Nigeria Seals $15b Investment Deal With India

By Aduragbemi Omiyale A workshop designed to educate investors, especially those in the retail end of the curve, on how they can improve corporate governance has been organised by the Nigerian Exchange Regulation (NGX RegCo) Limited. The two-day event, which took place on Thursday, November 23, and Friday, November 24, 2023, was themed Rights and Responsibilities of Shareholders in Driving Corporate Governance. According to the NGX RegCo, the seminar was designed to promote a transparent and fair market, with participants agreeing that all hands must be on deck to sanitize the market and bring the boards and management of listed

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

In furtherance of my sacred duties and obligations as President of the Federal Republic of Nigeria, it is my honour to be here today to present my administration’s 2024 Budget Proposal to this Joint Session of the 10th National Assembly. This moment is especially profound and significant to me because it is my first annual budgetary presentation to the National Assembly. Distinguished Senators and Honourable Members of the National Assembly, I commend your swift consideration and passage of the 2023 Supplementary Appropriation Bills and the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper. Your prompt action underscores your devotion

By Adedapo Adesanya A hybrid solar power solutions provider, Daystar Power, has signed an agreement with Nigerian Breweries to install and operate a 4.2MWp solar plant and 2MWh battery storage system that will help the firm reduce its high energy costs. The installation will be one of the largest solar and battery storage projects for an industrial manufacturer in Nigeria. The hybrid solar solution will generate 5,249 MWh of electricity – 42 per cent of its daytime power consumption – every year at Nigerian Breweries’ Lagos brewery. According to a statement, the integration of solar into the factory’s energy mix

By Dipo Olowookere The sum of $23 million has been invested in a pan-African crypto exchange, MARA, in order to boost the crypto economy in Africa. To achieve this goal, the company has partnered with the Central African Republic to become the country’s official crypto partner and an advisor to the President on crypto strategy and planning. Recently, the nation passed a bill to legalise Bitcoin as legal tender, following the footstep of El Salvador, which adopted the digital coin as a legal tender last September. MARA intends to become the portal to the crypto economy for the African population

By Dipo Olowookere The continuous selloff across all sectors has left the Nigerian Stock Exchange (NSE) in the red territory again. At the close of transactions on Friday, the local bourse ended 0.44 percent lower, driving the Year-to-Date (YtD) returns down to 5.83 percent. In the absence of any positive news to drive the market upward, the All-Share Index (ASI) went down by 178.96 points to close at 40,472.45 points, while the market capitalisation reduced by N64.8 billion to finish at N14.660 trillion. The volume of equities transacted at the market yesterday decreased by 17.39 percent, while the value depreciated

By Modupe Gbadeyanka Nigeria has raised a total of N95 billion in local currency denominated bonds at an auction on Wednesday, October 12, 2016, which was carried out by Debt Management Office (DMO) on behalf of the Federal Government. Data obtained by Business Post from website of the DMO on Thursday disclosed that the FG obtained N10 billion of 2021 paper at 15.29 percent with a maturity of 4 Years, 9 Months (July 15, 2021). The settlement date for this bond is October 14, 2016. The debt office had initially offered to sell N35 billion in this segment, but investors

By Adedapo Adesanya The federal government has received two million doses of the Johnson & Johnson COVID-19 vaccine donated by the European Union (EU). The formal handover of the vaccines was done on Monday at the National Primary Health Care Development Agency (NPHCDA), National Strategic Cold Store, Abuja. The EU ambassador, Mr Samuela Isopi, who made the presentation of the vaccines, said the donation is part of the EU’s commitment to jointly combat the pandemic. Receiving the consignment, the Executive Director, NPHCDA, Dr Faisal Shuaib said the federal government, also in combating the pandemic, has procured over 39 million doses

By Dipo Olowookere The first trading session at the Nigerian Exchange (NGX) Limited after the holidays ended on a positive note on Wednesday with a further 0.98 per cent increase buoyed by Wema Bank, Okomu Oil and 29 others. Wema Bank and Okomu Oil appreciated by 10.00 per cent each yesterday to settle at N3.85 and N161.70 respectively. Nigerian Breweries gained 9.98 per cent to sell for N62.80, Presco rose by 9.97 per cent to N157.70, while Eterna improved by 9.97 per cent to N6.62. Business Post reports that 27 stocks closed bearish during the session and were led by

By Modupe Gbadeyanka The Federal Inland Revenue Service (FIRS) has said it would not hesitate to fine any financial institution operating in Nigeria which fails to adhere strictly to the new Income Tax (Income Reporting Standard) Regulations 2019. The guidelines were recently released by the agency and it was stated that the first reporting year would commence from 2019 calendar year, with the filing deadline for information return fixed for May 31, 2020. The CRS Regulations and the various agreements signed by the FIRS, will allow it to receive specified information on the bank accounts held by Nigerian tax residents

By Aduragbemi Omiyale An online-based service provider marketplace known as Makoto.ng has been unveiled by a Nigerian tech startup, Kandem Limited. The platform will leverage technology to solve the intractable unemployment challenge in Nigeria and complement the efforts of the government to reduce youth unemployment in the country. The marketplace comprises over 100 categories and subcategories where individual professionals and artisans can create free accounts and host their business profiles online, giving them maximum visibility. Members can display the services they offer, accept appointments, chat live with clients, indicate their business hours etc. It’s just like having your own office

By Nneka Okumazie Sometimes, individuals made up their minds on a major decision, but later came to regret it. There are so many experiences that people later confessed that they didn’t know what they were doing. In life, business, school, etc. ignorance is not an excuse, because people often use ignorance for deceit, or inaction. It is almost impossible to be ignorant of hell, living in this world. Some people are living in psychological hell, where they’re unable to be happy, or unable to not be worried or anxious. Some people are living in physical hell, workplace hell, medical hell