UBN Property, Friesland Depress NASD by 0.11%

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 average price of Premium Motor Spirit (PMS), otherwise known as petrol, surged by 230.8 per cent on a year-to-year basis to N626.70 per litre in August 2023 versus N189.46 per litre in the same period of 2022. This is according to the National Bureau of Statistics (NBS) in its Premium Motor Spirit (Petrol) Price Watch (August 2023), which showed that the average retail price increased on a month-on-month basis by 4.39 per cent from N600.3 per litre in July. The skyrocketing cost of petrol came as President Bola Tinubu, during his inauguration speech on May 29,

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 Dipo Olowookere The trio of Universal Insurance, Oando and UBA were the busiest stocks on the floor of the Nigerian Exchange (NGX) Limited last week, trading 2.212 billion units valued at N8.907 billion in 7,593 deals, contributing 56.56 per cent and 29.32 per cent to the total trading volume and value, respectively. In the week, investors transacted 3.911 billion shares worth N30.379 billion in 38,536 deals versus the 2.933 billion shares worth N47.449 billion exchanged in 44,654 deals in the preceding week. Financial stocks dominated with 2.774 billion units valued at N15.241 billion in 16,379 deals, contributing 70.92 per

By Dipo Olowookere Former Minister of Education, Mrs Oby Ezekwesili, on Sunday formally kicked off her campaign for the 2019 election. Mrs Ezekwesili, fondly called Madam Due Process, is contesting to be President of Nigeria in 2019 under the platform of the Allied Congress Party of Nigeria (ACPN). She became the first presidential candidate to formally kick off her campaign for the 2019 elections, releasing some gorgeous official photographs for the campaign, saying she remained “the best man for the job.” Director of Special Projects for ‘Hope 2019’, the campaign organ of the presidential candidate, Hajiya Aisha Yesufu, in a

By Dipo Olowookere On Monday, September 18, 2017, the Central Bank of Nigeria (CBN) injected fresh $545 million into the foreign exchange market as part of efforts to boost liquidity at the market. Acting Director of Corporate Communications at the CBN, Mr Isaac Okorafor, disclosed that the bank allotted $285 million to the retail Secondary Market Intervention Sales (SMIS), while $100 million was given to wholesale SMIS window. In addition, the Small and Medium Enterprises (SMEs) segment got $90 million, while the invisibles such as Basic Travel Allowances, tuition fees and medical payments received the sum of $70 million. Mr

By Adedapo Adesanya As part of the efforts to address the influence of technological developments on the Nigerian lubricants industry, stakeholders gathered at the virtual 2022 Nigeria edition of the International Lubricants Conference (ILC) to share insights on global trends as well as practical suggestions to improve the state of the industry. The ILC is a bi-annual conference organised to enlighten relevant stakeholders on key industry developments and advancements while connecting manufacturers with key stakeholders. This year’s edition was held on April 28 and 29, 2022, and had in attendance Mr Taiye Williams, Managing Director of Lubcon Limited; Mr Indu

By Modupe Gbadeyanka In line with the latest standard of the Global Reporting Initiative’s G4, Lafarge Africa Plc has announced the launch of its 2015 sustainability report, which is aimed at increasing the company’s level of transparency in sharing its sustainable development performance with stakeholders. The unveiling of the report took place at the grand finale of the third edition of the Lafarge Africa National Literacy Competition in Lagos. According to the Managing Director of Lafarge Africa, Mr Michel Puchercos, the company was driven by the ambition to set new standards and help transform the way the industry works. Mr

By Aduragbemi Omiyale The Chief Executive Officer of the Nigerian Exchange (NGX) Limited, Mr Temi Popoola, has expressed optimism that the launch of the Exchange Traded Derivatives (ETDs) in the Nigerian capital market will deepen Africa’s position in the global financial market. He said this at the launch of NG Clearing Limited as Central Counterparty (CCP) clearing house in Nigeria on Thursday, December 9, 2021. Derivatives are financial instruments most popularly used to reduce or hedge risks and are also believed to cover downside risks when large exposure exists in a portfolio long on stocks. Among the different commonly used

By Adedapo Adesanya  Tether Holdings Limited has revealed that it recorded a reserves surplus at an all-time high of $2.44 billion, up 150 per cent (+$1.48 billion) from $0.96 billion in the first three months of the year. This was published in its assurance opinion for Q1 of 2023, completed by BDO Italia, a top five-ranked global independent public accounting firm. The attestation re-affirms the accuracy of Tether’s Consolidated Reserves Report (CRR), which breaks down the assets held by the group as of March 31, 2023. The CRR provides, for the first time, additional categories with the aim of increasing

Dipo Olowookere Nigeria’s Vice President, Professor Yemi Osinbajo, has advised the Central Bank of Nigeria (CBN) to regularly conduct a forensic audit of banks operating in the country. According to the Vice President, this will go a long way in boosting the confidence of investors and Nigerians in the banking sector. Mr Osinbajo made this call on Monday in Abuja at the public presentation and launching of the book ‘Banking Reform in Nigeria: the Law, the Prospects and the Challenges’ written by a doctor of Law, former lecturer in the University of Ife and a member House of Representative, Mr

By Modupe Gbadeyanka The Lagos State Chapter of the Association of Digital Finance Practitioners (ADFP) in Nigeria has been launched, with leaders elected to steer the ship for the next year. The new executives emerged after a keenly contested election that took place virtually from November 27 to 28, 2021, producing Abubakar Shehu, Director VAS, Gateway and Broadband Sales at Globacom as President. Other elected members of the committee included Adedoyin Samo, Group Head, HR & Admin., Zedcrest Capital Limited, elected as Vice President; ‘Nifemi Oluboyede, Product Manager – credit, Kuda Digital Bank elected as Secretary; Lukmon Oloyede, Head, Product