United Capital Grows Gross Earnings by 4% in Q1 2018

By Adedapo Adesanya A foreign oil company, Equinor ASA, has chosen a little-known Nigerian company, Chappal Energy, as the preferred buyer of its stake in one of the country’s largest deep-water oil fields, Agbami. According to a report by Bloomberg on Monday, the Norwegian energy giant is trying to sell its 20.2 per cent interest in the Agbami field – joining other international producers such as Shell Plc, Exxon Mobil Corporation and Eni SpA in looking to offload assets in Africa’s biggest crude producer, Nigeria. In January, Equinor launched the sale of its stake in an offshore Nigerian oilfield, joining

By Aduragbemi Omiyale A new Code of Conduct for Approved Persons of Trading License Holders, otherwise known as stockbrokers, has been introduced by the Nigerian Exchange (NGX) Regulation Limited (NGX RegCo). It was disclosed that the ethical guideline was designed to ensure professionals dealing with the trading of shares at NGX Limited follow high standards. Furthermore, it highlights the expected standards and values that Approved Persons must display at all times when conducting their businesses at all times. The idea of the code of conduct for stockbrokers, according to the regulator, is to deepen the market and foster professionalism, integrity,

By Dipo Olowookere The bears tightened their grip on the Nigerian Exchange (NGX) Limited on Tuesday, chopping off 0.34 per cent from the local bourse despite assurances from Mr Yemi Cardoso he would endeavour to ensure the Central Bank of Nigeria (CBN) restores its independence. Mr Cardoso was confirmed as the new CBN Governor by the Senate yesterday and he promised to formulate evidence-based monetary policies, a departure from his predecessor, Mr Godwin Emefiele, who was accused of romancing the President and coming up with trial-and-error policies. Business Post reports that investors were more interested in trimming their exposure to

By Modupe Gbadeyanka The Chairman of the House of Representatives Committee on Aviation, Mr Nnolim Nnaji, has responded to the allegation made by the former Minister of Aviation, Mr Hadi Sirika, that he demanded a five per cent equity in Nigeria Air. Mr Sirika, while on Arise TV on Sunday evening, claimed that the lawmaker declared the controversial national carrier as a fraud because he was not given a stake in the company as a kickback. “Hon Nnaji asked me that I should give him 5% of Nigeria to carry him along with his people, and I said to him

By Modupe Gbadeyanka A former Minister and Deputy Chairman, National Planning Commission, Dr Shamsuddeen Usman, has suggested that the new Ministry of Budget and National Planning be renamed Ministry of National Planning and Budget (MNP&B). According to him, the naming ‘National Planning and Budget’ is a global standard because funds allocation (budgeting) comes only after a plan has been developed and approved. Dr Usman made this disclosure while speaking as a panellist and discussant at the ongoing Annual Joint Planning Board meeting organised by the Ministry of Budget and National Planning in collaboration with the Kano State Government holding at

By Modupe Gbadeyanka Chairmen and CEOs of banks operating in Nigeria have been warned that they risk being removed if they fail to file their financial statements 12 months after the close of the financial year. This threat was given by the Central Bank of Nigeria (CBN) in a circular titled ‘Monetary, Credit, Foreign Trade and Exchange Guidelines for Fiscal Years 2018/2019.’ The monetary policy circular number 42 signed by the CBN Governor, Mr Godwin Emefiele, noted that, “In accordance with the provisions of BOFIA 1991 (as amended), banks are required, subject to the written approval of the CBN, to

By Modupe Gbadeyanka The Nigerian Stock Exchange (NSE) has issued a warning to investors to “trade with caution on the securities” of ConOil Plc and 10 other companies listed on its platform. This followed failure of the quoted firms to meet the Friday, March 31, 2017 deadline to file their Audited Financial Statements (AFS) for the year ended December 31, 2016. The defaulting companies, according to the NSE, are A.G Leventis Nigeria Plc, African Alliance Insurance Plc, Austin Laz & Company Plc, Capital Hotel Plc, Conoil Plc, Niger Insurance Plc, Premier Paints Plc, Resort Savings & Loans, Smart Products Nigeria

By Adedapo Adesanya Nigerian startups may face a drop in investment as one of the key investing partners in the world, Softbank, has announced that it may cut its startup investments this year by more than 50 per cent. This was disclosed by the chief executive, Mr Masayoshi Son, at the company’s earnings call on Thursday. As per TechCrunch, the move is the latest high-profile investor to become vocally cautious about opportunities in the private markets amid a global slowdown. According to its numbers, the Japanese conglomerate reported a loss of about $29 billion on investments at its Vision Fund

By Adedapo Adesanya The total size of the NASD Over-the-Counter (OTC) Securities Exchange shrank by 0.11 per cent or N1.01 billion on Friday to N960.88 billion from the previous day’s N961.89 billion. This contraction was influenced by the decline in the share price of Niger Delta Exploration and Production (NDEP) Plc. The company lost N5.58 to trade at N180.42 per unit compared with the previous day’s N186.00 per unit. This also contracted the NASD Unlisted Securities Index (NSI) by 0.77 points to wrap the session at 729.92 points compared with the 730.69 points recorded in the previous session. At the market yesterday,

By Adeniyi Ogunfowoke Debit cards have made it very easy to pay for any transactions whether online or offline. This is because the number of Nigerians carrying cash around has significantly dropped due to the cashless policy. Besides it is even risky to move huge cash around. This said the problem is that you shouldn’t always use your credit card to buy just anything. Jumia Travel gathers the essential things you should purchase with your debit card. This will help you avoid underhand charges and other fees. Online Purchases Although you have the option to pay on delivery especially in

By Aduragbemi Omiyale Lawmakers at the National Assembly have lamented the hardship some Nigerians go through in exchanging their old Naira notes for new ones, asking the Central Bank of Nigeria (CBN) to consider extending the deadline by six months. Last October, the apex bank said it would redesign the N200, N500, and N1,000 notes and introduce them into circulation by December 15, 2022. This was done, and Nigerians were given till January 31, 2023, to exchange their old banknotes for the newly redesigned denominations. However, up till on Monday, January 23, 2023, Business Post confirmed that banks were still