NASD OTC Exchange Closes Week in Flat Territory

By Adedapo Adesanya The boards of insurance companies operating in the country have been charged by the National Insurance Commission (NAICOM) to embrace the measures put in place to tackle the challenges of unpaid claims. The Commissioner for Insurance, Mr Sunday Thomas, expressed worry over the number of outstanding claims in the sector despite efforts by the regulator to address the issue. Mr Thomas, who is also the chief executive of NAICOM, said the organisation, in collaboration with members of the Insurers’ Committee, has taken decisions and incepted measures designed to tame the menace of unpaid claims. Speaking at the

By Adedapo Adesanya The Supreme Court has ordered that the old N200, N500, and N1,000 notes should continue to co-exist with the new banknotes beyond the earlier December 31, 2023, deadline. The apex court ruled on Wednesday that both old and new notes should continue to remain legal tender until the federal government puts a process in place for its replacement or redesign after due consultation with relevant stakeholders. The seven-man panel led by Justice Inyang Okoro gave the ruling following an application by the central government asking the court to grant an extension of time for old naira notes

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 Ahmed Rahma The Governor of Oyo State, Mr Seyi Makinde, has disclosed that the state will commence the push to make Ladoke Akintola University of Technology (LAUTECH), Ogbomoso, a conventional university. According to him, following the signing of the LAUTECH, Ogbomoso 2020 Bill into law, the state would apply to necessary authorities to change the university from a technology university to a conventional university so that it could be strengthened and enabled to handle other courses outside the technology bracket. The Governor stated this while receiving a report of the Oyo State negotiating committee on the institution on Thursday.

By Dipo Olowookere The payment of N1 per ordinary share of 50 kobo has been approved by shareholders of Flour Mills of Nigeria Plc. This decision was made in Lagos at the firm’s 57th Annual General Meeting (AGM) held on Wednesday, September 6, 2017. Speaking at the AGM, Chairman of Flour Mills, Mr John Coumantaros, said the company will continue to make investors smile. He attributed the progress made by the firm to better price management and improved cost control, promising that the management will not rest on its oars. According to him, the company will continue to improve and

By Modupe Gbadeyanka A total of 2,691 farmers and small and medium enterprises (SMEs) have been supported directly by the Lagos State government with physical inputs and equipment across poultry, rice and aquaculture. The Commissioner for Agriculture, Ms Abisola Olusanya, while speaking at the weekend at the pre-7th implementation support mission of the Agro-Processing, Productivity Enhancement and Livelihood Improvement Support (APPEALS) Project in Agege, added that about 3,516 stakeholders have also benefitted from the programme indirectly. She also said 1,621 women and youth empowerment beneficiaries have been trained and their empowerment implementation is in progress, while about 8,000 farmers have

By Adedapo Adesanya The organised labour has kicked off its protests across the nation against policies instituted by President Bola Tinubu’s administration. Business Post on Wednesday gathered that the picketing has commenced in Lagos, the Federal Capital Territory (FCT), Abuja, Abia, Plateau, Kaduna, Kano, Cross River, Ogun, Imo, Ondo, and Edo, among others. Some officials of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) from the FCT were spotted at the Unity Fountain with hundreds of their members. Affiliated unions of the NLC and the TUC, including the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), the

By Modupe Gbadeyanka An alleged plan by the Department of State Services (DSS) to arrest General Overseer of the Omega Fire Ministries, Apostle Johnson Suleiman, was foiled by Governor Ayodele Fayose of Ekiti State on Wednesday. It was gathered that the secret police had attempted to go away with the man of God in the wee hours of Wednesday in Ado Ekiti, the Ekiti State capital. Apostle Suleiman was in the state for a two-day crusade, which was attended by Mr Fayose. Few days ago, the cleric was reported to have told members of his church in Auchi, Edo State

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By Adedapo Adesanya The African Development Bank (AfDB) has approved an equity investment of $10 million in the ARCH Cold Chain Solutions East Africa Fund (CCSEAF) to support the development, construction and operation of greenfield cold storage, temperature-controlled solutions and distribution facilities in East Africa. The investment will advance the fund toward its targeted final close of $100 million by the second quarter of 2022. The Fund’s first close of $30 million occurred in November 2019. In partnership with conglomerates in the region, AfDB will develop and operate as many as eight cold chain operations in Kenya, Tanzania, Ethiopia, Uganda,

By Dipo Olowookere The All-Share Index (ASI) and market capitalisation of the Nigerian Exchange (NGX) Limited appreciated by 2.61 per cent last week to close at 50,935.03 points and N27.460 trillion respectively. Similarly, all other indices finished higher with the exception of insurance, Afr. Bank value, Meri value, oil/gas, growth and sovereign indices which depreciated by 1.98 per cent, 1.68 per cent, 0.60 per cent, 1.10 per cent, 6.52 per cent and 0.09 per cent while Asem index closed flat. Business Post reports that the market opened for three days due to the public holiday observed last Monday and Tuesday