We’ll Sanction CMOs Frustrating e-Dividend Mandate Process—SEC

By Dipo Olowookere Local equities rebounded by 0.34 per cent on Wednesday on the back of buying pressure on a few energy stocks and others at the Nigerian Exchange (NGX) Limited. According to data from the bourse, the bullish stance was attained despite profit-taking activities in the banking space amid plans by the Central Bank of Nigeria (CBN) to recapitalise the industry, leaving the market breadth index negative. This was because the number of price losers was more than the price gainers at 39 and 19 apiece, indicating a weak investor sentiment. Business Post reports that the energy counter grew

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

In furtherance of my sacred duties and obligations as President of the Federal Republic of Nigeria, it is my honour to be here today to present my administration’s 2024 Budget Proposal to this Joint Session of the 10th National Assembly. This moment is especially profound and significant to me because it is my first annual budgetary presentation to the National Assembly. Distinguished Senators and Honourable Members of the National Assembly, I commend your swift consideration and passage of the 2023 Supplementary Appropriation Bills and the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper. Your prompt action underscores your devotion

By Dipo Olowookere The more than 300 students of the Government Science Secondary School, Kankara, Kastina State, have regained freedom, multiple reports have said. The students, all boys, were abducted last Friday by some bandits from their hostel. On Wednesday, Governor of Kastina State, Mr Bello Masari, had told Channels Television that his administration was in talks with the bandits through the herdsmen association known as Meyetti Allah on the release of the boys. On Thursday, after several top government officials said the kidnapping was not carried out by Boko Haram as a factional leader of the sector, Mr Abubakar

By Dipo Olowookere The Nigerian Stock Exchange (NSE) recorded a marginal gain of 0.03 per cent on Wednesday as some investors were prevented from trading because of the suspension of their trading accounts over failure to update their Know-Your-Customer (KYC) update form with their respective stockbrokers. Investors were given till October 31, 2020, to update their information with their brokers and according to the directive of the Securities and Exchange Commission (SEC) to the brokerage firms, those who fail to supply the needed information would be blocked from trading. The implementation of this policy commenced this week and from information

By Aduragbemi Omiyale In order to position its business for increased efficiency, Berger Paints has appointed Mr Celestine Aruoture as its Chief Operating Officer (COO). The appointee, according to a statement from the paint maker, is a registered engineer with the Council for the Registration of Engineering in Nigeria (COREN), a member of the Nigerian Society of Engineers (NSE), the American Society of Civil Engineers, and the International Facility Management Association. He graduated from Ambrose Alli University, Ekpoma, Edo State, with a Bachelor’s degree in Civil Engineering. He proceeded to the University of Lagos (UNILAG) for Masters of Facilities Management

By Dipo Olowookere Five companies trading their shares on the floor of the Nigerian Stock Exchange (NSE) have exited the Afrinvest Dividend Yield Index. The Afrinvest Div Yield Index is one of the indices developed to allow investors to follow market movements and properly manage investment portfolios. They were designed using the market capitalisation methodology and are rebalanced on a semi-annual basis on the first business day in January and in July. On Monday, January 4, 2021, the new review became effective and from the notice from the NSE obtained by Business Post, AIICO Insurance, Dangote Sugar, FCMB, United Capital

By Modupe Gbadeyanka Last weekend, distributors of Dangote Cement Plc were rewarded by the company for their unflinching loyalty. They were given N2.4 billion as their sales bonus for 2016, while the company promised to give them N5 billion for 2017. Speaking at a ceremony organised to reward the distributors, Chairman of Dangote Cement Plc, Aliko Dangote, who personally handed the cheques to them, enthused that, “Our success story would not have been possible without you, our distributors, who work tirelessly to ensure that the product gets to our customers in every nooks and crannies of the country. “We can

By Adedapo Adesanya Shell Petroleum Development Company of Nigeria Limited (SPDC) says it has invested $3.6 million into the Rivers State Cassava Processing Project. The project, according to Rivers State Governor, Mr Nyesom Wike, is a $12 million cassava processing initiative, which is expected to create 3,000 jobs, boost internally generated revenue, and enhance the Gross Domestic Product (GDP) of the country. Speaking at a meeting with the board of the Rivers Cassava Processing Company Limited at the Government House, Port Harcourt on Wednesday, SPDC External Relations Manager, Mr Igo Weli, said the company’s investment of $3.6 million into the

By Adedapo Adesanya Nigeria’s crude oil output dropped month-on-month by 1.9 per cent to 1.517 million barrels per day in March 2023 from 1.547 million barrels per day recorded in February 2023. This is according to the latest report by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which indicated that the country’s crude output fell for the first time in three months. The nation’s output had risen by 3.5 per cent in February 2023 to 1.54 million bpd, from 1.494 million barrels per day recorded in January, due to an improved battle against oil theft and other factors. The Crude

By Dipo Olowookere Governor Babajide Sanwo-Olu has relaxed the curfew imposed on Lagos State following the violence that broke out during #EndSARS protests in the state. On the day the Governor announced a 24-hour restriction in movements in the metropolis, some soldiers marched to the Lekki Toll Gate, where some of the peaceful protesters had converged and opened fire on them. The unfortunate incident, which is still under an investigation, led to the wanton destruction of some government and private properties in the state and left the commercial capital of Nigeria in ruins. The 24-hour curfew was later eased and