Nigeria Repays $500m Eurobond to Offshore Investors

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.18 per cent gain to open the week in positive territory on Monday, December 4, with the unlisted security index rising by 1.59 points to end the day at 862.40 points compared with last Friday’s closing value of 860.81 points. The improvement recorded by the bourse yesterday raised the value of the unlisted stock exchange by N2.5 billion to close at N1.169 trillion, in contrast to the preceding session’s N1.166 trillion. The gain posted by the bourse was driven by the N13.70 added to the share price of 11

By Adedapo Adesanya  Appreciation in the stock prices of Newrest Airline Services & Logistics (ASL) Plc, Food Concepts Plc, and UBN Property Plc saw the NASD Over-the-Counter (OTC) Securities Exchange extend its gain by 0.47 per cent on Tuesday, December 5. Data showed that Newrest increased its price by N1.61 during the session to settle at N17.71 per unit compared with the previous day’s price of N16.10 per unit, Food Concepts Plc (owners of Chicken Republic) gained 15 Kobo to close the day at N1.65 per share versus N1.50 per share, and UBN Property Plc rose by 13 Kobo to

By Adedapo Adesanya The Nigeria Labour Congress (NLC) has said it would ensure that the next national minimum wage to be negotiated in 2024 reflects the prevailing cost of living. The union also lamented that following the removal of fuel subsidy by the federal government, life has become extremely unbearable for workers. Addressing participants at the opening of the 19th edition of the NLC’s Harmattan School in Abuja, President of the NLC, Mr Joe Ajaero, said it had become necessary for governments at all levels to recognise that life and living conditions were exceedingly difficult, especially for working people in

By Dipo Olowookere Profit-taking activities brought back the bears to the floor of the Nigerian Exchange (NGX) Limited on Monday as investors rebalanced their portfolios. It was observed that traders at Customs Street booked profits in shares mostly in the industrial goods sectors like BUA Cement and Lafarge Africa. This resultantly brought down the local stock market by 0.66 per cent at the close of transactions, with the industrial goods space losing 4.21 per cent, the insurance counter declining by 0.28 per cent, and the energy sector falling by 0.01 per cent. However, the consumer goods index improved yesterday by

By Dipo Olowookere Operations have resumed at the Forcados Export Terminal following the completion of repairs of the leaks on the Trans Forcados Pipeline (TFP) by the Shell Petroleum Development Company of Nigeria Ltd (SPDC), operator of the Shell/NNPC Joint Venture. The 17 months force majeure placed on the terminal was lifted on Tuesday at about 4pm, making the resumption of crude export possible again. Spokesman of Shell Nigeria, Mr Bamidele Odugbesan, thanked the government for their support during the time of repairs. He also expressed appreciation to security operatives in the country for their backing too, saying the repairs

By Dipo Olowookere As part of efforts to promote innovation in the education sector, one of the leading financial institutions in the country, Union Bank of Nigeria Plc, has called on those who have innovative, technology-driven solution with the potential to solve education challenges in Nigeria to enter for the 2019 edTech Challenge. The bank, which is offering the sum of N5 million to winner of the competition, said in a statement on Tuesday in Lagos that entries would be received from July 30 to August 28, 2019, from anyone with cutting-edge technological solutions that demonstrate a strong potential to

By Dipo Olowookere After its initial refusal to allow its subscribers enjoy pay-as-go form of pricing scheme, MultiChoice, owners of the popular payTV platform, DStv, has said it may likely consider the system in the nearest future. Managing Director of MultiChoice Nigeria, Mr John Ugbe, however, said the option would only be considered if its business model supports it. “The pay-as-you-consume [pricing option] is something we may consider. If it is technologically possible and the business model supports it, we will,” Mr Ugbe said on the side-lines of the Digital Dialogue in Dubai, United Arab Emirates. For a long time,

The founder of FCMB Group and notable philanthropist, Otunba Olasubomi Balogun (CON), has formally handed over his Otunba Tunwase National Paediatrics Centre (OTNPC), located at Ijebu Ode, Ogun State, to the management of the University of Ibadan and the University College Hospital (UCH). The gesture is part of his conscious efforts towards ensuring that Nigerians, especially children, have access to world-class healthcare facilities and specialised treatment services. The cost of the hospital is estimated at over N5 billion. The transfer of the hospital to UI and UCH was preceded by the signing of a Memorandum of Understanding (MoU), which clearly

By Modupe Gbadeyanka The management of Ecobank Nigeria has reacted to a fire incident on Tuesday morning in the compound of its Lagos head office when a tanker delivering diesel to the bank caught fire. A statement issued by the financial institution disclosed that the inferno was contained within the generator house and the diesel truck and there was no loss of life or damage to any other property. The Lagos State Fire Service, the Lagos State Emergency Management Agency (LASEMA) Response Unit and the Federal Fire Service arrived quickly and put out the fire, the lender said. Managing Director

By Adedapo Adesanya In line with the Central Bank of Nigeria (CBN) policy for clean and healthy Naira notes, top financial institution, Access Bank Plc, has called on its customers to return damaged notes for better ones. The bank urged its customers to exchange banknotes of any Naira denomination which fall between the categories of ‘over-circulated’ or ‘damaged’, to any of its branches nationwide on or before Friday, August 30, 2019. Damaged banknotes, according to the bank, are currencies which been partially or permanently damaged by agents such as fire, water, dye, or even by natural use. It was further

By Dipo Olowookere The legal disputes between Transcorp Plc and Sacoil Holdings Limited (now Efora Energy Limited) over the Oil Prospecting Licence (OPL) 281 have been resolved. The two parties agreed to an out-of-court settlement, but Transcorp said it will make a payment of $5.5 million to Efora over a period of 13 months. A notice from Transcorp said the agreement provides for the full and final settlement of all disputes and claims of both parties in connection with a participating interest in OPL 281 previously assigned to Efora in October 2006. Under the terms of the announced settlement, both