Senate to Probe Missing N120bn Subsidy Payment from 2016

By Aduragbemi Omiyale A workshop designed to educate investors, especially those in the retail end of the curve, on how they can improve corporate governance has been organised by the Nigerian Exchange Regulation (NGX RegCo) Limited. The two-day event, which took place on Thursday, November 23, and Friday, November 24, 2023, was themed Rights and Responsibilities of Shareholders in Driving Corporate Governance. According to the NGX RegCo, the seminar was designed to promote a transparent and fair market, with participants agreeing that all hands must be on deck to sanitize the market and bring the boards and management of listed

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 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 Adeniyi Ogunfowoke It does not really count if you are a tech enthusiast or an ordinary consumer, you will always look forward to the tech developments especially the tech trends that will make a difference in the future or New Year. Jumia Travel, the leading online travel agency, highlights 5 technology set to define 2018. Artificial Intelligence Artificial intelligence (AI) will be bigger this year. More and more organisations will embrace AI which is made possible through machine learning algorithms and will be incorporated in uncountable applications. 5 Generation Technology This year, developers and engineers are getting ready to

By Modupe Gbadeyanka The suspension earlier placed on the shares of Universal Insurance Plc by the Nigerian Stock Exchange (NSE) has now been lifted. With this, investors and shareholders having equities of the insurer in their portfolio can now transact them on the floor of the exchange. Universal Insurance received the hammer on its head over its failure to submit its audited accounts to the NSE within the required speculated time. The insurance company was one of the firms suspended by the regulatory agency over the abover issue. However, some days ago, the company finally submitted its Audited Financial Statement

By Dipo Olowookere The total value of shares on the floor of the Nigerian Stock Exchange (NSE) as captured by the market capitalisation depreciated on Monday by N55 billion. The loss, about 0.44 per cent, was influenced by profit-taking activities of investors, who quickly rebalanced their portfolios after the gains recorded in the past sessions. This led to the reduction of the market capitalisation yesterday to N12.625 trillion from N12.680 trillion it closed last Friday when the bourse appreciated by 0.12 per cent. Business Post reports that the losses came from 17 stocks led by Mobil Oil as the share

By Adedapo Adesanya  Prices of major oil futures dropped on Tuesday on the impact of latest developments in the forthcoming October 10 – 11 trade talks between the United States and China. On Monday night, 28 Chinese companies were blacklisted by the United States due to their alleged role in human-rights violations against Muslim minorities. This came ahead of high-level discussions between officials of the US and China on Thursday and Friday and it affected the prospects including oil and stocks. As a result (as at 8 p.m. [GMT +1]), Brent Crude dropped 23 cents or 0.39 percent to trade

By Dipo Olowookere A Lagos-based company, Leaf Investment & Realtors Limited, has now acquired a 15.83 per cent stake in Oando Plc, an indigenous energy firm listed on the Nigerian Exchange (NGX) Limited. A statement issued by Oando on Monday disclosed that Leaf Investment attained the new status after it struck a deal with Mr Dahiru Mangal, one of the major shareholders of the organisation. Last week, there was a cross deal at the exchange for the sale of 1,968,452,614 shares of Oando, which was carried out by APT Securities and Funds, which has Mr Garba Kurfi as its Managing

By Adedapo Adesanya Leaders of the Organisation of the Petroleum Exporting Countries (OPEC) adjourned their virtual meeting on Monday when they could not agree on what to do on the tightening of supply of oil to the market. Before the meeting, there had been reports that efforts would be made to extend the current output cut deal into next year, but some members were against this because of their present economic situation, including Nigeria. As the talks were on and no agreement reached, the oil market suffered a slip on Monday as the Brent crude lost 59 cents or 1.22

By Aduragbemi Omiyale The duo of Matthew Wilde and Elie Fakhoury has been appointed to lead the financial advisory and restructuring operations of Teneo in the Middle East. Teneo is a global CEO advisory firm with an already strong presence in the region where it provides a wide range of strategic communications, management consulting, and risk advisory services from offices in Riyadh, Dubai, and Doha. To expand its operations, Teneo launched its Financial Advisory business and wants Wilde and Fakhoury to play significant roles. They most recently worked together at AlixPartners. Wilde is one of the region’s most experienced restructuring

By Modupe Gbadeyanka The Federal University of Agriculture in Makurdi, Benue State, has been sealed off by the Benue State Internal Revenue Service (BIRS). The higher institution of learning was shut by the Benue State tax office over non-remittance of Personal Income Tax running into N2.3 billion. The action, we gathered, followed reported failure of the school to respond to several letters written to it by the tax office to pay up the outstanding Personal Income Tax from 2007 to 2011. Chairman of BIRS, Mrs Mimi Adzape-Orubibi, who led the enforcement team to seal off the university, noted that her