Market Capitalisation Appreciates by N36b

By Adedapo Adesanya A hybrid solar power solutions provider, Daystar Power, has signed an agreement with Nigerian Breweries to install and operate a 4.2MWp solar plant and 2MWh battery storage system that will help the firm reduce its high energy costs. The installation will be one of the largest solar and battery storage projects for an industrial manufacturer in Nigeria. The hybrid solar solution will generate 5,249 MWh of electricity – 42 per cent of its daytime power consumption – every year at Nigerian Breweries’ Lagos brewery. According to a statement, the integration of solar into the factory’s energy mix

By Adedapo Adesanya The boards of insurance companies operating in the country have been charged by the National Insurance Commission (NAICOM) to embrace the measures put in place to tackle the challenges of unpaid claims. The Commissioner for Insurance, Mr Sunday Thomas, expressed worry over the number of outstanding claims in the sector despite efforts by the regulator to address the issue. Mr Thomas, who is also the chief executive of NAICOM, said the organisation, in collaboration with members of the Insurers’ Committee, has taken decisions and incepted measures designed to tame the menace of unpaid claims. Speaking at the

By Adedapo Adesanya A milk-producing company, FrieslandCampina Wamco Nigeria, helped the NASD Over-the-Counter (OTC) Securities Exchange return to the green territory by 0.54 per cent on Wednesday, November 29. The firm improved its value by N3.50 in the midweek session to settle at N73.50 per share compared with the previous day’s closing price of N70.00 per share. It suppressed the 10 Kobo decline posted by Central Securities Clearing System (CSCS) Plc, which ended lower at N17.00 per unit versus Tuesday’s value of N17.10 per unit. Consequently, the market capitalisation of the alternative stock exchange went up by N6.28 billion to

By Adedapo Adesanya The Naira put up a weak performance against the United States Dollar across the various segments of the foreign exchange (FX) market on Thursday. November 30, 2023, the last trading session of the month. In the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, which is the official market, the Nigerian currency lost 0.1 per cent or 85 Kobo against the greenback during the session to settle at N832.32/$1 compared with the preceding day’s value of N831.47/$1. A slight strain in the supply of forex into the spot market was partly responsible for the weakening of the local

By Dipo Olowookere Following the success of the first edition of InterswitchSPAK National Science competition, organisers of the educational programme have announced registration for the second edition. At a press briefing held on Wednesday, March 6, 2019 in Lagos, Interswitch, the lead sponsor of the competition, said it is only open to Senior Secondary 2 students across the country aged between 14 and 17 years, while intending participants have been told to register for the contest on www.interswitchspak.com . The InterswitchSPAK National Science competition focuses on driving increased interest in the study of Science, Technology, Engineering, and Mathematics (STEM) subjects among

By Dipo Olowookere About 18 hotels, restaurant and event centres in Lagos have been sealed by officials of the Lagos State Internal Revenue Service (LIRS). The affected businesses were shut down for failure to pay their taxes due under the Hotel Occupancy and Restaurant Consumption Laws of Lagos State 2009. A statement issued by the state government disclosed that the hotels and restaurants owe a total sum of N427 million. Speaking during the state-wide tax enforcement exercise last Friday, the Director, Legal Services of the LIRS, Mr Seyi Alade, warned that defaulting hotels, restaurants and event centres will henceforth face

By Dipo Olowookere Transactions on the floor of the Nigerian Stock Exchange (NSE) maintained its upward momentum on Wednesday, appreciating by 3.07 percent to reduce the year-to-date loss to 0.91 percent. Business Post reports that the local bourse recorded a gain of N408 billion yesterday despite the losses printed by some large cap stocks like GTBank, Zenith Bank, Nestle Nigeria and others. It was observed that the positive drive was influenced by the continued hype around the listing of MTN Nigeria last Thursday as the demand for the stock grows by the day. At the close of the midweek trading

By Jerome-Mario Chijioke Utomi Even though it qualifies as a national tragedy that deserves every attention, it is important to underline that the present piece is not a direct reaction to the recently reported bombing by ‘terrorist’ of a moving train along the Abuja-Kaduna rail track- an incident that resulted in the death of some innocent Nigerians and the kidnap of many, with others sustaining varying degrees of injury. However, in an applied sense, the ugly incident also rings a bell to the fact that when the present federal government emerged, precisely on May 29, 2015, my generation and of

By Adedapo Adesanya The Federal High Court sitting in Lagos has granted bail to the suspended Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, in the sum of N20 million with one surety in like sum. Justice Nicholas Oweibo granted bail to Mr Emefiele after listening to the submissions of his counsel, Mr Joseph Daudu (SAN). Business Post had reported that the embattled Mr Emefiele was arraigned at the Ikoyi court on two counts of illegal possession of firearm and ammunition on Tuesday following a suit brought by the Department of State Services (DSS). After more than

By Dipo Olowookere **Says Sale Won’t Affect FBN Insurance Brokers Limited The Group Managing Director of FBN Holdings Plc, Mr Kalu Eke, has disclosed that the sale of the insurance business of the group, FBN Insurance Limited, was to deliver greater value to shareholders of the financial powerhouse in Nigeria. FBN Holdings, in a deal which became effective on June 1, 2020, transferred ownership of the company to Sanlam Emerging Markets (Proprietary) Limited. Before the transaction, the Nigerian firm controlled 65 percent equity in the insurer, while Sanlam had the other 35 percent share. But Sanlam has acquired the 65

By Adedapo Adesanya The Naira put up a weak performance against the United States Dollar across the various segments of the foreign exchange (FX) market on Thursday. November 30, 2023, the last trading session of the month. In the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, which is the official market, the Nigerian currency lost 0.1 per cent or 85 Kobo against the greenback during the session to settle at N832.32/$1 compared with the preceding day’s value of N831.47/$1. A slight strain in the supply of forex into the spot market was partly responsible for the weakening of the local

Harsh, extremely difficult, and gut-wrenching. These are not very palatable words to read at the beginning of an article, especially early in a new year. But maybe they aptly describe the economic situation and life in general that a special group in Nigeria is experiencing at the moment. If economic conditions are tough for you with a spouse, family or network of other people you can turn to, consider underprivileged widows. Left to their fate by the families of their late husbands after being stripped of everything except the children that they now have to care for all by themselves,