By Adedapo Adesanya The value of the NASD Over-the-Counter (OTC) Securities Exchange sharply declined by 3.86 per cent on Thursday, September 28, after the shares of VFD Group Plc were taken out of the platform. VFD Group, according to reports, is planning to trade its stocks on a larger platform, the Nigerian Exchange Limited (NGX). The delisting of the company’s equities brought down the market capitalisation of the NASD OTC exchange by N44 billion to settle at N1.102 trillion compared with the N1.146 trillion it finished on Tuesday, the last trading session. The market was closed on Wednesday as a

By Dipo Olowookere The board of Capital Hotels Plc has announced the creation of an escrow account for the payment of about N1.6 billion to minority shareholders of the company. The hospitality firm is leaving the Nigerian Exchange (NGX) Limited after years on the nation’s main stock exchange. In a notice signed by Alex Ugwuanyi, the organisation said the account was created with CardinalStone Registrars Limited and has been sufficiently funded for payment “to shareholders” who “have accepted to exit” the firm by selling their holdings. Recall that in March 2023, shareholders of Capital Hotels approved the request of the

By Adedapo Adesanya The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised the alarm over alleged secret reintroduction of fuel subsidy payments by the federal government. In late May, after taking the oath of office, President Bola Tinubu announced the total removal of subsidy on petrol, which saw prices jump to over N600. The removal of fuel subsidy and the resulting increment in the pump of petrol by almost 300 per cent had quadrupled the inflation rate in the country and affected the purchasing power of Nigerians, especially the middle class and low-income earners. It was expected that as

By Adedapo Adesanya The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has cleared the air regarding recent reports on the transfer of funds to the Joint Tax Board (JTB) by the Federal Inland Revenue Service (FIRS) under the erstwhile chairman, Mr Muhammad Nami, for the tax reform committee. In a statement on Friday, he revealed that N5 billion was paid to the board to fund activities of the team set up by President Bola Tinubu, noting that “The committee’s budget includes provisions for a national Data for Tax project which the JTB had been

By Dipo Olowookere The raising of addition funds through issuing of N131.65 billion rights issue by the board of Lafarge Africa has been described as the best thing to do at the moment. Lafarge Africa is raising N131.65 billion through a rights issue of 3.098 billion shares of 50 kobo each to existing shareholders at a price of N42.50 per share. The rights issue opened on November 24, 2017 and will close on December 15, 2017. It was pre-allotted on a basis of five new shares for every nine shares held as at close of business on November 1, 2017.

By Ebitonye Akpodigha On Monday, October 31, 2016, foremost and outspoken Catholic priest, Rev Fr Mathew Kukah, visited the Abuja office of the Economic and Financial Crimes Commission (EFCC), where former Ministers, Mr Femi Fani-Kayode and Mr Musiliu Obanikoro as well as a former presidential spokesman, Mr Reuben Abati are presently being held. During the visit, Mr Kukah, who is the Bishop of Catholic Diocese of Sokoto, commended the anti-graft agency for maintaining good facilities he described as ‘clean and orderly’. He was taken round the EFCC’s detention facility and clinic by the acting Chairman of the Commission, Mr Ibrahim

By Adedapo Adesanya The latest data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has shown that Nigeria’s daily production of crude oil fell by 12.8 per cent to 1.29 million barrels per day in July from 1.48 million barrels per day the previous month. The figure includes condensates of almost 0.2 million barrels per day. Excluding condensates, the nation’s total crude oil output was around 1.08 million barrels per day compared with nearly 1.3 million barrels per day in June 2023. This decrease is the sharpest since April 2023, when total crude oil and condensate production dropped to 1.25

By Dipo Olowookere The importance of the commercial capital of the Southeast Nigeria, Aba in Abia State, has been highlighted by the Acting President, Mr Yemi Osinbajo. During a visit to Aba, where he participated in the First MSMES Clinics after the media launch in Abuja on Tuesday, and using an analogy, the story President Muhammadu Buhari once told him about the importance of taking care of people “who do the things that make us comfortable, the Vice President observed “it is important to pay attention to MSMES.” He said, “We will spend time to ensure that we give those

By Kester Kenn Klomegah Undoubtedly, a number of Russian companies have largely underperformed in Africa, which experts described as primarily due to multiple reasons. Most often, Russian investors strike important investment niches that still require long-term strategies and adequate country study. Grappling with reality, there are many investment challenges including official bureaucracy and technical hitches in Africa.  Lukoil, the largest Russia’s oil company, has had a long history, going forth and back with the declaration of business intentions or mere interests in tapping into oil and gas resources in Africa. In the past, Lukoil has said in separate reports about

Michelle Michael-Orwu of Aladumo International School has emerged the 2020 Winner of the prestigious Rotary Club of Trans-Amadi Spelling Bee competition. The Grade 6 pupil won the competition after several stages that saw 975 pupils from 325 primary schools across Rivers State participated. Aladumo International School made history with her pupil emerging winner of the competition for the fifth consecutive year. All three participants from Aladumo School qualified for the Grand Finale where Michelle Dakare and Ojiezele Anegbode dropped at the 17th and 19th rounds taking the 6th and 4th positions respectively. Determined and focused all through the competition, Michelle

By Adedapo Adesanya President Muhammadu Buhari has approved the appointment of Mr John Momoh as the Interim Chairman of the University of Lagos (UNILAG) Governing Council following the recent tussle of power that ensued in the institution. Mr John Momoh is the President of UNILAG Alumni Association Worldwide. In his new role, Mr Momoh is expected to coordinate the affairs of the institution, as a representative of the federal government and his first task will be to ratify the election of the new Acting Vice-Chancellor, Mrs Folashade Ogunsola. The Senate of the University of Lagos had named Mrs Folasade Ogunsola