Maritime Safety Key to Economic Growth—Dogara

By Adedapo Adesanya Some Nigerians have expressed anger over the upward review in the foreign exchange (FX) rate, a move that could see imported goods and by extension, domestic products record surge in prices at a time when the country is battling a high cost of living. The federal government, through the Central Bank of Nigeria (CBN), has hiked the duties payable on imported goods at Nigerian ports. Business Post gathered that the upward review of prices showed the US Dollar equivalent had been put at N951.941/$1 while for the Euro, the rate was pegged at N1,030.762/€1 and the Pound

By Dipo Olowookere The House of Representatives Committee on Customs and Excise chaired by Mr Leke Abejide, has promised to ensure that all customs duties and levies collected by the Nigeria Customs Service (NCS) are accounted for and remitted to the nation’s purse. He gave this assurance during the inaugural meeting of the panel on Wednesday in Abuja, using the occasion to roll out the seven-point agenda of his group. The lawmaker, who contested in the recently-concluded governorship election in Kogi State under the African Democratic Party (ADC), listed the key focus of the team as oversight of the Nigeria

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

By Dipo Olowookere The Nigerian Exchange (NGX) Limited depreciated by 0.49 per cent on Thursday, driven by selling pressure on banking equities, especially those in the tier-1 category. The likes of GTCO, FBN Holdings, Access Holdings witnessed sell-offs during the trading session, contributing to the weak investor sentiment observed at the Nigerian stock market. According to data obtained by Business Post, the NGX ended with 29 price losers and 24 price gainers, indicating a negative market breadth index. FBN Holdings ended as the heaviest price decliner after it shed 9.86 per cent to settle at N26.50, Secure Electronic Technology fell

By Adedapo Adesanya The management of the Kaduna Electric has extended an apology to its Zamfara State customers who are resident to the areas of Tsafe, Kauran Namoda, Shinkafi, Zumi, Birin Magaji, and Bugundu, for power interruption experienced yesterday. In a statement signed by Head, Corporate Communication, Mr Abdulazeez Abdullahi, the company attributed the situation to a faulty power transformer at the Transmission Company of Nigeria (TCN) station located in the state capital, Gusau. “The management of the Kaduna Electric hereby apologise to its esteemed customers in Tsafe, Kauran Namoda, Shinkafi, Zumi, Birin Magaji and Bugundi all in Zamfara State

Buying a house can be a long-drawn-out process with many steps in between the time you get preapproved for a mortgage and pick up the keys. Also, we buy houses San Bernardino Sure, once you find the right one, it might take just a month to close with new technologies making the actual transaction piece faster, but that’s only one small part of it. According to mortgage data firm Ellie Mae (as reported by Bankrate.com), the average time to close a loan on a home purchase in December 2020 was 56 days. The short answer to when to start looking

Africa’s leading integrated payments and digital commerce company, Interswitch, has successfully concluded the second edition of its Technovation competition, a hackathon aimed at nurturing innovation and creativity among its employees. The initiative showcases Interswitch’s commitment to fostering innovation and creating impactful solutions that address diverse challenges across the African continent. The competition, which spanned several weeks, provided a unique platform for Interswitch employees to explore their problem-solving capabilities and devise innovative solutions to real-world problems. With a strong focus on technology-driven advancements, this program provided participants with the necessary tools, mentorship, and a platform to develop groundbreaking ideas and transform

By Adedapo Adesanya Fidelity Bank Plc has announced plans to issue bonds worth N100 billion in the fourth quarter of the year to boost its capital ratios and funding capacity. This was made known by the bank’s Chief Operations and Information Officer, Mr Gbolahan Joshua, during an analysts’ call on Tuesday. The Lagos-based lender will issue the debt in a series, starting with a N50 billion offer which will commence anytime from October. The extra funds will help increase the bank’s capital adequacy ratio by 2 percentage points, from 18.8 per cent in June, he said. The bank also plans

By Adedapo Adesanya The adoption of the principles of Islamic finances by developing nations will serve as a key to achieving the United Nations’ Sustainable Development Goals (SDGs). This was a stance held by the former Deputy Governor of the Central Bank of Nigeria (CBN), Mr Sulaiman Barau, when presenting a keynote paper at the 4th International Conference on Islamic Finance, with the theme Islamic Finance: Mobilizing Resources for Economic and Social Development organized by the Bayero University’s International Institute of Islamic Banking and Finance (IIIBF) in Kano on Tuesday. He said the deepening global annual investment deficit in terms

By Dipo Olowookere It was another positive week for unlisted securities investors in Nigeria as they smiled home with N18.29 billion last week on the floor of the NASD over-the-counter (OTC) Securities Exchange. This was buoyed by the 1.98 per cent week-on-week growth recorded by the alternative bourse in the country during the five-day trading week, which had five stocks closing on the gainers’ chart, with none on the opposite table. Data harvested by Business Post indicated that FrieslandCampina Wamco Nigeria appreciated by 10.44 per cent to settle at N69.00 per unit. UBN Property Gain 7.14 per cent to trade

By Adedapo Adesanya Oil prices tumbled more than 2 per cent on Friday as expanding lockdowns in the largest importing country, China, weighed on market sentiment about immediate global oil demand. This deflated the price of the Brent crude by $1.52 or 2.69 per cent to $54.90 per barrel and weakened the West Texas Intermediate (WTI) crude by $1.52 or 2.65 per cent to $52.13 per barrel. The situation in China has put 22 million people on lockdown, weighing on the oil market. China is grappling with its worst resurgence of the coronavirus since the summer of 2020. According to

By Modupe Gbadeyanka Governor Akinwunmi Ambode of Lagos State on Monday signed the N812.998 billion Y2017 Appropriation Bill into law, with a promise that it would be judiciously implemented to consolidate on the modest milestones recorded in the last 18 months and propel the State to a path of prosperity. Speaking at a brief ceremony held at the Lagos House, Ikeja, Mr Ambode said the 2017 budget, christened, ‘Golden Jubilee Budget’ was his administration’s contract with Lagosians to continue to build an all-inclusive economy throughout the year. Mr Ambode thanked the Speaker and members of the House of Assembly for