UACN Property to Slash N20.8bn Debt to N4.8bn

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 Modupe Gbadeyanka The chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, has asked his counterpart in the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, to support his agency to achieve the Renewed Hope Agenda of President Bola Tinubu, who appointed both of them. Speaking during a courtesy visit to the headquarters of the anti-money laundering firm, Mr Adedeji said the EFCC has a role in ensuring that taxpayers’ funds are “judiciously utilised in line with the social contract with the people.” He assured that the FIRS would continue to strive to raise the revenue

By Adedapo Adesanya President Bola Tinubu is targeting to grow Nigeria’s economy by 3.76 per cent next year and moderate the country’s inflation to 21.4 per cent. Speaking at his first budget speech to lawmakers on Wednesday, President Tinubu also projected higher oil production and tax collection, noting that this will boost government revenues and cut down on reliance on borrowing to finance budget deficits. Nigeria plans on spending N27.5 billion in the 2024 fiscal year, with priorities on security, infrastructure and easing the high cost-of-living crisis. The country will borrow around N9 trillion and N18.5 billion generated from internally

By Adedapo Adesanya Crude oil prices fell on Thursday members of the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) agreed to voluntary output cuts for the first quarter of next year, falling short of market expectations. As a result, Brent crude futures lost 27 cents or 0.3 per cent to close at $82.83 per barrel, and the US West Texas Intermediate (WTI) crude futures went down by $1.90 or 2.4 per cent to $75.96 a barrel. On a monthly basis, Brent fell by 5.2 per cent while WTI was down by 6.2 per cent. Saudi Arabia, Russia

By Dipo Olowookere Some Human Resources executives recently gathered in Lagos for the 6th edition of the HR Directors Network hosted by Phillips Consulting. The event, which took place at the Wheatbaker Hotel, Ikoyi, focused on ‘Leadership and Innovation’ and had over 60 HR directors in Nigeria in attendance. During the event, Chairman of Phillips Consulting, Mr Foluso Phillips, explained how leaders can drive business performance through Digital Transformation, while Managing Director of ABInBev, Mrs Annabelle Degroot, delivered the second paper on ‘Workspaces with Purpose’ explaining how potential and productivity can be unlocked by creating purpose driven workplaces. Known as

By Dipo Olowookere Trading activities on the floor of the Nigerian Exchange (NGX) Limited were bullish on Thursday as bargain-hunting dominated the landscape. Investors renewed their confidence in Nigerian stocks during the session, leading to a last-minute rebound by 0.16 per cent. This was because, at midday, it was looking like the stock exchange would extend its loss for another trading session until the demand for Seplat, GTCO and other equities brought back the bulls. Consequently, the All-Share Index (ASI) moved up by 109.46 points to 66,548.99 points from 66,439.53 points, as the market capitalisation grew by N60 billion to

By Modupe Gbadeyanka An Access Bank Plc worker named Beatrice Nwanna, and a trader identified as Okwudili Onyetube were this week arraigned before an Igbosere Chief Magistrates’ Court for allegedly defrauding a man of $40,000, The Nation is reporting. Nwanna 33, who is attached to the Ladipo branch of the bank and Onyetube, 41, were arraigned before Chief Magistrate Abimbola Komolafe on a four-count charge of conspiracy, fraud and stealing. Prosecuting counsel, Henry Obiazi, an Assistant Superintendent of Police (ASP), alleged that the defendants committed the offence sometime in February 2015, at Okota. He said Nwanna conspired with Onyetube and

By Modupe Gbadeyanka The Nigerian Stock Exchange (NSE) reversed the downward trend recorded yesterday to end on a positive note on Tuesday. The capital market indices improved by 0.12 percent at the close of trading activities today, which brought a little bit of confidence to investors. Business Post correspondent reports that market capitalisation went up by N11 billion to finish at N9.36 trillion in contrast to N9.34 trillion achieved yesterday, while the all-share index grew by 32.39 points or 0.12 percent to close at 27,252.48 points against 27,220.09 points it recorded the previous day. Okumu Oil appreciated by N3.95k to

By Investors Hub The major U.S. index futures are pointing to a higher opening on Tuesday following the sell-off seen over the course of the two previous sessions. Bargain hunting is likely to contribute to initial strength on Wall Street, with traders picking up stocks at reduced levels on the heels of the sharp drops seen Friday and Monday. The pullback seen yesterday afternoon pulled the Dow down to its lowest closing level in over eight months, while the Nasdaq and the S&P 500 dropped to their lowest closing levels in over a year. Trading activity may be somewhat subdued,

By Investors Hub Asian stocks ended mixed on Monday after official data showed Chinese GDP growth slowed to 6.2 percent in the second quarter from a year earlier, its weakest pace in at least 27 years amid a prolonged trade war with the United States. The Japanese markets were closed for the Marine Day holiday. Chinese factory output and retail sales figures offered signs of improvement, helping limit the downside across the region. Annual industrial production growth advanced more than expected to 6.3 percent in June from 5 percent in May, showing the fastest growth in three months. Likewise, retail

By Adedapo Adesanya The African Export-Import Bank (Afreximbank) and the United Bank for Africa (UBA) Plc have signed a $150 million trade finance facility agreement under the Ukraine Crisis Adjustment Trade Financing Programme for Africa. The funding will be utilised to finance trade and trade-related transactions in support of UBA clients to facilitate increased financing of trade businesses in various sectors of the Nigerian economy to mitigate the adverse effects of the Russia-Ukraine crisis. Signed by Mr Denys Denya, Executive Vice President, Finance, Administration and Banking Services, Afreximbank, and Mr Oliver Alawuba, Managing Director of UBA PLC, the facility is