Economy
Senate Committee to Study Buhari’s Promissory Note, Bond Issuance Request
By Dipo Olowookere
Senate President, Mr Bukola Saraki, has announced that the upper arm of the National Assembly will set up an ad-hoc committee to critically look into the request made by President Muhammadu Buhari in March this year, seeking an approval for the issuance of promissory note and bond to offset local debts.
The matter was brought up at the plenary on Wednesday by the Senate Leader, Mr Ahmed Lawan, who asked the lawmakers to consider approving the President’s request because it was meant for the payment of “inherited debts” like pension arrears, including for former employees of the defunct Nigeria Airways, local contractors, subsidy and others.
While presenting the executive communication, Mr Lawan urged the Senate refer the matter to the appropriate committee for further legislative action.
“Mr President, I wish to move that this motion be referred to the relevant committee for further legislative action,” the Senate Leader said.
However, the Deputy Senate President, Mr Ike Ekweremadu, countered this argument, saying, “I will like to make a few comment regarding this request.
“This request is germane and makes a lot of sense because a number of people are dependent on the approval of this request for their daily bread and continuity of their business.
“But looking at this request and the letter earlier written to us by the President, there are a number of issues involved which include payment of pensions, salaries, subsidy and some refund to states for federal projects executed by them.
“In view of the multi-dimension of this and of course the controversy regarding borrowing money to pay for the current item, which is forbidden under the Fiscal Responsibility Act, I think we should set up an appropriate ad-hoc committee to look at the issues together and see which of them can be recommended to this Senate for approval, while the other technically deficient and controversial ones can then be sent back to the executive to decide what to do.
“To do all these under one committee would be difficult except we bring together the different committees involved in the whole issues in the request.
“Otherwise, the wisest thing to do is to set up a small committee to look into the issues and advise the Senate on what to do.”
This view was supported by Mr Abdullahi Yahaya.
After listening to the arguments and putting the motion to voice votes, the Senate President, Mr Bukola Saraki, announced that Senate will set up an ad hoc committee to look into the matter and advise the red chamber appropriately.
Economy
NGX Group’s 65th Annual General Meeting Holds April 29
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
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