NGX Uniquely Positioned to Provide Sustainable Development—Popoola

By Adedapo Adesanya Trading activities resumed at the official segment of the foreign exchange (FX), with the Nigerian Naira returning to familiar territory after the Eid-el-Maulud break due to forex demand pressure. The nation’s currency depreciated against the US Dollar in the Investors and Exporters (I&E) arm of the market on Thursday, September 28, by 2.68 per cent or N20.23 to finish at N775.31/$1 compared with the preceding day’s value of N755.08/$1. It was observed that the domestic currency crumbled during the session due to FX demand caused by the break, with the spot market recording trades valued at $144.55

By Dipo Olowookere Profit-taking persisted at the Nigerian Exchange (NGX) Limited on Thursday, with Customs Street going down by 0.31 per cent on its return from a midweek break. The market closed its doors to traders on Wednesday due to the public holiday declared by the federal government to mark Eid-el Maulud, the birthday of Prophet Mohammed. Business Post reports that market participants did not take their minds off the pressing issues affecting the Nigerian economy, especially rising inflation, energy costs and the foreign exchange (FX) crisis. As a result, they liquidated their shares, leading to a negative market breadth

By Modupe Gbadeyanka The sum of $20 million has been approved by the African Development Bank (AfDB) to provide equity investments in West African nations like Nigeria, Ghana, Cote d’Ivoire, Senegal, Burkina Faso and Mali. A statement from the continental lender explained that the $20 million equity investment is in Uhuru Growth Fund 1, a first-generation fund sponsored by Uhuru Partners Limited, a private equity firm, focused on high growth middle market businesses across West Africa. Uhuru Partners Limited is composed of an experienced indigenous team with strong local networks, extensive knowledge of the West Africa market and a track-record

By Modupe Gbadeyanka Tax defaulters in Edo State have been given a 50 percent waiver by the state Governor, Mr Godwin Obaseki. However, they have to meet certain conditions to enjoy this freebie. The Governor made this announcement during a meeting with the Management of Edo State Inland Revenue Service (EIRS) and representatives of tax payers in the state which held at the weekend in Benin City, the state capital. Mr Obaseki noted that the gesture was to tidy up tax system and encourage tax defaulters to join the pool of 10 percent who pay taxes in the state. He

By Dipo Olowookere A major stride in the attainment of national energy sufficiency was achieved in Lagos on Monday with the commencement of technical framing workshop and subsequent project signing ceremony of the seven Critical Gas Development Projects (7CGDP) to deliver about 3.4 billion standard cubic feet of gas per day (bscfd) to bridge the foreseen medium term supply gap by 2020 on an accelerated basis. The 7CGDP is an integral leg of the gas development strategy designed by the Nigerian National Petroleum Corporation (NNPC) to leverage the full potential of gas to meet the target of generating at least

By Modupe Gbadeyanka President Muhammadu Buhari has expressed optimism that Nigeria will be great with the help of the internet and the digital economy. However, he stressed that to achieve this, efforts must be made to sanitise the cyberspace and explore the internet for economic growth opportunities, enhancement of knowledge and mitigation of crime. He, therefore, called for an overhaul of the national strategy on cybersecurity. Speaking on Tuesday in Abuja at the launch of the National Cybersecurity Policy and Strategy (NCPS) 2021, the President tasked the National Security Adviser (NSA), Mr Babagana Monguno, to continue to “coordinate the efforts

By Modupe Gbadeyanka The proposed issuance of up to N15 billion ($41.2 million) five-year senior unsecured notes of Access Bank Plc have been assigned provisional ratings of (P)B2 by Moody’s Investors Service. In a statement obtained by Business Post, Moody’s noted that it issued provisional ratings in advance of the final sale of securities. Upon a conclusive review of the transaction and associated documentation, Moody’s said it will endeavour to assign definitive ratings to the securities, which may differ from provisional ratings. Explaining, the rating agency said the (P)B2 long-term local currency senior unsecured rating assigned to the senior unsecured

By Dipo Olowookere A total of N2.5 trillion has been generated as tax from January to June 2018 by the Federal Inland Revenue Service (FIRS). A statement from the federal tax agency disclosed that this figure showed a 42 percent or N746 billion increase from what was generated in the same period of last year, N1.8 trillion. FIRS further said the N2.5 trillion already generated in the first half of this year means it has so far met 75 percent of its target for this year. A breakdown of the composition of the revenue generated so far showed that N1.2

By Modupe Gbadeyanka Commissioner for Health in Lagos State, Dr Jide Idris, has confirmed that the two students of Queens College in the state died from water borne diseases. Dr Idris, while addressing newsmen on Thursday, said tests conducted by the state government confirmed that the water in the school was seriously contaminated. He said water samples from six sources in the school premises were collected and analysed, while another set of water samples from 10 sources were collected and analysed at the Microbiology Department of the Lagos University Teaching Hospital (LUTH) at Idi-Araba. According to him, “The results from

By Modupe Gbadeyanka About 44,000 companies have been delisted from the database of the Corporate Affairs Commission (CAC), Economic Confidential is reporting. The affected firms were removed from the agency’s database because they failed to adhere to rules and conditions set for them during registration. Specifically, they severally breached the Companies and Allied Matters Act (CAMA) and other extant regulations of the commission, notably, late and outright refusal to file returns. It was revealed that the 44,000 companies were delisted by the CAC in two batches and more firms would also further similar fate. In the first batch, the commission