NASD Registers Morgan Capital, FCSL as Due Diligence Advisers

By Adedapo Adesanya  Oil prices rose by more than $1 a barrel on Wednesday as investors focused their attention on an upcoming OPEC+ output policy meeting and looked past a jump in crude stockpiles in the United States. Brent crude futures were up by $1.01 or 1.2 per cent to $82.69 per barrel, and the US West Texas Intermediate (WTI) crude futures gained $1.16 or 1.5 per cent to close at $77.57 a barrel. Prices were lifted by a media report that the Organisation of the Petroleum Exporting Countries and allies such as Russia, known collectively as OPEC+, was considering

By Adedapo Adesanya  The federal government, through the Nigerian Ports Authority (NPA), has announced plans to invest $1.1 billion to fully rehabilitate decaying port infrastructure at TinCan, Apapa, Rivers, Delta, Calabar, and Onne ports as part of efforts to improve the efficiency of the nation’s existing ports. Out of the estimated 47,000 kilometres of coastline in Africa, Nigeria makes up about 853 kilometres, creating the perfect opportunity to get access to its much-needed revenue. This coastline and a 200 nautical mile exclusive economic zone make up Nigeria’s coastline in the Gulf of Guinea. The coastline equals a maritime area of

By Adedapo Adesanya A hybrid solar power solutions provider, Daystar Power, has signed an agreement with Nigerian Breweries to install and operate a 4.2MWp solar plant and 2MWh battery storage system that will help the firm reduce its high energy costs. The installation will be one of the largest solar and battery storage projects for an industrial manufacturer in Nigeria. The hybrid solar solution will generate 5,249 MWh of electricity – 42 per cent of its daytime power consumption – every year at Nigerian Breweries’ Lagos brewery. According to a statement, the integration of solar into the factory’s energy mix

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 Modupe Gbadeyanka The General Manager of the Lagos State Traffic Management Authority (LASTMA), Mr Bolaji Oreagba, has said henceforth, any driver of LagosRide taxi caught contravening the Lagos State Transport Sector Reform Law of 2018 would be dealt with in line with the law. “Let me state here clearly that impunity of these LagosRide drivers plying their vehicles on BRT corridors/obstructions on major roads is alarming. “As a responsible and responsive agency of government, we would no longer condone their recklessness as we shall continue to apply the full weight of the Law on motorists found contravening any sections

By Quantitative Financial Analytics Quantitative Financial Analytics (Qfac) pick of the day belongs to AFRICA PRUDENTIAL REGISTRARS PLC. Although the stock is not high on our YTD performance chart, coupled with the fact that it has a low alpha and a beta of less than 1, our technical trend indicator is pointing to a Buy signal. African prudential is into share registration and investor service, a service they have rendered for over 4 decades. The company manages about 70 client registers Technical indicators: Above its 5, 25, 50 and 100 day moving averages 5 new highs in the last week

By Nneka Okumazie A major source of desperation is deceitful assumption about causative happiness: where the thinking is – get something, to become ultimate happiness. But, any new thing can spike happiness for anyone in the immediate term. Prolonged happiness in any situation can be psychological: of contentment, acceptance, or mind renewal. Some people, in the middle of something they use to get by, or say addiction, find that it is not a key to happiness, but are stuck with it and whatever problem got them there. There are mind, behavioural and situational problems rooted in many lives that they

By Adedapo Adesanya The Akwa Ibom Government has disclosed that seven oil fields have been developed already within OML13, in line with its industrialisation drive to tackle unemployment and expand the economy of the state. This disclosure was made by the state’s governor, Mr Udom Emmanuel, who noted that the project seeks to actualize the rural and riverine area development drive of his administration, as captured in his Completion Agenda to meet the anticipated goal of tackling unemployment and expanding the economic growth of the state. The development of OML13 is undertaken by Sterling Oil in partnership with the Nigerian

By Ahmed Rahma Over N9.6 trillion has been processed by the FirstMonie agents of First Bank of Nigeria, with more than 250,000 indirect jobs created within the last three years. The CEO of the financial institution, Mr Adesola Adeduntan, during a chat with newsmen recently disclosed that the channel has been used to make cash transfers to the poorest of the poor in the rural areas by the governments and NGOs. He revealed that the agents in the rural communities are equipped with BVN enrolment devices which enables them to enrol and open accounts for rural dwellers. With over 86,000

By Modupe Gbadeyanka All is presently not well with a customer of a Polaris Bank Limited branch in Delta State and the reason is not far-fetched. An employee of the financial institution, which took over assets and liabilities of the defunct Skye Bank Plc, has allegedly run away with the customer’s savings. The suspect identified as Mr Emmanuel Agbroko works at the bank at Obiaruku, but allegedly vanished into thin air with his customer’s deposit, which was from thrift savings from several people in the community. As a result of this, the Divisional Police Officer (DPO) of Obiaruku town, the

By Modupe Gbadeyanka Monday was good for the Nigerian Naira at the interbank market as it appreciated against the US dollar. The Naira gained 0.5 percent to trade at N307.25 to the Dollar against the N308.69 it exchanged last Friday. The currency’s appreciation comes as investors await the decision of the Monetary Policy Committee on the state of the economy. However, at the parallel market, the Naira remained at N425 against the Dollar like it did last week. It was the same at the Bureau de Change segment of the market, where the Naira closed at 422 to a Dollar.

By Dipo Olowookere Six companies listed on the Nigerian Stock Exchange (NSE) are already being prepared to be pushed out of the stock market, Business Post has authoritatively learned. Already, according to information available to us, the NSE has obtained approval of the Regulation Committee (RegCom) of its National Council to go ahead with the process. This authorisation was received to allow the management of the exchange to commence process of delisting the six firm from the nation’s local bourse. By the time it is completed, the companies would no longer be allowed to trade their shares on the local stock