Oil Deal: Seplat Settles $20.5m Dispute with Crestar

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Investors and Exporters (I&E), the Peer-to-Peer (P2P), and the black market arms of the foreign exchange (forex) market on Friday, September 29, as a turbulent third quarter ended. In the official segment, the local currency improved its value against the greenback by 2.6 per cent or N20.04 to close at N755.27/$1, in contrast to the preceding day’s N775.31/$1 amid a drop in the supply of FX into the system by 11.6 per cent or $16.73 million to $127.82 million from the $144.55 million published on Thursday. In the

By Adedapo Adesanya VFD Group Plc has been officially delisted from the NASD Over-the-Counter (OTC) Securities Exchange months after the proprietary investment company revealed its intention to list its stocks on the Nigerian Exchange (NGX) Limited. The bourse on Thursday confirmed the development in a notice seen by Business Post. “Pursuant to the company’s request to delist from the NASD OTC Exchange, we wish to inform you that VFD Group PLC shares will be delisted with effect from the close of business (COB) today, Thursday, September 28, 2023,” the notice read. Last Friday, after three years of trading on the

By Dipo Olowookere Profit-taking persisted at the Nigerian Exchange (NGX) Limited on Thursday, with Customs Street going down by 0.31 per cent on its return from a midweek break. The market closed its doors to traders on Wednesday due to the public holiday declared by the federal government to mark Eid-el Maulud, the birthday of Prophet Mohammed. Business Post reports that market participants did not take their minds off the pressing issues affecting the Nigerian economy, especially rising inflation, energy costs and the foreign exchange (FX) crisis. As a result, they liquidated their shares, leading to a negative market breadth

By Dipo Olowookere The disbursement of $94.2 million has been approved for Ghana by the Executive Board of the International Monetary Fund (IMF). This followed the completion of the fourth review of the arrangement under the Extended Credit Facility (ECF), bringing total disbursements under the arrangement to $565.2 million, with the remainder being tied to the remaining reviews. The Board also approved Ghana’s request for waivers of non-observance of performance criteria, and modification of one performance criterion; and the extension of the arrangement by one year. Ghana’s three-year arrangement for $918 million or 180 percent of quota at the time

By Aduragbemi Omiyale The new owners of Polaris Bank Limited, Strategic Capital Investment Limited (SCIL), have appointed Mr Adekunle Sonola as the new Managing Director/Chief Executive Officer. This followed the acquisition of the 100 per cent equity stake in the bank for N50 billion and the agreement to pay the N1.3 trillion injected into the lender by the Central Bank of Nigeria (CBN) over the next 25 years. Mr Sonola, who is replacing Mr Innocent C. Ike, has more than 33 years of experience in the African financial services sector, most recently as Executive Director of Commercial Banking at Union

By Modupe Gbadeyanka The offloading of banking and consumer goods equities last Friday resulted in the N75 billion decline in the total value of stocks on the local bourse. Investors capitalised on the gains at the market last week to quickly take profit as fears of global economy continue to sway decisions of traders and governments across the world. The Nigerian Stock Exchange (NSE) lost 0.55 percent at the last trading session of the week, causing the All-Share Index (ASI) to reduce by 146.59 points to 26,279.61 points. Also, this led to the market capitalisation going down by N75 billion

By Aduragbemi Omiyale President Muhammadu Buhari is seeking the approval of the Senate to obtain a fresh external loan worth N2.3 trillion ($6.18 billion). The Senate President, Mr Ahmad Lawan, disclosed this at the plenary on Tuesday. Mr Lawan, while reading the letter from Mr Buhari, said the money would be used to fund the 2021 budget deficit of over N5 trillion. In December 2020, President Buhari signed the 2021 budget of N13.6 trillion into law, with the sum of N5.6 trillion earmarked for recurrent expenditure, debt service of N3.3 trillion and a fiscal deficit of N5.2 trillion. In his

By Modupe Gbadeyanka Liberian President, Ms Ellen Johnson Sirleaf, has been inaugurated as Chairman of the High Level Panel on Migration (HLPM) in Africa at a meeting held on Tuesday in Monrovia. Established in April 2016 by the Economic Commission for Africa (ECA) under the direction of the joint African Union (AU) and ECA Conference of Ministers in Addis Ababa, HLPM is made up of 14 members. The panel aims to push migration issues to the top of policy agenda by engaging major stakeholders and partners. During the launch on Tuesday, Ms Sirleaf said, “Just last week, some 40 young

By Adedapo Adesanya Over the years, the method of working has experienced various changes, and so have the reasons for doing so. Finding and engaging in meaningful work has also become popular as many different employment options are springing up; freelancing is one of them. Meaningful work simply explains having a genuine connection between the work you do and your life’s purpose, and with freelancing platforms like Kreek Africa, it is possible. Very often, it is assumed that one has to be a part of an organization for them to engage in meaningful work. But for those interested in having

By Adedapo Adesanya The House of Representatives has moved to investigate allegations that the Integrated Payroll and Personnel Information System (IPPIS) is riddled with fraud and some irregularities. It was reported that these have led to the non-payment of salaries and allowances of federal civil servants. The Public Accounts Committee of the House said the move was necessary to sanitise the system. The committee, while engaging tertiary institutions and other agencies on their financial audit reports for 2018-2019 on Tuesday, December 1, said it was alarmed by the leakages and sharp practices observed in its earlier engagement with other agencies,

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