Senate Kicks Against Assets Sale

By Aduragbemi Omiyale A Nigerian startup, Pivo, which raised about $2 million in November 2022, is shutting down its operations, TechCabal is reporting. The platform quoted the co-founder and chief executive of the firm, Ms Nkiru Amadi-Emina, as confirming the intention of the company to fold up. However, no specific reason was given for the decision, though some organisations have been closing shops in Nigeria lately due to the harsh operating environment. One of the biggest pharmaceutical firms in the country, GlaxoSmithKline (GSK), announced a few months ago that it would no longer operate its business from Nigeria, opting to

By Adedapo Adesanya  Appreciation in the stock prices of Newrest Airline Services & Logistics (ASL) Plc, Food Concepts Plc, and UBN Property Plc saw the NASD Over-the-Counter (OTC) Securities Exchange extend its gain by 0.47 per cent on Tuesday, December 5. Data showed that Newrest increased its price by N1.61 during the session to settle at N17.71 per unit compared with the previous day’s price of N16.10 per unit, Food Concepts Plc (owners of Chicken Republic) gained 15 Kobo to close the day at N1.65 per share versus N1.50 per share, and UBN Property Plc rose by 13 Kobo to

By Dipo Olowookere Profit-taking activities brought back the bears to the floor of the Nigerian Exchange (NGX) Limited on Monday as investors rebalanced their portfolios. It was observed that traders at Customs Street booked profits in shares mostly in the industrial goods sectors like BUA Cement and Lafarge Africa. This resultantly brought down the local stock market by 0.66 per cent at the close of transactions, with the industrial goods space losing 4.21 per cent, the insurance counter declining by 0.28 per cent, and the energy sector falling by 0.01 per cent. However, the consumer goods index improved yesterday by

By Dipo Olowookere A full suspension has been placed on one of the insurance companies listed on the Nigerian Stock Exchange (NSE), Law Union and Rock Insurance Plc. A notice to stockbrokers on Friday confirmed this development, noting that this will make it impossible for holders of the company’s stocks to trade them on its trading platform from today. Explaining the rationale behind this action, the NSE said this is to stop investors from trading the shares beyond the date fixed for the full acquisition of the stocks by Kanuri. Business Post recalled that last month, shareholders of Law Union

By Kestér Kenn Klomegâh After extensive negotiations these several months, Germany has accepted to host the “Invest in African Energy Reception” at Frankfurter Botschaft on February 23. The programme primarily aims at showcasing investment opportunities across Africa’s burgeoning energy sector as the next significant phase of the organization’s European investment tour. The Invest in African Energy gathering at Frankfurter Botschaft is organized by the South African-based African Energy Chamber (AEC). Following successful Invest in African Energy Receptions held in London last year and Oslo in January 2023, in partnership with global energy market research firm, Rystad Energy, and leading pan-African

By Adedapo Adesanya Following a loss of N6.64 billion, the NASD Over-the-Counter (OTC) market capitalisation closed at N529.12 billion in the 27th week of trading this year. In the preceding week, the total value of securities on the exchange stood at N535.76 billion. The decline resulted from the negative movement in the price of Central Securities and Clearing System (CSCS) Plc, which outweighed three price advancers recorded in the week. Business Post reports that CSCS Plc lost 8.4 per cent last week to settle at N16.99 per share in contrast to N18.55 per share of the prior week. This depleted

By Aduragbemi Omiyale The International Monetary Fund (IMF) has warned that Nigeria’s budget deficit could remain high at 6.1 per cent of its gross domestic product (GDP). This concern was raised in a statement issued on Wednesday after discussions with the Nigerian authorities from June 6-10, 2022. The IMF team led by Ms Jesmin Rahman was in Nigeria to discuss recent economic and financial developments and the economic outlook for the country. In the statement made available to Business Post, it was disclosed that the high fiscal deficit to GDP would be triggered by the payment of petrol subsidies. In

By Modupe Gbadeyanka The continuous commitments of Heritage Bank to the empowerment of women in the society have been lauded by the Oyo State government. Heritage Bank was showered with praises at a three-day summit entitled ‘The Ultimate Woman at a Time Like This,’ which took place at the Emeritus Theophilus Ogunlesi Multipurpose Hall, Opposite UCH Gate, Ibadan. At the event, organised under the auspices of the Oyo State Officials’ Wives Association (OYSOWA), the bank was recognised and awarded for this and charged to keep the flag flying. Receiving the award on behalf of the financial institution, Managing Director of

By Modupe Gbadeyanka President Muhammadu Buhari has left the shores of Nigeria for Qatar to attend the 5th United Nations Conference on the Least Developed Countries (LCDs). Mr Buhari jetted off on Saturday for the programme taking place in Doha, the capital city of Qatar. The conference, themed From Potential to Prosperity, will commence on Sunday, March 5 and will end on Thursday, March 9, 2023, but Mr Buhari will be expected back into the country on Wednesday, March 8. A statement issued by the Senior Special Assistant to the President on Media and Publicity, Mr Garba Shehu, disclosed that

Since time immemorial, travelling has been an essential part of human existence. We journey miles to see loved ones, engage in business transactions, or most times, to see the world around us through our own lenses. Modern day technology has also done more good than harm in making every stage of the journey easier and more convenient. For instance, now you can reduce a 6-hour journey to just about 45 minutes with the help of an airplane. Air tickets can also be procured from just anywhere with the help of the internet. The stress of having to comb different locations

By Ahmed Rahma Oyo State Government on Wednesday suspended the monthly environmental sanitation and the restriction of movement which normally characterised the exercise. In a statement by the Commissioner for Environment and Natural Resources, Dr Idowu Oyeleke, the government, however, urged residents of the state to ensure daily cleaning of their environments because sanitation exercise had now become an everyday activity. He stated that failure to comply with this directive would attract the use of environmental laws and sanctions against offenders. “The state government has suspended the exercise and restriction of vehicular and human movement have been suspended indefinitely, however