Okomu Oil Refurbishes Oil Mill, Rubber Factory

By Aduragbemi Omiyale The Vice President, Mr Kashim Shettima, has said Nigeria is in dire need of foreign direct investment (FDI) more than ever before, tasking domestic and foreign investors to make Nigeria their investment hub because efforts are being made to formulate business-friendly policies. Mr Shettima, while speaking when he hosted the management of First Surat Group, as well as top management of MTN Nigeria at the presidential villa in Abuja, charged MTN Nigeria to facilitate and spearhead digital mobile money and digital education. He assured that President Bola Tinubu was willing to partner with various stakeholders 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 Adedapo Adesanya The prices of Brent futures and the US West Texas Intermediate (WTI) futures went down by about 1 per cent on Friday, due to macroeconomic concerns and sustained profit-taking. Data showed that Brent fell by 7 cents to $95.31 per barrel and WTI depreciated by 92 cents to $90.97. Prices rose about 30 per cent in the third quarter of the year helped by the production cuts by the Organisation of the Petroleum Exporting Countries and allies (OPEC+). This action squeezed global crude supply. Brent was about 2.2 per cent in the week and 27 per cent

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 United Capital Research On Wednesday, June 20, 2018, President Buhari signed the 2018 Budget into law, more than 200 days after it was presented in Nov-2017. Although less concerned about the aggregate increment to N9.1tn, the President was not pleased by cuts amounting to N347.0bn in relation to 4,700 projects submitted for legislative consideration and the introduction of 6,403 projects amounting to N578.0bn by the National Assembly. This development seemed to have generated a lot of arguments on social media. By the President’s reckoning, the cuts made affected several projects, notably; the Mambilla Power Plant, 2nd Niger Bridge/Ancillary Roads,

By Nneka Okumazie There is the natural assumption that the best gift is something to buy, which in some situations could be appropriate. But overall, the best gift is something that cannot be seen – as given or that cannot be bought. Sincerity is better than the best of gold. Trust, genuine trust, is better than all of silver. There is the desire to give something and be seen, but the consideration that money from a source of horror could have been used to get the gift makes it less meaningful. This year, the General Overseer of the Redeemed Christian

By Adedapo Adesanya The market capitalisation of the NASD Over-the-Counter (OTC) Securities Exchange increased on Monday, August 17 by N3.65 billion or 0.70 per cent. The leap in the total size of the market yesterday was as a result of the gains in the share price of Niger Delta Exploration and Production (NDEP) Plc. The company, which was the day’s single price mover, jerked up by N20.12 on the first trading session of the week to N324.79 per share from N304.87 per cent. This rise pushed the market capitalisation of the exchange higher to N527.73 billion from the previous session’s

By Adedapo Adesanya The Naira appreciated by N3 against the American Dollar at the black market of the foreign exchange (forex) market on Wednesday, August 19, a day after crashing to N480/$1, closing at N477/$1. At the same segment, the local currency also gained by N2 against the Pound Sterling to close at N608/£1 versus N610/€1 it previously traded, while it ended flat against the Euro to close at N550/€1. However, at the Investors and Exporters (I&E) segment of the market on Wednesday, the domestic currency depreciated by 0.01 per cent or 2 kobo to close at N386/$1 in contrast

By Adedapo Adesanya The Nigerian Maritime Administration and Safety Agency (NIMASA) has said it will clamp down on untrained and uncertified boat skippers, who often ignore safety procedures and endanger the lives of passengers. The agency’s Director-General, Mr Bashir Jamoh, made the disclosure when he hosted the General Manager of the Lagos State Waterways Authority (LASWA), Mr Oluwadamilola Emmanuel. He said further that it was necessary to develop cohesive safety enforcement guidelines and regulations for all littoral states. According to Mr Jamoh, the harmonisation of standards and procedures for safety in the territorial waters will help avoid unsafe practices by

By Modupe Gbadeyanka President Muhammadu Buhari has stressed that the real impact of coming out recession would be better felt when ordinary Nigerians experience a change in their living conditions. Mr Buhari made this remark on Tuesday at his country home in Daura, Katsina State, while reacting to the announcement by the National Bureau of Statistics (NBS) today. Speaking while receiving President of Niger Republic, Mr Mahamadou Issoufou, informed journalists that he was “very happy” to hear the country was finally out of recession, adding that the real gain should be improved conditions for Nigerians. Responding to questions from newsmen,

By Dipo Olowookere The sum of N655.17 billion generated in December 2017 as revenue has been shared by the three tiers of government. The money was given to the Federal, States and Local Governments. Minister of Finance, Mrs Kemi Adeosun, while addressing newsmen in Abuja on Tuesday after the Federation Account Allocation Committee (FAAC) said that the N655.17 billion was distributed under four distributable sub-heads. “The total statutory revenue for the month is N540.44 billion. “It was made up as follows: NNPC contributed N104.3 billion, DPR, N77.61 billion, FIRS collection from the oil sector is N88.37 billion and N116.9 billion

By Dipo Olowookere The suspension earlier placed on the Nigeria Financial Intelligent Unit (FIU) by the Egmont Group of Financial Intelligent Units has now been removed. This followed the removal of the NFIU from the Economic and Financial Crimes Commission (EFCC) and domiciled in the Central Bank of Nigeria (CBN), with the agency re-christened as the Nigerian Financial Intelligence Unit (NFIU). This was lawfully done with the amendment of section 1(2) (C) of the EFCC Establishment Act, which removed the FIU from the EFCC. On July 5, 2017, Nigeria was suspended from the Egmont Group of Financial Intelligence Units because