue growth has taken a major step forward with the launch of an enhanced RAN and Transport portfolio. Set to be showcased at Mobile World Congress (MWC) 2023 Barcelona, more than 10 new Ericsson solutions will cut carbon emissions and site footprint, increase energy performance and boost network capacity. The full range of new remote radios for 4G and 5G capacity is led by the triple-band Radio 4485 for FDD (frequency-division duplexing), which is 53 per cent lighter and consumes about 22

By Modupe Gbadeyanka President Muhammadu Buhari has been asked to resign from office for not being able to govern the country appropriately. This call was made on Wednesday by Senator Enyinnaya Abaribe, who is the Senate Minority Leader. At the plenary today, the lawmaker said President Buhari has failed to adequately secure the lives and properties of Nigerians, one of the main responsibilities of government. “If you want to treat an issue, you go to the head. We did not appoint the Inspector General of Police or the security chiefs. We will go to the president and ask him to

By Dipo Olowookere Keystone Bank Limited has denied having in its custody any illegally hidden money belonging to the Federal Government of Nigeria or any of its agencies. The lender made this clarification following an allegation made against the bank by a controversial lawmaker from Kogi State. Senator Dino Melaye, representing Kogi West Senatorial district at the National Assembly, had accused Keystone Bank of colluding with the Nigeria National Petroleum Corporation (NNPC) to conceal about $137 million and thereafter illegally withdrew $4 million. But Keystone Bank, in a statement issued on Tuesday by its General Counsel & Company Secretary, Dr

By Aduragbemi Omiyale In September 2022, inflation in Nigeria increased by 20.77 per cent from 20.52 per cent in August 2022 and 16.63 per cent in September 2021. In a report released on Monday, the National Bureau of Statistics (NBS) said the jump in the consumer price index (CPI) was triggered by an increase in food inflation due to higher prices paid by Nigerians to purchase bread and cereals, potatoes, yam, oil, and fat. It was stated that the food inflation rate in September 2022 was 23.34 per cent compared with the 19.57 per cent recorded in September 2021 and

By Dipo Olowookere The Nigerian Exchange (NGX) Limited depreciated by 1.08 per cent last week amid buying pressure on Transcorp Plc, the new bride of investors. The company led the 35 price gainers in the trading week after it chalked up 44.97 per cent to settle at N2.45 and was trailed by Ikeja Hotel, which gained 19.83 per cent to close at N1.39. Consolidated Hallmark Insurance rose by 15.79 per cent to 66 Kobo, Fidelity Bank improved by 13.95 per cent to N5.80, and RT Briscoe appreciated by 13.64 per cent to 35 Kobo. Conversely, Zenith Bank led a losers’

By Adedapo Adesanya Shareholders of Central Securities Clearing Systems (CSCS) Plc have been assured sustainable value as the company saw its profit after tax grow year-on-year by 41.4 per cent to N6.9 billion in the year 2020. In the audited financial results of the firm released recently, the group improved its profit before tax by 22.3 per cent y-o-y to N7.4 billion from the N6.0 billion recorded in 2019, while the total income went up by 31.3 per cent year-on-year to N12.1 billion compared to N9.2 billion in 2019, with investment income growing by 61.4 per cent to N7.4 billion

By Aduragbemi Omiyale Shareholders of the Central Securities Clearing System (CSCS) Plc have expressed pleasure over the decision of the board of the company to pay a cash reward to them for the 2021 financial year. On Friday, May 6, 2022, at the Civic Centre, Victoria Island, Lagos, shareholders of CSCS gathered for the Annual General Meeting (AGM) and the board presented the payment of a dividend of N3.7 billion to them for approval. The amount translates to an 83.7 per cent payout ratio, reflecting the resilient profitability of the organisation despite the impact of lower trading activity on most