Three Stocks Push NASD to Bullish Territory by 0.22%

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 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 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 Modupe Gbadeyanka On Wednesday, June 21, 2017, the Federal Government will hope to raise N140 billion from the sale of bonds at the local market. The exercise would be carried out using the Dutch auction system, the Debt Management Office (DMO) disclosed on Friday. This would come a week after the Nigerian government signed the 2017 appropriation bill into after it was approved by the National Assembly last month. According to the debt office, N40 billion bonds due in 2021 would be auctioned. In addition, the N50 billion bonds due in 2027 would be sold at the market as

By Dipo Olowookere The Nigerian National Petroleum Corporation (NNPC) has announced winners of its 2019/2020 Direct Sale of Crude Oil and Direct Purchase of Petroleum Products (DSDP) arrangement and from a statement issued by the state-owned oil agency, 15 firms made the cut after a rigorous and transparent exercise. From the list announced by NNPC, four companies listed on the Nigerian Stock Exchange (NSE) were selected for the crude-for-oil contracts and they are Total Nigeria, Oando, Eterna and MRS Oil. According to the statement signed in Abuja yesterday by the corporation’s Group General Manager, Group Public Affairs Division, Mr Ndu

By Modupe Gbadeyanka If Fintech, banks and telecommunications companies can work together more, Nigeria could experience huge economic growth, the Managing Director of Ecobank Nigeria, Mr Patrick Akinwuntan, has opined. The reputable banker maintained that for Nigeria Fintechs to accelerate positive disruption for value, there is a strong need to develop talents, solve a problem beyond payments, monetize data and challenge the status quo. Mr Akinwuntan, who made this submission at the Nigeria Fintech Week themed Evolving Economic Disruptions; Fintech as a Solution, stressed that efforts must be for the establishment digital school of Fintech to groom talents, deepen skills

By Modupe Gbadeyanka Chief Executive Officer and founder of Velodyne LiDAR, Mr David Hall, has been named as 2018 Inventor of the Year. This honour was bestowed on Mr Hall by the Intellectual Property Owners (IPO) Education Foundation. The inventor created the ground-breaking 3D LiDAR sensor technology which enables advanced vehicle safety and performance for autonomous vehicles. The idea of leveraging LiDAR technology for autonomous driving came to Hall after competing as one of the original entrants in the DARPA Grand Challenge for autonomous vehicles. In 2005, he invented 3D LiDAR to give autonomous vehicles real-time, 360-degree vision that then

By Adedapo Adesanya The governments of Nigeria and the United Kingdom have disclosed that the trade value between the two countries in 2022 stood at £5.5 billion. This was disclosed in a statement jointly signed by the Minister of Industry, Trade and Investment, Mr Adeniyi Adebayo, and UK Trade Envoy to Nigeria, Mrs Helen Grant, at the 8th ministerial meeting of the United Kingdom-Nigeria Economic Development Forum (EDF). “Of this £5.5 billion, total UK exports to Nigeria amounted to £3.3 billion in the four quarters of 2022, while total UK imports from Nigeria amounted to £2.2 billion in the four

Budget of Fiscal Consolidation and Transition Delivered By: His Excellency, President Muhammadu Buhari, President, Federal Republic of Nigeria At the Joint Session of the National Assembly, Abuja. Friday, 7th October, 2022 PROTOCOLS: I am very pleased to be here today to present the 2023 Budget Proposals at this Joint Session of the National Assembly. This is the last time I will be laying the budget of the Federal Government of Nigeria before the National Assembly. Mr. President; Mr. Speaker: As I address this Joint Session on the Budget for the last time, let me highlight some of the progress that

By Ashemiriogwa Emmanuel Red Star Express Plc, a provider of global logistics solutions in Nigeria, has expanded the capacity of its dedicated shuttle services to include the distribution of goods from wholesalers to retailers. The logistic company, through its support services, is leveraging its expertise in outsourcing to close the gap between wholesalers and retailers, thereby creating alternative channels of reaching, acquiring, and servicing customers. Speaking on the expansion, the Divisional Managing Director, Red Star Support Services, Mr Tonye Preghafi, noted that it was a drive to enhance the goal of the company in solving distribution challenges and connecting with

By Dipo Olowookere A former Chairman of Ahoada West Local Government Council of Rivers State, Mr Ikechukwu Obuzor has called on world’s football governing body, FIFA, to suspend Nigeria from all competitions until the government orders the military to produce the rogue soldiers involved in murder of 3SC of Ibadan defender, Joseph Izu. Mr Izu was allegedly murdered by soldiers attached to the Joint  Task Force (JTF) based in Akinima while holidaying at his hometown Okarki in Ahoada West Local Government Area of Rivers State. In a statement released in Port Harcourt, Mr Obuzor said the appeal has become necessary