MPC Meeting: CBN Leaves All Rates Unchanged

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange suspended trading in the shares of VFD Group Plc months after the proprietary investment company revealed its intention to list its stocks on the Nigerian Exchange (NGX) Limited to allow it gain access to public equity markets, increase its visibility, and strengthen its financial position. The group joined the NASD trading platform in 2020. In a notice, the NASD OTC Exchange said investors would not be able to trade securities of VFD Group Plc with effect from Friday, September 22, 2023 (today). This is per the company’s request to delist from

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 Dipo Olowookere The leadership uncertainty in the Central Bank of Nigeria (CBN), which some observers have said led to the indefinite postponement of the Monetary Policy Committee (MPC) meeting, further put investors off at the local equity market on Friday. Yesterday, the central bank said the person chosen by President Bola Tinubu to head the organisation, Mr Yemi Cardoso, has resumed in an acting capacity replacing the former acting CBN chief, Mr Folashodun Shonubi. Mr Shonubi was appointed by Mr Tinubu to take over from Mr Godwin Emefiele, who was suspended from office and was said to have resigned

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has postponed the Monetary Policy Committee (MPC) meeting scheduled to hold next week. In a statement, the apex bank noted that the MPC meeting, which was supposed to take place on Monday, September 25 and Tuesday, September 26, 2023, has been postponed until further notice. This is coming less than a week after President Bola Tinubu nominated Mr Olayemi Michael Cardoso to take over the role from Mr Folashodun Shonubi, who is filling the role following the ousting of Mr Godwin Emefiele, who is currently held in the custody of the

By Adedapo Adesanya The Katsina State Government has directed civil servants in Ministries, Departments and Agencies (MDAs) to continue to report to work from 10 am to 2 pm in the afternoon on weekdays. This was disclosed in a statement by the Head of the state’s civil service, Mr Idris Usman Tune. The directive followed approval from the state governor, Mr Aminu Masari, on the effort to curtail the spread of COVID-19 in the state. Mr Tune also asked the civil servants to maintain the directive and continue to offer services to members of the general public until further notice.

By Dipo Olowooere Barely two days after the Federal Road Safety Commission (FRSC) commenced the enforcement of speed limiters on commercial vehicles, about 2800 persons have been charged for violation. This information was disclosed by the Corps Marshal of the FRSC, Mr Boboye Oyeyemi. Mr Oyeyemi explained that those booked for the offence were commercial drivers. According to him, the policy was not meant to inflict pain on motorists and road users, but for their safety. “The exercise is also known as free safety checks. “In the coming days, the leadership of the organised transport unions such as NURTW, NUPENG

By Adedapo Adesanya Before now, the only way to carry out a financial transaction was to visit the banking hall, stay in the queue and pray that the cashier is in a good mood. But technology has changed the game. Someone does not have to leave his/her space to execute a financial transaction and in fact, some digital banks have sprung up in Nigeria in the last five years, offering not to only complement the traditional, brick and mortar banking structure but to disrupt its entire structure with its offerings. Business Post takes a look at some digital banks and

By Modupe Gbadeyanka The Debt Management Office (DMO) on Wednesday, March 27, 2019 conducted the FGN Bond Auction for March 2019. During the exercise yesterday, the debt office offered N100 billion worth of the bonds to market players. Business Post reports that just as in the auctions for January and February 2019, the March 2019 exercise was oversubscribed. The DMO offered three instruments at the auction for 3, 7 and 10-year tenors and subscriptions for the three instruments was in excess of N148 billion for competitive bids. Non-competitive bids valued at N92.6 billion were also received, taking the total subscriptions

By Adedapo Adesanya The Lagos State Government has signed a Memorandum of Understanding (MoU) with eTranzact, a foremost fintech company, to sanitise and regulate activities of setbacks and Incidental Open Spaces (IOS) and ensure physical orderliness in the state. Signed by the Ministry of Physical Planning and Urban Development, the agreement will help curb unregulated development, manage setbacks and open spaces and improve the beautification of the environment in Lagos state. The MoU will strengthen the partnership between Lagos State Planning and Environmental Monitoring Authority (LASPEMA) and eTranzact. This collaboration will allow eTranzact to deploy an integrated technology solution for

By Modupe Gbadeyanka A teacher from Special Education Centre for Exceptional Children, Uyo, Akwa Ibom State, Mr Imoh Essien, has emerged the 2016 Maltina Teacher of the Year. Mr Essien was named winner of the annual competition at the grand finale held in Lagos on Thursday. For the feat, Mr Essien was rewarded with N1 million in addition to N500,000 he received as state champion from Akwa Ibom. He will also get N1 million every year for five years, a training programme abroad and a block of six classrooms built at his school. Mr Essien teaches Computer, Basic Sciences and

By Adedapo Adesanya The United Nations (UN) has said the world population will reach 8 billion this year from the current level of 7.96 billion and in 2030, the figure could rise to 8.5 billion and to 9.7 billion in 2050 before reaching a peak of around 10.4 billion in the 2080s to 2100. In the latest UN projections, the organisation noted that more than half of the projected increase in the global population up to 2050 will be concentrated in eight countries: the Democratic Republic of the Congo, Egypt, Ethiopia, India, Nigeria, Pakistan, the Philippines and the United Republic

By Modupe Gbadeyanka A premier mobile phone brand under Transsion Holdings, TECNO, has launched its newest addition, the Phantom 8 in Middle East and Africa region. The regional launch took place in Jumeirah Beach Hotel, Dubai in the presence of 200 guests. The newly launched Android operated Phantom 8 features a revolutionary camera, attractive design and high-speed experience. According to Google’s Consumer Barometer, in the UAE and KSA, 73% and 70% of smart phone users access their mobiles to takes photos or videos. Phantom 8 caters to this local demand with its state-of-the-art dual camera, it has the power to