Naira Depreciates Further to N578/$1 at P2P FX Window

By Adedapo Adesanya The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that Nigeria saw a 65.7 per cent or N76.77 billion increase in earnings from the solid minerals sector in 2021 to N193.59 billion from the N116.82 billion achieved in 2020. This upward trajectory has been on for the past five years, according to a report from the agency. The Executive Secretary of NEITI, Mr Orji Ogbonnaya Orji, however, lamented that this is still abysmal considering the potential of the sector to the Nigerian economy. He said this while presenting the solid minerals sector report in Abuja, noting that

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 Dipo Olowookere Renewed buying interest in consumer goods stocks saved the Nigerian Exchange (NGX) Limited from collapsing on Tuesday, as it finished higher by 0.71 per cent at the close of trading activities. The trading session saw Ellah Lakes ending as the best-performing stock after its value rose by 10.00 per cent to N3.63, leading the gainers’ chart of 35 members. Berger Paints rose by 9.95 per cent to close at N11.60, eTranzact grew by 9.93 per cent to N8.08, Oando improved by 9.92 per cent to N13.30, and Chams also jumped by 9.92 per cent to N1.33. Business

By Benita Ayo A while ago, it was announced that certain companies would be struck off the corporate register of the Corporate Affairs Commission. The major reason for this is the failure of defaulting companies to file their Annual Returns with the commission. I have always reiterated the fact that approval of an application to register a company does not signify that its officers can fold their hands and go to sleep. There are bundles of requirements to be fulfilled by such companies one of which is the filing of its Annual Returns. The Annual Return is a yearly account

By Modupe Gbadeyanka The immediate past Minister of Aviation, Mr Hadi Sirika, has accused the Chairman of the House Committee on Aviation, Mr Nnolim Nnaji, of demanding a 5 per cent stake in controversial Nigeria Air. Mr Sirika made this allegation while appearing on Arise TV’s ThisDay Live on Sunday evening, monitored by Business Post. About a day to the end of the tenure of the immediate past President, Mr Muhammadu Buhari, the former Minister launched the national carrier in Abuja. This raised dust in the media, compelling the House of Representatives to conduct a hearing, where the acting Managing

By Modupe Gbadeyanka Nigerian National Petroleum Corporation (NNPC) has disclosed that it was working tirelessly to achieve an increase by 285 percent in domestic gas supply by the 2020. The agency said it had come up with a scheme in collaboration with its partners to grow gas supply for domestic consumption from 1.3 billion standard cubic feet per day to 5bscf/d by 2020. Group Managing Director of NNPC, Mr Maikanti Kacalla Baru, speaking at the 7 Critical Gas Development Projects (7CGDP) stakeholders’ meeting on Tuesday at the NNPC Towers in Abuja, said the Federal Government directed it to aggressively pursue

By Dipo Olowookere Getting a decent accommodation in Nigeria is a herculean task and when that is eventually solved, paying for it is another huddle one has to face. These and others are the main reasons housing has become a huge challenge in the country and efforts by the various governments to address them have not yielded the expected results. For example, getting land in Lagos is like a camel passing through the eye of the needle because of land grabbers, who dupe or harass people on their properties. They are like a bone in the throat. But one company

By Adedapo Adesanya The oil market was down on Tuesday amid tight supply worries, a possible recession, and China’s COVID-19 curbs, causing the Brent crude to decline by 14 cents or 0.28 per cent to $113.56 per barrel, with the United States West Texas Intermediate (WTI) crude shedding 52 cents or 0.87 per cent to $109.77 per barrel. Yesterday, the US Energy Secretary, Ms Jennifer Granholm, said President Joe Biden had not ruled out using export restrictions to ease soaring domestic fuel prices. This was after she was asked if the United States was considering restricting petroleum exports to ease

By Modupe Gbadeyanka The desire of EHA Clinics to expand its services and offer affordable healthcare packages to people at all levels of the economy is coming to fruition as it has secured a loan from Stanbic IBTC. The credit facility was obtained by eha Impact Ventures, the majority shareholder of EHA Clinics, by providing Letters of Credit to the lender to de-risk a $300,000 loan. The healthcare provider aims to establish two new locations: Lekki, Lagos, and Lugbe, Abuja. The funds from the bank would be used to equip the clinics with high-quality medical items. The new facilities in

By Modupe Gbadeyanka One of the oil firms listed on the Nigerian Stock Exchange (NSE), Seplat Petroleum Development Company Plc (Seplat) has announced the approval of its half year financial results for the period ended June 30, 2017. In a statement to the stock market regulator, Seplat, also listed on the London Stock Exchange (LSE), disclosed that the board approved the financial statements at its last meeting in London. Mirian Kene Kachikwu, Seplat’s Secretary, stated that the firm “held its 46th Board meeting on Thursday, July 20, 2017, at the SEPLAT London Office, 50 Pall Mall, London, United Kingdom, SW1Y

By Dipo Olowookere The Democratic Republic of Congo (DRC) on Wednesday declared the end of the yellow fever outbreak in that country following a similar announcement in Angola December 23, 2016. This brings an end to the outbreak in both countries after no new confirmed cases were reported from both countries for the past six months. “We are able to declare the end of one of the largest and most challenging yellow fever outbreak in recent years through the strong and coordinated response by national authorities, local health workers and partners,” said Dr Matshidiso Moeti, the World Health Organization (WHO)

By Dipo Olowookere Urgent steps are being taken by the management of Ikeja Electric Plc to avert any possible disruption of services to electricity consumers under its network. Last week, federal government, through a market operator, an arm of the Transmission Company of Nigeria (TCN), ordered the disconnection of three electricity distribution companies from the national grid over non-compliance with the conditions of market rules. The three firms, who were accused of owing N231 billion energy service debt and have failed to renew their security cover, are Eko Distribution Company, Enugu Distribution Company and Ikeja Distribution Company. According to the