Sovereign Trust Records 21% Drop in HY’19 Profit

By Adedapo Adesanya The House of Representatives has pledged to stop international oil companies (IOCs) operating in the Niger Delta from divestment of their offshore assets without being accountable to the environment. The Chairman of the House of Reps Committee on Host Communities, Mr Dumnamene Dekor, said this during a technical session on the implementation of the Host Communities Development Trusts (HCDT), organised by Spaces for Change (S4C) with support from Ford Foundation. Mr Dekor raised the alarm that since the passage of the Petroleum Industry Act in 2021, host communities have not experienced any positive change, rather have remained

By Adedapo Adesanya The Supreme Court has ordered that the old N200, N500, and N1,000 notes should continue to co-exist with the new banknotes beyond the earlier December 31, 2023, deadline. The apex court ruled on Wednesday that both old and new notes should continue to remain legal tender until the federal government puts a process in place for its replacement or redesign after due consultation with relevant stakeholders. The seven-man panel led by Justice Inyang Okoro gave the ruling following an application by the central government asking the court to grant an extension of time for old naira notes

By Adedapo Adesanya The return of the bears was averted at the NASD Over-the-Counter (OTC) Securities Exchange on Thursday by Central Securities Clearing System (CSCS) Plc, which helped the alternative bourse close marginally higher by 0.03 per cent. This slight growth increased the value of the OTC exchange by N380 million, closing relatively flat at N1.165 trillion, as the NASD Unlisted Security Index (NSI) increased by 0.27 points to end the day at 859.58 points compared with the previous day’s 859.31 points. During the trading day, the value of CSCS Plc went up by 8 Kobo to settle at N17.08

By Adedapo Adesanya  Nigerian Breweries (NB) Plc, the makers of Star, Heineken, Maltina, and Goldberg, has said from August 10, 2023, prices of these drinks would go up. The decision, conveyed in an internal memo dated August 1, 2023, and seen by Business Post, cited the need to review prices due to the continued rise in input costs and the necessity to mitigate its impact. “This is to inform you that we will review the prices of some of our SKUs effective Thursday 10th August 2023,” the internal letter signed by Mr Ayo Lawal, the Sales Director, said. “In appreciation

By Ahmed Rahma Aviation Logistics and Management Limited (ALML) has launched an online travel website, Tripplug.com, which offers travellers the convenience of booking online with a few clicks. Through Tripplug.com, the company provides flight booking, hotel reservations, travel packages, tours, airport transfers, protocol, airport-lounge access and more with guaranteed on-demand and real-time booking to passengers. Speaking during the launch of Tripplug.com in Lagos, Mr Temidayo Kazeem, vice president, asset management ALML said the company has built up longstanding strategic relationships with partners worldwide, which allows it to go the extra mile for travellers no matter their destinations. Mr Temidayo said

By Adedapo Adesanya As the 2022 edition of the World Cup kicked off, in line with the approach adopted in all tournaments, the Federation of the International Football Association (FIFA), together with three United Nations agencies, will run a range of social campaigns during the tournament. FIFA said the purpose was to send messages promoting health, unity and non-discrimination to the billions of worldwide viewers across multiple channels. These campaigns have taken into account feedback received from its member associations, who, like FIFA, are committed to using the power of football to effect positive change around the world. Each round

By Dipo Olowookere It was a positive week for the local currency at the Investors & Exporters (I&E) segment of the foreign exchange market. This is because the Naira appreciated slightly by 0.02 percent at the forex window week-on-week (w-o-w) against the US Dollar to close N361. This marginal growth occurred amid 15.09 percent week to date increase in turnover to $906.02 million at the I&E FXW as at Thursday, June 21, 2018. Meanwhile, the local currency closed flat against the greenback at the parallel market and the Bureau De Change segments at N362/$ and N360/$ respectively on sustained special

By Dipo Olowookere Asset & Resource Management Holding Company (ARM HoldCo) has planned to partner with the Lagos State Ministry of Education to create coding centres in public and private schools across the state under the #CodeLagos project. CodeLagos is an initiative of the state government targeted at making coding education framework accessible to every student in Lagos and training 1 million Lagosians to code by year 2019. The programme is to be launched in April this year with about 300 coding centres of which ARM will equip 15 of the centres. According to Special Adviser to the state Governor

By Adedapo Adesanya The National Insurance Commission (NAICOM) has pledged to properly handle the complaints of insured policyholders following the destruction of properties that marred the #EndSARS protests. According to NAICOM’s Head, Commissioner for Insurance Directorate, Mr Rasaaq Salami, the commission would await complaints from policyholders arising from the damages they suffered when hoodlums used the peaceful demonstrations to perpetuate the act of looting. Mr Salami said situations like this underscore the importance of adequate and appropriate insurance, noting that the insurance industry was gradually and steadily shifting from that era of poor claims payment to adequately honouring their obligations.

By Aduragbemi Omiyale A few days ago, the management of C&I Leasing Plc informed the investing community that Peace Mass Transit (PMT) has acquired about 55.82 per cent of the issued shares of the company. The deal was done through the conversion of loan stock, about 313,326,316 units of the Neoma Africa Fund (formerly Aureos Africa Fund), transferred to PMT. C&I Leasing had said this transaction would strengthen its capital base as the possible redemption of the notes, with the company’s cash resources, had been eliminated, giving the firm the opportunity to use such funds to expand the operations of