We’ll Resume Dividend Payments Soon–Oando Assures Shareholders

By Modupe Gbadeyanka The Nigerian National Petroleum Company (NNPC) Limited is planning to grow its revenue to N4.5 trillion as it plans to end the importation of premium motor spirit (PMS), otherwise known as petrol, by December 2024. The chief executive of the company, Mr Mele Kyari, while speaking on Thursday, said the nation would not need to rely on fuel from outside the country because its refineries would have been fully operational. Nigeria is currently revamping its four refineries to make the product available to residents of the country as it officially stopped the payment of subsidy on petrol

By Aduragbemi Omiyale The sum of N75 million has been disbursed to 15 small and medium-sized businesses (SMBs) in Nigeria to support their expansion drive. The funding package was given by Google’s Hustle Academy, with beneficiaries drawn from various industries, including agriculture, and fashion, among others. The 15 Nigerian small business owners were among the 5,300 entrepreneurs who graduated from the academy, designed by the tech giant to provide an avenue for participants to enhance their business skills and knowledge, and contribute to the growth of the continent’s economy. The recipients of the funding support are Ifeoma Augusta Anselem of

By Adedapo Adesanya The Naira depreciated in the opening session of the week in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, November 27 against the Dollar by N19.71 or 2.5 per cent as the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, said the lender was committed to clearing a backlog of foreign exchange (forex). “We have initiated the payment of unsettled forward foreign exchange obligations, and these payments will continue until all obligations are cleared,” he told bankers last Friday during a dinner speech in Lagos. However, his assurance could not ease the pressure

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded yet another positive week-on-week performance after stretching its gains by 1.44 per cent in Week 47. This expanded the portfolios of NASD investors by N17 billion in the week to N1.162 trillion from the N1.145 trillion recorded in Week 46, as the NASD Unlisted Security Index (NSI) increased by 12.16 points to 857.29 points from 845.13 points in the previous week. The trading week was with three price gainers and three losers, with Aradel Holdings Plc on top of the advancers’ chart after it grew by 10 per cent to finish

Nigerian digital content distribution platform, Publiseer, has been selected as one of the 100 most innovative and promising African startups to attend the fully funded Africa Moves Summit in Tunisia. In a press release by Africa Moves, “the selection was carefully made from a pool of over 100 applications by a jury of experts.” The jury included over 24 people from around the world with different backgrounds, such as venture capitalists, angel investors, entrepreneurs, and startup ecosystem leaders. The selected startups will exclusively get a free turnkey exhibition stand at the Africa Moves Summit, fully paid flight and accommodation, and

By Adedapo Adesanya This year’s Guaranty Trust Holding Company (GTCO) showpiece event,  Food and Drink Festival, is set to witness a better package than the past editions after two years of hiatus as a result of the coronavirus pandemic halted plans. For the 5th edition, the headlining event will hold from Saturday, April 30 – May 2, 2022, at the GTCentre, Plot 1 Water Corporation Drive, Oniru, Lagos, and the organisers noted that it will deliver the needed value to the Nigerian food enterprise. Speaking at a media parley on Thursday, the Group’s Corporate Communications Team lead, Mr Charles Eremi,

By Adedapo Adesanya Despite a drop in the demand for FX at the Investors and Exporters (I&E) window of the foreign exchange market on Thursday, the Naira depreciated against the US Dollar. Data obtained by Business Post from the FMDQ Securities Exchange showed that the local currency lost 56 kobo or 0.14 per cent against the greenback yesterday at the investors’ segment of the market to trade at N411.31/$1 in contrast to N410.75/$1 it traded on Wednesday. The turnover for the day stood at $120.08 million, $11.08 million or 8.4 per cent lower than the previous day’s $131.16 million, according to

By Adedapo Adesanya Amid widespread panic brought about by the cash crunch protests in some parts of the country, the Independent National Electoral Commission (INEC) has assured that the February 25 presidential and National Assembly polls would hold nationwide. Following the re-design of the N200, N500 and N1,000 by the Central Bank of Nigeria (CBN), Nigerians have been experiencing difficulty having access to the new banknotes. This has triggered protests and even attacks that are believed to be politically backed in some states. With this development, there have been fears that the general elections might be postponed or suffer glitches,

By Modupe Gbadeyanka Nigeria will look to issue a debut diaspora bond by March to raise funds from Nigerians abroad, after completing a $1 billion Eurobond sale this month, a finance ministry source told Reuters on Wednesday. Nigeria is in its first recession in 25 years and needs to find money to make up for shortfalls in its budget. Low prices for crude and militant attacks in its crude-producing heartland, the Niger Delta, have slashed its oil revenues. It first announced plans to sell diaspora bonds in 2013 to raise between $100 billion to $300 million, but the government at

By Modupe Gbadeyanka The Nigerian National Petroleum Corporation (NNPC) and a Danish firm, Unibio A/S Limited, have concluded plans to begin a Joint Venture Company, which would be involved in the production of animal feeds from Nigeria’s abundant natural gas resources through conversion of methane gas into protein and has no negative impact for human consumption. It was gathered that the Danish Government would guarantee a 10 percent equity financing of the firm. The animal feeds industry in Nigeria accounts for N800 billion annually. NNPC Group Managing Director, Dr. Maikanti Baru, who made this known on Wednesday in Abuja when

By Dipo Olowookere The Central Bank of Nigeria (CBN) has disclosed that the mortgage industry can raise the country’s Gross Domestic Product (GDP) to 70 to 80 percent. This was the view of the Director of Other Financial Institution Supervision Department (OFISD) of the CBN, Mr Ahmed Abdullahi at the 12th edition of annual Mortgage Banking Sub-sector CEOs’ annual retreat held in Abuja on Saturday. The event, organised by the Mortgage Banking Association of Nigeria (MBAN), is with the theme, ‘Mortgage Banking Sub-sector as a tool for Economic Development: Increasing Homeownership in Nigeria.’ Mr Abdullahi noted that investment in housing