Nigeria’s Inflation Jumps to 22.04% in March 2023

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 The value of the NASD Over-the-Counter (OTC) Securities Exchange sharply declined by 3.86 per cent on Thursday, September 28, after the shares of VFD Group Plc were taken out of the platform. VFD Group, according to reports, is planning to trade its stocks on a larger platform, the Nigerian Exchange Limited (NGX). The delisting of the company’s equities brought down the market capitalisation of the NASD OTC exchange by N44 billion to settle at N1.102 trillion compared with the N1.146 trillion it finished on Tuesday, the last trading session. The market was closed on Wednesday as a

By Dipo Olowookere Profit-taking persisted on the floor of the Nigerian Exchange (NGX) Limited, as investors refused to tone down their profit-taking activities. It was observed that the market is gradually entering panic mode due to macroeconomic instability in the country, especially with the exchange rate of the Naira to the Dollar going above N1,000 in the parallel market. A stockbroker with one of the leading brokerage firms in the country, who asked not to be named, said the local bourse was witnessing panic selling due to investors liquidating their shares for Dollars. “This trend will continue for a while

By Dipo Olowookere The Chief Director for agro-processing at the Department of Trade and Industry (the dti), Ms Ncumisa Mcata-Mhlauli, has disclosed that the recently endorsed International Trade and Administration Commission (ITAC) recommendation by Minister Rob Davies to adjust the sugar and increase import duty of $680/ton will provide the immediate relief required by the industry and protection against the surge of imports. Mcata-Mhlauli together with ITAC representatives were briefing the portfolio committee on Trade and Industry on the sugar industry tariffs in Parliament. According to Mcata-Mhlauli, tariffs forms part of a set of measures considered by government in collaboration

By Adedapo Adesanya The Nigerian government said plans are underway to restructure the National Youth Service Scheme (NYSC) to include a diaspora support scheme. This was one of the points raised by the Minister of Finance, Budget, and National Planning, Mrs Zainab Ahmed, on Wednesday at the Ministerial Presentation of the N20.51 trillion 2023 budget. She noted that this is part of the government’s ongoing efforts to create jobs and facilitate inbound capital flow into the country. Speaking further, the Minister disclosed that in line with efforts to boost job creation and economic growth, the federal government is also looking

By Modupe Gbadeyanka As part of efforts to clear the long queues at filling stations across the country, the management of the Nigerian National Petroleum Corporation (NNPC) has announced the adoption of 24-hour depot and retail services. The state-owned oil agency said it would continue to strive to ensure Nigerians purchase Premium Motor Spirit (PMS) commonly known as petrol without any stress. Addressing journalists after an on-the-spot monitoring of NNPC Retail Stations and those of major and independent marketers in Abuja, NNPC Chief Operating Officer, Ventures and Chairman of the NNPC Special Task Force on Fuel Monitoring, Dr Victor Babatunde

By Dipo Olowookere Investors in the Nigerian capital market will have to cough out more money for the trading of securities on the Nigerian Stock Exchange (NSE). This is because the management of the local bourse has announced that from next month, the stamp duty on the assets traded on its platform will slightly go up. At the moment, the trading of shares, bonds, ETFs and other instruments on the exchange attracts a stamp duty rate of 0.075 per cent. But according to a circular issued on Tuesday, November 17, 2020, which was obtained by Business Post, investors will have

By Modupe Gbadeyanka The Center for Middle Eastern Studies (CMES) at Harvard University today opened its first overseas office in Tunisia, home to a tradition of learning and research that extends from Antiquity to the present. The office and the year-round programs run from the location are made possible by the support of Harvard College alumnus Hazem Ben-Gacem (AB ’92). “The Middle East is a part of the world that you’ll never fully understand unless you get your feet on the ground and experience it first-hand,” said William Granara, CMES Director and Professor of Arabic. “Thanks to Hazem’s generosity, Harvard

By Adedapo Adesanya A data recently released by the National Bureau of Statistics (NBS) revealed that foreign investment inflow into the Nigerian oil and gas industry dropped 51 percent within three months. The stats office said in its report that investments from non-resident investors in the first quarter of 2020 went down to $10.1 million from $20.6 million recorded in the fourth quarter of 2019. In the report titled National Capital Importation Report for the Q1 2020, the statistical body also stated that foreign investment inflow into the oil and gas sector in the first quarter of 2020 accounted for

By Aduragbemi Omiyale More big feathers have been added to the colourful cap of Advans La Fayette Microfinance Bank, cementing its leadership position in the small lending business in Nigeria. Recently, in recognition of its customer-centric credentials and innovation in product development, service delivery and brand management, the financial institution was named the Best Microfinance Bank in Nigeria at the Financial Derivatives Awards 2022. Also, the company emerged as the Most Innovative Microfinance Bank in Nigeria in the Global Brands Magazine and World Economic Magazine Awards 2022. The Managing Director/CEO of Advans La Fayette Microfinance Bank, Mr Gaetan Debuchy, while

By Dipo Olowookere Access Bank Plc released its 2017 financial statements to the investing public yesterday and the results were not too impressive. Group Managing Director of Access Bank, Mr Herbert Wigwe, attributed this to the slow economic expansion during the year. In the financial results, the lender recorded a drop in its profit before tax by 11.36 percent, posting N80 billion in 2017 against N90.3 billion it achieved in 2016. Also, its profit after tax went down by 13.23 percent from N71.4 billion two years ago to N62 billion last year. However, the gross earnings appreciated during the period