NSE Hosts First Digital Closing Gong Ceremony

By Adedapo Adesanya A hybrid solar power solutions provider, Daystar Power, has signed an agreement with Nigerian Breweries to install and operate a 4.2MWp solar plant and 2MWh battery storage system that will help the firm reduce its high energy costs. The installation will be one of the largest solar and battery storage projects for an industrial manufacturer in Nigeria. The hybrid solar solution will generate 5,249 MWh of electricity – 42 per cent of its daytime power consumption – every year at Nigerian Breweries’ Lagos brewery. According to a statement, the integration of solar into the factory’s energy mix

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 Aduragbemi Omiyale President Bola Tinubu has said the 2024 budget presented to the joint session of the National Assembly on Wednesday was designed to achieve macroeconomic stability, a better investment environment, greater access to social security, poverty reduction and enhanced human capital development. According to him, if these goals are achieved, the standard of living of Nigerians will improve and the citizens will enjoy the dividends of democracy. While presenting the 2024 Appropriation Bills to the parliament yesterday, the President said this was why he christened the budget proposal as the Budget of Renewed Hope. Mr Tinubu told the

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 Dipo Olowookere On Wednesday, March 25, 2020, the Nigerian government issued its debut 15-year bond to investors at the local debt market and the notes were oversubscribed. Business Post reports that N15 billion worth of the papers were taken to the market by the Debt Management Office (DMO), which conducted the exercise. However, when the bids were analysed, traders staked N69.01 billion on the maturity, indicating a subscription level of 460 percent. According to the debt office, there were a total of 61 bids only only 18 were successful with N20 billion allotted to subscribers out of which N10

By Dipo Olowookere Last week, the local currency appreciated by 0.28 percent at the Bureau De Change (BDC) segment to close at N358 on sustained Dollar sales by the apex bank to BDCs at $75,000 operator. However, the Naira/Dollar exchange rate closed flat at the interbank segment of the foreign exchange market as well as the black market at N356.92/$ and N361/$ respectively amid sustained weekly injections of $210 million by CBN into the foreign exchange market via the Secondary Market Intervention Sales (SMIS). During this injection, the central bank allocated $100 million to Wholesale SMIS, $55 million was allotted

By Modupe Gbadeyanka The acquisition of Vonage Holdings by Ericsson has been concluded, paying the way for the latter to drive the next wave of digitalization by creating a market to adopt global network Application Program Interfaces (APIs) without hassles. In a statement, Ericsson said it would generate near-term synergies from bringing Vonage Unified Communications as a Service (UCaaS) and Contact Center as a Service (CCaaS) solutions to its existing customers and then increase its investments in research and development. The firm said it hopes to leverage technology leadership to grow its mobile network business and expand into an enterprise,

By Dipo Olowookere President of the African Export-Import Bank, (Afreximbank), Mr Benedict Oramah, has disclosed that his organisation will continue to support Arik Air, Nigeria’s biggest carrier. Speaking after a facility tour to Arik recently, Mr Oramah noted that the bank has always backed the airline. He said, “We are doing this because of the essential role Arik Air is playing in connecting people across Africa and making sure goods are delivered across the continent. So, we want to make sure they are strengthened to do that. We also understand the difficulties in the environment, not only in Nigeria, but

By Dipo Olowookere Operators of the Nembe Creek Trunk Line (NCTL), Aiteo Eastern E&P Company Limited, have shut down the pipeline, which exports Bonny Light crude oil, one of the grades of the commodity sold on the international market by Nigeria. The pipeline, which was shutdown, is one of two that exports Bonny Light. As a result of this, the terminal is currently loading only from the Trans Niger Pipeline, which is operated by Anglo-Dutch oil giant, Shell Petroleum Development Company of Nigeria Limited (SPDC). A report by Reuters on Tuesday quoted a spokesman of Aiteo as confirming the development,

By Modupe Gbadeyanka One of the top artistes and music producers in Nigeria, Solomon Oyeniyi, otherwise known as K-Solo, has expressed regrets supporting and voting for President Muhammadu Buhari in 2015. In a post on his verified Twitter page, the respected entertainer said he threw his full weight behind the President nearly four years ago because he taught the former military Head of State would take the country forward and bring about the positive change he promised electorates then. “I regret that I voted for President Buhari. “I thought with him things will be a lot different, so much believed

By Modupe Gbadeyanka A specialised incubator scheme with offerings to address the needs of startup businesses has been introduced by Keystone Bank Limited, a fast-growing financial services provider. The initiative tagged The Keystone Startup Advantage Programme (KSA Programme), will provide the necessary support for Micro, Small and Medium Enterprises (MSMEs) and startups in Nigeria. This is in line with the vision of President Muhammadu Buhari for the growth of the SMEs sector and aligns with the United Nations Envision #2030 Sustainable Development Goal (UN SDG) 8 – to promote sustained, inclusive and sustainable economic growth, full and productive employment, and