Tambuwal Okays N2.2b for LG Workers Gratuity Payment

By Adedapo Adesanya The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that Nigeria saw a 65.7 per cent or N76.77 billion increase in earnings from the solid minerals sector in 2021 to N193.59 billion from the N116.82 billion achieved in 2020. This upward trajectory has been on for the past five years, according to a report from the agency. The Executive Secretary of NEITI, Mr Orji Ogbonnaya Orji, however, lamented that this is still abysmal considering the potential of the sector to the Nigerian economy. He said this while presenting the solid minerals sector report in Abuja, noting that

By Adedapo Adesanya  The Central Bank of Nigeria (CBN) has confirmed the resignation of Mr Godwin Emefiele as its governor and the resumption of Mr Olayemi Cardoso as the next head of the apex bank, albeit in an acting capacity. The apex bank’s Director of Corporate Communications, Mr Isa AbdulMumin, said Mr Cardoso will act as governor pending his confirmation by the Nigerian Senate, which is away on recess until Tuesday, September 26. This also confirms the exit of Mr Folashodun Shonubi, who was acting in that position following the ousting of Mr Emefile three months ago. “Dr Olayemi Michael

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 Dipo Olowookere On Wednesday, October 16, 2019, one of the leading financial institutions in Africa, Guaranty Trust Bank (GTBank) Plc released its unaudited financial results for the period ended September 30, 2019 to both the Nigerian and London Stock Exchanges. A review of the results shows positive performance across all financial indices, reaffirming the lender’s position as one of the most profitable and well managed financial institutions in Nigeria. This was reflected in the bank’s profit before tax, which grew by 3.9 percent to 170.7 billion over the N164.2 billion achieved in the corresponding period of September 2018. Also,

By Modupe Gbadeyanka The savings bond offer by the Federal Government for the month of November 2017 has commenced today. The savings bond gives Nigerians the opportunity to invest in the bond market for as low as N5000 with interest as high as 13.091 percent per annum. Specifically, the Debt Management Office (DMO), which sells the bonds on behalf of the government, is offering the 2-Year FGN Savings Bond due November 15, 2019 at 12.091 percent per annum, while the 3-Year FGN Savings Bond due November 15, 2020 is at 13.091 percent per annum. Subscription for the bonds opens Monday,

By Adedapo Adesanya The week rounded off with the Naira further facing headwinds against the US Dollar as it depreciated by N1.50 or 0.39 per cent to close at N389.50/$1 at the Investors and Exporters (I&E) segment of the foreign exchange market on Friday, July 24. At the previous session, the local currency had closed at 388/$1. At the trading day, there was an increase in the demand for forex at the investors’ window by 246.3 per cent or $31.06 million to $43.67 million from $12.61 million on Thursday. At the Bureaux De Change (BDC) segment of the forex market, the domestic currency equally came under pressure against the greenback. On Friday, in the

By Investors Hub European stocks have recovered from a lackluster start to edge higher on Thursday after the U.K. and EU announced they have agreed on a deal for Britain’s exit from the EU. EU Commission President Jean-Claude Juncker said in a letter that member nations should back the Brexit deal and that the 27 member states are “best served by an orderly and amicable withdrawal of the United Kingdom from our Union.” The U.K.?s FTSE 100 Index has advanced by 0.9 percent and the German DAX Index has risen by 0.3 percent, although the French CAC 40 Index has

Dipo Olowookere Nigeria’s Vice President, Professor Yemi Osinbajo, has advised the Central Bank of Nigeria (CBN) to regularly conduct a forensic audit of banks operating in the country. According to the Vice President, this will go a long way in boosting the confidence of investors and Nigerians in the banking sector. Mr Osinbajo made this call on Monday in Abuja at the public presentation and launching of the book ‘Banking Reform in Nigeria: the Law, the Prospects and the Challenges’ written by a doctor of Law, former lecturer in the University of Ife and a member House of Representative, Mr

By Modupe Gbadeyanka Latest data from the Central Bank of Nigeria (CBN) has revealed that the country’s foreign exchange reserves have reached $25.4 billion from the $25.084 billion it achieved on December 16, 2016. This indicates a rise of nearly $300 million in less than one week. It would be recalled that in September, the reserves were $24.361 billion and dropped to $23.89 billion in October. But at the end of November, the reserves stood at $24.77 billion. Nigeria’s foreign reserves started depleting when the demand for Dollar surged, which weakened the Naira. Also, income from the country’s major source

By Adedapo Adesanya Davido Music Worldwide (DMW) has terminated the deal with Mr Sanni Goriola Wasiu, otherwise known as Lil Frosh, and has also severed ties with him over allegations of beating his girlfriend. The record label, owned by David Davido Adeleke, in a press statement on Tuesday, stated that it considers domestic violence as grievous act and will do everything possible to stand with victims of domestic violence and after an internal investigation, it’s cutting ties with Lil Frosh. The statement noted, “There is no excuse for the actions of Lil Frosh and we understand that there is nothing

By Ashemiriogwa Emmanuel Digital commodities trading platform, ComX, is set to hold a webinar to squarely discuss the concept of alternative investments and the inclusion of youths and women across the country in such investment opportunities. The program, which is themed Alternative Investments: Driving Youth and Women Inclusion, is scheduled to hold on Thursday, September 30, 2021, by 3:30 pm prompt. The virtual event, which requires registration here, will focus on the participation of women and youths in trading agricultural assets and other alternative investment opportunities on the ComX platform. Launched by the leading commodities market player in Nigeria, AFEX,