Naira Redesign: EFCC Begs BDCs, Bankers for Info on Illicit Deposits

By Dipo Olowookere A 0.12 per cent appreciation was recorded by the Nigerian Exchange (NGX) Limited on Friday, reversing the previous day’s losses triggered by profit-taking in the banking sector. Business Post reports that it was the same banking space that influenced the growth posted yesterday, rising by 1.60 per cent, supported by the consumer goods indices, which appreciated by 0.15 per cent. However, there were pockets of profit-taking during the last trading session of the week, with the insurance sector shedding 0.78 per cent, the industrial goods sector losing 0.65 per cent, and the energy counter declining by 0.57

By Adedapo Adesanya Dangote Refinery is set to commence crude refining in the coming days as an OTIS Tanker, carrying 950,000 barrels of Agbami crude has reportedly set sail to Dangote’s offshore crude receiving terminal, Business Post has gathered. It is expected to arrive around 8 pm today, December 7, 2023. This development confirms expectations that the 650,000 barrels per day will commence operations before year-end and produce its first batch of petroleum soon after the company had initially announced that it would begin producing up to 370,000 barrels per day of diesel and jet fuel in October and gradually

By Aduragbemi Omiyale One of the players in the personal healthcare and consumer goods sectors, PZ Cussons Nigeria Plc, has published a list of its shareholders with unclaimed dividends. Unclaimed dividends are cash rewards given to investors, mainly from the profits from the company’s operations, but are yet to be collected by the beneficiaries. This has been a major source of sleepless nights for the Securities and Exchange Commission (SEC), which is working to bring down the number of unclaimed dividends. It has been reported that the value of unclaimed dividends in the nation’s stock market is over N185 billion.

By Adedapo Adesanya  The Central Bank of Nigeria (CBN) has disclosed that the total value of the country’s merchandise trade experienced an increase of 1 per cent to $7.8 billion in August 2023 from the $7.72 billion that was quoted in July. This was disclosed by the apex bank in its latest monthly economic publication, where it disclosed that despite the rise month-on-month, Nigeria’s merchandise trade value in the period was almost 20 per cent lower compared to the value in August 2022 due to a significant decrease in import trade value. The total merchandise trade comprised an export trade

By Jerome-Mario Utomi Back in 2005, I read the sage underline that; an argument is one thing you will never win. If you win, you lose; if you lose, you lose. If you win an argument but lose a good job, customer, friend, position or marriage, what kind of victory is it? An argument is like fighting a foolish battle. Even if one wins, the cost may be more than the victory is worth. Emotional battles leave a residual ill will even if you win. The best way to win an argument is to avoid it. Indeed, an admirable position,

By Aduragbemi Omiyale President Muhammadu Buhari has maintained that he has no preferred candidate for the presidential primary of the All Progressives Congress (APC) taking place on Tuesday, June 7, 2022, at the Eagle Square, Abuja. At a meeting with 14 governors elected on the platform of the ruling party from the northern region of the country on Monday, Mr Buhari said he will not support the “imposition of any candidate on the party” as the association prepares for tomorrow’s event. At the gathering held at the State House, the President emphasised that at the moment, he has “no preferred

By Adedapo Adesanya The Federation Accounts Allocation Committee (FAAC) disbursed a total of N1.95 trillion to the Federal, States, Local Government Councils of the country and other statutory agencies in the first quarter of 2020. This was published in the Quarterly Review released in Abuja on Monday by the Nigeria Extractive Industries Transparency Initiative (NEITI). According to NEITI, the three tiers of government received N1.86 trillion with N791.4 billion going to the Federal Government. States governments shared N669 billion, while about N395 billion was shared among the 774 local government areas. The balance of the amount went to the North

By Dipo Olowookere A Court of Appeal sitting in Lagos has dismissed the appeal filed by CSP Segun Fabunmi, a former Divisional Police Officer (DPO) attached to Pen Cinema Police Station, Agege who was sentenced to 10 years imprisonment for the killing of one Mr Ademola Aderintola Daramola, during the January 9, 2012 fuel subsidy protest in Lagos. Justice Olabisi Akinlade of a Lagos State High Court had in 2015, sentenced Segun Fabunmi, to 10 years in prison for manslaughter following his arraignment and trial before the Court. The Lagos High Court Judge also found Mr Fabunmi, the dismissed Chief

By Adedapo Adesanya Crude oil prices recovered earlier losses on Monday after data from China and Europe turned the commodity bullish despite spikes in new coronavirus infections threatening the market. Brent crude rose 58 cents or 1.41 percent to $41.62 per barrel and the United States West Texas Intermediate crude rose $1.11 or 2.88 percent to $39.60 per barrel. This gain can be attributed to the recovery of economic sentiment in the eurozone which was intensified in June with improvements across all sectors, the European Commission data showed on Monday. According to the figures, overall sentiment rose to 75.7 points in

By Aduragbemi Omiyale The Life is Good promo started about three months ago by Verve International, a leading payment technology and card brand in Africa, has ended. The campaign climaxed on Saturday, December 19, 2020, at the grand prize presentation ceremony held at Radisson Blu Hotel, Victoria Island, Lagos. During the promo, which specifically commenced in September, a total of 2,552 cardholders of Verve shared prizes worth N27 million. At the grand finale in Lagos, two customers operating bank accounts with Wema Bank and United Bank for Africa (UBA) won N1 million each. Mrs Omolara Olayiwola, an account holder with

By Modupe Gbadeyanka Heeding several calls by the Federal Government, Nigerians and experts in the financial institutions in the country, the Central Bank of Nigeria (CBN) has extended the Bank Verification Number (BVN) exercise to microfinance banks. This was disclosed in a circular dated April 21 with reference number OFI/DIR/CIR/GEN/17/139 and signed by the CBN Director in charge of Other Financial Institutions Supervision Department, Mrs Tokunbo Martins. The apex bank gave July 31, 2017 as deadline for this exercise, warning that any account not linked with the BVN “shall not be allowed to make withdrawals.” In the circular titled ‘Letter

By Adedapo Adesanya The Organisation of the Petroleum Exporting Countries (OPEC) has told the European Union (EU) that replacing Russian crude oil lost by an unprecedented possible ban from the region would be nearly impossible. OPEC Secretary-General, Mr Mohammad Barkindo, said this in a speech at a high-level meeting between OPEC and the EU on Monday. “We could potentially see the loss of more than 7 million barrels per day (bpd) of Russian oil and other liquids exports, resulting from current and future sanctions or other voluntary actions. “Considering the current demand outlook, it would be nearly impossible to replace