McNichols Commences N265.6m Rights Issue

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By Adedapo Adesanya Oil prices fell by 1 per cent on Wednesday after the US Federal Reserve left interest rates unchanged, as widely expected. Brent futures fell 81 cents or 0.9 per cent to settle at $93.53 a barrel, while the US West Texas Intermediate crude (WTI) fell by 92 cents or 1.0 per cent to trade at $90.28 per barrel. Wednesday’s decision means the benchmark short-term interest rate will remain at 5.25 per cent to 5.5 per cent, a 22-year high. This is only the second time since March 2022 that the US central bank meetings have concluded without

By Aduragbemi Omiyale The Nigerian Exchange (NGX) Limited is looking to drive gender equality and sustainable development in the country through strategic instruments like gender bonds and gender-themed sustainable financing mechanisms. The local bourse said it hopes to achieve this goal by collaborating with a global organisation like the United Nations Women (UN Women). According to the Divisional Head of Business Support Services and General Counsel at NGX, Ms Irene Robinson-Ayanwale, there is a need to galvanize public and private sector stakeholders to the development and adoption of gender-responsive instruments in Nigeria’s capital market and mobilise public and private capital

By Adedapo Adesanya The key performance indicators of the NASD Over-the-Counter (OTC) Securities Exchange remained unchanged at the close of transactions on Tuesday amid a mixed activity level chart. Business Post reports that the stalemate occurred after the NASD OTC exchange recorded no price gainer or loser, as the prices of stocks on the platform closed flat. Also, the total value of the alternative equity market, measured by the market capitalisation, remained unchanged at N1.138 trillion, and the NASD Unlisted Securities Index (NSI) closed flat at 805.29 points. During the trading session, investors traded a total of 501,437 units of

By Modupe Gbadeyanka The sum of N1 billion has been set aside by the Federal Government for the realisation Ibaka Sea Port project in Akwa Ibom State. Acting President, Mr Yemi Osinbajo, made this known on Thursday during a visit to Akwa Ibom State as part of his tour of Niger Delta states. According to the Acting President, the Federal Government is seriously committed to the realization of the project because of its importance to the country’s growth and economy. Mr Osinbajo noted that already, a provision for the Ibaka port has been made in the 2017 budget, which is

By Aduragbemi Omiyale For greater dynamism and deeper inclusiveness across generations, the Institute of Chartered Accountants of Nigeria (ICAN) has rebranded with a new corporate logo and visual identity. At the unveiling of the new logo and identity at an event held on Wednesday at the Oriental Hotel, Lagos, the leading umbrella body of the accounting profession in Africa disclosed that the transformation signifies its leadership, resilience, indelible footprints, growth and dynamism. Business Post gathered that ICAN, with this new beginning, has pledged its unwavering commitment to members and other stakeholders with a greater positive impact towards nation-building. The institute

By Modupe Gbadeyanka Africa’s richest man, Mr Aliko Dangote, has assured the new President of Tanzania, Mrs Samia Suhulu, that he will use his influence to attract more investors to the country. Speaking on Monday, the president of Dangote Group said his company has invested about $770 million in Tanzania, promising to increase his investment in the country. Mr Dangote commended Mrs Suhulu for her administration’s investors’ friendly policies since assuming office, noting that while the role of government is to provide a conducive environment for investment, the private sector has a role to create jobs that will eventually lead

By Aduragbemi Omiyale A student of Brainfield College, Salolo, Lagos State, Jubril Dokun, has emerged as the winner of the third InterswitchSPAK National Science Competition. The 16-year-old Brainfield College student beat other contestants of the educational show to clinch the first prize of N7.5 million in scholarships, among other prizes. Over 18,000 students from various secondary schools in Nigeria competed for the N12.5 million scholarships and other perks attached to the top three positions in the competition. But after a 13-week run on both terrestrial and domestic television stations, Dokun won the contest during the last episode, which was aired

By Aduragbemi Omiyale The Enterprise Online platform of Stanbic IBTC Bank Plc, designed to cater to the needs of businesses in the country, has been upgraded to provide business clients with an effortless and enhanced online banking experience. The lender explained that the goal of the upgrade is to improve the overall customer experience, drive adoption, and enhance the platform’s usage among enterprise customers by offering additional benefits and introducing customer-friendly features. The bank said in a statement that the new Enterprise Online 2.0 has been enhanced with self-service options like password reset and unlock capabilities. These features empower businesses

By Adedapo Adesanya President Muhammadu Buhari on Monday, August 16, 2021, signed the long-awaited Petroleum Industry Bill (PIB) 2021 into law. This was disclosed by the presidential spokesperson, Mr Femi Adesina, in a statement issued in Abuja today. He stated further that the President gave his assent to the keenly contested bill on Monday as part of efforts to fulfil his constitutional duty. The legislation has now become law after more than 20 years in the pipeline. Mr Buhari, in 2018, refused to sign a version passed by the National Assembly under Mr Bukola Saraki as the Senate President and

By Adedapo Adesanya Oil prices shed most of their recent gains on Thursday as a new round of coronavirus restrictions in Europe revived demand worries, overlooking efforts to move a stranded container ship blocking crude oil carriers in the Suez Canal. As a result, the Brent crude fell by 4.01 per cent or $2.58 to trade at $61.83 per barrel while the West Texas Intermediate (WTI) slid by 4.28 per cent or $2.62 to sell at $58.56 per barrel. Both contracts jumped about 5 per cent on Wednesday after a large ship called the EverGreen ran aground in the Suez

By Dipo Olowookere Governor Babajide Sanwo-Olu has relaxed the curfew imposed on Lagos State following the violence that broke out during #EndSARS protests in the state. On the day the Governor announced a 24-hour restriction in movements in the metropolis, some soldiers marched to the Lekki Toll Gate, where some of the peaceful protesters had converged and opened fire on them. The unfortunate incident, which is still under an investigation, led to the wanton destruction of some government and private properties in the state and left the commercial capital of Nigeria in ruins. The 24-hour curfew was later eased and