NGX Upgrades Skyway Aviation to Medium-Price Stock Level

By Adedapo Adesanya The President of the Dangote Group, the owners of the Dangote Petroleum Refinery and Petrochemicals plant, Mr Aliko Dangote, has said that following the purchase of 1 million barrels of Agbami crude grade from Shell International Trading and Shipping Company Limited (STASCO), it will be looking to ramp up its production in coming months. The 650,000 barrels per day capacity refinery is not expected to hit full capacity until 2025, but with a gradual ramping, it is expected that it will begin with begin producing up to 370,000 barrels per day of diesel and jet fuel. “We

By Dipo Olowookere The International Monetary Fund (IMF) has said Nigeria’s revenue–to-gross domestic product (GDP) ratio of about 9 per cent was too low to trigger the economic growth projected by President Bola Tinubu in his Renewed Hope Agenda. Addressing journalists at its last press briefing for 2023 on Thursday, the global lender said the administration of Mr Tinubu must boost the government’s revenue to have funds to achieve his goals. On May 29, 2023, Mr Tinubu took over from Mr Muhammadu Buhari, promising to jump-start the economy and work tirelessly to address food security, end hunger, eradicate poverty, create

By Aduragbemi Omiyale Some retiring Nigerian military personnel have been educated on how they can unlock opportunities in the capital market after active service to the nation. At a seminar held on Thursday, December 7, 2023, at the Nigeria Armed Forces Resettlement Centre in Lagos, the participants were informed of the benefits of diversifying their investments for more earnings. They were also exposed to ways to invest and assess the market with technology, including via the recently launched NGX USSD Code. The Divisional Head of Business Support Services and General Counsel of the Nigerian Exchange (NGX) Limited, Ms Irene Robinson-Ayanwale,

By Aduragbemi Omiyale One of the leading brokerage companies in Nigeria, Meristem Securities Limited, has introduced a new fixed-income investment package known as Meristem Dollar Fund. Business Post gathered that this open-ended mutual fund was designed to help investors hedge against the local currency, especially at a period when the Naira is witnessing high volatility amid rising inflation in the country. Meristem disclosed that funds taken from investors would be invested in investment-grade sovereign and corporate Eurobonds, and other qualifying USD instruments issued by Nigerian entities as may be determined by the investment committee. The company put the offer size

By Kestér Kenn Klomegâh The second Russia-Africa summit is planned to demonstrate Russia’s stance against Western hegemony and its capitalist domination across Africa, to show Russia’s “non-Western friends” and to further solicit enormous support for its war in Ukraine. On Africa’s side, leaders plan for their traditional deliberations on “no-cost delivery” of grains while the chosen special group of mediators continues to broker expected peace between Russia and Ukraine. The St. Petersburg gathering is designed to determine the trajectory of Russia’s relations with African countries in the long term. The program includes more than 30-panel sessions and thematic events on

By Dipo Olowookere The transfer of the 51 per cent stake of UAC Nigeria Plc in its subsidiary, UAC Property Development Company (UPDC) Plc, to Custodian Investment has been completed. This means UAC Nigeria has now transferred the entire 9,465,584,668 ordinary shares of UPDC in its possession to Custodian Investment, giving room for Custodian Investment to begin the process of transforming the real estate firm effectiveness. The transaction was done in two tranches with the first seeing the sale of 946,558,467 shares, representing 5.10 per cent of the issued share capital of UPDC to Custodian Investment and the second, the

By Adedapo Adesanya The federal government has banned passengers from Brazil, India and Turkey from entering the country as the nations battle another wave of coronavirus. The ban, which will take effect from Tuesday, May 4, will also see people who have visited the blacklisted countries within 14 days preceding their travel to Nigeria denied entry into the country. This was made known by the chairman of the Presidential Steering Committee on COVID-19 and the Secretary to the Government of the Federation (SGF), Mr Boss Mustapha, on Sunday. It was also disclosed that airlines that fail to comply with measures

**Opens Ultra-Modern Undertaking Office By Modupe Gbadeyanka Plans are underway to provide 24-hour electricity to residents of GRA Ikeja, Lagos, Chief Executive Officer of Ikeja Electric, Dr Anthony Youdeowei, has revealed. Mr Youdeowei made this disclosure at the launch of an ultra-modern PTC undertaking office in GRA Ikeja on Monday, October 22, 2018, which was attended by various stakeholders including the police, army, Lagos State government, the Nigerian Electricity Regulatory Commission (NECR), Ikeja GRA Residents Association amongst others. The IE chief disclosed that the PTC undertaking office will provide customers with improved access to quality service, explaining that the newly

By Dipo Olowookere From April 16 to 22, 2018, experts from all over the world in the financial sector and politics would gather in Washington DC, United States to discuss issues bordering on global economy. The International Monetary Fund (IMF) and the World Bank Group are putting together a platform for key policy makers from around the globe to brainstorm on issues affecting the world at the moment. Nigeria’s Minister of Finance, Mrs Kemi Adeosun and Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, are among experts expected to participate in the series of programmes lined up

By Modupe Gbadeyanka Nigerians were assured on Thursday by President Muhammadu Buhari that the federal government will not inflict additional hardship on them, rather it will keep seeking ways to ameliorate their sufferings and create a more enabling environment for everyone to thrive. This assurance was given when President Buhari met with the new executive of Trade Union Congress led by its President, Comrade Quadri Olaleye, at the State House. Mr Buhari informed the labour leaders that his administration was committed to the implementation of the national minimum wage, pointing out that the inaugural Federal Executive Council meeting held on

By Adedapo Adesanya To herald its 20th-anniversary commemoration, Interswitch has launched a new brand campaign to project its positioning as a pioneering and integral enabler in the Nigerian business ecosystem. The campaign tagged #NeverStop will not only actively support the growth and development of fintech and payments across Africa over the last 20 years but also amplify the brand’s progressive outlook as a frontier-driving company that keeps pushing boundaries and facilitating the creation of new ecosystems that help businesses and individuals scale and thrive. Speaking at the anniversary kick-off on Tuesday, the founder/Group CEO of the company, Mr Mitchell Elegbe,

By Dipo Olowookere The Initial Public Offering (IPO) of Airtel Africa Plc has already commenced and will conclude on Thursday, June 27, 2019. The exercise stated on Tuesday, June 18, 2019. Business Post reports that the telco, which is planning to list its shares on the Nigerian Stock Exchange (NSE), is carrying out the IPO via book building. Those expected to purchase the premium equity are only institutional investors and high net worth investors, who have net worth of at least N300 million excluding automobiles, homes and furniture. It was learned that Airtel Africa, which is also listing on the