Nigeria’s Debt Rises to N27.4trn

By Dipo Olowookere The regulator of the stock market in Nigeria, the Nigerian Exchange (NGX) Regulation Limited (RegCo), has announced its intention to change rules guiding free-float for companies listed on the NGX Limited. In a notice obtained by Business Post, the organisation further said it wants to amend the cross-border listing rules and develop guidelines for migrating listed securities from one board of the bourse to another. At the moment, the exchange does not have rules regulating the migration of listed securities from one board to another, prompting the regulator to “address this lacuna and to foster NGX’s commitment

By Aduragbemi Omiyale The federal government has expressed its readiness to work closely with the Nigerian Exchange (NGX) Limited to attract startups to the stock exchange. The Minister of Communications, Innovation and Digital Economy, Mr Bosun Tijani, said the government would use the newly created NGX Technology Board to achieve this goal. Speaking at a tech event themed Invest in Africa’s Future- Let’s Talk About Exits on Thursday in the United States, he noted that Nigeria had been grappling with its over-dependence on oil in the last few years, adding that diversifying from heavy reliance on a single sector like

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange suspended trading in the shares of VFD Group Plc months after the proprietary investment company revealed its intention to list its stocks on the Nigerian Exchange (NGX) Limited to allow it gain access to public equity markets, increase its visibility, and strengthen its financial position. The group joined the NASD trading platform in 2020. In a notice, the NASD OTC Exchange said investors would not be able to trade securities of VFD Group Plc with effect from Friday, September 22, 2023 (today). This is per the company’s request to delist from

By Adedapo Adesanya President Bola Tinubu has been charged by the Socio-Economic Rights and Accountability Project (SERAP) to investigate the allegations that over $15 billion of oil revenues and N200 billion budgeted to repair the refineries are missing and unaccounted for between 2020 and 2021, as documented by the Nigeria Extractive Industries Transparency Initiative (NEITI). In the letter dated September 23 and signed by SERAP deputy director, Mr Kolawole Oluwadare, the organisation urged him to “name and shame anyone suspected to be responsible for the missing and unaccounted for public funds and to ensure their effective prosecution as well as

By Adeniyi Ogunfowoke Technology is changing almost everything around us including our reading habits. In the past when there were no apps, book lovers had to visit bookstores to buy books authored by their favourite writers. This is no longer the case because there are now very useful apps enhancing or influencing individual reading experiences. These Apps can be used and downloaded by everyone at any time of the day on android, blackberry, or Android phones. Jumia Travel, Africa’s No 1 hotel booking sums up 6 useful apps for book lovers. Goodreads Goodreads has metamorphosed into a sort of social

By Modupe Gbadeyanka The federal government said it was collating the different issues raised by stakeholders in the 2020 Finance Act signed into law by President Muhammadu Buhari on December 31, 2020. This disclosure was made by the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, at the virtual public consultation on Finance Act 2020 on Monday. According to the Minister, the inputs of taxpayers, investors and others regarding the piece of law would be looked into and where necessary, would be included in the future finance acts. “The window is open for ideas and concepts for inclusion

By Sodeinde Temidayo David The federal government has disclosed that it has commenced the implementation of new retirement age for teachers in the country. This disclosure was made in Abuja while marking the 2021 World Teachers Day celebration themed Teachers at the Heart of Education Recovery. At the 2020 World Teachers Day Celebration, President Muhammadu Buhari approved the extension of teachers’ retirement age to 65 years from 60 years or 40 years of service instead of the former 35 years of service. At this year’s event, the President said the Ministry of Education has commenced education officers’ guidelines to ensure

By Dipo Olowookere One of the players in the insurance sector in Nigeria, Mutual Benefits Assurance Plc, is raising fresh capital from its shareholders through the issuance of rights issue. From the exercise, the company hopes to raise about N2 billion, which would be used to beef up its operations and further stamp its authority in the insurance market. Mutual Benefits Assurance said the qualification date for the rights issue is today, Wednesday, November 1, 2017. Already, it has written to the Nigerian Stock Exchange (NSE), seeking the approval of the market regulator. “Dealing Members are hereby notified that Mutual

By Dipo Olowookere Treasury bills yields increased on Thursday by one percent as market players repriced quotes in reaction to developments at the previous day’s auction. According to analysts at Zedcrest Research, trading activities were however relatively muted as investors cautiously anticipated results from the Central Bank of Nigeria (CBN) OMO auction, which were not released until close of trading. With most players placing bids at about 13 percent at the day’s auction, the CBN issued a No-Sale OMO result. This is expected to slightly moderate bearish market sentiments, with trading activities expected to remain relatively constrained to the short

By Adeniyi Ogunfowoke The internet has made shopping and booking very easy. You can sit in the comfort of your room to buy or book anything. The consequence of the shopping ease is that many popular retail or eCommerce websites have been cloned. This is done in a bid to swindle unsuspecting persons of their hard earned money. If you are are not careful, you will fall for this because the fake and original websites are very similar. Notwithstanding, there are still ways you can spot the differences. Jumia Travel, the leading online travel agency highlights ways you can spot a fake

By Dipo Olowookere Last week, on the floor of the Nigerian Exchange (NGX) Limited, Sterling Bank, Access Holdings, and GTCO recorded the highest weekly sales, trading 394.878 million shares worth N2.847 billion in 2,274 deals, accounting for 48.51 per cent and 23.33 per cent of the 814.089 million shares worth N12.204 billion transacted in 15,488 deals in the week. A week earlier, the stock exchange recorded the sale of 1.225 billion equities worth N15.243 billion in 15,317 deals, indicating a decline in the market turnover. Like in the preceding week, the financial services industry led the activity chart with 663.799

By Dipo Olowookere A moment ago, pictures of Governor Godwin Obaseki of Edo State yawning and sleeping at the 73rd United Nations General Assembly in New York, USA, started flying in the blogosphere. This caught the attention of the Governor’s Special Adviser on Media and Communication Strategy, Mr Crusoe Osagie, who released a statement to accused mischief-makers of being behind the photographs. According to Mr Osagie, the Governor only “momentarily succumbed to fatigue after a long flight, preceded by a chaotic itinerary in Edo State before heading to New York for the 73rd session of the United Nations General Assembly,