SEC Approves Ellah Lakes’ N2.90bn Rights Issue

By Adedapo Adesanya  The federal government, through the Nigerian Ports Authority (NPA), has announced plans to invest $1.1 billion to fully rehabilitate decaying port infrastructure at TinCan, Apapa, Rivers, Delta, Calabar, and Onne ports as part of efforts to improve the efficiency of the nation’s existing ports. Out of the estimated 47,000 kilometres of coastline in Africa, Nigeria makes up about 853 kilometres, creating the perfect opportunity to get access to its much-needed revenue. This coastline and a 200 nautical mile exclusive economic zone make up Nigeria’s coastline in the Gulf of Guinea. The coastline equals a maritime area of

By Dipo Olowookere The positive momentum witnessed at the Nigerian Exchange (NGX) Limited continued on Monday with a 0.17 per cent leap at the close of business. Buying pressure, particularly in a few blue-chip equities, kept the bulls at Customs Street during the trading session, though the consumer goods space succumbed to profit-taking by 0.99 per cent. But hope was kept alive by the gains reported by the other key sectors of the market, with the banking counter growing by 1.71 per cent, and the industrial goods index appreciating by 0.01 per cent, while the insurance and energy sectors remained

By Adedapo Adesanya The Naira depreciated in the opening session of the week in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, November 27 against the Dollar by N19.71 or 2.5 per cent as the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, said the lender was committed to clearing a backlog of foreign exchange (forex). “We have initiated the payment of unsettled forward foreign exchange obligations, and these payments will continue until all obligations are cleared,” he told bankers last Friday during a dinner speech in Lagos. However, his assurance could not ease the pressure

By Modupe Gbadeyanka The Nigerian National Petroleum Company (NNPC) Limited is planning to grow its revenue to N4.5 trillion as it plans to end the importation of premium motor spirit (PMS), otherwise known as petrol, by December 2024. The chief executive of the company, Mr Mele Kyari, while speaking on Thursday, said the nation would not need to rely on fuel from outside the country because its refineries would have been fully operational. Nigeria is currently revamping its four refineries to make the product available to residents of the country as it officially stopped the payment of subsidy on petrol

By Dipo Olowookere There was a sustained bearish mood on the trading floor of the Nigerian Stock Exchange (NSE) on Tuesday with the market indices marginally going down by 0.04 percent. This was buoyed by selloffs recorded by shares in the Insurance, Consumer Goods and Oil and Gas sectors. At the close of business yesterday, the market breadth finished negative with 24 price gainers and 25 price losers. Forte Oil emerged the worst performer after it depreciated by N2.15k to finish the day at N40.85k per share. It was followed by Nigerian Breweries, which lost N1 to close at N127

By Dipo Olowookere All television and radio stations operating in Nigeria have been directed by the National Broadcasting Commission (NBC) to deactivate their Twitter accounts or risk being sanctioned. The order was given by the regulatory agency of the broadcast industry in the country in a circular issued on Monday by the Director-General of the NBC, Mr Armstrong Idachaba. In the statement, the NBC chief said broadcast stations still using Twitter after the federal government suspended operations of the famous micro-blogging platform in the country, were disobeying the government. The regulator said it particularly is not happy that TV and

By Adedapo Adesanya LuTA, an education technology platform, has launched its operations to spur digital education in Africa with plans to make the continent competitive when it comes to skills relevant to the 21st century. To achieve this, the startup has built a digital school to be at the forefront of digital education in Africa to unlock global opportunities, marketability and talent with code and no-code tech skills. The company currently has more than 11,000 applicants, and projections show that it is on its way to training five million students annually across Africa within the next five years. The African

By Adedapo Adesanya The Lagos State Government has said it will close the Iju level crossing for repairs between Sunday, May 23 and Monday, May 24, 2021. The notice was communicated via a statement signed by the Commissioner of Transportation, Mr Frederic Oladeinde, on Saturday. According to the Commissioner, the closure will commence from 8 p.m. on Sunday to 6 a.m. on Monday. He explained that the action was necessary to repair the damaged rail track caused by an accident involving an articulated vehicle. Mr Oladeinde also stressed that repairs had to be made urgently to prevent accidents of the

By Adedapo Adesanya The West African Examinations Council (WAEC) Nigeria has announced new modalities for the collection of results and printed certificates by candidates from offices of the council in Nigeria. The examination body, while informing candidates and the general public of the modalities, noted that the new system would only apply to private candidates, as school candidates are expected to channel their requests through their schools. A statement signed by the Acting Head, Public Affairs, WAEC Nigeria, Mr Demianus Ojijeogu, said: “The new modalities are a clear departure from what obtained in the past, where it was mandatory for

By Investors Hub European stocks have moved mostly higher on Friday as geopolitical worries faded and the dollar index rose on hopes for improved corporate earnings. While the U.K.?s FTSE 100 Index has inched up by 0.1 percent, the French CAC 40 Index is up by 0.4 percent and the German DAX Index is up by 0.7 percent. On the economic front, Eurostat reported the euro area trade surplus increased in February as the decline in imports was bigger than the fall in exports. Exports fell 2.3 percent in February from January. At the same time, imports declined 3.1 percent.

By Dipo Olowookere A group known as Enugu Youths Coalition has passed a vote of confidence on Governor Ifeanyi Ugwuanyi of Enugu State. In his New Year message, National Coordinator of the coalition, Dr Edwin Obune, stated that Mr Ugwuanyi has justified the mandate given to him by Ndi-Enugu to steer the ship of the state in the past few months, adding that the Governor has used unprecedented performance to silence the activities of the opposition in the state. He noted that the approval rating of the governor is second to none among the governors in Nigeria. His words, “This

Atlético Madrid is facing a decisive week for their hopes in the closing stages of the 2021-2022 season, facing the double competition (domestic and continental) after the forced break for FIFA. Diego Simeone will face several challenges at once, despite the seeming simplicity of the opponent in La Liga. Fourth in the La Liga table with 54 points (level on points with Barcelona but with a game in hand on the Blaugrana), they will welcome Alavés at the Wanda Metropolitano, who are second-bottom in the league, and with their coach José Luis Mendilibar on the ropes barely four months after