SEC DG Suspended to Protect Capital Market Integrity—Adeosun Tells Reps

By Bliss Okperan Nigeria’s internet speed averages 25 megabits per second (Mbps), according to data from Surf Shark, a cybersecurity company focused on developing humanised privacy and security solutions. The ranking, contained in the 5th annual (Digital Quality of Life Index (DQL), showed that the country dropped two places to 7th from 9th within the last two years. A quick average analysis shows that at an average of 25 Mbps, Nigeria is far from the world’s fastest fixed internet Singapore, which is 300 Mbps and is ahead compared to the slowest fixed internet in the world, Yemen, which is 11

By Precious Olisa This news may not be palatable to developers and Nigerians planning to start a building project, as the Cement Producers Association of Nigeria has warned that the price of a 50kg bag of cement may start selling for N9,000 when the dry season begins in November. At the moment, the product is sold at over N5,000. In a statement jointly signed on Sunday by the National Chairman of the group, Mr David Iweta, and its National Secretary, Mr Ufomba, the manufacturers said the rise in the price of cement would be caused by the decision of the

By Bliss Okperan The exchange rate instability in the country is already giving small business owners sleepless nights and it threatens their investments. This concern was raised recently by the National Vice Chairman of the Nigerian Association of Small-Scale Industrialists, Mr Segun Kuti-George. He emphasised that business owners would have to increase their prices because of the unavoidable consequence of the current exchange rate crisis in Nigeria. According to him, if consumers are unable to meet up with the increase in the cost of goods and services, businesses would be forced to shut down their operations, which would, in turn,

By Adedapo Adesanya Expectations for global crude oil prices in 2021 swing between hope for effective vaccines against COVID-19 and concerns over uncertain oil demand with a second wave of rising infections around the world. Last year, Brent crude, the international benchmark crude, dropped as low as $16 per barrel while the United States’ West Texas Intermediate (WTI) crude in April plunged below zero for the first time in history, due to coronavirus-related lockdowns and relevant declining oil demand. The price dispute between the world’s second-largest oil producer Saudi Arabia, a leading member of the Organisation of the Petroleum Exporting

By Adedapo Adesanya A fresh storm seems to be brewing for Nigerian startup, Flutterwave, as a report from Kenya alleged that the payment company was among seven companies that had their bank account frozen over accusations of irregularities. Kenyan newspaper, The Star, on Wednesday night reported that the country’s high court has frozen 56 bank accounts holding more than Sh6 billion (Kenya Shillings) with Flutterwave owning more than 50 of these accounts. The directive was given after the Asset Recovery Agency (ARA) told the court that the accounts for seven targeted companies were used as conduits for money laundering in

By Modupe Gbadeyanka A number of Deposit Money Banks in the country will close many of what they described as unprofitable branches as the economic recession continues to bite harder, investigation by our correspondent has shown. It was similarly gathered that most of the banks would lay off hundreds of workers between now and December. The revelation came barely 24 hours after Unity Bank Plc laid off about 300 workers, more than the 220 that was mentioned last week. Diamond Bank Plc, Ecobank and Skye Bank Plc had earlier in the year sacked over 3,000 members of their workforce. It

**Says “Nigeria Ready for Business, Global Competition” By Dipo Olowookere Senate President, Mr Bukola Saraki, has disclosed that efforts were being made by the National Assembly (NASS), especially the Senate, to reform some obsolete laws dragging the growth of the Nigerian economy backward. Mr Saraki, speaking in Lagos last Sunday at the 11th Annual Business Law Conference of the Nigerian Bar Association (NBA) Section on Business Law, said this move was necessary to prepare the country’s economy for global market. He noted that at the resumption of the 8th NASS, which clocked two this month, the state of the Nigerian

By Modupe Gbadeyanka The General Manager of the Lagos State Building Control Agency (LASBCA), Mr Gbolahan Oki, has been suspended indefinitely by Governor Babajide Sanwo-Olu. The suspension of Mr Oki followed the collapse of a 21-storey building on Gerrard Road, Ikoyi, Lagos State, on Monday, November 1, 2021, killing more than six persons, with some workers still trapped under the rubbles. In a statement signed by the Commissioner for Information and Strategy in Lagos State, Mr Gbenga Omotoso, on Tuesday, it was stated that the Governor has ordered the setting up an independent panel to probe the unfortunate incident. According

Heritage Bank Plc has joined the world to commemorate the 2020 World Malaria Day, amid fears that paying much emphasis on the novel Coronavirus Pandemic could reinforce progress on the mosquito-borne disease, especially in Africa. The theme of the World Malaria Day 2020, is entitled Zero Malaria Starts with Me, which is a grassroots campaign, first launched in Senegal in 2014Malaria. In canvassing for fight against the malaria scourge and calling on all stakeholders to take proactive action in renewing their focus on eliminating malaria by 2030 as targeted by World Health Organisation (WHO), the MD/CEO of the bank, Mr

By Modupe Gbadeyanka Activities on the Nigerian Stock Exchange (NSE) on Wednesday continued on a negative note with the all-share index dropping further by 268.53 basis points or 0.95 percent. The ASI had opened at 28,277.93 points at the beginning of trading on Wednesday, but it finished at 28,009.40. In the same vein, the market capitalisation, which opened at N9.712 trillion, fell by N92 billion or 0.95 percent to close at N9.620 trillion At the close of activities on the NSE on Wednesday, October 5, 2016, a total of 187.1 million shares valued at N1.472 billion were exchanged in 3,132

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange continued its stay in the flat territory on Tuesday, December 14 as the key performance parameters remained unchanged. At the previous session, the market capitalisation of unlisted equities closed at N604.88 billion, while the NASD Unlisted Security Index (NSI) settled at 732.15 points and at yesterday’s session, these main indicators were unchanged when trading activities were brought to an end. Following this development, the prices of stocks on the platform remained flat as there were no single price gainers or price losers. However, the activity level witnessed movements with the volume