NBET Confirms Receipt of $417.5m from NSIA

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigeria Autonomous Foreign Exchange Market (NAFEM) and the unregulated Peer-to-Peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, November 29 as President Bola Tinubu reiterated his administration’s promise to meet its obligations. Speaking during the presentation of his administration’s N27.50 trillion 2024 budget proposal to the joint session of the 10th National Assembly on Wednesday, Mr Tinubu said, “Despite the challenges, we continue to meet our obligations.” In the official NAFEM segment of the market, the value of the local currency went

By Aduragbemi Omiyale President Bola Tinubu has said the 2024 budget presented to the joint session of the National Assembly on Wednesday was designed to achieve macroeconomic stability, a better investment environment, greater access to social security, poverty reduction and enhanced human capital development. According to him, if these goals are achieved, the standard of living of Nigerians will improve and the citizens will enjoy the dividends of democracy. While presenting the 2024 Appropriation Bills to the parliament yesterday, the President said this was why he christened the budget proposal as the Budget of Renewed Hope. Mr Tinubu told the

By Dipo Olowookere The last trading day of November 2023 on the floor of the Nigerian Exchange (NGX) Limited ended on a bullish note by 0.11 per cent on Thursday. Mild bargain-hunting in industrial goods equities like Lafarge Africa, supported by Airtel Africa, GTCO and other financial stocks left the market in the green territory at the close of business. Consequently, the All-Share Index (ASI) increased by 81.91 points to settle at 71,365.25 points compared with the preceding day’s 71,283.34 points, and the market capitalisation grew by N44 billion to N39.052 trillion from N39.008 trillion. Business Post reports that the

By Adedapo Adesanya The Naira recorded a 37 kobo or 0.09 per cent loss against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market as it traded at N415.10/$1 compared with N414.73/$1 it was traded on Thursday. It was observed that the Naira came under pressure during the trading session with the value of transactions rising by 56.2 per cent or $60.7 million at the market window to $168.62 million from the preceding day’s $107.92 million. In the same vein, the local currency depreciated against the American currency at the interbank segment of

By Dipo Olowookere House of Representatives has called on the Federal Government of Nigeria to immediately send a delegation to the South African government to express the utmost disappointment and disapproval of the series of attacks meted out to Nigerians resident in the country. Chairperson of House Committee on Diaspora, Mrs Rita Orji, rising under matter of urgent public importance, drew the attention of the chamber to the organized mob action by some South African citizens targeting the wanton destruction of lives and properties belonging to Nigerians. She informed that these recent spree of attacks speak volume to the fact

By Dipo Olowookere Investors at the Nigerian capital market have been assured that the several problems associated with dividend clearing would soon be a thing of the past with the strategies already mapped out to tackle the issue. According to Carnation Registrars Limited, formerly known as Mainstreet Bank Registrars Limited, the issue would be addressed using technology. Managing Director of Carnation Registrars Ltd, Mr Oluwadare Akingbola, informed newsmen at a ceremony in Lagos recently that customers of the company should expect innovative, efficient and excellence services. On Tuesday, Carnation Registrars unveiled its new name, brand and logo to the media.

By Aduragbemi Omiyale The Federal Inland Revenue Service (FIRS) said it surpassed its tax collection target of 2021 by collecting taxes worth N6.405 trillion for the nation. The Executive Chairman of the FIRS, Mr Muhammad Nami, in the FIRS 2021 Performance Update signed by him, stated that the target set for the year was N6.401 trillion. He described this feat as commendable, especially when the global economic challenges occasioned by the Coronavirus pandemic, as well as the disruption of business activities in 2020 by nationwide protests, are put into consideration. “Notwithstanding the limitations faced in 2020/2021, the Service achieved over

By Modupe Gbadeyanka A primary mortgage institution (PMI) in Nigeria, Omoluabi Mortgage Bank Plc, has declared a 39 percent growth in its profit in the first half of the year. Its financial statements released yesterday showed that the growth also cut across key areas of the firm in the period under review when compared with the corresponding period of 2016. Omoluabi Mortgage Bank Plc is a financial institution which offers residential and commercial mortgage financing services in the country. An analysis of its financial results showed that it raked N229 million as total turnover as at June 30, 2017 versus

By Aduragbemi Omiyale The Governor of Akwa Ibom State, Mr Udom Emmanuel, said on Monday that he prays God is on the side of the state for more funds to implement the 2022 budget. He signed the 2022 appropriation bill of N586.9 billion into law on Monday and it covers N261.963 billion of recurrent and N324.918 billion of capital expenditures. The budget, christened Redefining Standards, was passed by the State House of Assembly on Thursday, December 2, 2021, and it was N4.766 billion or 0.8 per cent higher than the initial estimate of N582.115 billion presented by the Governor on

By Dipo Olowookere The Nigerian Exchange (NGX) Limited had a narrow escape from the bears on Monday as it reported a marginal growth of 0.03 per cent at the close of transactions. This was influenced by buying activities in Oando, Transcorp, Access Holdings and others, as investors had little time to digest the release of inflation numbers for last month. The National Bureau of Statistics (NBS) said Nigeria’s inflation increased by 22.22 per cent in April 2023 from 22.04 per cent in March 2023. Oando gained 9.91 per cent to trade at N6.10, NCR Nigeria appreciated by 9.65 per cent

By Sodeinde Temidayo David As part of efforts to support research and development (R&D) in the oil and gas sector in the country, Dangote Group has announced a partnership with the Nigerian Content Development and Monitoring Board (NCDMB). The collaboration is through the multi-billion-dollar Dangote Refinery in Lagos and is mainly aimed at promoting the critical issue of the energy sector, which is the backbone of the nation’s economy. It was gathered that Dangote Refinery is supporting the initiative via the sponsorship of the second edition of the NCDMB Research and Development Fair and Conference 2021 in a bid to