NASD Market Capitalisation Sheds N8.26bn Monday

By Adedapo Adesanya The House of Representatives has pledged to stop international oil companies (IOCs) operating in the Niger Delta from divestment of their offshore assets without being accountable to the environment. The Chairman of the House of Reps Committee on Host Communities, Mr Dumnamene Dekor, said this during a technical session on the implementation of the Host Communities Development Trusts (HCDT), organised by Spaces for Change (S4C) with support from Ford Foundation. Mr Dekor raised the alarm that since the passage of the Petroleum Industry Act in 2021, host communities have not experienced any positive change, rather have remained

By Modupe Gbadeyanka The chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, has asked his counterpart in the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, to support his agency to achieve the Renewed Hope Agenda of President Bola Tinubu, who appointed both of them. Speaking during a courtesy visit to the headquarters of the anti-money laundering firm, Mr Adedeji said the EFCC has a role in ensuring that taxpayers’ funds are “judiciously utilised in line with the social contract with the people.” He assured that the FIRS would continue to strive to raise the revenue

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By Dipo Olowookere Trading resumed on the Nigerian Stock Exchange (NSE) on Monday bearish after the market shed 0.39 percent. This reversed the gains recorded last Friday when the market closed for the week. At the close of transactions yesterday, the year-to-date loss stood at 15.80 percent, mainly influenced by selloffs by investors, who are exiting as a result of political uncertainties and better investment returns at advanced markets. The All-Share Index (ASI) decreased by 125.61 points to close at 32,201.98 points, while the market capitalisation reduced by N46 billion to settle at N11.756 trillion. The Financial Services industry led

By Dipo Olowookere An oil company owned by Nigerian businessman, Mr Arthur Eze, Oranto Petroleum Ltd, is planning to build two schools in South Sudan. Already, the firm has completed the award of the contract for the construction of two primary schools to be located in Yirol and Rumbek, two communities located in central South Sudan and northwest of Juba, the country’s capital. Estimated at over $800,000, the project for the construction of the schools will be executed by local construction company Dynamic Supplies and Construction Limited, in line with Oranto’s policy to significantly engage local human and material resources

The Central Bank of Nigeria (CBN) under the leadership of Mr Godwin Emefiele has been commended for bringing stability to the Naira through its foreign exchange (forex) policies. This commendation was made in a statement issued by the Association of Bureaux De Change Operators of Nigeria (ABCON) through its president, Mr Aminu Gwadabe. The Bureaux de Change (BDC) operators said the central bank has been able to achieve a stable exchange rate that aligns with its price stability mandate through various progressive policies, especially with the introduction of the Investors’ & Exporters’ (I&E) FX window in February 2017, keeping the

By Dipo Olowookere Governor David Umahi of Ebonyi State has reshuffled his cabinet as well as sacking the Local Government Council Caretaker Chairmen he appointed a year ago. In a statement signed by the Commissioner for Information, Mr Emmanuel Onwe, it was said that, “The Caretaker Chairmen are directed to hand over to Heads of Personnel Management (HPMs) in their respective local government before the close of business on Thursday September 8, 2013.” The governor expressed his gratitude for their services to the state and wished them well for the future. The governor, according to the statement, also effected a

By Adedapo Adesanya The Nigerian National Petroleum Company (NNPC) Limited has announced that Nigeria’s oil output is increasing and, as of Thursday, stood at 1.6 million barrels per day. The group chief executive of the Nigerian state oil company, Mr Mele Kyari, said on Friday, noting that this is an improvement after the country lost its Africa’s largest crude producer status after oil theft saw the country pump less than 1 million barrels per day. In the last six months, the country has moved to increase its production from less than 1 million barrels per day in July last year.

By Modupe Gbadeyanka A consumer electronic reward system called CashToken has been launched by Heritage Bank Plc in partnership with CeLD Innovations. The product was launched at the Hyper Consumer Centricity conference held at the Lagos Continental Hotel, Victoria Island, Lagos with top 500 Nigerian CEOs in attendance. The CashToken is an electronic reward and celebratory gift commodity, which costs only N30 and is aimed at making every patronage or celebratory gift a life-changing cash opportunity. Speaking at the unveiling ceremony, Mr Jude Monye, Executive Director of Heritage Bank said CeLD is a very innovative organisation that is committed to

By Modupe Gbadeyanka Minister of Finance, Mrs Kemi Adeosun, has disclosed that Federal Government intends to sell about $3 billion Eurobond to refinance treasury bills as they mature. Addressing newsmen yesterday in Abuja, Mrs Adeosun noted that the sale will commence as soon at the parliament gives its approval. According to her, the bonds will have three-year maturities. “We will borrow less in Naira and more in foreign currency because it is cheaper and also because we want to prevent crowding out of the private sector,” Bloomberg quoted the Minister as saying. “The average rate at which we borrow internationally

By Dipo Olowookere Chief Operating Officer of Rand Merchant Bank Nigeria (RMB), Mr Funso Odukoya, has dispelled insinuations that banks do not grant credit facilities to financial technology (fintech) companies because they are viewed as competitors to the banking sector. Speaking during a panel session at the 2018 Annual National Conference of the Finance Correspondents Association of Nigeria (FICAN) in Lagos, recently, Mr Odukoya said getting capital to run a fintech firm should not be a problem if such organisation has value. According to him, in most countries where fintechs had developed, “you will discover that they are not really