Qfac Pick of the Week: United Bank for Africa (UBA) Plc

By Adedapo Adesanya The return of the bears was averted at the NASD Over-the-Counter (OTC) Securities Exchange on Thursday by Central Securities Clearing System (CSCS) Plc, which helped the alternative bourse close marginally higher by 0.03 per cent. This slight growth increased the value of the OTC exchange by N380 million, closing relatively flat at N1.165 trillion, as the NASD Unlisted Security Index (NSI) increased by 0.27 points to end the day at 859.58 points compared with the previous day’s 859.31 points. During the trading day, the value of CSCS Plc went up by 8 Kobo to settle at N17.08

In furtherance of my sacred duties and obligations as President of the Federal Republic of Nigeria, it is my honour to be here today to present my administration’s 2024 Budget Proposal to this Joint Session of the 10th National Assembly. This moment is especially profound and significant to me because it is my first annual budgetary presentation to the National Assembly. Distinguished Senators and Honourable Members of the National Assembly, I commend your swift consideration and passage of the 2023 Supplementary Appropriation Bills and the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper. Your prompt action underscores your devotion

By Adedapo Adesanya Equinor and Chappal Energies have entered into an agreement for the sale of Equinor Nigeria Energy Company (ENEC), which holds a 53.85 per cent ownership in oil and gas lease OML 128, including the unitized 20.21 per cent stake in the Agbami oil field, operated by Chevron. Speaking on the deal, Equinor’s senior vice president for Africa Operations, Ms Nina Koch, said Nigeria has been an important part of Equinor’s international portfolio over the past 30 years, noting that, “This transaction realizes value and is in line with Equinor’s strategy to optimize its international oil and gas

By Aduragbemi Omiyale President Bola Tinubu has said the 2024 budget presented to the joint session of the National Assembly on Wednesday was designed to achieve macroeconomic stability, a better investment environment, greater access to social security, poverty reduction and enhanced human capital development. According to him, if these goals are achieved, the standard of living of Nigerians will improve and the citizens will enjoy the dividends of democracy. While presenting the 2024 Appropriation Bills to the parliament yesterday, the President said this was why he christened the budget proposal as the Budget of Renewed Hope. Mr Tinubu told the

By Dipo Olowookere The construction of three ultra-modern care centres for residents of Lagos, especially for old and elderly citizens, is being planned for by the state government. Commissioner for Youth and Social Development, Mrs Uzamat Akinbile-Yussuf, disclosed that, “Approval has been granted for the homes to be sited at Ajagun Street, opposite Imeke palace, Iworo-Ajido (Olorunda LCDA Badagry); Alimosho General Hospital Complex, LASU-Ojo Road, Igando; and Epe Recreational Complex, Hospital road, Epe.” Mrs Akinbile-Yussuf said the initiative was a way of providing an interactive platform for the aged residents as well as increase socialization among them, especially those who

By Aduragbemi Omiyale The Nigerian government has been advised to quickly address the foreign exchange (FX) shortages so as to give the nation’s economy a lifeline. This advice was given by the International Monetary Fund (IMF) in a statement issued on Monday to announce the outcome of the Article IV consultation with Nigeria on January 27, 2021. In the statement made available to Business Post, the global money lender acknowledged that Nigeria’s economy was hit hard by COVID-19 pandemic last year and commended the prompt support offered by the government to cushion the effect. It attributed the weakening of the

By Dipo Olowookere The annual profit of Okomu Oil Palm Company Plc depreciated by 8.72 percent in 2018 financial year, the financial statements of the Edo State-based firm have revealed. The profit after tax, which was N9.3 billion in 2017, dropped to N8.5 billion in 2018, while the profit before tax declined to N10.3 billion from N11.1 billion. A brief analysis of the results showed that revenue generated by the company in the period under consideration marginally reduced to N20.258   billion from N20.262 billion, while the external charges rose to N4 billion from N3.7 billion. In the year under review,

By Adedapo Adesanya The Airline Operators of Nigeria (AON) has announced that it will not continue with the planned suspension of flight operations earlier scheduled to commence today. This was disclosed in a statement on Sunday jointly signed by its President, Mr Abdulmunaf Yunusa Sarina, and other associates. The body clarified that their decision followed the intervention of the government with promises to dialogue with operators in seeking lasting solutions to the astronomic rise in the price of aviation fuel. Other signatories to the statement were the Executive Director, Max Air, Mr Shehu Wada; the Chairman, United Nigeria Airlines, Mr

By Adeniyi Ogunfowoke An important travel document is your Nigerian passport. Without it, you cannot travel. In Nigeria, almost everyone thinks that you can never get your passport without going through the back door. This is wrong. There are laid down rules for applying for your passport. You only need to be patient or else you will be frustrated. By the way, you will save money and feel that you are doing the right thing. Jumia Travel, the leading online travel agency shares how to formally apply for your Nigerian passport. Have all required supporting documents The documents for a successful

By Adedapo Adesanya Oil futures finished higher Tuesday with continued cuts in crude production and growth in demand as lockdowns ease around the world continue to help the market. With these, supply and demand are both finding a balance, propping up prices, with recent estimates citing a dop of 13-15 million barrels per day in terms of global production. The international crude, Brent Crude, closed up 53 cents or 1.49 percent at $36.16 per barrel, while US oil, the West Texas Intermediate (WTI) crude was up by 87 cents or 2.13 percent at $34.73 per barrel. Both futures have risen

By Dipo Olowookere A full suspension has been placed on the shares of Cement Company of Northern Nigeria (CCNN) Plc, Business Post has reliably learned. Though this development is yet to be publicly announced to the investing community, a regulatory notice to stockbrokers seen by this newspaper confirmed that the suspension takes effect from today, Tuesday, December 24, 2019. Recall that on Monday (yesterday), Business Post exclusively reported that the Nigerian Stock Exchange (NSE) approved the application filed by the board of Obu Cement Company Plc to list its shares on the exchange. Obu Cement is the new company emerging

By Sodeinde Temidayo David The Nigerian Navy has begun a four-week intensive training from the United States (US) in a bid to strengthen maritime law enforcement capabilities on Nigerian waters for the most part of the Gulf of Guinea. Six trainers from the United States Coast Guard Training Center are currently training officers of the Nigerian Navy on protecting the Gulf of Guinea in a month intensive U.S Coast Guard Boarding Officer training program. According to the US Consulate in Lagos, in the programme, which kicked off on Monday, the US Coast Guard training is part of a close and