Nigeria’s Shoreline Seals $530m Oil Deal with Vitol

By Dipo Olowookere The board of Capital Hotels Plc has announced the creation of an escrow account for the payment of about N1.6 billion to minority shareholders of the company. The hospitality firm is leaving the Nigerian Exchange (NGX) Limited after years on the nation’s main stock exchange. In a notice signed by Alex Ugwuanyi, the organisation said the account was created with CardinalStone Registrars Limited and has been sufficiently funded for payment “to shareholders” who “have accepted to exit” the firm by selling their holdings. Recall that in March 2023, shareholders of Capital Hotels approved the request of the

By Adedapo Adesanya The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has cleared the air regarding recent reports on the transfer of funds to the Joint Tax Board (JTB) by the Federal Inland Revenue Service (FIRS) under the erstwhile chairman, Mr Muhammad Nami, for the tax reform committee. In a statement on Friday, he revealed that N5 billion was paid to the board to fund activities of the team set up by President Bola Tinubu, noting that “The committee’s budget includes provisions for a national Data for Tax project which the JTB had been

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By Adedapo Adesanya The Federation Account Allocation Committee (FAAC) has shared a total of N1.1 trillion from the revenue generated by the nation in August 2023 for September to enable the three tiers of government; the federal government, states, and local government councils, to have funds to pay salaries and others. The allocation of the funds was confirmed by the Office of the Accountant General of the Federation on Friday following FAAC’s September 2023 meeting. According to a statement by the OAGF’s Director of Press and Public Relations, Mr Bawa Mokwa, there was “N1100.101 billion (N1.1 trillion) total distributable revenue.”

By Adedapo Adesanya Crude oil prices weakened for the fourth session on Tuesday on the back of surging cases of coronavirus in Japan and a weak demand picture in Asia. Japan, the world’s third-largest economy, extended its state of emergency in Tokyo and other regions on Tuesday and announced new measures covering seven more prefectures to counter a spike in COVID-19 infections that are threatening the medical system. The country which is the fourth largest importer in the world added to a pessimistic market as the emergency will now cover nearly 60 per cent of its population. These developments battered

By Modupe Gbadeyanka Recently, the management of Ecobank Nigeria announced that it was allowing those in the diaspora send money to their loved ones in Nigeria via its RapidTransfer mobile app without paying any transfer charges. This announcement excited many, who described Ecobank Nigeria as a company, which cares for its customers. Managing Director of Ecobank Nigeria, Mr Patrick Ainwuntan, in a recent chat, explained that the bank’s decision to charge zero fee of (on) RapidTransfer remittances was borne out of the need to ensure Nigerians abroad are able to send home 100 percent of monies made through hard work.

By Adedapo Adesanya Oil prices settled up on Friday as hopes of stronger Chinese demand and a weakened US Dollar outweighed concerns about a global economic downturn and the impact of interest rate rises on fuel use. Brent crude settled at $93.50 a barrel after rising by $1.12 or 1.2 per cent, while the US West Texas Intermediate crude (WTI) settled at $85.05 a barrel after an expansion of 54 cents or 0.6 per cent. Moves that China was considering cutting the quarantine period for visitors to seven days from 10 days served as a booster for the market. Although

By Adedapo Adesanya The Lagos State Government has announced a 10.2 per cent reduction in the cost of the COVID-19 PCR test at its accredited private laboratories. The cost, which was originally N50,400, will now go for N45,250 commencing from Friday, January 28, 2022, according to the Commissioner for Health, Professor Akin Abayomi. He stated that the COVID-19 PCR test cost was reviewed by Lagos State COVID-19 Incident Command Structure and approved by Governor Babajide Sanwo-Olu. The Commissioner said the reduction in cost was to cut the expenses incurred by citizens who need the PCR tests for travel, work, or

By Aduragbemi Omiyale Airtel Networks Limited, also known as Airtel Nigeria, has acquired 4G and 5G spectrums from the Nigerian Communications Commission (NCC) for a cumulative price of $316.7 million. This was confirmed on Monday by the parent company of the Nigerian subsidiary, Airtel Africa Plc, which trades its shares on the Nigerian Exchange (NGX) Limited. In a regulatory notice, the firm said the $3.16.7 million for the 100 MHz of spectrum in the 3500MHz band and 2x5MHz of 2600MHz would be paid to the regulator in Naira. Airtel expressed its excitement at buying the spectrums, saying they would ensure

By Dipo Olowookere The Nigerian Exchange Regulation (NGX RegCo) is working closely with its sister organisation, the NGX Limited, to design a dedicated set of Climate Disclosure Guidelines that will address climate change-related issues and serve as a complementary set of procedures to the NGX Sustainability Disclosure Guidelines. The chief executive of NGX RegCo, Ms Tinuade Awe, dropped this hint recently at the 16th Annual International Business Law Conference hosted by the Nigerian Bar Association Section on Business Law (NBA-SBL) in Abuja. At the event themed Recent Developments in the Business Law Environment, she said the rules, which will be

By Modupe Gbadeyanka Kaspersky Lab has disclosed that it is adapting moving a number of core processes from Russia to Switzerland. This, it said, is part of its Global Transparency Initiative and that this would affect its customer data storage and processing for most regions, as well as software assembly, including threat detection updates. In a statement, Kaspersky Lab said to ensure full transparency and integrity, it is arranging for this activity to be supervised by an independent third party, also based in Switzerland. Global transparency and collaboration for an ultra-connected world The Global Transparency Initiative, announced in October 2017,

By Adedapo Adesanya Autochek, the automotive technology company facilitating auto financing across Africa, has secured $13.1 million in seed funding. Co-led by follow-on investors, TLcom Capital and 4DX Ventures, the round also included participation from existing investors, Golden Palm Investments, Enza Capital, Lateral Capital as well as new participants, ASK Capital and Mobility 54 Investment SAS (the venture capital arm of Toyota Tsusho Corporation/CFAO Group). With the new funding secured just under a year after Autochek’s $3.4mn pre-seed raise, the round was led by Autochek’s lead investors – TLcom Capital and 4DX Ventures. As part of Autochek’s growth strategy, the