UAC Nigeria Lists Addition Shares on Stock Exchange

By Aduragbemi Omiyale The Vice President, Mr Kashim Shettima, has said Nigeria is in dire need of foreign direct investment (FDI) more than ever before, tasking domestic and foreign investors to make Nigeria their investment hub because efforts are being made to formulate business-friendly policies. Mr Shettima, while speaking when he hosted the management of First Surat Group, as well as top management of MTN Nigeria at the presidential villa in Abuja, charged MTN Nigeria to facilitate and spearhead digital mobile money and digital education. He assured that President Bola Tinubu was willing to partner with various stakeholders in the

By Dipo Olowookere No fewer than 15 Nigerian Small and Medium-sized Businesses (SMBs) will share the N75 million set aside by a tech giant, Google, in the 2023 edition of Hustle Academy Fund. The initiative was introduced in 2022 to provide equity-free funds to small business owners to scale up their operations and support entrepreneurial growth in Nigeria. Entries for the exercise opened on Thursday, September 28 and will close on Thursday, October 12, 2023, and to be eligible, businesses must be Nigerian-founded, operating within Nigeria for 1-5 years, and have a clear and scalable business plan. They should have

By Adedapo Adesanya The Federation Account Allocation Committee (FAAC) has shared a total of N1.1 trillion from the revenue generated by the nation in August 2023 for September to enable the three tiers of government; the federal government, states, and local government councils, to have funds to pay salaries and others. The allocation of the funds was confirmed by the Office of the Accountant General of the Federation on Friday following FAAC’s September 2023 meeting. According to a statement by the OAGF’s Director of Press and Public Relations, Mr Bawa Mokwa, there was “N1100.101 billion (N1.1 trillion) total distributable revenue.”

By Aduragbemi Omiyale The management of BUA Cement Plc has announced a reduction in the prices of its cement from its factory without the transportation costs to N3,500 per bag (50kg). The cement maker confirmed this development in a statement issued on Sunday, noting that it was part of efforts to make sure customers get the products at cheaper prices. In the statement, BUA Cement disclosed that the slash in cement prices is from Monday, October 2, 2023, urging its distributors not to fleet the end users. The firm said, “All pending, undelivered orders which had been paid for at

By Modupe Gbadeyanka The report on the 2018-2020 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) presented to the House of Representatives two months ago by President Muhammadu Buhari has finally been adopted. However, before the consideration and adoption of the report of the Committees on Finance, Appropriations, Aids, Loans and Debt Management, Legislative Budget and Research and National Planning and Economic Development on the 2018-2020 MTEF and FSP today, the 2018 Appropriation Bill had scaled second reading at the lower parliament without a dissenting voice. But a member of the House, Mrs Betty Apiafi, had attempted to

By Modupe Gbadeyanka Some workers have been given early retirement planning and investment strategies at the pre-retirement seminars organised by Stanbic IBTC Pension Managers. The workshops were put in place for customers by the subsidiary of Stanbic IBTC Holdings Plc in Edo, Plateau, and Oyo States from May 11 to 25, 2023. Themed Making Extraordinary Happen in Your Post-Work Life, the seminars served as a platform to empower individuals with essential tools and information necessary for a comfortable and worry-free retirement. They attracted a diverse audience eager to learn about securing their financial future post-work life. The chief executive of

By Adedapo Adesanya Equinix Incorporated is set to bring a full range of transformative technologies and connectivity to Nigeria and other West African nations as it announced the completion of a $320 million deal to acquire West African data centre and connectivity solutions provider, MainOne. The conclusion of this deal augments Equinix’s long-term strategy to become a leading African carrier-neutral digital infrastructure company by allowing it to extend Platform Equinix into West Africa, giving organizations based inside and outside of Africa access to global and regional markets. The firm will have under its wing, four operational data centres, which will

By Modupe Gbadeyanka The Islamic Economy has seen tremendous increase in recent years transcending its traditional geographic boundaries, its entrance into East Africa could revolutionize the region’s finance & banking sector, Tourism, and Hotel sector and Fast moving consumer goods. To explore how East Africa can tap into the Islamic Economy, with an  estimated global value of $2.3 trillion, Kenya will host the 2nd edition of the East Africa Islamic Economy Summit (EAIES 2017) on the 10th & 11th April 2017 (www.EAIFS.com). Another platform endorsed by East Africa’s Private and public sector leadership with speakers drawn from Governments, international experts

By Dipo Olowookere In order to attract new listings on the Nigerian Stock Exchange (NSE), efforts must be made by the capital market regulators in the country to review the penalties impose on quoted companies on the nation’s stock exchange. This was the submission of capital market shareholders on Saturday at an Investors Clinic Programme organised by the Securities and Exchange Commission (SEC) in Lagos to mark IOSCO World Investor Week 2017. News Agency of Nigeria (NAN) reports that the shareholders complained at the event that incessant penalties on companies were discouraging companies from seeking quotation on the nation’s bourse,

By Dipo Olowookere President Muhammadu Buhari on Sunday directed a total lockdown in Lagos, Abuja and Ogun State as part of moves to stop the spread of coronavirus disease (COVID-19) in the country. Mr Buhari, during his nationwide broadcast this evening, stated that only those offering essential services would be allowed to move about in the affected places. According to him, this restriction of movement will become effective from 11pm of Monday, March 30, 2020. He said those not affected by this directive are health workers, print and broadcast media personnel, security operatives and drivers conveying petroleum products, who must

By Dipo Olowookere The average treasury bills yields went down to 13.88 percent at the secondary market on Tuesday after shedding 0.17 percent, Business Post is reporting. This was caused by renewed buying pressure witnessed on the short and mid end of the curve yesterday as investors begin to take position at the market. However, selling pressure was still observed during the trading session on the long end of the curve. At the close of transactions on Tuesday, yields declined on the one-month, three-month and six-month maturities, while it appreciated on the one-year tenor. An analysis showed that yield on

By Adedapo Adesanya The group managing director of Africa Re., Mr Corneille Karekezi, has pointed out that Nigeria remains a market filled with potential to do well regarding agro insurance, but farmers remain not fully integrated into the formal sector. In an interview published by the African Insurance Organisation (AIO), he said that despite the economic importance of the agricultural sector to many countries, agricultural insurance markets are still at a very early stage of development in Africa, drawing examples from South Africa and Nigeria. Agricultural insurance premiums in Africa are estimated to be less than 0.7 per cent of