Okowa Signs Investment Development Bill Into Law

By Adedapo Adesanya Trading activities resumed at the official segment of the foreign exchange (FX), with the Nigerian Naira returning to familiar territory after the Eid-el-Maulud break due to forex demand pressure. The nation’s currency depreciated against the US Dollar in the Investors and Exporters (I&E) arm of the market on Thursday, September 28, by 2.68 per cent or N20.23 to finish at N775.31/$1 compared with the preceding day’s value of N755.08/$1. It was observed that the domestic currency crumbled during the session due to FX demand caused by the break, with the spot market recording trades valued at $144.55

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 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

Traders Union (TU) experts know that supply and demand rules control all markets. When traders trade, they usually use technical signals to find out if there is more supply or demand. In this guide, the analysts will delve into the world of supply and demand zones and explore their significance in trading. But before you dive in, it’s crucial to grasp the fundamentals. What you should know about supply and demand zones The guidance from TU’s analysts provides insight into the crucial aspects of demand and supply zone trading. It is important to understand these zones: Supply Zone – this

By Adedapo Adesanya Prices of crude oil rose on Monday as a huge chunk of production in the United States section of the Gulf of Mexico has been shut as hurricane Ida passed through it before making landfall in the state of Louisiana. According to data from the Bureau of Safety and Environmental Enforcement (BSEE), a total of 288 production platforms in the Gulf of Mexico have been evacuated. This meant that about 1.74 million barrels in daily production or 95.7 per cent of the total produced in the Gulf was shut in, along with 2.09 billion cubic feet of

By Aduragbemi Omiyale The lawmaker representing Imo West Senatorial District in the National Assembly, Mr Osita Izunaso, has been appointed as the Chairman of the Senate Committee on Capital Market. The was named as the head of the team by the Senate President, Mr Godswill Akpabio, on Tuesday along with other members of the upper chamber of the parliament. Mr Izunaso, who was among the candidates earlier vying for Mr Akpabio’s position at the 10th Senate, is not a rookie in the leadership of a senate committee. He was formerly the Chairman of the Senate Committee on Gas and Housing.

By Adedapo Adesanya The Asset Management Corporation of Nigeria (AMCON) has announced its intention to release very soon a television documentary on prominent Nigerians who owe the larger part of a N5 trillion debt, stating that the debtors are top public office holders in the country. This was reportedly disclosed by the corporation’s Managing Director/Chief Executive Officer, Mr Ahmed Kuru, who was a guest speaker at the July 2019 edition of the breakfast meeting organized by the Nigerian–American Chamber of Commerce. According to the AMCON boss, a major source of concern is that only 350 Nigerians owe 80 percent of

By Dipo Olowookere At the Annual General Meeting (AGM) of Dangote Cement Plc, the pay-out of N144.8 billion dividend to its shareholders was approved, which represented N8.50k per share in contrast to N8 per share paid to them in the corresponding period of 2015. This excited the shareholders, who could not hide their joy and were full of praise for the board, management and staff of Dangote Cement Plc for giving them good returns for the investments. “We are very happy and pleased with this result. The year 2016 was very tough with the recession and fluctuation in the foreign

By Adedapo Adesanya The Nigerian government said plans are underway to restructure the National Youth Service Scheme (NYSC) to include a diaspora support scheme. This was one of the points raised by the Minister of Finance, Budget, and National Planning, Mrs Zainab Ahmed, on Wednesday at the Ministerial Presentation of the N20.51 trillion 2023 budget. She noted that this is part of the government’s ongoing efforts to create jobs and facilitate inbound capital flow into the country. Speaking further, the Minister disclosed that in line with efforts to boost job creation and economic growth, the federal government is also looking

By Modupe Gbadeyanka No fewer than 11 properties in different parts of Enugu State have been recovered by the Economic and Financial Crimes Commission (EFCC) and handed over to a prominent businessman, Mr Arthur Eze. The assets were returned to Mr Eze on Friday, January 28, 2022, by the Enugu Zonal Command of the anti-money laundering agency. A statement issued by the EFCC explained that the properties were recovered from the duo of Olisaebuka Okechukwu Eze and Onyeka Nnadozie Eze, administration and finance manager respectively in the businessman’s company. The two suspects were accused of criminal breach of trust and

By Dipo Olowookere The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has said he expects the inflation rate in Nigeria to begin to ease from next year. The nation’s chief banker made this disclosure over the weekend in Lagos while delivering a speech at the 55th Annual Bankers Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN). Mr Emefiele expressed confidence that the inflationary pressure will begin to moderate from the first half of 2021 because of the steps being taken by the fiscal and monetary authorities. According to him, one of these moves

By Modupe Gbadeyanka Denmark’s Minister for Development Cooperation, Ulla Tørnæs, yesterday met with Burkina Faso’s Minister of Economy, Finance and Development, Rosine Sori-Coulibaly. The meeting was the newly appointed minister’s first meeting with a foreign minister, thus affirming the special partnership between Burkina Faso and Denmark, which so far has lasted for over 30 years. “The Minister of Economy, Finance and Developments visit confirms the close cooperation between Denmark and Burkina Faso on development and stability in Burkina Faso and the wider Sahel region. Since the popular uprising in October 2014, Burkina Faso has, despite the fact that the country