SON Unveils New Label for Air-Conditioners, Electrical Appliances

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has urged the Nigerian National Petroleum Company (NNPC) Limited to disclose Nigeria’s daily oil production and exports as well as the total amounts of revenue generated from oil since the removal of subsidy on petrol in mid-2023. In a letter dated December 9, 2023, the group asked the chief executive of the NNPC, Mr Mele Kyari, “to disclose how much of the revenues generated from oil have been remitted to the public treasury since the removal of subsidy on petrol.” He was also requested “to disclose details of payment of

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 Central Bank of Nigeria (CBN) has disclosed that the total value of the country’s merchandise trade experienced an increase of 1 per cent to $7.8 billion in August 2023 from the $7.72 billion that was quoted in July. This was disclosed by the apex bank in its latest monthly economic publication, where it disclosed that despite the rise month-on-month, Nigeria’s merchandise trade value in the period was almost 20 per cent lower compared to the value in August 2022 due to a significant decrease in import trade value. The total merchandise trade comprised an export trade

By Aduragbemi Omiyale Customers of Kuda, a digital banking platform, have been advised to upgrade their mobile application to the latest version to enable them to enjoy the new features embedded in the app. A statement from the company said the additions to the recently upgraded app make it easier for users to have more access to financial products and services, including investments and UK-to-Nigeria transfers. It said the newly-launched money app for Africans in Nigeria and the UK offers convenient, easy access to frictionless and affordable financial services for users as transactions can be done faster and seamlessly. To

By Dipo Olowookere All is still not well with International Energy Insurance (IEI) Plc as its half-year results have revealed that it is still running at a loss despite efforts put in place to put it back into profitability. Details of its unaudited financial statements for the first half of 2022 indicated that the underwriter recorded pre and post-tax losses. In the first six months of the fiscal year, the company declared N74.5 million as its loss before tax compared with the N73.9 million pre-tax loss posted in the same period of last year, while the loss after tax was

By Ahmed Rahma A subsidiary of Stanbic IBTC Holdings PLC, Stanbic IBTC Bank, has not seized to show its commitment to the nation’s economic growth by fostering international trade. At the recent Africa China Agent Proposition (ACAP) webinar with the theme Advancing Africa-China Trade Opportunities, the bank disclosed its support for the Africa-China trade relations. The challenges which confronted Nigeria-China trade relations as a result of COVID-19 pandemic and the impact of recent regulatory pronouncements on trade between both countries were discussed by the panellists during the session. In his welcome address, the CEO of Stanbic IBTC Holdings PLC, Dr

………..Holds Exclusive Movie Viewing for Arrows of God Orphanage By Dipo Olowookere In the spirit of the festive season, South African Airways has demonstrated unusual Corporate Social Responsibility (CSR) by bringing smiles to the faces of more than 70 Arrows of God Orphanage kids in Lagos. South African Airways treated the Arrows of God Orphanage kids to an exclusive movie viewing at the Silverbird Cinemas in Lagos in addition to loads of gifts for each kid and the entire orphanage. The orphanage kids watched and enjoyed exclusively, 2016 Walt Disney blockbuster animated adventure movie, ‘Moana’ – a story about a

By Modupe Gbadeyanka The Nigerian Stock Exchange (NSE) has granted the application filed by the board of International Breweries Plc for the listing of its proposed rights issue on the platform. The breweries giant is planning to raise fresh funds of up to N164.4 billion by selling shares to its existing shareholders at a unit price of N9 per share, N1 lower than N10 it traded on the floor of the NSE on Monday (today). The company had through its stockbroker, Chapel Hill Denham Securities Limited, filed the application to the NSE. The request for approval was admitting the rights

By Modupe Gbadeyanka The sum of N348 billion was on Wednesday approved by the Senate for the payment of outstanding oil subsidy claims to 74 petroleum marketers in the country. This followed adoption of the interim report of its Committee on Petroleum (Downstream) on the Promissory Note Programme and Bond Issuance to Settle Inherited Local Debts and Contractual Obligations to Petroleum Marketers. Chairman of the committee, Mr Kabir Marafa, informed his colleagues that although marketers made claims to the tune of N670.5 billion as at June 30, 2017, the PPPRA verified and approved the sum of N429.1 billion to the

By Adedapo Adesanya The resumption of the weekly sale of forex to members of the Association of Bureau De Change Operators of Nigeria (ABCON) by the Central Bank of Nigeria (CBN) has been applauded. On Monday, September 7, the CBN auctioned forex worth $51.8 million to over 5,000 BDC operators in the country to help with demands of customers as international flights recommenced. Speaking on this, the President of the Association, Mr Aminu Gwadabe explained in Lagos that working with the apex bank as seen in the past has yielded positive results, adding that it has helped the naira appreciate

By Adedapo Adesanya English Premier League relegation-threatened side, Burnley Football Club, have announced the sack of manager, Mr Sean Dyche, after almost a decade at the helm of affairs. His exit was announced by the club on Friday. He was shown the way out of Turf Moor alongside assistant manager Ian Woan, first-team coach Steve Stone and goalkeeping coach Billy Merce. His departure means he is the longest-serving manager in the Premier League, having been in charge of the Clarets for nine-and-a-half years, overseeing a period that will go down as one of the most successful in the club’s history.