Senate Approves Buhari’s Request to Issue $2.8b Eurobond

By Aduragbemi Omiyale One of the players in the personal healthcare and consumer goods sectors, PZ Cussons Nigeria Plc, has published a list of its shareholders with unclaimed dividends. Unclaimed dividends are cash rewards given to investors, mainly from the profits from the company’s operations, but are yet to be collected by the beneficiaries. This has been a major source of sleepless nights for the Securities and Exchange Commission (SEC), which is working to bring down the number of unclaimed dividends. It has been reported that the value of unclaimed dividends in the nation’s stock market is over N185 billion.

By Adedapo Adesanya The Naira recovered from the previous day’s loss after closing stronger against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 7, by 11.4 per cent or N108.15 to trade at N843.07/$1 compared with the previous day’s rate of N951.22/$1. This occurred as the value of foreign exchange (FX) transactions slightly increased during the session by $1.67 million or 39.5 per cent to $137.25 million from the $135.58 million achieved in the preceding trading session. Similarly, in the official market, the Nigerian Naira strengthened against the British Pound Sterling on Thursday by

By Dipo Olowookere A 0.12 per cent appreciation was recorded by the Nigerian Exchange (NGX) Limited on Friday, reversing the previous day’s losses triggered by profit-taking in the banking sector. Business Post reports that it was the same banking space that influenced the growth posted yesterday, rising by 1.60 per cent, supported by the consumer goods indices, which appreciated by 0.15 per cent. However, there were pockets of profit-taking during the last trading session of the week, with the insurance sector shedding 0.78 per cent, the industrial goods sector losing 0.65 per cent, and the energy counter declining by 0.57

By Modupe Gbadeyanka The recent alarm raised by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) on the N2.67 billion school feeding money allegedly found in private accounts was twisted and misinterpreted, the Ministry of Humanitarian Affairs, Disaster Management and Social Development has claimed. A statement issued on Monday night by Ms Nneka Anibeze, the Special Assistant on Media to the Minister of Humanitarian Affairs, Ms Sadiya Umar Farouq, stated that the funds never passed through the ministry. The anti-graft agency had said the money meant for feeding school children during the lockdown caused by COVID-19 pandemic was

By Adedapo Adesanya The gross domestic product (GDP) of the United States of America fell 4.8 percent in the first quarter of 2020 as the country’s longest run of economic expansion came to an abrupt end. This was disclosed by a report published by the Bureau of Economic Analysis on Wednesday, April 29. The slump from January through March reflects the sharp economic impact of country-wide shutdowns to curb the spread of COVID-19. The Q1 GDP contraction has ended the longest-ever economic expansion that took place in the US after the Great Recession from 2007 to 2009. During this period

By Modupe Gbadeyanka The lack of an efficient and resilient financial system is still holding back inclusive and sustainable growth in emerging markets. Policymakers, regulators and financial services organisations should more actively shape a financial system that is fit for purpose. These are the main findings of a new PwC Project Blue report ‘Geared up for growth: Shaping a fit for purpose financial system’. In this paper, PwC sets out what an efficient, resilient and inclusive financial system looks like across eight key dimensions; and how leading emerging markets – Brazil, China, India, Indonesia, Mexico, Nigeria and South Africa –

By Adedapo Adesanya Saudi Arabia on Tuesday extended its 1-million-barrels-per-day voluntary oil production cut until the end of the year. The Kingdom first applied the 1 million barrels per day reduction in July and has since extended it on a monthly basis. The cut adds to 1.66 million barrels per day of other voluntary crude output declines that some members of the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) have put in place until the end of 2024. The reduction will put Saudi crude output near 9 million barrels per day over October, November and December and

By Adedapo Adesanya The Bank of Industry (BoI) has urged manufacturers to embrace the various available financing options aimed at driving the sector’s competitiveness under the African Continental Free Trade Area (AfCFTA). This was the centre focus at the 52nd Annual General Meeting (AGM) of the Manufacturers Association of Nigeria (MAN) Apapa Branch, Lagos, on Tuesday, themed Financing Nigeria’s Manufacturing Sector for Economic Growth. Mr Olukayode Pitan, the Managing Director of BoI, said that seamless access to finance was imperative to sustain the manufacturing sector, considering its contribution to the economic diversification drive of the nation. Mr Pitan, represented by

We’re all seeing first-hand how businesses have been hard hit by the COVID-19 pandemic. Downsizing, budget cuts, long working hours and increased competition are just some of the issues that companies are now facing. Employees who are grateful to still have their jobs are working extra hard to navigate in between the intense demand — and this can be stressful. The adoption of remote working models has also increased stress levels for some. Many of us are now participating in more meetings (often back-to-back) and engaging with emails more than ever before — well before and after working hours. Working

By Dipo Olowookere Properties worth millions of Naira and money worth billions of Naira have been lost to First Bank by a businessman and owner of SmartMicro, Mr Michael Obasuyi Osasogie. The items, which include a total of 116 cars and 20 landed properties scattered in Edo, Rivers and Lagos States, were seized by the Economic and Financial Crimes Commission (EFCC) and handed over to the financial institution on Wednesday, November 28, 2018. Trouble began for Mr Osasogie after a petition he wrote to the anti-corruption agency against E-tranzact in March 2018. The commission had, however, investigated Mr Osasogie’s business

By Adedapo Adesanya  Prices of crude oil closed mixed on Thursday as the global market for the commodity reacted differently to the signing into law a bill backing protesters in Hong Kong by President Donald Trump of the United States. This act by the United States’ President fulled tensions with China, which is opposed to the protests that have lingered for months. The development came when hopes were high that both countries would sign the first phase of a trade deal. This development, according to analysts, could deter both the United States and China who are set to hold conversation