Major Investor Offloads Mutual Benefits Assurance Stocks

By Dipo Olowookere Stock investors were swayed by the news of the indefinite postponement of the Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN). The quarterly rate decision meeting was supposed to occur next week, but it has been moved forward. There are speculations that the meeting was postponed to allow the new CBN Governor nominee, Mr Yemi Cardoso, to preside over the gathering. He is yet to be confirmed by the Senate, which resumes from a recess next Tuesday, the same day the rate decision is supposed to be announced. The confusion as to who

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 Dipo Olowookere The Nigerian Exchange (NGX) Limited witnessed a pullback of 0.03 per cent on Wednesday after investors took a second look at their exposure to local equities, though as some were dumping, a few were mopping up. According to data obtained by Business Post, traders bought and sold 566.6 million shares worth N5.4 billion during the trading session in 8,201 deals compared with the 676.7 million shares valued at N5.9 billion traded in 7,659 deals on Tuesday, implying a rise in the number of deals by 7.08 per cent and a decline in the trading volume and value

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 Modupe Gbadeyanka Africa’s leading payments technology company, Flutterwave, has received approval from the Bank of Tanzania (BoT) to operate in the country. With the approval, Flutterwave will open its offices in Dar Es Salaam with the aim to drive connected digital payments and financial inclusion by enabling merchants and customers to trade efficiently through its platform across the country. Business Post reports that the payments firm got the authorisation to launch its seamless payment service in Tanzania after due diligence and satisfying all requirements necessary to receive a license to operate in the country. Flutterwave’s products and services will

By Dipo Olowookere Star Lager Millionaires promo, now in its sixth week, has produced 18 more millionaires in Kaduna and Onitsha. Among the winners were John Paul Ocheme a thirty-five year old student based in Kaduna and Zenith Abubakar, a forty-four year old businesswoman based in Sokoto. Cornelius Ocholi a forty one year old cop was also among the lucky Nigerians who became millionaires in the past week. The new millionaires were full of joy and gratitude all through the evening, while meeting with the Nigerian Breweries brand representatives in Kaduna and Onitsha during the presentation events. Star Lager team

By Adedapo Adesanya Microsoft has said that with effect from Tuesday, January 14, it will stop supporting Windows 7 operating system, according to the company’s website. This indicates that users who still run on the system won’t get any more software updates, including software patches that could prevent cyberattacks, to millions of computers. In the detailed statement released on the website, Microsoft claimed that this does not mean the programme will stop working, but users won’t have access to latest updates. “While you could continue to use your PC running Windows 7, without continued software and security updates, it will

By Modupe Gbadeyanka Two banks located in Apapa, Diamond Bank and Sterling Bank, were destroyed by fire on Wednesday morning by some angry truck drivers after a mobile policeman allegedly shot dead one of their colleagues. Trouble started when the mobile cop allegedly ordered the deceased driver to move his heavy duty vehicle away from premises of the bank. Eyewitnesses informed Business Post correspondent that while the driver was allegedly obeying the order reluctantly, an argument ensued, which led to the cop shooting him dead. The incident attracted other truck drivers, who mobilised and arrived scene of the shooting in

By Adedapo Adesanya The Governor of Lagos State, Mr Babajide Sanwo-Olu, has urged the private sector to take advantage of enterprise-driven innovations that will create impact ecosystems to foster inclusive growth and recovery. He made the call at the second edition of the Africa Social Impact Summit (ASIS) 2023, held on Thursday in Lagos, themed Global Vision, Local Action: Repositioning the African Development Ecosystem for Sustainable Outcomes, which was organised by Sterling One Foundation alongside the United Nations in Nigeria, the private sector and international development space. Mr Sanwo-Olu, who his deputy, Mr Obafemi Hamzat, represented, explained that the summit

By Dipo Olowookere Federal Government has commenced the assessment of applicants of its N-Power job programme conducted online. The test kicked off today, Saturday, July 1, 2017 and it started with those who applied under the N-Tax segment of the scheme. The test for N-Tax applicants will last till Monday, July 3, 2017. From Tuesday, July 4 to 6, 2017, it would be the turn of N-Health applicants, while the N-Agro applicants will have their test from Friday, July 7 to Monday, July 10, 2017. The assessment would be wrapped up with the N-Teach applicants, which starts on Tuesday, July

By Jerome-Mario Utomi I never had expected that opinion articles about the Niger Delta, a region bedevilled by tremendous odds with an improbable chance of survival, will precisely in a space of four days come from me in this quick succession as I have other pressing concerns to comment on. But this particular one stems from a reaction by a reader to the earlier one entitled Why Niger Delta is troubled. The piece, which had the resonated chant of a crude oil spill in Polobubo/Opuama Communities, Warri North Local Government Area of Delta as its central plot, among other things,

By Adedapo Adesanya The Federal Road Safety Corps (FRSC) has warned automobile owners not to interfere with the Calibrated Speed Limiting Devices installed in their vehicles, saying that indulging in such could lead to impoundment of the vehicles and re-installation of the speed limiters. Speed limiters are electronic devices that determine the top speed at which a moving vehicle can travel and then communicate that information to the vehicle’s engine management systems, where if beyond the limit, the speed of the vehicle is reduced to the pre-set calibrated value. According to the Corps Marshal, Mr Boboye Oyeyemi, in a press