Oyo Pays Workers’ Salaries from N7.2b Paris Club Refund

By Dipo Olowookere The bears tightened their grip on the Nigerian Exchange (NGX) Limited on Tuesday, chopping off 0.34 per cent from the local bourse despite assurances from Mr Yemi Cardoso he would endeavour to ensure the Central Bank of Nigeria (CBN) restores its independence. Mr Cardoso was confirmed as the new CBN Governor by the Senate yesterday and he promised to formulate evidence-based monetary policies, a departure from his predecessor, Mr Godwin Emefiele, who was accused of romancing the President and coming up with trial-and-error policies. Business Post reports that investors were more interested in trimming their exposure to

By Adedapo Adesanya A foreign oil company, Equinor ASA, has chosen a little-known Nigerian company, Chappal Energy, as the preferred buyer of its stake in one of the country’s largest deep-water oil fields, Agbami. According to a report by Bloomberg on Monday, the Norwegian energy giant is trying to sell its 20.2 per cent interest in the Agbami field – joining other international producers such as Shell Plc, Exxon Mobil Corporation and Eni SpA in looking to offload assets in Africa’s biggest crude producer, Nigeria. In January, Equinor launched the sale of its stake in an offshore Nigerian oilfield, joining

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange continued its weekly positive run as it extended its gains by 0.41 per cent in the 38th week of trading in this year. The bullish posture was supported by the improvements in the share prices of six companies admitted to the alternative stock exchange in Nigeria. This increased the NASD Unlisted Securities Index (NSI) by  2.30 points from 805.65 points in the previous week to 808.95 points, as the market capitalisation of the bourse was relatively unchanged on a week-on-week at N1.140 trillion. Food Concepts Plc led the price gainers’ after

By Precious Olisa This news may not be palatable to developers and Nigerians planning to start a building project, as the Cement Producers Association of Nigeria has warned that the price of a 50kg bag of cement may start selling for N9,000 when the dry season begins in November. At the moment, the product is sold at over N5,000. In a statement jointly signed on Sunday by the National Chairman of the group, Mr David Iweta, and its National Secretary, Mr Ufomba, the manufacturers said the rise in the price of cement would be caused by the decision of the

Nigeria has shown what it is like to evolve in every aspect of life. From technology to various other industries, the landscape of Nigeria has progressed steadily. One extremely noteworthy development that we have seen in the last decade is the growth of online gaming in Nigeria. Most people in Nigeria have a smartphone on them. Plus, internet connectivity has also evolved over the decades. Thus, nothing is stopping the youth and gaming enthusiasts to play to their heart’s content. That being said, we have gathered some facts that would provide an insight into the online gaming sector of Nigeria.

By Modupe Gbadeyanka The N50 rights issue recently carried out by Union Bank of Nigeria was 20 percent oversubscribed by shareholders, the lender has confirmed. In a statement issued by the bank, it said the N49.7 billion needed from the exercise was successfully raised. Chief Executive Officer of Union Bank, Mr Emeka Emuwa, while commenting on the development, noted that the oversubscription showed the confidence investors have in the financial institution. Union Bank is one of Nigeria’s long-standing and most respected financial institutions and it concluded on October 30, 2017. The lender launched the N49.7 billion Rights Issue on September

By FSDH Research The implementation of the Investors’ and Exporters’ Foreign Exchange (FX) Window has increased the supply of foreign exchange into the Nigerian economy. In addition, it has attracted more investments into Nigeria. Consequently, we observed relative stability in the foreign exchange market. Companies and individuals are now able to access more foreign exchange in the market than before to carry out eligible transactions and economic activities are gradually picking up. The Central Bank of Nigeria (CBN) introduced the special window for investors, exporters and end-users of FX on April 21, 2017 as part of its efforts to deepen

By Dipo Olowookere Managing Director of NASD Plc, Mr Bola Ajomale, has been appointed as the president of Nigerian Advisory Council of the Chartered Institute for Investments and Securities UK (CISI). Mr Ajomale was formally put on the position Sunday, March 10, 2019, at a ceremony which took place in Lagos. Some of the important persons present on the occasion included the CISI UK Senior International Manager, Mr Prannet Shivaprasad, and members of the Nigerian Advisory Council CISI. In his inaugural speech, Mr Ajomale welcomed the opportunity to contribute positively to the Nigerian capital market via his role as president

By Dipo Olowookere Nigerian shares snapped a four-day losing streak on Thursday ahead of the Easter break, which begins tomorrow, to appreciate by 1.72 percent. This came as earnings updates continued to impress investors, who had waited patiently for massive release of results today, being the last day for release of 2017 earnings as well as the last trading day of the month of March 2018. Earlier results released by some market heavyweights had failed to inspire investors as most of them churned out what traders were already expecting with no surprises. Business Post reports that today’s trading was positive

By Dipo Olowookere Chairman of Transcorp Plc, Mr Tony Elumelu, has expressed delight at the appointment of Mrs Foluke Abdurazaq as Vice Chairman of the company’s board of directors. Mr Elumelu said Mrs Abdulrazaq’s extensive leadership experience will support the new management team led by Mrs Owen Omogiafo, the President/CEO, who recently unveiled her five year strategic business goals that include the expansion of the investment portfolio of the Transcorp group through strategic acquisitions; deepening the market share of the existing businesses, and diversifying into the manufacturing sector, to help realise our vision of improving lives and transforming Nigeria’s economy.

By Modupe Gbadeyanka The Nigerian National Petroleum Corporation (NNPC) depot in Ejigbo area of Lagos State has shut down due to alleged incessant disappearance of petroleum products pumped into the facility. ThisDay reports that the issue of missing petrol forced management of the state-owned oil agency to launch an investigation into the matter. The Ejigbo NNPC depot had resumed loading activities in March after the efforts of NNPC to tackle vandalism had yielded results with the repairs of the vandalised portion of the pipelines linking the depot with Atlas Cove Depot, also in Lagos. Ejigbo Depot is one of the