VAIDS: FG to Release Names of Tax Defaulters Mid-July

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 Adedapo Adesanya  Oil prices rose by more than $1 a barrel on Wednesday as investors focused their attention on an upcoming OPEC+ output policy meeting and looked past a jump in crude stockpiles in the United States. Brent crude futures were up by $1.01 or 1.2 per cent to $82.69 per barrel, and the US West Texas Intermediate (WTI) crude futures gained $1.16 or 1.5 per cent to close at $77.57 a barrel. Prices were lifted by a media report that the Organisation of the Petroleum Exporting Countries and allies such as Russia, known collectively as OPEC+, was considering

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 Adedapo Adesanya  Angola, one of Africa’s top crude oil producers and a key member of the Organisation of the Petroleum Exporting Countries (OPEC), has officially rejected the proposed production quota for the year 2024 and may even exit the group. This was signalled by Mr Diamantino Pedro Azevedo, Angola’s Minister of Energy and Mineral Resources, confirming the nation’s decision and indicating a divergence from OPEC’s suggested allocations for both member and non-member countries. The announcement was made during the 26th OPEC+ Meeting on Thursday, where the organisation proposed 1.11 million barrels of crude oil per day production quota for

By Dipo Olowookere Transactions on the floor of the Nigerian Stock Exchange (NSE) on Tuesday ended on a negative note as some large cap stocks recorded price reduction. The stock market had put a halt to the six consecutive losing streak yesterday, but profit taking by investors dragged the local bourse down with marginal loss of 0.01 percent. Business Post reports that the All-Share Index (ASI) depreciated today by 3.58 points to settle at 37,988.54 points, while the market capitalisation declined by N1 billion to finish at N13.761 trillion. The volume and value of transactions recorded at the NSE today

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has announced the formal engagement of a global Fintech company, Bitt Incorporated, as the technical partner for its digital currency, eNaira, which is due for unveiling later in the year. According to a statement from the Director, Corporate Communications of the apex bank, Mr Osita Nwanisobi, the development was disclosed in Abuja by the Governor of the central bank, Mr Godwin Emefiele, as the country work towards joining other countries like the United Kingdom in operating a Central Bank Digital Currency (CBDC). Mr Emefiele listed the benefits of CBDC to include

By Adedapo Adesanya The total value of unlisted stocks in Nigeria rose by N2.7 billion on Wednesday to N636.66 billion from N633.96 billion it closed on Tuesday, Business Post reports. The increase at the midweek trading session was buoyed by the gains posted by three securities admitted on the NASD Over-the-Counter (OTC) Securities Exchange. They lifted the exchange higher by 0.43 per cent during the session. As a result, the NASD Unlisted Security Index (NSI) went up by 3.11 basis points to 732.49 basis points from the 729.38 basis points recorded at the previous session. Three companies that gained yesterday

By Adedapo Adesanya In a historic move, Nigerian Grammy Award-winning and multi-platinum-selling singer, songwriter, and producer, Damini Burna Boy Ogulu will co-headline the 2023 UEFA Champions League Final Kick-Off Show at the Atatürk Olympic Stadium in Istanbul on Saturday, June 10. The Last Last crooner will be the first African act to perform at the event sponsored by Pepsi since it was started in 2016 and became known as the UEFA Champions League Final Kick-Off Show by Pepsi, which replaced the UEFA Champions League Opening Ceremony. This year’s other co-headliner will be announced soon, a statement said, adding that “the

By Modupe Gbadeyanka A suicide bomb attack in the early hours of Wednesday has left at least two persons dead in Borno State. It was gathered that four female suicide bombers carried out the attacks at about 1:15am today. The unfortunate incident took place at Usmanti along Muna Garage axis, Maiduguri in Borno State. Two men were reportedly killed due to the explosion while about 16 injured people were administered with the first aid. Spokesperson of the National Emergency Management Agency (NEMA) North-East zone, Mr Abdulkadir Ibrahim, confirmed the evacuations of the bodies and the injured who have been taken

By Adedapo Adesanya Oil fell to the lowest level in a week as the U.S.-China trade war escalated against the backdrop of swelling American crude inventories. On Thursday, the Brent Crude still traded below the $60 as the futures depreciated by $1.21 or 2.03 percent to sell for $58.27 per barrel, while the West Texas Intermediate (WTI) crude saw a decline of 63 Cent, equivalent to 1.14 percent to trade at $54.60. In the latest episode of the dispute between the world’s biggest economies, the Chinese government said it “has no choice but to take necessary measures to retaliate” against

By Adedapo Adesanya ** Ikeja Electric Records N52.3 million The revenue collected by the 11 electricity distribution companies (Discos) in Nigeria during the second quarter of the year (April – June 2023) rose by 6.4 per cent to N263.08 billion from N247.33 billion in Q1 2023. On a year-on-year basis, revenue generated in the reference period improved by 39.6 per cent from N188.41 billion recorded in Q2 2022. This was disclosed by the National Bureau of Statistics (NBS) in its Nigeria Electricity Report for Q2 2023, released on Friday. In terms of the electricity distribution companies, Ikeja Electricity Distribution Company

By Dipo Olowookere The first trading session of the week at the local bourse ended on a strong note on Monday by 0.71 per cent on the back of positive market activity. The news of the appointment of Mr Yemi Cardoso as the new Governor of the Central Bank of Nigeria (CBN) by President Bola Tinubu excited investors, who returned to the market for more stocks. Traders are betting that Mr Cardoso will bring stability into the foreign exchange (FX) market and collaborate with the fiscal authorities to normalise the economy. This kept Customs Street very busy during the trading