Transcorp Hotel Rights Issue Records 99.34% Subscription Rate

By Adedapo Adesanya Equinor and Chappal Energies have entered into an agreement for the sale of Equinor Nigeria Energy Company (ENEC), which holds a 53.85 per cent ownership in oil and gas lease OML 128, including the unitized 20.21 per cent stake in the Agbami oil field, operated by Chevron. Speaking on the deal, Equinor’s senior vice president for Africa Operations, Ms Nina Koch, said Nigeria has been an important part of Equinor’s international portfolio over the past 30 years, noting that, “This transaction realizes value and is in line with Equinor’s strategy to optimize its international oil and gas

By Modupe Gbadeyanka Business owners in Lagos have been assured of more incentives by the state governor, Mr Babajide Sanwo-Olu, who added that this is part of his administration’s commitment to reforms aimed at improving the ease of doing business and enhancing investment opportunities. Speaking at the commissioning of the newly-built wet hair production factory of Godrej Nigeria Limited, the Governor said his government would continue to pursue actions that would eliminate red tapes and regulatory impediments hindering the growth of businesses in the state, thereby demonstrating his willingness for continued collaboration with the private sector to improve the livelihood

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 Aduragbemi Omiyale President Bola Tinubu has said the 2024 budget presented to the joint session of the National Assembly on Wednesday was designed to achieve macroeconomic stability, a better investment environment, greater access to social security, poverty reduction and enhanced human capital development. According to him, if these goals are achieved, the standard of living of Nigerians will improve and the citizens will enjoy the dividends of democracy. While presenting the 2024 Appropriation Bills to the parliament yesterday, the President said this was why he christened the budget proposal as the Budget of Renewed Hope. Mr Tinubu told the

By Dipo Olowookere The management of Mission Securities Limited has announced the appointment of Mrs Olufemi Owopetu as a non-executive director of the company. The stockbroking firm, in a statement last week, disclosed that it was also seeking the approval of the appointee for the position. Mrs Owopetu holds a Master’s degree in Banking and Finance from University of Lagos, Akoka and is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN). She is also an Associate member of the Chartered Institute of Stockbrokers of Nigeria (CIS) and Financial Market Dealers Association of Nigeria (FMDA). Prior to her

By Modupe Gbadeyanka The board of MRS Oil Nigeria Plc has proposed the allotment of bonus shares to shareholders in the ratio of one for every five held by those whose names appear in the Register of Members at the close of business on July 6, 2018, subject to the approval of the appropriate regulatory authorities. The oil firm, in its financial statement for the year ended December 31, 2017 released to the Nigerian Stock Exchange (NSE), did not pay dividend to its shareholders as a result of the bonus shares. It stated that the register of shareholders would be

By Modupe Gbadeyanka Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, said President Muhammadu Buhari has agreed to allow very skeletal operations in the financial system and money markets in order to keep the system in light operations during the coronavirus pandemic. This approval to exempt the financial system and money markets came after President Buhari announced on Sunday night during a nationwide broadcast that movements in Lagos, Ogun States and Abuja would be restricted for 2 weeks. Lagos remains the financial hub of Nigeria. In a notice on Monday, the Minister said efforts were made to secure

By Adedapo Adesanya The Naira closed flat against the United States Dollar at N414.73/$1 at the Investors and Exporters (I&E) window of the foreign exchange (FX) market on Thursday, November 11. This came as demand eased at the specialised session with investors’ need for the greenback dropping by 73.2 per cent or $224.23 million as total transactions worth $82.01 million were made, lower than the $306.24 million carried out at the preceding session. However, it was not a similar situation at the interbank segment of the forex market as the domestic currency further depreciated against the Dollar by 2 kobo

By Kester Kenn Klomegah At long last, on the eve of his retirement, South African President Nelson Mandela has come to Moscow on an official visit. His goodwill trip is designed to express his gratitude to Russia for its support during the struggle against apartheid. It could also mark a strengthening of relations between countries that won freedom from communism and apartheid, respectively in the early 1990s, and have subsequently become two of the world’s most important emerging democracies. Mandela’s visit has been long planned but frequently postponed. He originally intended to visit to Russia in 1995, but had to

By Modupe Gbadeyanka Director General of Premier Agribusiness Academy, Mr Toromade Francis, has revealed that to make agribusiness profitable in Nigeria, farmers must acquire cognitive skill and knowledge of human capital development, marketing and sales of agric products as well as logistics and supply chain management through continuous training and learning. According to the agribusiness expert, there is a huge difference between agriculture and agribusiness, stressing that what makes agriculture a business is its ability to generate profit. Mr Francis, in a chat with reporters last Saturday in Lagos, applauded federal government for its food self-sufficiency initiative and move towards

By Modupe Gbadeyanka The United Bank for Africa (UBA) Plc has recorded another sterling performance, further cementing its position as one of the best financial institutions in Africa. In its financial statements for the first quarter of 2018, the bank posted a 17.89 percent increase in its gross earnings. The financial results showed that the earnings rose to N119.4 billion in Q1 2018 from N101.3 billion in Q1 2017. Also, the interest income appreciated by 17.7 percent in the period under review to N90.3 billion from N76.8 billion in the corresponding period on 2017. Furthermore, the net interest income was

By Adedapo Adesanya The start of the new week on Monday was met with weaker oil prices as a stronger US Dollar and a rising confirmed cases of COVID-19 in many countries weighed on market sentiment. This brought down the price of the Brent crude by 0.58 per cent or 32 cents to $54.78 per barrel and weakened the West Texas Intermediate by 0.52 per cent or 29 cents to $52.09 a barrel. The main problem currently faced is weakened demand brought about by the coronavirus but soaring cases especially in major economies keep holding back progress. Prices had rallied