NSE Moves 176.77m Shares Worth N1.89b

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.”

For maritime businesses, the stakes are high, and the seas can be unpredictable. Whether you own a shipping fleet, operate a fishing company, or oversee marine logistics, safeguarding your assets with the right marine insurance is prudent. It’s also essential for the sustainability of your enterprise. Here are some tips for how to find the best marine insurance provider. By following these strategic steps, you can ensure your business remains afloat, even in the face of unforeseen challenges. 1. Assess Your Maritime Needs The first crucial step towards securing the ideal marine insurance provider is a comprehensive assessment of your

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 cryptocurrency market witnessed an uptick on Wednesday, with Bitcoin (BTC) managing to stay above the $26,000 level even as the US Dollar index rose to a new year-to-date high. Data obtained by Business Post showed that the most valued crypto, BTC, posted a 0.7 per cent appreciation during the midweek session to trade at $26,408.37 in the last 24 hours. On the part of the second-most valued digital coin, Ethereum (ETH), it remained in the $1,600 mark and it improved its value yesterday by 1.6 per cent to sell at $1,610.94. At the trading session, the US

By Modupe Gbadeyanka Once again, the Lagos State government has restated its commitment to boost food security in the state just as it said that various agricultural initiative programmes aimed at making the state attain food sufficiency have been developed through profitable investments in the agriculture value-chain. Commissioner for Agriculture, Mr Oluwatoyin Suarau, who briefed the media as part of activities to commemorate the year 2017 World Food Day celebration, noted that the theme of the celebration ‘Change the Future of Migration: Investment in Food Security and Rural Development’ brings to fore the various challenges countries face in terms of

By Adedapo Adesanya Following the inability of Organisation of the Petroleum Exporting Countries (OPEC) to extend its present oil output cut, which expires on March 31, 2020, Nigeria will from April 1, 2020 increase its production by 500,000 barrels per day from its current 1.7 million barrels per day. Nigeria is hoping to increase the daily production of crude and a light oil called condensate to 2.5 million barrels per day from the stipulated 2.2 million currently. This was disclosed by the Minister of State for Petroleum Resources, Mr Timipre Sylva, in a recent interview with Bloomberg. Recently, the national

By Dipo Olowookere The first trading session of the new week closed on a positive note at the Nigerian Exchange (NGX) Limited on Monday, appreciating by 1.11 per cent. Bargain-hunting in local equities sustained the upward trend recorded during the trading session as investors locked in funds in banking and consumer goods stocks. Data from the bourse revealed that the banking space gained 5.65 per cent, and the consumer goods sector appreciated by 1.57 per cent. During the session, the insurance counter lost 2.81 per cent, and the industrial goods index depreciated by 0.14 per cent, while the energy space

By Aduragbemi Omiyale Nigerians living abroad who invested in the $300 million diaspora bond issued by the federal government in 2017 have received the value of their initial investment. The debt instrument matured on June 27, 2022, and according to a statement issued by the Debt Management Office (DMO), the bond has been redeemed. Nigeria approached the international capital market to source $300 million to finance part of the deficits in the 2017 budget as the nation was just recovering from a recession it slipped into a year earlier. The exercise afforded citizens of the country living abroad to support

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the bearish zone by 0.35 per cent on Tuesday, November 16, scrapping off 2.58 points from the NASD Unlisted Security Index (NSI) to 744.58 points from the previous day’s 747.16 points. This was also reflected in the market capitalisation of the bourse, which closed the day at N615.16 billion after depreciating by N2.13 billion. At the preceding session, the total value of stocks on the platform stood at N617.29 billion. The session’s downward trajectory came from FrieslandCampina WAMCO Nigeria Plc and Central Securities Clearing Systems (CSCS) Plc

By Adedapo Adesanya The federal government has tasked state governments to codify the recently signed Nigerian Startup Act into law. The Act gives every state the opportunity to build a thriving startup ecosystem and stay competitive. Senior Special Assistant to the President on Digital Transformation and Nigeria Startup Act, Mr Oswald Osaretin Guobadia, urged the adoption and implementation of the law by states, noting that states would boost youth empowerment and develop the technology ecosystem. “The youth are key players for growth in the nation, and it is important that they contribute to the impact of the Act by supporting,

By Modupe Gbadeyanka Ecobank Nigeria, Sterling Bank and Union Bank of Nigeria have been named as banks with good customer experience in the Small and Medium Enterprises (SME) segment. The recognition was given by a leading audit and professional services company, KPMG Nigeria, in its latest report, which measures the performance of lenders in the country in terms of their relationship with their account holders and other users of financial services. The 2020 survey covered 15,056 retail customers, 1,856 SMEs and 332 commercial/corporate organisations. Respondents were selected from customers who have interacted with their bank in the last six months.

By Modupe Gbadeyanka The presidency has reacted to the 6.10 per cent decline in the nation’s Gross Domestic Product (GDP) for the second quarter of 2020 as released by the National Bureau of Statistics (NBS) on Monday. In a statement issued on Wednesday by the Special Adviser to the President on Media and Publicity, Mr Femi Adesina, the presidency said the shrinking of Nigeria’s economy in the period under review was expected. However, Mr Adesina said when compared with GDPs of advanced countries around the globe, Nigeria did not do badly. “It also appears muted compared to the outcomes in