Naira Loses 0.18% at I&E to 12-month High of N363/$

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 Adedapo Adesanya The distributors of petrol and other fuels in Nigeria said they can no longer sustain the distribution of the products nationwide as the price of diesel used to power their trucks is now N1,100/litre in many locations. The marketers, under the aegis of the National Oil and Gas Suppliers Association of Nigeria (NOGASA), raised the concern in a statement on Tuesday. The president of the group, Mr Benneth Korie, said that diesel has witnessed incessant hikes in recent months, lamenting that the development has been worsened by marketers’ inability to secure cheap bank loans that will enable

By Adedapo Adesanya Ahead of next week’s Monetary Policy Committee (MPC) meeting scheduled for Monday, September 25 and Tuesday, September 26, the Lagos Chamber of Commerce and Industry (LCCI) has called on the Central Bank of Nigeria (CBN) to pause its interest rate hike. In a statement signed by the Director-General, Mrs Chinyere Almona, the group said this was necessary to relieve Nigerians of the pressure on the supply side following a further surge in the inflation rate. The National Bureau of Statistics (NBS) revealed last Friday that the average cost of goods and services rose by 25.80 per cent

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 Adedapo Adesanya The Federation of the International Football Association (FIFA) has announced a collaboration with Calm, the top app for sleep, meditation, and relaxation, to raise awareness of the symptoms of mental health conditions and promote action for better mental wellness in the football industry. The sponsorship will make Calm the official mindfulness and meditation product of the FIFA World Cup 2022, FIFA Women’s World Cup 2023, and FIFAe Nations Cup 2023, starting with both parties joining forces to bring tools to support mental health to the global football community ahead of Qatar World Cup which will kick off

Organisers of the fast-growing consultative event brand, Policy Implementation Assisted Forum (PIAFo), have dedicated the event’s next edition to robust engagement on the pending amendment bill of the National Information Technology Development Agency Act, NITDA Bill 2021. The event, now in its fifth edition, is slated for Thursday, April 13, 2023, at The Colossus Lagos, 4 Sheraton Link Rd, Maryland, Lagos, with the theme: “NITDA BILL: Towards the Sustainability of Nigeria’s Digital Economy Drive”. The National Information Technology Development Agency was established in 2007 by the NITDA Act, while the NITDA Bill 2021, now pending at the National Assembly, seeks

By Adedapo Adesanya Italian oil major, Eni, has promised to lift the force majeure on the Ogoda-Brass oil pipeline in Bayelsa State as soon as possible. Eni in an updated statement said repairs on the facilities, which was vandalised by third party interference, has been completed. Business Post had reported that the facilities located at Okparatubo in Nembe Local Government Area of Bayelsa State were reportedly hit by a blast on March 5, resulting in a spill and the declaration of force majeure on the oil infrastructure. The term Force Majeure refers to a legal clause in contracts that absolves

By Aduragbemi Omiyale More companies have been advised to ensure they integrate Environmental, Social, and Governance (ESG) into their overarching business strategies to attract sustainable investors. The chief executive of the Nigerian Exchange (NGX) Regulation Limited, Ms Tinuade Awe, who gave this advice, stressed the importance of listed companies aligning their ESG reporting with their business objectives, data management, and governance practices. Speaking at an event themed ESG Activity Reporting and Sustainable Investing at the Africa Social Impact Summit 2023, hosted by Sterling One Foundation and the United Nations Nigeria in Lagos, she said businesses aiming to engage in ESG

By Adedapo Adesanya In its commitment to promoting financial literacy in the country, the Nigerian Stock Exchange (NSE) has published the maiden edition of its comic book titled, StockTown to educate readers of all ages about the importance of savings and investment. In the first issue of StockTown, the lead character, Mora Johnson, and her middle-class family are experiencing financial hardship that pushed Mora to want to learn more about investment and financial independence. Authors can visit local collectibles stores near me for comic display and promotion. Speaking on the comic book, Mr Oscar Onyema, the Chief Executive Officer of the

By Modupe Gbadeyanka A new film entitled CHARMED, which tells the story of a successful and cocky young man who has everything going for him until he suddenly begins to experience a run of bad luck, is about to hit the cinemas. According to information made available to us, the new movie will be released in the cinemas on Friday, November 23, 2018. CHARMED is a production of Verte View, written by Kemmie Ola, produced by Benjamin Abejide Adeniran and directed by Adeola Osunkojo. The flick stars Bimbo Ademoye, Elozonam, Omowunmi Dada, Chris Iheuwa, Moyo Lawal and BellaRose Okojie. Imagine

By Adedapo Adesanya The Nigerian National Petroleum Corporation (NNPC) has disclosed that it has become an Extractive Industries Transparency Initiative (EITI) supporting company which will help it achieve greater transparency and to help ensure that Nigeria’s citizens benefit from their country’s mainstay resource. The disclosure was made by the Group Managing Director of the national oil company, Mr Mele Kyari via his Twitter account on Tuesday. He said that with the development, the corporation had joined a group of over 65 extractives companies, state-owned enterprises (SOEs), commodity traders, financial institutions and industry partners committed to observing the EITI’s supporting company

By Adedapo Adesanya Nigeria has withdrawn its membership from the Maritime Organization for West and Central Africa (MOWCA) over alleged electoral malpractice from the body. In a press release, the Director of Press and Public Relations, Ministry of Transportation, Mr Eric Orjiekwe, disclosed that the development was a result of “gang-up” and breach of the constitution by member countries against the election of the Nigerian candidate and Director, Maritime Services of the ministry, Mr Paul Adaliku. The ministry claimed electoral fraud by member states on the election of the Secretary-General of the maritime body in Kinshasa, Democratic Republic of Congo.