Why Flour Mills Credit Protection Metrics Remain Under Pressure

By Aduragbemi Omiyale Mr Tokunbo Akande, the Special Adviser to the Executive Chairman of the Lagos State Internal Revenue Service (LIRS), Mr Ayodele Subair, has waded into the controversies surrounding stamp duty. The Federal Inland Revenue Service (FIRS) and the Nigerian Postal Service (NIPOST) have been at loggerheads at to which of them should collect the revenue charged on financial transactions in the country. Mr Akande, while commenting on the matter, described stamp duty as ‘a revenue stamp and not a postage stamp.’ While featuring as a guest on The Tax Talk programme on Channels Television recently, he emphasised that

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed in the green territory after it chalked up by 0.37 per cent on Friday, September 22, as three securities finished on the price gainers’ chart and one stock closed in the price losers’ table. This raised the market capitalisation of the OTC Exchange by N4.24 billion to N1.143 trillion from the previous day’s N1.139 trillion, as the NASD Unlisted Securities Index (NSI) increased during the session by 3.00 points to finish at 808.95 points compared with Thursday’s 805.95 points. At the close of transactions, investors traded a total of 10.7

By Adedapo Adesanya Nigeria has repaid a total of $12.56 billion in external debt as of 2022, data from Intelpoint showed. According to the latest debt figures, Nigeria’s total public debt rose by 75.3 per cent to N87.38 trillion at the end of the second quarter of 2023 against N49.85 trillion recorded in the first quarter of the year. The rise came as the country securitised the N22.71 trillion Ways and Means Advances of the Central Bank of Nigeria (CBN) to the federal government. The overdraft is a loan facility through which the CBN finances the shortfalls in the government’s

By Modupe Gbadeyanka The disruption of the nation’s political landscape by the suspension of the Chief Justice of Nigeria (CJN), Justice Walter Onnoghen, by President Muhammadu Buhari last Friday took its toll on the local stock market. The equities market reacted to the issue with an upturn of the positive momentum witnessed in two weeks. heavy profit-taking activities were witnessed during the trading session, which negatively impacted on the nation’s bourse. At the close of transactions yesterday, the Nigerian Stock Exchange (NSE) closed 0.26 percent lower, triggering the year-to-date loss higher to 0.27 percent. The All-Share Index (ASI) depreciated on

By Dipo Olowookere Reports from the Zimbabwean media have disclosed that the MMM Global Zimbabwe has collapsed; causing thousands of people in the country to lose their hard-earned money put into the scheme. In Nigeria, the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN) have warned Nigerians not to subscribe to the programme, calling it a Ponzi scheme. However, some Nigerians have ignored these calls, investing millions of Naira into the programme, which promises about 30% to 50% profit monthly. According to a Zimbabwe’s newspaper, IHarare, thousands of dollars have been lost by the country’s citizens

By Modupe Gbadeyanka More pressure is mounting on the judiciary to allow the live broadcast of proceedings at the ongoing presidential election tribunal at the Court of Appeal. The Peoples Democratic Party (PDP) and the Labour Party (LP), which are challenging the victory of the ruling All Progressives Congress (APC) in the presidential election held on Saturday, February 25, 2023, want the Nigerians to have the opportunity to see how the issues are argued at the court. A group known as the Conference of Nigeria Political Parties (CNPP) has joined those calling for the broadcast of the court sittings in

By Adedapo Adesanya Crude prices rebounded by 2 per cent on Tuesday as American President Joe Biden’s $1 trillion infrastructure bill did a lot to counter fears of COVID-19 sweeping through China. At the market yesterday, the price of the Brent crude went up by $1.70 or 2.46 per cent to $70.74, while the West Texas Intermediate (WTI) moved up by $1.95 or 2.93 per cent to $68.43 per barrel. The market clung to the assumption that President Biden’s $1 trillion infrastructure bill will boost oil product demand and lift economic performance in the world’s largest oil-consuming nation in the

By Dipo Olowookere The board of directors of GlaxoSmithKline Consumer Nigeria Plc has announced the resignation of Mr Adediran Aderemi from the board. Mr Aderemi is an Executive Director in charge of Human Resources at GSK. Though no reason was given for his decision, Mr Aderemi only informed the company of his intention to resign from the board effective from January 12, 2018, according to a statement signed by the Company Secretary, Uchenna Uwechia. Mr Aderemi, who holds a Bachelor of Arts degree in Philosophy, joined GSK in June 2014 was his role was to design and take delivery of

By Modupe Gbadeyanka The Petroleum Technology Association of Nigeria (PETAN) has announced the first set of speakers to feature on the programme at the West African International Petroleum Exhibition and Conference 2017 (WAIPEC), a three day major platform for the oil and gas industry, taking place on February 21 to 23at the Eko Convention Centre, Lagos. Industry leaders and expert speakers have been drawn from key stakeholders involved in the oil and gas industry in Nigeria to lead discussions and provide invaluable insight at WAIPEC 2017. These include Dafe Stephen Sejebor – Group General Manager, National Petroleum Investment Management Services

By Aduragbemi Omiyale The National Assembly (NASS) has pushed for stronger capital market regulations in order to attract a wide array of investments under a secured and transparent environment. According to the Chairman of the House Committee on Capital Markets and Institutions, Mr Babangida Ibrahim, efforts must be made to further strengthen the current regulatory framework in the capital market as the space plays a vital role in the growth and development of the economy. Speaking during a stakeholders’ meeting on the Investments and Securities Bill held in Lagos on Monday, the lawmaker said, “Our presence at this meeting today is

By Dipo Olowookere The rise in the number of Ponzi scheme operators, especially in the northern part of Nigeria, has been attributed to financial illiteracy. The Kano zonal head of the Securities and Exchange Commission (SEC), Mr Mohammed Danladi, said this on Tuesday when he visited the Kano zonal head of the Economic and Financial Crimes Commission (EFCC), Mr Sanusi Mohammed. He also said most of the Ponzi scheme operators in the country avoid SEC registration because they know they would be monitored, noting that the visit to the EFCC was to solidify the already existing relationship between both organisations.