Osinbajo In Abu Dhabi To Foster Economic Ties

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a further rise of 0.55 per cent, extending its stay in the green territory to a fourth straight session on Thursday, November 7. This increased the NASD Unlisted Security Index (NSI) by 4.81 points to wrap the session at 872.54 points compared with 867.73 points in the previous session, as the market capitalisation of the OTC exchange jumped by N6.52 billion to settle at N1.182 trillion, in contrast to the preceding trading day’s N1.176 trillion. The unlisted securities market ended the trading session with two price gainers, 11 Plc and

By Dipo Olowookere The International Monetary Fund (IMF) has said Nigeria’s revenue–to-gross domestic product (GDP) ratio of about 9 per cent was too low to trigger the economic growth projected by President Bola Tinubu in his Renewed Hope Agenda. Addressing journalists at its last press briefing for 2023 on Thursday, the global lender said the administration of Mr Tinubu must boost the government’s revenue to have funds to achieve his goals. On May 29, 2023, Mr Tinubu took over from Mr Muhammadu Buhari, promising to jump-start the economy and work tirelessly to address food security, end hunger, eradicate poverty, create

By Adedapo Adesanya The President of the Dangote Group, the owners of the Dangote Petroleum Refinery and Petrochemicals plant, Mr Aliko Dangote, has said that following the purchase of 1 million barrels of Agbami crude grade from Shell International Trading and Shipping Company Limited (STASCO), it will be looking to ramp up its production in coming months. The 650,000 barrels per day capacity refinery is not expected to hit full capacity until 2025, but with a gradual ramping, it is expected that it will begin with begin producing up to 370,000 barrels per day of diesel and jet fuel. “We

By Dipo Olowookere As part of its strategy to meet the new capital base requirement of the National Insurance Commission (NAICOM), Cornerstone Insurance Plc is planning to issue bonus shares. At a meeting of the board of the company, it was agreed that shareholders should be issued new shares on the basis of 7 fresh shares for 30 held by them. However, this is a proposal and it would need the approval of the company’s investors at the Annual General Meeting (AGM). At the board gathering, which took place on Wednesday, July 22, 2020, members of the board also approved

The race to rebuild the global economy after the lockdowns is gathering pace. The spike in inflationary trends, disturbing food insecurity levels, failing channel management systems, the sharp increase in the number of businesses going bust, and alarming infrastructure deficit form the recent consequences of the COVID-19 outbreak. Hence, development agencies and state economic managers on global and regional scales have sprung into action to revive the hailing economies. Recovery aids, financing instruments are being sourced to balance up the intervention policies developed across markets to stimulate quick recovery from the various shocks of the viral outbreak. Africa, home to

By Modupe Gbadeyanka The sum of $250 million has been approved by the National Economic Council (NEC) to be injected into the Sovereign Wealth Funds (SWF). Minister of Finance, Mrs Kemi Adeosun, made this known on Thursday in Abuja while addressing journalists. Mrs Adeosun noted that the approval was made after adopting the report and accounts of the Nigerian Sovereign Investment Authority presented by the Managing Director, Mr Uche Orii. She added that an approval was also given for the appointment of Nigerian Sovereign Investment Authority board members. The Minister further hinted that the Excess Crude Accounts where the $250

By Dipo Olowookere The Nigerian Customs Service (NCS) has maintained that it would go on with the planned crackdown on vehicle owners who failed to pay duties on their cars, despite having them registered by various government agencies involved in the registration process. Addressing a press conference on Wednesday, spokesman of the Customs, Mr Joseph Attah, said the grace period for vehicle owners to make the payment to avoid being embarrassed remains Monday, March 13 to Wednesday, April 12, 2017. He said points of payments with the exception of Lagos and Port Harcourt will now be the nearest Customs Area

By Dipo Olowookere The last may not have been heard of the recent defection of Governor David Umahi of Ebonyi State to the All Progressives Congress (APC) from the Peoples Democratic Party (PDP). A former Secretary to the Government of the Federation (SGF), Mr Pius Anyim, has lambasted the Governor for his porting to the ruling party from the opposition. The former Senate President, while reacting to the issue, claimed the “greed and inordinate ambition” of the Governor will sink him, adding that Mr Umahi was making efforts to blackmail others who did not defect with him. Recall that last

By Adedapo Adesanya The exchange rate of the Naira to the US Dollar was in favour of the latter on Monday at the Investors and Exporters (I&E) window of the foreign exchange (forex) market amid a rise in demand for FX during the trading session. According to data obtained by Business Post from FMDQ Securities Exchange, the value of forex transactions in the official FX market in Nigeria stood at $132.77 million, 37.1 per cent or $35.96 million higher than the $96.81 million recorded in the preceding session. Its inability to soak this significant FX demand pressure weakened the local

By Modupe Gbadeyanka Business mogul, Mr Tonye Cole, has informed the board and management of Sahara Group of his intention to delve into politics. Mr Cole is one of the co-founders and Executive Director of Sahara Group. A statement issued by the firm disclosed that as a non-political and non-partisan group, it is not affiliated to any political party in any country it operates in and does not engage in Nigerian politics. According to the board, Mr Cole’s decision to participate in active politics is his individual preference and choice to which he is entitled. “In accordance to Sahara Group’s

By Adedapo Adesanya Despite shares of Nigerian Exchange (NGX) Group Plc recording a 1.9 per cent or 35 kobo growth on Tuesday, the NASD Over-the-Counter (OTC) Securities Exchange closed flat again. The positive price movement achieved by the stock could not sway the unlisted securities market to the positive territory. The share price of the company closed yesterday at N17.96 per unit compared with 17.61 per unit it finished at the first trading day of the week. Business Post reports that at the close of transactions on Tuesday, the NASD Unlisted Security Index (NSI) remained unchanged at 763.84 points, while