Red Star Express to Raise N1.33bn to Generate Higher Revenue

By Dipo Olowookere Stock investors were swayed by the news of the indefinite postponement of the Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN). The quarterly rate decision meeting was supposed to occur next week, but it has been moved forward. There are speculations that the meeting was postponed to allow the new CBN Governor nominee, Mr Yemi Cardoso, to preside over the gathering. He is yet to be confirmed by the Senate, which resumes from a recess next Tuesday, the same day the rate decision is supposed to be announced. The confusion as to who

By Adedapo Adesanya The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that Nigeria saw a 65.7 per cent or N76.77 billion increase in earnings from the solid minerals sector in 2021 to N193.59 billion from the N116.82 billion achieved in 2020. This upward trajectory has been on for the past five years, according to a report from the agency. The Executive Secretary of NEITI, Mr Orji Ogbonnaya Orji, however, lamented that this is still abysmal considering the potential of the sector to the Nigerian economy. He said this while presenting the solid minerals sector report in Abuja, noting that

By Dipo Olowookere The regulator of the stock market in Nigeria, the Nigerian Exchange (NGX) Regulation Limited (RegCo), has announced its intention to change rules guiding free-float for companies listed on the NGX Limited. In a notice obtained by Business Post, the organisation further said it wants to amend the cross-border listing rules and develop guidelines for migrating listed securities from one board of the bourse to another. At the moment, the exchange does not have rules regulating the migration of listed securities from one board to another, prompting the regulator to “address this lacuna and to foster NGX’s commitment

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has postponed the Monetary Policy Committee (MPC) meeting scheduled to hold next week. In a statement, the apex bank noted that the MPC meeting, which was supposed to take place on Monday, September 25 and Tuesday, September 26, 2023, has been postponed until further notice. This is coming less than a week after President Bola Tinubu nominated Mr Olayemi Michael Cardoso to take over the role from Mr Folashodun Shonubi, who is filling the role following the ousting of Mr Godwin Emefiele, who is currently held in the custody of the

By Aduragbemi Omiyale The Group Managing Director of Chams HoldCo Plc, Mrs Mayowa Olaniyan, has said the company would sustain efforts to improve profits to deliver value to shareholders. She said this on Thursday at the organisation’s Facts Behind the Figures (FBF) at the Nigerian Exchange (NGX) Limited in Lagos. Whilst describing the firm’s half-year results as impressive and improved, she said that the company plans to finish the financial year on a strong note with three-digit year-on-year growth from expanded business activities and emerging opportunities within the group. On the company’s outlook, Mrs Olaniyan revealed that Chams HoldCo aims

For the second straight year, a Nigerian company, Dangote Group, has emerged as the most admired African brand, of African continent origin, by consumers ahead of the telecommunication giant, MTN in a survey of 100 Africa best brands announced in Johannesburg at the weekend. According to the South Africa based Brand Africa in a survey carried out in collaboration with the Johannesburg Stock Exchange (JSE), the seventh edition which was released at the weekend, of 15,000 brands mentioned, Dangote ranked first brand when consumers are prompted to recall the most admired African brand. In the top 100 list, the United

By Ahmed Rahma A Chinese biopharmaceutical company, Sinovac Biotech Ltd, which developed the controversial COVID-19 vaccine, CoronaVac, has defended the efficacy of the drug after confusing data. The producer of the jab, which has been purchased by not less than 17 countries, said the vaccine was more effective in preventing the disease if the two-dose regime is administered over a longer period of time. The CoronaVac has been rolled out in Indonesia, Brazil and others despite inconsistent data readouts. In a written response to Bloomberg, Sinovac said nearly 1,400 of 13,000 people who took part in clinical trials of CoronaVac

By Adedapo Adesanya The Kaduna State Government has announced the restoration of telecommunications services more than a month after it was shut down on the orders of the state security council. This was disclosed by the state Commissioner for Internal Security and Home Affairs, Mr Samuel Aruwan on Friday. He said the restoration of full services in the affected areas may unfold over a few days, as the service providers are mobilised to power their transmission systems accordingly. Mr Aruwan noted that the state government regrets the inconveniences residents of the affected LGAs may have encountered as a result of

By Dipo Olowookere A solar power plant has been inaugurated on Monday, December 12, 2016, in Soroti, Uganda amid pomp and pageantry. It is made up of 32,680 photovoltaic panels and the new 10 megawatt facility is the country’s first grid-connected solar plant and will generate clean, low-carbon, sustainable electricity to 40,000 homes, schools and businesses in the area. Located on a 33 acre plot of land in Soroti District, the power plant has the potential to increase its net output capacity by a further 20MW of solar energy. At peak construction the plant had over 120 local workers involved,

By Jerome-Mario Utomi Recently, the Lagos State Building Control Agency (LASBCA) announced that it would commence the demolition of illegal structures constructed under high tension cables and others. The demolition exercise is expected to affect owners of structures constructed under power lines, which contravene the state’s Physical Planning Laws. Significantly, there is no doubt that the present administrations in Lagos State, southwest, Nigeria, have a sincere desire to move the state forward through fair and far-reaching policies that bother particularly in creating an organized and liveable environment for the citizens of the state. Out of so much evidence, the above

By Dipo Olowookere Chief Executive Officer of Hilton, Mr Chris Nassetta, will be heading to the Arabian Hotel International Conference in Dubai this year, underlining the importance of the region to his company’s ambitious expansion plans. Following another year of landmark growth under the leadership of Carlos Khneisser, Hilton has over 21,000 rooms in its pipeline across the Gulf more than 16,000 of which are already under construction and scheduled to open before 2020. The six markets of the GCC contribute more than a third of Hilton’s pipeline rooms across the Europe Middle East Africa – where the company is

By Adedapo Adesanya Some universities and other higher education institutions in the country will come under scrutiny following their inaction regarding contracts executions, the Tertiary Execution Trust Fund (TETFund) has said. According to the Executive Secretary of TETFund, Prof. Suleiman Bogoro, the fund will roll out punitive measures, including outright stoppage of intervention activities in affected institutions. Speaking recently in Abuja, he said a financial and forensic audit on the intervention activities of the fund for the past 20 years have been carried out in order to pinpoint the anomaly. Business Post had earlier reported that the fund had retrieved