Transcorp Generates Lower Revenue in Q1’19

By Adedapo Adesanya The International Monetary Fund (IMF) has reaffirmed its support for the removal of fuel subsidy and the exchange rate unification of the administration of President Bola Tinubu, insisting that the policies are good for Nigeria’s economy. A representative of the global lender, Mr Ari Aisen, while featuring on Channels TV on Tuesday, maintained that the two policies must remain for Nigeria to reach macroeconomic stability. “After the position that needs to be well managed to avoid potential reversal, policies of subsidizing fuel, and controlling exchange rate will lead to a much better outlook for the Nigerian economy,”

By Adedapo Adesanya Oil prices moderated in choppy trade on Monday as Russia relaxed its fuel ban amid a widening demand worry. Brent crude futures lost 2 cents during the session to trade at $93.29 per barrel, and the US West Texas Intermediate (WTI) crude depreciated by 35 cents to close at $89.68 per barrel. Last week, prices were down after a hawkish Federal Reserve rattled global financial markets and raised concerns that interest rates could stay higher for longer affecting oil demand. This snapped a three-week rally of more than 10 per cent after Saudi Arabia and Russia constrained

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange weakened by 0.30 per cent on Tuesday, September 26 after Central Securities Clearing System (CSCS) Plc witnessed a decline in its closing price. This brought down the value of the unlisted securities market by N3.50 billion to end at N1.146 trillion versus the N1.149 trillion it ended a day earlier, as the NASD Unlisted Securities Index (NSI) dropped 2.48 points to end at 810.87 points compared with the previous day’s 813.35 points. The share price of CSCS Plc declined by 70 Kobo yesterday to settle at N17.50 per share, in contrast

By Adedapo Adesanya The new Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has said he would adopt an evidence-based monetary policy as he assumed office upon confirmation by the Nigerian Senate on Tuesday. He said the new leadership of CBN would “adopt an evidence-based monetary policy and shall not be making decisions based on a whim.” The Godswill Akpabio-led Senate confirmed the nomination of Mr Cardoso’s nomination as well as that of the four Deputy Governors of CBN nominated by President Bola Tinubu. The four deputy governors whose appointments were confirmed by the Senate are Mrs

By Modupe Gbadeyanka Governor Ibikunle Amosun of Ogun State has disclosed that his administration plans to approach the Nigerian capital market to raise funds to put up some capital projects in the state. Speaking during a visit to the Nigerian Stock Exchange (NSE) last Thursday, Mr Amosun stated that this would be done through the issuance of bonds. However, the Governor did not reveal how much would be raised through the exercise. Governor Amosun explained that the improved financial position of Ogun State and key policies implemented by his government has put the state in a better position to access

By Dipo Olowookere No fewer than 1.7 million households will benefit from the food relief package from the private sector-led Coalition Against COVID-19 (CACOVID). At a news conference in Lagos, the Chief Executive Officer of Aliko Dangote Foundation (ADF), Ms Zouera Youssoufou, stated that this gesture was part of complementary efforts to help alleviate the effects of the lockdown and restrictions adopted by governments across the nation. Also, Ms Youssoufou noted that the group has ordered for 250,000 supplies for tests and another 150,000 extraction kits to fast-track molecular testing for the deadly coronavirus, noting that the reality of the

By Jerome-Mario Chijioke Utomi The global community is presently in agreement that just as an unchained torrent of water submerges the whole countryside and devastates crops, even so, a lack of strong will, unclear policy direction, as well as government’s inability to create substantial innovative fiscal space, serves to destroy the nation’s education sector. This is the reality confronting our republic. Supporting the above assertion is the recent revelation at a media dialogue on girls’ education held in Katsina, by the United Nations Children’s Funds in collaboration with Foreign Commonwealth and Development Office in Nigeria. The world body, among other

By Dipo Olowookere The board of Neimeth International Pharmaceuticals Plc has decided to raise N5 billion from two sources; rights issue and private placement. This decision was reached on Monday, May 31, 2021, at the emergency meeting of the board to discuss the modalities for raising the N5 billion approved by shareholders of the company almost three months ago. On March 9, 2021, at the Annual General Meeting (AGM) of the organisation, the shareholders of the pharmaceutical company authorised the board to source N5 billion. At Monday’s gathering, the board concluded that the sum of N3.7 billion should be raised

By Ahmed Rahma The COVID-19 pandemic hit many businesses, countries and individuals in 2020 by surprise and till now, the effect is still being felt. Nigeria, which is one of the countries hit by the virus, though mildly when compared with countries in Europe and the United States of America (USA), slipped into a recession as a result of the contagion. When the country, which is Africa’s largest economy, recorded its first case of coronavirus in late February, some people knew trouble was lurking around. In March, President Muhammadu Buhari was forced to take the harsh decision of locking down

By Dipo Olowookere Farmers in Kwara State who require funding support to increase their production will now have the avenue to get such courtesy the state government. This is because the Governor Abdulfatah Ahmed’s administration has secure an agricultural loan of N1 billion from the Central Bank of Nigeria (CBN) majorly for farmers in the state. In order to access the facility, farmers in the state will have to open an account with selected microfinance banks. But those who will majorly benefit the funding support are those involved in the cultivation of soya beans, rice, maize and others. Special Adviser

By Aduragbemi Omiyale A sensitisation workshop to discuss agricultural commodity standards in Nigeria will begin on Monday, November 8 and end on November 9, 2021, at Protea Hotel in Ikeja, Lagos. The event is organised by the Securities and Exchange Commission (SEC) and the Standards Organisation of Nigeria (SON). The commodities standards sensitisation seminar is aimed to enhance the nation’s commodities trading ecosystem and make it attractive to investors as critical stakeholders like processors, farmer groups, exporters, farmer co-operatives, merchants/off-takers as well as agricultural extension officers will brainstorm on how to make things better. The Commodities Trading Ecosystem Report had

By Modupe Gbadeyanka  A new artiste has been signed by RedAce Management Company, the management arm of Africa’s foremost Public Relations and Media Agency, The RedAce Company, and he is Tyovenda Torkuma Jeffery, otherwise known as Jay Drillz. A statement signed by spokesman of the firm, Mr Olubunmi Adeyera, disclosed that the signing of Jay Drillz was facilitated to introduce new game changers to the Nigerian music industry.” According to Mr Adeyera, “Music business in Nigeria is no longer what it used to be and won’t be business as usual, this is why the hallmark of our management company is