Nipco Targets More Investment in Downstream Sector

By Modupe Gbadeyanka Business owners in Lagos have been assured of more incentives by the state governor, Mr Babajide Sanwo-Olu, who added that this is part of his administration’s commitment to reforms aimed at improving the ease of doing business and enhancing investment opportunities. Speaking at the commissioning of the newly-built wet hair production factory of Godrej Nigeria Limited, the Governor said his government would continue to pursue actions that would eliminate red tapes and regulatory impediments hindering the growth of businesses in the state, thereby demonstrating his willingness for continued collaboration with the private sector to improve the livelihood

By Dipo Olowookere The Nigerian Exchange (NGX) Limited commenced the first trading session in December 2023 on a bullish note, with a marginal growth of 0.08 per cent. Sustained buying pressure kept Nigerian stocks in the positive territory, extending the dominance of the bulls on Customs Street, though the turnover waned. Business Post observed that investors cherry-picked equities in the banking and the energy sectors during the session, leaving them rising by 1.14 per cent and 0.05 per cent, respectively. However, the insurance counter lost 1.10 per cent, the consumer goods index depreciated by 0.08 per cent, and the industrial

By Adedapo Adesanya Equinor and Chappal Energies have entered into an agreement for the sale of Equinor Nigeria Energy Company (ENEC), which holds a 53.85 per cent ownership in oil and gas lease OML 128, including the unitized 20.21 per cent stake in the Agbami oil field, operated by Chevron. Speaking on the deal, Equinor’s senior vice president for Africa Operations, Ms Nina Koch, said Nigeria has been an important part of Equinor’s international portfolio over the past 30 years, noting that, “This transaction realizes value and is in line with Equinor’s strategy to optimize its international oil and gas

By Adedapo Adesanya The return of the bears was averted at the NASD Over-the-Counter (OTC) Securities Exchange on Thursday by Central Securities Clearing System (CSCS) Plc, which helped the alternative bourse close marginally higher by 0.03 per cent. This slight growth increased the value of the OTC exchange by N380 million, closing relatively flat at N1.165 trillion, as the NASD Unlisted Security Index (NSI) increased by 0.27 points to end the day at 859.58 points compared with the previous day’s 859.31 points. During the trading day, the value of CSCS Plc went up by 8 Kobo to settle at N17.08

By Dipo Olowookere One of the big boys in the telecommunications industry, Globacom, has announced its intention to offer mobile financial services to Nigerians very soon. Last Friday, the company hosted some media executives in Lagos, where it used the occasion to roll out plans for this new venture. The management of Glo said when the firm finally launches its Glo Mobile Money, Nigerians will be able to make financial transactions on its network. The company said its innovation to the business will further help the Central Bank of Nigeria (CBN) achieve its financial inclusion target of 80 percent by

By Modupe Gbadeyanka The level of activity on the trading floor of the Nigerian Stock Exchange (NSE) improved last week when compared with the previous week despite the market opening for only four days. Last week, the market opened for four trading days as the federal government of Nigeria declared Monday, November 11, 2019 a public holiday to mark the Eid-Ul-Maulud celebrations. In the week, a total turnover of 2.1 billion shares worth N33.9 billion were transacted in 21,849 deals in contrast to a total of 2.1 billion shares valued at N18.4 billion traded the previous week in 16,778 deals.

By Modupe Gbadeyanka In a bid to continue boosting entrepreneurship development in order to curb the high level of unemployment in the country, Heritage Bank Plc says it will once again be the headline sponsor for the fourth season of ‘The Next Titans,’ a Nigerian entrepreneurial Reality TV Show. The move by the bank is a consistent commitment to build the next generation of sustainable Nigerian businesses; young and budding entrepreneurs who will end up becoming ‘titans’ in their own disciplines whether in Technology, Inventions, Media, Real Estate, Fashion, Agriculture, or Productions, and so on. Speaking at a press conference

By Modupe Gbadeyanka The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of IDB Group, in partnership with Ibdar Bank, Bahrain-based wholesale Islamic Investment bank and Labour Fund “Tamkeen” as part of the investment committee has announced the launch of the Bahrain SME fund. The Bahrain SME Fund is a Shariah compliant mezzanine private equity Fund which will invest in Bahrain’s Small and Medium Enterprises (SME’s). The Fund will target SME’s with high growth potential in consumer, industrial, ICT, education and healthcare sectors, as well as sectors experiencing dynamic change, or where there are

By Ashemiriogwa Emmanuel The Federal Government of Nigeria has drawn attention to the vast provision of job opportunities in the green economy of the country. It considered the sector’s provision of creating environmentally-friendly jobs in areas such as construction, renewable energy, afforestation, and waste management, which includes e-waste. The Minister for Labour and Employment, Mr Chris Ngige, who mentioned this at the opening of the 6th Meeting of the National Employment Council, noted that the opportunities presented, especially to youths, in this sector have not been explored enough. Speaking on the theme Creating Environmental Friendly (Green) Jobs, the Minister, represented

Pan-African digital payment company, Interswitch on Thursday, January 31, 2019 launched its InterswitchSPAK Volunteer Drive in Ajuwon High School, Ajuwon and Community High School, Ojodu-Abiodun, Ogun State, as part of the company’s ongoing InterswitchSPAK 1.0 competition. This activity, which featured Interswitch staff, teaching science subjects in select public secondary schools, is aimed at promoting STEM education, as well as, encouraging a culture of volunteerism. Oremeyi Akah, Chief Core Operations Officer, Interswitch, who volunteered, said the opportunity to inspire young people to better engage with, and continue to study STEM subjects, and to also explore STEM careers, was the motivation behind

By Kester Kenn Klomegah Russia maintains very friendly relations with Zimbabwe, thanks to ties which evolved during the struggle for independence. Since then, it has had a very strong mutual sympathy with and friendly feelings toward the southern African people, government and country. One of the fora in which relations between the two countries are discussed is the Russia-Zimbabwe Intergovernmental Commission on Economic, Trade and Science and Technical Cooperation. Following its recent meeting in Moscow in August, IDN’s Kester Kenn Klomegah conducted an exclusive interview with Brigadier General Mike Nicholas Sango, Zimbabwean Ambassador to the Russian Federation, to gauge the

By Adedapo Adesanya Global research firm, Agusto & Co, has forecast that an increased foreign interest will drive growth in Nigeria’s healthcare system, especially through the acquisition and establishment of health facilities in the medium term. Agusto said in a report that these foreign investments would help the country bridge the healthcare infrastructure deficit estimated at $82 million. According to data, Nigeria is largely underfunded in terms of its health system and, as a result, is faced with a significant infrastructure gap. The industry is currently challenged by outbound medical tourism, deteriorating medical infrastructure, low government budget allocation, and poor