Nigeria’s Debt Rises 8.4% in Three Months to N31trn

By Adedapo Adesanya VFD Group Plc has been officially delisted from the NASD Over-the-Counter (OTC) Securities Exchange months after the proprietary investment company revealed its intention to list its stocks on the Nigerian Exchange (NGX) Limited. The bourse on Thursday confirmed the development in a notice seen by Business Post. “Pursuant to the company’s request to delist from the NASD OTC Exchange, we wish to inform you that VFD Group PLC shares will be delisted with effect from the close of business (COB) today, Thursday, September 28, 2023,” the notice read. Last Friday, after three years of trading on the

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Investors and Exporters (I&E), the Peer-to-Peer (P2P), and the black market arms of the foreign exchange (forex) market on Friday, September 29, as a turbulent third quarter ended. In the official segment, the local currency improved its value against the greenback by 2.6 per cent or N20.04 to close at N755.27/$1, in contrast to the preceding day’s N775.31/$1 amid a drop in the supply of FX into the system by 11.6 per cent or $16.73 million to $127.82 million from the $144.55 million published on Thursday. In the

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 Bliss Okperan A lady who reviewed a product of Erisco Foods Limited, Nagiko Tomato Mix, Mrs Chioma Egodi, has threatened to demand the sum of N500 million from the chief executive of the company, Mr Eric Umeofia, for violating her fundamental human rights. Mrs Egodi said she purchased the product at the market with the intention of using it to cook stew for her family. However, when she tasted it, according to her, it tasted too much sugar, prompting her to post about it on Facebook. It was reported that Erisco was not happy with the negative review. She

By Adedapo Adesanya Lagos State Government has disclosed that its Agro-Processing, Productivity Enhancement and Livelihood Improvement Support (APPEALS) Project has created 12,350 jobs. This was disclosed by the state’s Coordinator of APPEALS Project, Mrs Oluranti Sagoe-Oviebo, at the Project Coordinating Office in Oko-Oba, Agege, Lagos. It was revealed that the programme has empowered 17,469 direct and indirect beneficiaries, which included farmers and SMs with improved technologies, physical inputs, job creation and infrastructural support, among others. The Project has also contributed N333.9 million to Lagos State GDP by 924 farmers supported by the project in 2020 from the Production Output Survey

By Adedapo Adesanya Oil prices rose higher on Monday as traders banked on tighter supplies from major producers, leading the Brent crude to trade around the $43 region. The oil futures rose by 85 cents or 2.01 percent to sell at $43.04 per barrel, while the US West Texas Intermediate (WTI) crude was at $40.60 per barrel, up by 85 cents equivalent to 2.14 percent. This means oil prices kept up the momentum built at the market last week after gaining about 9 percent, supported by a recovery in fuel demand as lockdowns eased and economic activity resumed. Analysts believe

By Adedapo Adesanya The handlers of the Edo Modular Refinery have disclosed plans to increase its refining capacity target by 900 per cent to 60,000 barrels per day of crude oil against the initially planned 6,000 barrels per day. The modular refinery is a project being developed by two Chinese firms, AIPCC Energy Limited and the Peiyang Chemical Equipment Company Limited in the state. The Head Quality, Health and Safety/ Community Relations of the AIPCC, Mr Segun Okeni, disclosed this on Tuesday during an inspection tour of the site at Ologbo in Ikpoba-okha Local Government Area by a seven-man factional

By Dipo Olowookere Barely two weeks after it released its flagship smartphone to the market, South Korean electronics giant, Samsung, has made a recall of its Galaxy Note 7. There have been reports of the device exploding. The company explained that it was aware of the problem, saying it was mainly “battery cell issue.” Samsung said it has already confirmed 35 cases so far. However, the company has promised to replace every unit already sold, while putting a halt on sale of the product already in the market worldwide. Samsung addressed the media on Friday in Seoul, the South Korean

By Dipo Olowookere The Nigerian Content Development and Monitoring Board (NCDMB) has said it would commence the third forensic audit of all unremitted deductions by oil and gas companies meant for the Nigerian Content Development Fund (NCDF) from next month. Executive Secretary of NCDMB, Mr Simbi Wabote, explained at a function that the one percent deduction from contracts awarded in the petroleum upstream sector was a statutory obligation, as provided under section 104 of the NOGICD Act, 2010. Consequently, failure to remit NCDF deductions, according to him, is a violation of the Act and, in fact, economic sabotage. He frowned

By Aduragbemi Omiyale The founder and chief executive of Herconomy, Ms Ife Durosinmi-Etti, has shared the difficulties she faced when raising funds for her business. In a chat with CNN recently, the entrepreneur disclosed that it was quite challenging because women in the tech ecosystem struggle with getting the attention of investors, unlike their male counterparts. “What I’ve noticed in the tech space is that women are over-mentored and underfunded. We need to do more to fund more women and ensure that their businesses actually grow from small businesses to big businesses,” she stated. Ms Durosinmi-Etti, however, concluded that, “While

By Ahmed Rahma The federal government has signed a Memorandum of Understanding (MoU) with the United States Department of Agriculture (USDA) West Africa Pro- Cashew Project to increase cashew productivity in Nigeria. The deal was sealed last Thursday in Abuja for Nigeria by the Minister of Agriculture and Rural Development, Mr Muhammed Nanono. The Minister described this as another milestone in the record of the ministry’s history in its hunt to achieve national food and nutrition security, among others. Mr Nanono, who noted that the ministry over the years had achieved increase in the production of crops of strategic importance

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