Tambuwal Okays N2.2b for LG Workers Gratuity Payment

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed in the green territory after it chalked up by 0.37 per cent on Friday, September 22, as three securities finished on the price gainers’ chart and one stock closed in the price losers’ table. This raised the market capitalisation of the OTC Exchange by N4.24 billion to N1.143 trillion from the previous day’s N1.139 trillion, as the NASD Unlisted Securities Index (NSI) increased during the session by 3.00 points to finish at 808.95 points compared with Thursday’s 805.95 points. At the close of transactions, investors traded a total of 10.7

By Adedapo Adesanya President Bola Tinubu has been charged by the Socio-Economic Rights and Accountability Project (SERAP) to investigate the allegations that over $15 billion of oil revenues and N200 billion budgeted to repair the refineries are missing and unaccounted for between 2020 and 2021, as documented by the Nigeria Extractive Industries Transparency Initiative (NEITI). In the letter dated September 23 and signed by SERAP deputy director, Mr Kolawole Oluwadare, the organisation urged him to “name and shame anyone suspected to be responsible for the missing and unaccounted for public funds and to ensure their effective prosecution as well as

By Bliss Okperan A foremost content reader, FeedSpot, has named Business Post Nigeria as one of the Top 25 Nigeria Personal Finance Blogs. In the list, Business Post was placed in the 8th position, ranking among other reputable online platforms serving readers with quality and educative business and financial news reports and articles. In the top 10, FeedSpot listed Nairametrics as number one, followed by UBA Group, Financial Nigeria Magazine, Investors King, Cowrywise Blog, Financial Watch, MakeMoney, Business Post Nigeria, Nigeria Galleria Blog, and Money Matters with Nimi. Other platforms listed were LagosMums, Financengr, Rosabon Financial Blog, Ohimai Consulting Blog,

By Dipo Olowookere The regulator of the stock market in Nigeria, the Nigerian Exchange (NGX) Regulation Limited (RegCo), has announced its intention to change rules guiding free-float for companies listed on the NGX Limited. In a notice obtained by Business Post, the organisation further said it wants to amend the cross-border listing rules and develop guidelines for migrating listed securities from one board of the bourse to another. At the moment, the exchange does not have rules regulating the migration of listed securities from one board to another, prompting the regulator to “address this lacuna and to foster NGX’s commitment

By Modupe Gbadeyanka For a while now, promoters of a digital currency, Bitcoin, have been urging Nigerians to key into the system just like the controversial MMM Ponzi scheme. This has got the attention of the Federal Government, which has promised to look into the programme so as to advice citizens. It also said the system may be adopted in the country if investigations give it a go-ahead. At the 2016 Workshop for Financial Correspondents on Friday in Kaduna, Managing Director of Nigeria Deposit Insurance Commission (NDIC), Mr Umaru Ibrahim, disclosed that his commission and the Central Bank of Nigeria

By Adedapo Adesanya Food processing company, FrieslandCampina Wamco Plc, posted a good performance on the floor of the NASD Over-The-Counter (OTC) Securities Exchange on Friday, January 10, 2020. This helped the platform closed 0.61 percent higher at the close of market as the NASD Unlisted Security Index (NSI) went up by 4.24 points during the session to settle at 702.28 points in contrast to 698.04 points it recorded at the previous session. In the same vein, the market capitalisation increased at the session by N3.05 billion to N504.54 billion, higher than the N501.49 billion it quoted on Thursday. Business Post

By Dipo Olowookere The budget estimate of Delta State for the 2021 fiscal year has been raised 34.05 per cent or N96.2 billion higher than the 2020 financial year by Governor Ifeanyi Okowa. On Tuesday, the Governor presented the Appropriation Bill to the Delta State House of Assembly and during the presentation, he said the sum of N378.48 billion is to be spent next year as against N282 billion approved for this year. Mr Okowa, who described the bill as Budget of Recovery, noted that more funds would be used to carry out projects across the state, justifying the reason

By Modupe Gbadeyanka In a bid to continue boosting entrepreneurship development in order to curb the high level of unemployment in the country, Heritage Bank Plc says it will once again be the headline sponsor for the fourth season of ‘The Next Titans,’ a Nigerian entrepreneurial Reality TV Show. The move by the bank is a consistent commitment to build the next generation of sustainable Nigerian businesses; young and budding entrepreneurs who will end up becoming ‘titans’ in their own disciplines whether in Technology, Inventions, Media, Real Estate, Fashion, Agriculture, or Productions, and so on. Speaking at a press conference

By Modupe Gbadeyanka The board of Greif Nigeria Plc has agreed to delist shares of the company from the Nigerian Stock Exchange (NSE) next year. However, to make this effective, the board of directors is calling for an Extra-Ordinary Meeting (EGM) to be held on January 23, 2020 to seek approval of the company’s shareholders. Also, at the EGM, the board wants the authorisation of the investors to sell the company’s properties in Lagos; the one at its present head office and another property around the area. A notice from Greif Nigeria said the board took the decisions to exit

By Dipo Olowookere Senator representing Katsina North Senatorial District at the National Assembly, Mr Bukar Mustapha, has been announced as the new Chairman, Senate Committee on Capital Market. The lawmaker was named the new head of the committee on Tuesday by the Senate President, Mr Bukola Saraki. At the resumption of plenary yesterday from an annual recession, the Senate leadership announced heads of committees. The position was earlier held by the late Senator Isiaka Adeleke. According to his profile checked by Business Post on the website of the National Assembly, Mr Mustapha is a member of the ruling All Progressives

About $13 million has been raised by the digital network for global small-scale agriculture, Wefarm, to assist the company further scale its network of 1.9 million farmers, and its newly created Marketplace, to connect farmers in Africa, even those without internet access, to the information, products and services they need to be more successful. The funding package mainly came from Silicon Valley venture capital firm, True Ventures, with support from AgFunder and June Fund, among others. Founded in 2015, Wefarm is on a mission to create a global eco-system for small-scale agriculture. With more than one billion people directly involved

By Adedapo Adesanya Nigerian government has accused one of its neighbours, Benin Republic, of frustrating efforts to stop smuggling of prohibited goods into the country despite closing the land borders. Minister of Information and Culture, Mr Lai Mohammed, according to the News Agency of Nigeria (NAN), made this accusation while speaking on a live programme on TV Continental (TVC) in Lagos last Friday. “Regrettably, the signs out there are not positive in the sense that in the last few weeks, the number of seizures that have been made do not show that our neighbours are in a hurry to comply