Securities Lending ‘ll Deepen Liquidity, Make Investors Richer—SEC

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigeria Autonomous Foreign Exchange Market (NAFEM) and the unregulated Peer-to-Peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, November 29 as President Bola Tinubu reiterated his administration’s promise to meet its obligations. Speaking during the presentation of his administration’s N27.50 trillion 2024 budget proposal to the joint session of the 10th National Assembly on Wednesday, Mr Tinubu said, “Despite the challenges, we continue to meet our obligations.” In the official NAFEM segment of the market, the value of the local currency went

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 Modupe Gbadeyanka The chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, has asked his counterpart in the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, to support his agency to achieve the Renewed Hope Agenda of President Bola Tinubu, who appointed both of them. Speaking during a courtesy visit to the headquarters of the anti-money laundering firm, Mr Adedeji said the EFCC has a role in ensuring that taxpayers’ funds are “judiciously utilised in line with the social contract with the people.” He assured that the FIRS would continue to strive to raise the revenue

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 In line with their mission to help and empower children with modern educational infrastructure and learning environments, GoDaddy Incorporated and Acronis Cyber Foundation have built schools in Sierra Leone and Guatemala. The educational facilities, according to the organisation, are expected to deliver improved infrastructure and boundless educational opportunities to over 645 students in needy communities. The Barbara Junior Secondary School in Sierra Leone was completed in September 2022 and included the development of three separate buildings designed to maximize natural light and fresh air. The school is located in the village of Barbara in Sierra Leone’s Port

By Adedapo Adesanya The Lagos State government has moved to revamp the Badagry Organic Farm to ensure food security as part of efforts to boost agriculture and fishing in the commercial city. This pivot followed Governor Babajide Sanwo-Olu’s special focus on Badagry, one of the five traditional divisions of the state where he initiated his pilot agriculture scheme – Lagos Food Production Park over the weekend. The Governor took a tour of a 279-hectare Avia-Igborosun Organic Farm, which was acquired by the state government in 2012 for some commercial agricultural projects. Mr Sanwo-Olu said the government was ready to revive

By Adedapo Adesanya Ahead of the May 29 inauguration, the Director-General of the World Trade Organisation (WTO), Mrs Ngozi Okonjo-Iweala, has advised incoming governors to stop depending on crude oil and diversify the sources of revenue in their respective states. She spoke on Monday during an induction organised for elected governors in Abuja, two weeks before the inauguration. According to her, states with over-dependence on the monthly Federation Account Allocation Committee (FAAC) would be badly hit because there have been erratic outcomes from allocations over the years. She said, “We need to start preparing now for a time when our

By Dipo Olowookere A member of management of Kaduna Electric, Mr Temitope Owoeye, has been dismissed after he was found guilty of insubordination, indiscipline and gross misconduct. Kaduna Electric, in a statement signed by its Head of Corporate Communication, Mr Abdulazeez Abdullahi, noted that Mr Owoeye was sacked following approval from the Board of Directors of the company after a disciplinary committee instituted to investigate found him guilty of the offenses. The statement disclosed that the disengaged employee was its erstwhile Chief Corporate Services Officer and was sacked in order to forestall a breach in its operations and disruption of

By Adedapo Adesanya The Nigerian National Petroleum Company (NNPC) Limited has announced that Nigeria’s oil output is increasing and, as of Thursday, stood at 1.6 million barrels per day. The group chief executive of the Nigerian state oil company, Mr Mele Kyari, said on Friday, noting that this is an improvement after the country lost its Africa’s largest crude producer status after oil theft saw the country pump less than 1 million barrels per day. In the last six months, the country has moved to increase its production from less than 1 million barrels per day in July last year.

By Dipo Olowookere The Nigerian National Petroleum Corporation (NNPC) has signed a Memorandum of Understanding (MoU) in China with Nigerian-Chinese consortia towards developing sustainable biofuels in the country. In a ceremony held at the Nigerian Embassy in Beijing on the sidelines of the ongoing Forum for China-Africa Cooperation (FOCAC) Summit Tuesday, two separate MoUs on the biofuels project development were signed between: NNPC and the OBAX-COMPLANT Consortium on one hand and NNPC and the CAPEGATE-NANNING Consortium on the other hand. Speaking shortly after signing the dotted lines on behalf of the corporation, NNPC Group Managing Director, Mr Maikanti Baru, said

Dipo Olowookere Business activities at some companies in Lagos State were on Tuesday disrupted by officials of the state government. Business Post reports that the interference was caused by officials of the Lagos State Building Control Agency (LASBCA). Some of the organisations sealed by the agency were Zenith Bank, Access Bank, Unity Bank, Tantalizers and many others around Allen Avenue area of the metropolis. LASBCA alleged that these firms illegally converted residential buildings into commercial properties. According to LASBCA Secretary, Mr Tayo Fakolujo, and a director in the Lagos State Physical Planning Permit Authority (LASPPPA), Mr Kayode Daramola, who supervised

By Sodeinde Temidayo David Another feather has been added to the highly-decorated cap of Guaranty Trust Holding Company (HoldCo) Plc as it was recently announced as the best bank in Africa. The financial institution received this latest accolade at the Euromoney Annual Award for Excellence, beating other top lenders on the continent to clinch the honour. Euromoney’s Award for Excellence picks out financial institutions that demonstrate leadership, innovation and momentum in the markets they operate. The group chief executive officer of GT, Mr Segun Agbaje, while commenting on the latest feat, assured that the company will continue to create new