Rice Millers Seek Subsidy from FG

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

By Adedapo Adesanya The Naira put up a weak performance against the United States Dollar across the various segments of the foreign exchange (FX) market on Thursday. November 30, 2023, the last trading session of the month. In the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, which is the official market, the Nigerian currency lost 0.1 per cent or 85 Kobo against the greenback during the session to settle at N832.32/$1 compared with the preceding day’s value of N831.47/$1. A slight strain in the supply of forex into the spot market was partly responsible for the weakening of the local

By Modupe Gbadeyanka Business owners in Lagos have been assured of more incentives by the state governor, Mr Babajide Sanwo-Olu, who added that this is part of his administration’s commitment to reforms aimed at improving the ease of doing business and enhancing investment opportunities. Speaking at the commissioning of the newly-built wet hair production factory of Godrej Nigeria Limited, the Governor said his government would continue to pursue actions that would eliminate red tapes and regulatory impediments hindering the growth of businesses in the state, thereby demonstrating his willingness for continued collaboration with the private sector to improve the livelihood

By Adedapo Adesanya The Naira started the first trading session in the last month of 2023 on a negative note after it depreciated against the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), which is the official FX window, by 11.4 per cent or N94.87 on Friday, December 1, closing at N927.19/$1, in contrast to Thursday’s exchange rate of N832.32/$1. The December rush for forex contributed to the weakening of the domestic currency in the spot market yesterday, as the supply of foreign currency could not meet what customers needed. Data showed that the value of FX transactions recorded

By Dipo Olowookere Minister of Information and Culture, Mr Lai Mohammed, has said the Federal Government’s massive investment in Social Programmes will help accelerate the process of job creation, especially for the youths. Speaking at the Special Edition of the FG’s Town Hall Meeting for Youths in Abuja on Tuesday, the Minister also said the government places a serious premium on youth empowerment, youth development and youth engagement, hence the decision to organize the Town Hall Meeting specifically for them, ”We have no choice because, according to the National Population Commission, more than half of Nigeria’s population are under 30

By Investors Hub European stocks have turned mixed on Wednesday after figures released by Eurostat showed the region’s consumer price inflation rose more slowly than first estimated in the 12 months through March. Consumer prices in the Eurozone rose 1.3 percent in March from a year earlier, a tad lower than then initial estimate of 1.4 percent. Additionally, U.K. inflation hit a one-year low of 2.5 percent in March compared to 2.7 percent in February, according to the latest figures from the Office for National Statistics. While the German DAX Index has edged down by 0.1 percent, the French CAC

By Dipo Olowookere Leading multinational automobile manufacturer headquartered in Nishi-ku, Yokohama, Japan, Nissan Motor Company Ltd, otherwise known as Nissan, is planning to establish an assembly plant in West Africa and its destination is Ghana. Minister of Trade and Industry, Mr Alan Kyerematen, gave this hint at Ghana’s Industrial Summit and Exhibition organized by the Association of Ghana Industries (AGI). “Major companies [are] basically more or less putting more pressure on us to get [things] started and Nissan is far advanced in terms of discussions [with us for a car assembling plant in Ghana],” the trade minister stated. He maintained

By Dipo Olowookere Nigerians can now perform financial transactions without having to bother about charges that normally come with such from banks. This is because Standard Chartered Bank, which officially launched its Digital Bank in Nigeria on Monday, is offering zero charge on all interbank transfers, SMS notification and ATM withdrawals. In addition, account holders with the lender would be able to perform funds transfer without adding beneficiaries, generate a soft token for all transactions, enjoy free bank card delivered to their doorsteps nationwide as well as enjoy account management and service request. At the launch held at the Civic

By Modupe Gbadeyanka The Economic and Financial Crimes Commission (EFCC) has been given the permission to arrest the Managing Director of Mobil Oil Nigeria Plc (11 Plc), Mr Richard Laing, after he allegedly failed to honour invitations from the anti-graft agency. The EFCC, in a statement on Wednesday, disclosed that the authorisation for the arrest of Mr Liang was given by Justice Okon Abang of the Federal High Court sitting in Abuja. According to the commission, the application for a bench warrant on the ExxonMobil Nigeria chief was granted on Friday, January 29, 2021. The EFCC explained that three invitations

By Dipo Olowookere President Somalia, Mr Hassan Sheikh Mohamud, has promise to ensure journalists in the country are protected from various attacks Mr Mohamud, during a meeting with media practitioners ahead of today’s commemoration of the International Day to End Impunity for Crimes against Journalists, reassured them on his government’s commitment to end impunity for crimes against journalists. The President commended them for their tremendous sacrifices to provide news and information to the public. Last night, Somali President hosted in Villa Somalia a dinner ceremony for media representatives and encouraged them to continue their tremendous sacrifices in delivering vital services

By Dipo Olowookere Leaders, innovators and investors from Africa, Europe and beyond are preparing to meet, network and do deals when the second edition of Invest in Data Center Africa Summit, which holds on June 7, 2017. Speakers from leading companies operating on both sides of the Mediterranean including Orange, Vodafone and Schneider Electric will gather at the event at the Datacloud Europe 2017 conference in the Grimaldi Forum, Monaco. “Africa is a growth story for the next decade,” commented Philip Low, Chairman, BroadGroup, the consulting company who research and produce Datacloud. “Attendees will be able to hear from and

By Adedapo Adesanya Nigerian international footballer, Kelechi Nwakali, has called out his former club, SD Huesca Football Club, over the termination of his contract after he honoured the call to wear the Super Eagles shirt at the recently concluded African Cup of Nations (AFCON). In an official statement via his official Twitter account on Wednesday, the 2015 FIFA U-17 World Cup winner narrated his ordeal at the hands of the club’s sporting director, Mr Ruben Garcia. Nwakali alleged that following his call up in December last year, Mr Garcia, “put extreme pressure on me not to go to AFCON due