VIDEO: Saraki, Dogara in Aso Rock for 2017 Budget Signing

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 A hybrid solar power solutions provider, Daystar Power, has signed an agreement with Nigerian Breweries to install and operate a 4.2MWp solar plant and 2MWh battery storage system that will help the firm reduce its high energy costs. The installation will be one of the largest solar and battery storage projects for an industrial manufacturer in Nigeria. The hybrid solar solution will generate 5,249 MWh of electricity – 42 per cent of its daytime power consumption – every year at Nigerian Breweries’ Lagos brewery. According to a statement, the integration of solar into the factory’s energy mix

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigeria Autonomous Foreign Exchange Market (NAFEM) and the unregulated Peer-to-Peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, November 29 as President Bola Tinubu reiterated his administration’s promise to meet its obligations. Speaking during the presentation of his administration’s N27.50 trillion 2024 budget proposal to the joint session of the 10th National Assembly on Wednesday, Mr Tinubu said, “Despite the challenges, we continue to meet our obligations.” In the official NAFEM segment of the market, the value of the local currency went

By Adedapo Adesanya The boards of insurance companies operating in the country have been charged by the National Insurance Commission (NAICOM) to embrace the measures put in place to tackle the challenges of unpaid claims. The Commissioner for Insurance, Mr Sunday Thomas, expressed worry over the number of outstanding claims in the sector despite efforts by the regulator to address the issue. Mr Thomas, who is also the chief executive of NAICOM, said the organisation, in collaboration with members of the Insurers’ Committee, has taken decisions and incepted measures designed to tame the menace of unpaid claims. Speaking at the

By Adedapo Adesanya Leading Nigerian financial institution, Access Bank Plc, has announced the acquisition of a Kenyan bank, Transnational Bank Plc. In a notice sent to the Nigerian Stock Exchange (NSE) on Monday, the tier-one lender explained that the acquisition followed the receipt of full regulatory approvals and fulfilment of all conditions precedent to completion of the takeover. According to Access Bank, “the bank’s vision is to be the world’s most respected African bank and our entry into the Kenyan market, a key gateway in East Africa, not only brings us closer to that vision but enables our customers tap

By Modupe Gbadeyanka Many Nigerians are finding it difficult to cope with the rising cost of food items at the market because their sources of income have not been increasing commensurately. In fact, some are struggling to put food on their tables as a result of this issue and in view of this, Ecobank Nigeria Limited is organising a webinar aimed to educate Nigerians on how to survive this trying period. The bank said it would hold a digital conference as part of its commemoration of this year’s Workers’ Day and the event is tagged Inflation and Your Money –

By Modupe Gbadeyanka The office of the Central Bank of Nigeria (CBN) in Makurdi, Benue State capital, has been gutted by an early morning fire. The incident, which occurred on Thursday, has been quickly quenched as a result of the prompt response of members of staff of the apex bank and the Benue State Fire Service. According to reports, the inferno started from the fuel dome of the bank located at the Old GRA Area of Makurdi but was brought under control, preventing it from spreading to the main building. Normal activities have since resumed at the offices. At the

By Modupe Gbadeyanka A slight change has been made to the composition of the board of Axa Mansard Insurance Plc, with Mr Tosin Runsewe resigning as an executive director effective January 31, 2020 to pursue his other ambitions. A statement issued by the insurer said two new executive directors have been added to the board and they are Ms Rashidat Adebisi, who joined the firm in 2005, and Mr Tope Adeniyi, who joined the organisation in 2008. Mr Runsewe, speaking of his exit from the company, stated that, “AXA Mansard has been a major part of my life for the

By Dipo Olowookere Superstar artistes, Reekado Banks, L.A.X and Humble Smith, got fans in the ancient city of Benin dancing to hits like Easy ‘Jeje’, Problem, Caro, Ginger, Osinachi, Focus and many more at the Closeup Cool Breeze #CoolLikeThatBenin city party which went down on Friday, December 15, 2017 at Club Joker, Benin City, Edo State. The party also featured a special performance by finalists of the #CoolLikeThat music challenge – a competition aimed at discovering the next music star from Benin. Winner of the challenge walked away with an iPhone 7, including an opportunity to perform with Reekado Banks

By Jerome-Mario Chijioke Utomi As the nation Nigeria stands at the exit door of President Muhammadu Buhari-led federal government and gazes at the May 29 inauguration date of incoming administrations at both state and federal government levels, it is important to underline that the protracted leadership crisis witnessed at both state and federal levels occurred not because the democracy and federal systems we practice are on their own bad or unable to provide the needed solution to the nation’s array of political and economic needs, but because too many politicians and public office holders exercised power and responsibility not as

By Modupe Gbadeyanka One of the major players in the oil and gas sector in Nigeria, Forte Oil, has expressed its intention to raise N50 billion in fresh capital through debt instruments before the end of 2016 for the expansion of its operations. This was made known by the company to the Nigerian Stock Exchange (NSE) in a filing. Forte Oil noted that has grown its pre-tax profit by 6.52 per cent from N5.288 billion a year earlier to N5.633 billion in 2016, indicating that its revenue was up by 32.16 per cent from N91.616 billion against N121.083 billion recorded

By Modupe Gbadeyanka The Kano State Governor, Mr Abdullahi Ganduje, has commended the capital market community supporting his administration in the fight against COVID-19 with the donation of a brand new fully equipped ambulance. While receiving the mobile medical facility recently, the Governor said the donation came at the time it was most needed by the state. While inspecting the vehicle’s sophisticated facilities, Mr Ganduje promised that the State Task Force Against COVID-19 will make judicious use of the vehicle. “This is a good time for the donation as the state is currently embarking on community sample collection aimed at