Nigeria to Sell Savings Bonds at December Auction for 1.32%

By Aduragbemi Omiyale Mr Tokunbo Akande, the Special Adviser to the Executive Chairman of the Lagos State Internal Revenue Service (LIRS), Mr Ayodele Subair, has waded into the controversies surrounding stamp duty. The Federal Inland Revenue Service (FIRS) and the Nigerian Postal Service (NIPOST) have been at loggerheads at to which of them should collect the revenue charged on financial transactions in the country. Mr Akande, while commenting on the matter, described stamp duty as ‘a revenue stamp and not a postage stamp.’ While featuring as a guest on The Tax Talk programme on Channels Television recently, he emphasised that

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By Dipo Olowookere The trio of Universal Insurance, Oando and UBA were the busiest stocks on the floor of the Nigerian Exchange (NGX) Limited last week, trading 2.212 billion units valued at N8.907 billion in 7,593 deals, contributing 56.56 per cent and 29.32 per cent to the total trading volume and value, respectively. In the week, investors transacted 3.911 billion shares worth N30.379 billion in 38,536 deals versus the 2.933 billion shares worth N47.449 billion exchanged in 44,654 deals in the preceding week. Financial stocks dominated with 2.774 billion units valued at N15.241 billion in 16,379 deals, contributing 70.92 per

By Adedapo Adesanya The new Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has said he would adopt an evidence-based monetary policy as he assumed office upon confirmation by the Nigerian Senate on Tuesday. He said the new leadership of CBN would “adopt an evidence-based monetary policy and shall not be making decisions based on a whim.” The Godswill Akpabio-led Senate confirmed the nomination of Mr Cardoso’s nomination as well as that of the four Deputy Governors of CBN nominated by President Bola Tinubu. The four deputy governors whose appointments were confirmed by the Senate are Mrs

By Adedapo Adesanya The Nigerian Naira went into the election weekend stronger as it appreciated against the United States Dollar in the parallel market, the Peer-2-Peer (P2P), and the Investors and Exporters (I&E) segments of the foreign exchange (FX) market on Friday, February 24. Nigerians will today, Saturday, February 25, elect who will take the mantle of leadership from President Muhammadu Buhari, whose administration has witnessed a difficult time for the local currency at the forex market. Under his administration, the local currency has been devalued more than once and has been exchanged in the black market for almost N800

By Adedapo Adesanya The Nigeria Mining Cadastre Office will be partnering with the World Bank to upgrade its system for foreign investors to apply online for mining licences in Nigeria. This was disclosed by the Director-General of the Mining Office, Mr Obadiah Nkom, in a statement, when he received a delegation of Optiva Resources Limited, a London-based investment organisation, alongside its investment advisers, NPL Advisors. The statement read in part, “He said that the government collaborated with the World Bank to upgrade the Agency’s system and it is compatible with the rest of the world, adding that with electronic Mining

By Dipo Olowookere A GE company, Baker Hughes, has signed an agreement for the provision of Asset Performance Management (APM) software and services for LNG trains and related Balance of Plant (BoP) by Nigeria LNG Limited (NLNG). NLNG shareholders are Nigerian National Petroleum Corporation (49%), Shell Gas B.V. (25.6%), Total Gaz Electricite Holdings France (15%), and Eni International (N.A). NVSL (10.4%). This deal marks the first APM solution sold and executed both in the LNG market and in Sub-Saharan Africa by BHGE. BHGE was asked by NLNG to develop a solution to enhance the performance of LNG trains at its

By Dipo Olowookere The ‘Peak Can Do More’ (PECADOMO) awareness campaign by Peak Milk is penetrating more markets across the country. The PECADOMO campaign was launched few weeks ago by Freisland Campina WAMCO Plc, makers of Nigeria’s premier milk brand. The initiative is aimed at enlightening Nigerians on other ways to consume milk, which is good for the body. Business Post learnt that the campaign train would reach eight major markets around the Lagos metropolis. Already, the campaign has gone to the popular Agege market on September 8, where consumers were introduced to other uses of the milk brand besides

By Modupe Gbadeyanka Lawmakers of the Lagos State House of Assembly have taken a big step to remove Governor Akinwunmi Ambode from office. The legislative arm of government in the state is accusing the head of the executive arm of gross misconduct. At the plenary today, the parliament claimed Mr Ambode has not been carrying out his duties as stipulated by the laws of the land. As a result, they are moving to impeach him from the exalted position. Mr Ambode incurred the wrath of his ruling All Progressives Congress (APC) when he initially resisted moves by his party to

By Aduragbemi Omiyale To uplift the girl-child through education and made them better persons in society, Pacegate Limited, a leading manufacturer of UN Certified Steel Drums and distributor of Adipro Lubricant Additives, has collaborated with Polaris Bank. It was gathered that the two organisations partnered to promote human capital development and combat climate change in Nigeria through the provision of essential school supplies such as; school bags, pens, books, sandals, and uniforms to over 1,400 schoolgirls in secondary schools in Kano, Lagos and Imo States. This gesture, they believe, will boost inclusive quality education and lifelong learning opportunities for all,

By Modupe Gbadeyanka Trading of equities on the floor of the Nigerian Stock Exchange (NSE) ended flat on Thursday, March 23, 2017. At the close of activities on the NSE today, the stock market finished at 0.00 percent. Business Post correspondent reports that a total of 20 stocks appreciated in price against 14 equities that crashed at the market. The All-Share Index lost 0.14 points today to close at 25,514.03 points, while the market capitalisation fell by N23.4 million to finish at N8.827 trillion. On the price movement chart, Nestle emerged the biggest gainer, appreciating by N9 to end at

By Dipo Olowookere The main stock exchange in Nigeria fell marginally by 0.01 per cent on Thursday on the back of a renewed profit-taking by investors. The loss was majorly influenced by the insurance sector, which dropped 0.93 per cent yesterday, with the energy and industrial goods counters closing flat, while the consumer goods and banking sectors appreciated by 0.16 per cent and 0.07 per cent respectively. At the close of transactions, the All-Share Index (ASI) of the Nigerian Exchange (NGX) Limited depreciated by 4.08 points to 44,604.74 points from 44,608.82 points, while the market capitalisation went down by N2