SEC Seals Tine God Networks Limited Office

By Adedapo Adesanya The federal government has set plans in motion to raise $200 million from philanthropic individuals and organisations as part of efforts to create jobs and support Micro, Small, and Medium Enterprises (MSMEs) in Nigeria. Nigeria is home to over 36.9 million MSMEs, comprising 96.7 per cent of all businesses in Nigeria. According to data, 67 per cent of these businesses are youth-owned. MSMEs contribute over 45 per cent to the country’s gross domestic product (GDP), with 98.8 per cent of them in the micro cadre. They account for nearly 90 per cent of the jobs in the

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded yet another positive week-on-week performance after stretching its gains by 1.44 per cent in Week 47. This expanded the portfolios of NASD investors by N17 billion in the week to N1.162 trillion from the N1.145 trillion recorded in Week 46, as the NASD Unlisted Security Index (NSI) increased by 12.16 points to 857.29 points from 845.13 points in the previous week. The trading week was with three price gainers and three losers, with Aradel Holdings Plc on top of the advancers’ chart after it grew by 10 per cent to finish

By Modupe Gbadeyanka The sum of N27.5 trillion has been approved for the 2024 budget by the Federal Executive Council (FEC) on Monday. The Minister of Budget and Economic Planning, Mr Atiku Bagudu, confirmed this development to newsmen after the FEC meeting in Abuja. He also disclosed that the council, which was chaired by President Bola Tinubu, said the 2024 Appropriation Bill should be funded from N18 trillion revenue expected to be generated by the country. “The federal executive council considered the 2024 Appropriation bill. The Medium Term Expenditure Framework (MTEF) was earlier approved by the National Assembly. It has

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 Modupe Gbadeyanka A deal worth N232 million has been signed by Biase Plantations Limited (BPL) and Heritage Bank to boost oil palm production in Nigeria. The agreement was sealed on Friday in Lagos by both organisations in the presence of their top management staff. Managing Director of Heritage Bank, Mr Ifie Sekibo, explained that the deal was signed as part of efforts to support government’s diversification agenda. He said the out-growers agreement would reposition the country as the highest oil palm producer in the world. “We are on a quest to restoring a lost glory in Nigeria and today

By Adedapo Adesanya The Naira further weakened against the US Dollar at the Investors and Exporters (I&E), black market, and the Peer-2-Peer (P2P) arms of the foreign exchange (FX) market on Wednesday, December 21, amid a shortage in the supply of the foreign currency. In the I&E window, the Naira depreciated against its American pair by N3.66 or 0.81 per cent to close at N456.33/$1, in contrast to the preceding day’s value of N452.67/$1, according to data obtained from FMDQ Securities Exchange. There are indications that the Nigerian currency has been officially devalued at this market segment by the Central

By Adedapo Adesanya The Chief Executive of the National Drug Law Enforcement Agency (NDLEA), Mr Mohamed Buba Marwa, has said that the narcotic agency will make it difficult for drug cartels, traffickers, and barons to operate in Nigeria in the new year, 2022. The retired military officer said this when he had a meeting meeting with the Directors, Zonal Commanders, State, and Special Area Commanders of the agency. At the gathering, four state commands and 25 officers were given cash-backed awards and commendation letters for their outstanding performance in the areas of drug supply reduction, drug demand reduction and diligent

By Dipo Olowookere Players in the treasury bills market in Nigeria will look forward to N309.06 billion worth of the government instrument maturing this week via the Open Market Operations (OMO). During the week, average yields of T-bills are likely to contract as demand rebounds on the back of expected improvement in system liquidity. Also, the money market rates are expected to remain in the single digit band, barring the resumption of aggressive OMO mop ups by the Central Bank of Nigeria (CBN). Last week, the Open Buy Back (OBB) and Overnight (OVN), opened in single digit at 4.7 percent

By Jerome-Mario Utomi Talking about the Niger Delta region of Nigeria, it is true that today there exists in the Petroleum Industry Act (PIA) which made some far-reaching provisions for the host community’s development such as its demand that any oil prospecting licence or mining lease or an operating company on behalf of joint venture partners (the settlor) is required to contribute 3% of its actual operating expenditure in the immediately preceding calendar year to the host communities development trust fund. This is in addition to the existing contribution of 3% to the Niger Delta Development Commission (NDDC). It is

By Adedapo Adesanya The Joint Admissions and Matriculation Board (JAMB) and Stanbic IBTC Bank Plc, have partnered to offer scholarships to candidates with the best results at the 2019 Unified Tertiary Matriculation Examination (UTME). About 30 candidates are expected to earn the scholarships valued at N15 million to pursue their higher education in various tertiary institutions in the country. According to JAMB, the bank’s Corporate Investment Banking and Marketing Manager, Mrs Bridget Oyefeso-Odusami, stated this when she led the bank’s delegation to the JAMB Headquarters in Bwari, Abuja. She said, “The essence of the scholarship is to enable candidates who

By Adedapo Adesanya  Manchester City put eight unreplied goals past Watford at the Etihad on Saturday to record their highest win in the Premier League history after last weekend’s defeat at Norwich. After just 18 minutes, the Blue Side of Manchester was five goals up, with David Silva opening scoring after only 52 seconds of kick off. It took another six minutes for Pep Guardiola’s side to add another goal against bottom of the table Watford, who are yet to win this season and it was Sergio Agüero who doubled the lead in the 7th minute from the penalty spot

By Dipo Olowookere One of Nigeria’s leading Public Relations and Integrated Communications Consulting Firms, Chain Reactions Nigeria, has fixed Thursday, May 31, 2018 for the unveiling of report of the 2018 Edelman Trust Barometer. The event is slated to take place at the African-Asian Hall, Eko Signature, Eko Hotel & Suites, Victoria Island, Lagos by 11am prompt. Chain Reactions Nigeria is the Exclusive Nigerian Affiliate and the Preferred West Africa’s Partner of Edelman, the world’s largest PR firm with presence in 65 countries across the globe. Edelman Trust Barometer is the annual global trust and credibility survey conducted by Edelman