N15b Bond: Bauchi Meets Investors to Renegotiate Terms

By Bliss Okperan The exchange rate instability in the country is already giving small business owners sleepless nights and it threatens their investments. This concern was raised recently by the National Vice Chairman of the Nigerian Association of Small-Scale Industrialists, Mr Segun Kuti-George. He emphasised that business owners would have to increase their prices because of the unavoidable consequence of the current exchange rate crisis in Nigeria. According to him, if consumers are unable to meet up with the increase in the cost of goods and services, businesses would be forced to shut down their operations, which would, in turn,

By Adedapo Adesanya A foreign oil company, Equinor ASA, has chosen a little-known Nigerian company, Chappal Energy, as the preferred buyer of its stake in one of the country’s largest deep-water oil fields, Agbami. According to a report by Bloomberg on Monday, the Norwegian energy giant is trying to sell its 20.2 per cent interest in the Agbami field – joining other international producers such as Shell Plc, Exxon Mobil Corporation and Eni SpA in looking to offload assets in Africa’s biggest crude producer, Nigeria. In January, Equinor launched the sale of its stake in an offshore Nigerian oilfield, joining

Forex trading is an exciting and money-making venture, whether you do it as a hobby or a full-time job. In this article, Traders Union (TU) experts will talk about becoming a full-time trader and its advantages and disadvantages. They will also explain how much you can earn. Main steps to become a full-time trader So how to become a full-time trader? There are different options. TU’s analysts will explain each one: Forex prop company Pros: Access to funding: you can get funding from the company to increase your capital. Zero risk: your risk is low because the company provides the

By Adedapo Adesanya The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised the alarm over alleged secret reintroduction of fuel subsidy payments by the federal government. In late May, after taking the oath of office, President Bola Tinubu announced the total removal of subsidy on petrol, which saw prices jump to over N600. The removal of fuel subsidy and the resulting increment in the pump of petrol by almost 300 per cent had quadrupled the inflation rate in the country and affected the purchasing power of Nigerians, especially the middle class and low-income earners. It was expected that as

By Modupe Gbadeyanka The Securities and Exchange Commission (SEC) has approved the new rules and amendments proposed by the Nigerian Stock Exchange (NSE). The new rules and amendments were suggested by the stock market regulator to fortify investors’ confidence in the nation’s bourse. The three rules and amendments approved by the apex capital market regulator in the country are ‘Amendments to Dealing Members’ Rules (Part XIIIA) – Block Divestments and Large Volume Trades,’ ‘Amendments to Issuers’ Rules – Deletion of Chapter 16: Information to be Provided in a Block Divestment,’ and ‘Rules on Order Handling and Best Execution.’ All the

By Dipo Olowookere Private security companies operating in Nigeria have been advised to emulate Hogan Guards, which is assisting the government in providing useful information on security matters. The Ogun State Commandant of the Nigeria Security and Civil Defence Corps (NSCDC), Mr Hameed Abodunrin, said he was impressed with Hogan Guards for working in partnership with the agency to ensure the safety of Nigerians, especially those living along the long bridge section of the Lagos-Ibadan Expressway, where it has its headquarters. The long bridge section of the Lagos-Ibadan Expressway is notorious for some deadly crimes and worried by this, the

By Dipo Olowookere Inspector General of Police, Mr Ibrahim Idris, as well as the Director-General of the State Security Service (SSS), Mr Lawan Daura, has been given 24 hours to retrieve the mace stolen this morning by some suspected thugs. The directive was given in a statement signed by Mr Aliyu Abdullahi, Chairman, Senate Committee on Media and Public Affairs. On Wednesday morning, after returning from an executive session, some thugs invaded the upper parliament and went away with the mace. A statement issued by the Senate spokesman accused suspended Senator, Mr Ovie Omo-Agege, of leading the hoodlums to steal

By Dipo Olowookere Governor Akinwunmi Ambode of Lagos State has disclosed that a total sum of N2.698 billion has been earmarked in the 2017 budget for the construction of Elderly Care Centres across the five administrative divisions of Lagos. This, Mr Ambode explained, is in line with his administration’s commitment to the welfare of retired civil servants/pensioners from the State Public Service, The Governor noted that the Elderly Care Centres, which will be constructed at Ikorodu, Badagry, Epe, Alimosho and Lagos Island, was a demonstration of his administration’s commitment to the welfare of the senior citizens in appreciation of their

By FBNQuest Research The hospitality sector, which is classified by the NBS as the accommodation and food services segment, is regarded as one of Nigeria’s vibrant industries. However, it did experience reduced patronage in the recent recession. The national accounts from the NBS show that the sector grew by 0.2% y/y in Q3 2017, compared with a contraction of -4.9% in the corresponding period of 2016. Now that the economy has emerged from the recession, we expect to see a pickup in consumer spending. Although the fx market is now relatively stable, we gather that restauranteurs have turned towards the

By Dipo Olowookere The Lagos State Government has revealed plans to establish two additional Technical and Vocational Colleges in Badagry and Ibeju-Lekki in 2017. The move is part of the determination of the state government to expand technical and vocational studies to all divisions of the state and increase accessibility for intending students and entrepreneurs into the various technical colleges. The Executive Secretary, Lagos State Technical and Vocational Education Board, LASTVEB, Mrs Omolara Erogbogbo disclosed this during a courtesy visit by the members of the Lagos State House of Assembly Committee on Education to the Board. While briefing the House

By Dipo Olowookere The bulls extended their stay on the floor of the Nigerian Exchange (NGX) Limited on Wednesday, with 25 stocks enjoying investors’ patronage. The market appreciated by 0.74 per cent at the midweek session on the back of sustained bargain hunting as all the major five sectors closed in the green territory. The industrial goods sector appreciated by 1.33 per cent, the banking counter rose by 1.25 per cent, the insurance index gained 0.37 per cent, the consumer goods space improved by 0.28 per cent, while the energy index appreciated by 0.03 per cent. When trading activities were

By Aduragbemi Omiyale The decline in crude oil prices caused by the COVID-19 pandemic in 2020 put the Nigerian economy under pressure as foreign exchange earnings slumped significantly. At a point last year, the price of the Brent crude, under which Nigeria’s crude oil is graded, was selling at $20 per barrel and this caused a plunge in revenue as most of the country’s earnings are from the sale of the commodity. As a result, the nation slipped into another recession in the third quarter of 2021 after the gross domestic product (GDP) contracted by 3.62 per cent after a