NGX Records First Loss Under Tinubu as Investors Liquidate Stocks for Cash

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.38 per cent on Friday, September 30, with N4.16 billion added to the value of the bourse, closing at N1.105 trillion compared with Thursday’s value of N1.101 trillion. The market witnessed the improvement a day after the shares of VFD Group were yanked off the trading platform, with the NASD Unlisted Securities Index (NSI) closing higher by 3.06 points to settle at 815.65 basis points versus the previous day’s 812.59 basis points. There were three gainers led by FrieslandCampina Wamco Nigeria Plc, which improved by N1.31 to close at

By Adedapo Adesanya The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has cleared the air regarding recent reports on the transfer of funds to the Joint Tax Board (JTB) by the Federal Inland Revenue Service (FIRS) under the erstwhile chairman, Mr Muhammad Nami, for the tax reform committee. In a statement on Friday, he revealed that N5 billion was paid to the board to fund activities of the team set up by President Bola Tinubu, noting that “The committee’s budget includes provisions for a national Data for Tax project which the JTB had been

By Bliss Okperan A lady who reviewed a product of Erisco Foods Limited, Nagiko Tomato Mix, Mrs Chioma Egodi, has threatened to demand the sum of N500 million from the chief executive of the company, Mr Eric Umeofia, for violating her fundamental human rights. Mrs Egodi said she purchased the product at the market with the intention of using it to cook stew for her family. However, when she tasted it, according to her, it tasted too much sugar, prompting her to post about it on Facebook. It was reported that Erisco was not happy with the negative review. She

By Adedapo Adesanya The Federation Account Allocation Committee (FAAC) has shared a total of N1.1 trillion from the revenue generated by the nation in August 2023 for September to enable the three tiers of government; the federal government, states, and local government councils, to have funds to pay salaries and others. The allocation of the funds was confirmed by the Office of the Accountant General of the Federation on Friday following FAAC’s September 2023 meeting. According to a statement by the OAGF’s Director of Press and Public Relations, Mr Bawa Mokwa, there was “N1100.101 billion (N1.1 trillion) total distributable revenue.”

By Modupe Gbadeyanka Nigerian payment card brand owned by Interswitch Group, Verve, has expanded its reach in Uganda, with a partnership with KCB Bank Uganda Limited. The new deal between both firms will see KCB Bank become one of the first commercial banks to accept the Verve Card on its widespread and strategically distributed Point of Sale (POS) merchant network. The synergy will ease payments for Verve cardholders countrywide, leveraging the vast footprint of KCB Bank across Uganda. In Uganda, the Verve payment scheme has multiple banks, Saccos, MDIs and exhibits a strong potential for expansion. According to the Head

By Modupe Gbadeyanka Federal government has been given a seven-day ultimatum to settle outstanding debts totalling N800 billion or risk the nation would be forced into another fuel scarcity. This threat was made by oil marketers in the country under the umbrellas of Major Oil Marketers Association of Nigeria (MOMAN), Depot and Petroleum Products Marketers Association (DAPPMA) and Independent Petroleum Products Importers (IPPIs). On Wednesday, November 28, 2018, the oil marketers served the ultimatum letter on the Debt Management Office (DMO), Minister of Finance, Chairman, Senate Committee on Petroleum Downstream, Department of State Services and Minister of State, Petroleum Resources.

By Adedapo Adesanya Crude oil futures eased on Tuesday following disappointment with China, the world’s second-biggest oil consumer, after the size of cuts in its key lending rates. Brent futures fell 19 cents or 0.3 per cent to settle at $75.90 a barrel while the US West Texas Intermediate (WTI) crude slumped by $1.28 or 1.8 per cent to quote at $70.50 per barrel. China cut its key lending benchmarks on Tuesday, the first such reductions in 10 months, as the government seek to shore up a slowing economic recovery, although concerns about the property market meant the easing was

By Dipo Olowookere The management of one of Heritage Bank Plc has expressed its commitment to give its customers and Nigerians cutting edge banking services through its transparent MasterCard. Head of Corporate Communications of the lender, Mr Fela Ibidapo, disclosed this in a statement over the weekend, remarking that; “that is the philosophy behind the bank’s e-payment offerings.” According to him, there is more to e-payment than Nigerian banking customers are currently enjoying, adding that the financial institution was determined to take Nigerians to new heights of e-payment services that deliver unparalleled convenience and security through the Heritage Bank Transparent

By Adedapo Adesanya A television programme put together by the Department of Petroleum Resources (DPR) will return to the screens from Thursday, May 6, 2021, the agency has confirmed. The show will air on all Nigeria Television Authority (NTA) channels on DSTV channel 251, STARTIMES channel 104 and GOTV. It would also be available to view in parts of African countries and Europe. The 13-episode programme slated to air at 6:00 p.m. is designed to deepen stakeholders understanding of the roles and responsibilities of DPR as well as provide an update on global oil and gas industry matters to viewers.

By Modupe Gbadeyanka The Academic Staff Union of Universities (ASUU) has denied threatening to embark on a warning strike on October 2, 2016. Speaking on TVC Breakfast programme on Wednesday, Chairman of ASUU, UNILAG chapter, Dr Adelaja Odukoya, said there was no iota of truth in reports in the media that the union was gearing up for another round of strike action. Dr Odukoya, during the programme monitored in Lagos by Business Post, described ASUU as a responsible body that is very sensitive to happenings in the country. “I keep hearing you (presenter) say ASUU is going on strike on

By Dipo Olowookere Banking stocks suffered the most among 25 top losers in the equities’ market as share price decline left investors with a net capital loss of N372 billion. There were 10 banking stocks among the top 25 that lost 30 per cent and above in the past eight months. Some of the top losers recorded as much as 60.1 per cent in equities price reduction. Conversely, only one banking stock made the few top gainers’ within the period. Altogether, there are 15 banking stocks quoted on the Nigerian stock market. Three other banking stocks recorded various gains, while

By Adedapo Adesanya Pioneer solar-based internet service provider, Tizeti, has partnered with Microsoft Corporation to roll out high-speed Airband internet infrastructure in Oyo State. This is part of its commitment to empowering more Nigerians, stimulating economic activities and widening the broadband envelope in Africa with affordable broadband connectivity. With 40 per cent broadband penetration as of December 2021, millions of Nigerians are still excluded from the global digital economy and through the Microsoft Airband Initiative, Tizeti and Microsoft will leverage their low-cost wireless technologies to make it easier and cheaper for people, especially those in underserved communities, to access the