Nipco Pushes NASD OTC Exchange Higher by 0.04%

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 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 Bliss Okperan A foremost content reader, FeedSpot, has named Business Post Nigeria as one of the Top 25 Nigeria Personal Finance Blogs. In the list, Business Post was placed in the 8th position, ranking among other reputable online platforms serving readers with quality and educative business and financial news reports and articles. In the top 10, FeedSpot listed Nairametrics as number one, followed by UBA Group, Financial Nigeria Magazine, Investors King, Cowrywise Blog, Financial Watch, MakeMoney, Business Post Nigeria, Nigeria Galleria Blog, and Money Matters with Nimi. Other platforms listed were LagosMums, Financengr, Rosabon Financial Blog, Ohimai Consulting Blog,

By Adedapo Adesanya The federal government, after the National Economic Council (NEC) monthly meeting on Thursday, has ordered a forensic audit of all electricity distribution companies (Discos) from the privatisation of the power sector in 2013. Deputy Governor of Edo State, Mr Philip Shuaibu, while briefing State House correspondents at the end of the NEC meeting presided over by Vice President Yemi Osinbajo at the Council Chamber, Presidential Villa, Abuja, explained that the decision to carry out the audit was to determine the level of investments made into the business of power generation and distribution since 2013, following suspicion that

By Dipo Olowookere Some Nigerians have continued to react to the endorsement President Muhammadu Buhari for the 2019 presidential election by the Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN). On Thursday, the group chose Mr Buhari, candidate of the All Progressives Congress (APC) over candidate of the Peoples Democratic Party (PDP), Mr Atiku Abubakar. National President of MACBAN, Mr Muhammadu Kirowa, who announced the endorsement of Mr Buhari, promised to mobilise about 20 million votes for the President in the February 2019 presidential poll. Miyetti Allah is a group that has been accused of fuelling the farmers/herdsmen clashes in

By Modupe Gbadeyanka A subsidiary of Aleph Group, Ad Dynamo by Aleph, has announced the appointment of Mr Carl Jordan as its Regional Sales Director. He will be in charge of Ad Dynamo by Aleph’s business strategy for Sub-Saharan Africa’s (SSA) region and will bring a wealth of experience to his new position, having worked at the intersection of media and technology for over two decades. The key focus for Mr Jordan is to grow partner representation, including territory footprint and, by extension, revenues through platform acquisition and representation, country launches, and advertiser and agency engagements. According to PWC’s Insights

By Adedapo Adesanya The federal government has disclosed that the construction of the Bonny Deep Seaport will kick off before the end of the year. It said the project will run concurrently with the construction of the Port Harcourt-Maiduguri rail line, which also extends to the seaport. The seaport, when completed, will make the country a maritime hub in Africa or the West African sub-region as it will have a capacity of handling about 500,000 twenty-foot equivalent unit containers, the Minister of Transportation, Mr Rotimi Amaechi, said while inspecting the site for construction of the proposed deep seaport in Bonny,

By Aduragbemi Omiyale About $200 billion is expected to be raised as foreign exchange (FX) earnings for Nigeria from non-oil exports in the next three to five years. This is being championed by the Central Bank of Nigeria (CBN) in collaboration with the Bankers’ Committee, according to the governor of CBN, Mr Godwin Emefiele. Addressing newsmen on Thursday after the committee’s meeting, Mr Emefiele said this initiative will forex supply into the market and boost the value of the Naira. He said this policy would be implemented under the RT200 FX Programme through five components of value-adding exports facility, non-oil

By Dipo Olowookere President Muhammadu Buhari has been urged to immediately sack Minister of Finance, Mrs Kemi Adeosun, for allegedly meddling in the forensic audit of Oando Plc. South-South Coordinator of the Oando Shareholders Solidarity Group (OSSG), Mr Clement Ebitimi, made this plea in a statement issued on Monday in Port Harcourt, Rivers State. The shareholders of Oando claimed that the alleged interference of the Minister in the audit of the oil firm was a bug stain on the anti-corruption campaign of Mr President, whose integrity could be marred by this action. Last week, Director General of the Securities and

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange suffered a heavy defeat on Tuesday, September 6 as its value went below N1 trillion at the close of business. This was caused by the decline in the share price of FrieslandCampina WAMCO Nigeria Plc, weakening the OTC securities exchange by 1.26 per cent when trading activities ended. The share price of FrieslandCampina WAMCO Nigeria Plc went down by N6.50 or 6.99 per cent to settle at N86.50 per unit versus Monday’s closing price of N93.00 per unit. As a result, the market capitalisation of the bourse went south by N12.69

By Adedapo Adesanya At least 1,760,460 pills of Tramadol and other opioids have been intercepted hidden in Indomie noodles packs and others at the Murtala Muhammed International Airport (MMIA), Ikeja Lagos, as well as in Gombe State. While over 600,000 pills of Tramadol 225mg coming from Karachi, Pakistan, in two separate shipments on Ethiopian Airlines flights, were intercepted by operatives of the National Drug Law Enforcement Agency (NDLEA) at the SAHCO import shed of the Lagos airport on December 12 and 13; 5,960 pills of Rohypnol concealed in 60 packs of Indomie noodles going to Johannesburg, South Africa were also