Ogun to Become Investment Hub in Nigeria—Deputy Governor

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 NASD Over-the-Counter (OTC) Securities Exchange fell into the danger zone on Tuesday, November 28, as it recorded a 1.14 per cent loss after the price of three securities on the platform closed lower. This chopped off N13.33 billion from the NASD OTC securities exchange at the close of transactions, going down to N1.158 trillion from the N1.171 trillion it ended in the previous session. Business Post reports that the effort of a price gainer yesterday could not save the NASD Unlisted Security Index (NSI) from declining by 9.84 points to 854.67 points from the 864.51 points

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  President Bola Tinubu has written to the House of Representatives seeking the approval for an $8.6 billion and €100 million external borrowing plan for critical infrastructure in areas such as power, roads, water, railway, and health. The President also forwarded the Federal Capital Territory (FCT) Supplementary Budget to the lower chamber for consideration. Meanwhile, the President will present the 2024 budget to the National Assembly on Wednesday. This was after the Federal Executive Council (FEC) approved a 2024 budget of N27.5 trillion. The approval followed the review of the Medium-Term Expenditure Framework (MTEF) earlier passed by the

By Adedapo Adesanya Oil prices rose on Wednesday, April 20 after the United States Energy Information Administration (EIA) said the US crude stockpiles recorded a draw of 8 million barrels last week compared with a crude inventory increase of 9.4 million barrels reported a week earlier. At the oil market yesterday, the Brent crude futures gained $1.25 or 1.17 per cent to trade at $108.05 per barrel, while the West Texas Intermediate (WTI) crude futures appreciated by 19 cents or 0.19 per cent to sell at $102.75 per barrel. Business Post reports that on Tuesday, the American Petroleum Institute(API) estimated

Popular Nigerian actress, Toyin Aimakhu, has been billed to perform at the 2016 edition of Afro-Heritage Broadcasting and Entertainment Awards (AHBEA). The movie star is expected to thrill guests at the awards ceremony, which enters its second edition this year. The event will take place on Saturday, August 20, 2016, at Phoenix Hall in Houston Texas and several other stars have been invited to grace it. Already, Ms Aimakhu is gearing up for the occasion and has promised not to disappoint her numerous fans expecting much from her.

By Adedapo Adesanya The federal government has set its sight on the country’s crude oil production to reach 1.6 million barrels per day by the first quarter of 2023. This is according to the Minister of Finance, Budget, and National Planning, Mrs Zainab Ahmed, at the recent World Bank’s Nigeria Development Update and Country Economic Memorandum in Abuja. Mrs Ahmed also stated that the level of importation of petroleum products into the country would significantly drop next year when rehabilitation work on the Port Harcourt Refinery is completed. She said this facility would complement the much-expected commencement of operations of

By Dipo Olowookere The N1.4 billion rights issue of Red Star Express Plc recorded a 100 percent subscription rate, a disclosure from the Nigerian Stock Exchange (NSE) on Friday revealed. The leading courier and package delivery company in Nigeria had in 2019 commenced a process of raising fresh funds from its shareholders through a rights issue. During the exercise, the firm issued 336,855,291 ordinary shares of 50 kobo each at N4 per share on the basis of four new ordinary shares for every seven ordinary shares held as at August 21, 2019. Yesterday, the additional shares sold through the rights

By Dipo Olowookere The Central Bank of Nigeria (CBN) has been asked to design a policy aimed to tackle the incessant Naira devaluation at the foreign exchange (FX) market. Since the inception of the present administration of President Muhammadu Buhari in 2015, the local currency has lost a huge value against the United States Dollar, moving from around N200/$1 to N410/$1 at the official exchange rate market. For the House of Representatives, this is not acceptable, especially as the value of the domestic currency at the unregulated segment of the FX market is at N502/$1. At the plenary on Wednesday,

By Dipo Olowookere About N214.95 billion worth of bonds has been raised by the Federal Government at its first auction in the year 2017. According to the Debt Management Office (DMO), which carried out the exercise on behalf of the government, it raised a N105.10 billion worth of 20-year bonds that would mature in 2036 at 16.99 percent. Making this disclosure on Thursday, the DMO noted that the coupon rate for the 20-year bonds was higher than the 16.43 percent offered in the same category in December 2016. It said further that the sum of N74.90 billion was raised on

By Dipo Olowookere The ‘big five’ banks in Nigeria; First Bank, UBA, GTBank, Access Bank and Zenith Bank under the nickname FUGAZ, generated nearly N2 trillion (precisely N1.979 trillion) as revenue in the first nine months of 2017 compared with N1.338 trillion they achieved in the corresponding period of 2016. This is according to the Q3 financial statements released by the lenders last month to the Nigerian Stock Exchange (NSE) for the period ended September 30, 2017, which was analysed by Business Post Nigeria. From the analysis, Zenith Bank raked the highest figure during the period under review, N531.226 billion

All seems not to be too well with the Kogi State chapter of the Peoples Democratic Party (PDP) going by the feelers reaching us. It was gathered that the main issue is an alleged move by Senator Attai Aidoko, the PDP Senator representing Kogi East District at the upper chamber of the National Assembly, to set up a parallel campaign body for the Atiku/Obi presidential campaigns towards 2019 elections. Sources hinted that the PDP 2019 Presidential Campaign Council led by Senate President, Bukola Saraki, had mandated Alhaji Ibrahim Idris, a former governor of Kogi State and also the leader of