Reclaiming your Lost Shares

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 Aduragbemi Omiyale The management of BUA Cement Plc has announced a reduction in the prices of its cement from its factory without the transportation costs to N3,500 per bag (50kg). The cement maker confirmed this development in a statement issued on Sunday, noting that it was part of efforts to make sure customers get the products at cheaper prices. In the statement, BUA Cement disclosed that the slash in cement prices is from Monday, October 2, 2023, urging its distributors not to fleet the end users. The firm said, “All pending, undelivered orders which had been paid for at

By Adedapo Adesanya The Federation Account Allocation Committee (FAAC) has shared a total of N1.1 trillion from the revenue generated by the nation in August 2023 for September to enable the three tiers of government; the federal government, states, and local government councils, to have funds to pay salaries and others. The allocation of the funds was confirmed by the Office of the Accountant General of the Federation on Friday following FAAC’s September 2023 meeting. According to a statement by the OAGF’s Director of Press and Public Relations, Mr Bawa Mokwa, there was “N1100.101 billion (N1.1 trillion) total distributable revenue.”

By Bliss Okperan A lady who reviewed a product of Erisco Foods Limited, Nagiko Tomato Mix, Mrs Chioma Egodi, has threatened to demand the sum of N500 million from the chief executive of the company, Mr Eric Umeofia, for violating her fundamental human rights. Mrs Egodi said she purchased the product at the market with the intention of using it to cook stew for her family. However, when she tasted it, according to her, it tasted too much sugar, prompting her to post about it on Facebook. It was reported that Erisco was not happy with the negative review. She

By Adedapo Adesanya The National Economic Summit Group (NESG) has warned that 35 percent of Nigerians may slip into abject poverty if the government does nothing to prevent the growing unemployment rate. It said this in its 2020 Macroeconomic Outlook, which was unveiled on Wednesday in Lagos, where the intelligence body said that said the rate of unemployment could worsen by 2030. The NESG also projected that the service sector share could hit 54 percent as the country’s economy remained fragile despite the modest recovery recorded over the past two years following the economic recession of 2016. NESG, in the

By Kester Kenn Klomegah With high optimism and a desire to strengthen its geopolitical influence, Russian authorities are gearing up to hold the second African leaders summit in St. Petersburg scheduled for early November 2022. The gathering, as expected, will focus on enhancing further constructive cooperation and advancing integration processes within the framework of the African Union and a number of sub-regional structures. In their first joint declaration, emerging from the Russia-Africa summit at the initiative of African participants a new dialogue mechanism—the Russia-Africa Partnership Forum—was created. The declaration stipulated that all top-level meetings take place within its framework once

By Aduragbemi Omiyale The Commissioner for Physical Planning and Urban Development in Lagos State, Mr Idris Salako, has resigned his appointment, a statement from the state government has revealed. Mr Salako resigned from office 24 hours after a seven-storey building collapsed in the Victoria Island area of the state. In the statement signed by the Commissioner for Information and Strategy, Mr Gbenga Omotoso, on Monday, it was disclosed that the resignation has been accepted by the Governor of Lagos State, Mr Babajide Sanwo-Olu. “The Governor of Lagos State, Mr Babajide Olusola Sanwo-Olu, has accepted the resignation of the Commissioner for

By Modupe Gbadeyanka The biggest threat to financial technology (FinTech) revolution has been identified by the Executive Director of Access Bank Plc in charge of Information Technology and Operations, Mr Ade Bajomo. According to the former senior staff of the Nigerian Stock Exchange (NSE), cyber security is the clog in the wheel of FinTech industry and regulators in the financial services industry must under this and FinTech as a whole for better regulation. Mr Bajomo, who doubles as the Deputy President of FinTech Association of Nigeria (FinTechNGR), said during a forum in Abuja that regulators need to know what to

By Modupe Gbadeyanka Chairman of the Federal Inland Revenue Service (FIRS), Mr Babatunde Fowler, has described the Voluntary Assets and Income Declaration Scheme (VAIDS) launched by the Federal Government on Thursday, June 29, 2017, by the Vice President, Mr Yemi Osinbajo, as a vital tool that will boost government’s revenue. Speaking on Monday at an event organised in Abuja by the Nigeria Governors’ Forum Secretariat, the tax chief further said the scheme has already been yielding meaningful results. According to him, a lot of Nigerians have been quality questions regarding the initiative, disclosing that with the volume of enquiries received

By Investors Hub The major U.S. index futures are pointing to a lower opening on Thursday, with stocks likely to move back to the downside following the modest rebound seen in the previous session. The futures saw further downside following the release of a report from the Labor Department showing a sharp jump in labor costs in the fourth quarter. The Labor Department said unit labor costs spiked by 2.0 percent in the fourth quarter after slipping by a revised 0.1 percent in the third quarter. Economists had expected costs to climb by 0.8 percent. The data may raise concerns

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A company based in Nigeria known as Value Seeds Limited has topped the rankings in new research on seed companies operating in Western and Central Africa. However, the overall picture is one of international and African seed companies falling short in delivering quality seed and new varieties to smallholder farmers. This limits the potential to address food security, nutrition and climate resilience, according to a new study by the Amsterdam-based Access to Seeds Foundation. While there is a growing number of seed companies active in the region, both home grown and international, less than half of the 23 companies researched