Why We Still Cannot File Our Financial Results—Oando

By Dipo Olowookere Ellah Lakes Plc can now go ahead with its plans to raise fresh capital through a rights issue to shareholders, the Securities and Exchange Commission (SEC) has declared. In 2022, shareholders of the company authorised the board to source about N2.90 billion. The board later filed an application to the SEC to carry out the transaction. In an update on Wednesday, Ellah Lakes informed the investing community that the apex regulatory agency for the country’s capital market had approved its request. The firm, which operates in the agricultural sector, intends to get N2.90 billion from shareholders from

By Aduragbemi Omiyale The Nigerian Exchange (NGX) Limited is looking to drive gender equality and sustainable development in the country through strategic instruments like gender bonds and gender-themed sustainable financing mechanisms. The local bourse said it hopes to achieve this goal by collaborating with a global organisation like the United Nations Women (UN Women). According to the Divisional Head of Business Support Services and General Counsel at NGX, Ms Irene Robinson-Ayanwale, there is a need to galvanize public and private sector stakeholders to the development and adoption of gender-responsive instruments in Nigeria’s capital market and mobilise public and private capital

By Precious Olisa The Nigerian Extractive Industries Transparency Initiative (NEITI) has said the Nigerian National Petroleum Company (NNPC) Limited only remitted 57.27 per cent of the revenue it generated in 2021 to the federal government. The agency made this claim in a report released earlier this week, noting that the country generated $23.05 billion from the oil and gas sector in 2021 compared with the $20.43 billion achieved in 2020, with the NNPC and others keeping some funds back. Analysis showed that about $8.67 billion came from the sale of crude oil and gas, $13.37 billion was from taxes and

By Adedapo Adesanya The Dangote Group Executive, Mr Devakumar Edwin, has said that the Dangote Refinery will not rely solely on Nigerian crude for its operations. This was one of the points made by the official as he gave a detailed production timeline that shed light on crude and product flows as well as delays on the 10-year project to S&P Global Commodity Insights. The company had announced that it would begin producing up to 370,000 barrels per day of diesel and jet fuel in October and gradually reach 650,000 barrels per day by November. The $19.5 billion refinery, which

By Sodeinde Temidayo David Nigeria has recorded moderate progress in infrastructure development and more can still be achieved if there is a strong synergy between financial institutions and private investors, the Managing Director of Ecobank Nigeria, Mr Patrick Akinwuntan, has submitted. Speaking at the Nigerian Institute for Transport Technology (NITT) 2021 Transport Technology Conference in Abuja, the bank said the infrastructure gap in the country can still be bridged if both the financial firms and the private sector come together. In his presentation titled Transportation infrastructure development financing in Nigeria, Mr Akinwuntan noted that given the bulk of activities across

By Dipo Olowookere Wife of the President, Mrs Aisha Buhari, has charged Nigerians to understand their rights as consumers in order to stand up to market abuses which undermine those rights. She said the rights of the consumer must be protected and those on the wrong side of the law be made to understand that their rights come to an end where the rights of the consumer begins. Mrs Buhari, who was represented by the wife of the Governor of Nasarawa State, Mrs Mairo Tanko Almakura, made the charge during her investiture as Consumer Ambassador of Nigeria by Consumer Protection

By Modupe Gbadeyanka Fresh funds worth $4.4 million (5.6 million Canadian Dollars) have been injected into a Canada-based technology company, Proto, to aid its global expansion. The funds were supplied by Mucker Capital with support from Yolo Investments. Proto will use the money to ensure more organisations across the world have access to its AI Customer Experience (AICX) solutions by automating local language customer experiences through chatbots powered by its proprietary natural language processing (NLP) technology. “The growth of mobile and internet adoption in the emerging world is stunning, and this continued trend is inevitable. However, due to poor support

The 2016 edition of the annual Osun Osogbo Festival received a boost with the participation of Goldberg produced by the Nigerian Breweries Plc. The company said it decided to be part of the festival because of its continuous effort to promote and sustain cultural and traditional values and institutions. The Goldberg brand team graced the Corporate Forum, put together by the organizers of the festival, to express its support for the annual event on Thursday, August 4, 2016. The programme was organized in Osogbo. Tayo Adelaja, Public Affairs Manager, West and Mid-West, Nigerian Breweries Plc, said the company was committed

By Adedapo Adesanya The Naira continued its downwards movement against the United States Dollar at the Peer-to-Peer (P2P) window of the foreign exchange (forex) market as it sold for N707/$1 on Wednesday, July 27 compared with the previous day’s N688/$1, indicating a decline of N19 or 2.76 per cent. Also, in the black market, the Nigerian Naira depreciated yesterday by N34 or 5.07 per cent to sell at N705/$1 compared with Tuesday’s exchange rate of N671/$1. However, at the Investors and Exporters (I&E) segment of the FX market, the local currency gained 0.23 per cent or N1 to sell at

By Dipo Olowookere British boxer with Nigerian heritage, Anthony Joshua, on Saturday night reclaimed the heavyweight titles he initially lost to his American counterpart, Andy Ruiz, some months ago. Anthony Joshua, fondly called AJ by his fans, defeated his opponent in a 12-round rematch by a unanimous decision in Saudi Arabia. The three judges for the match scored the fight 119-109, 118-110 and 118-110 in favour of Anthony Joshua, who has roots in Sagamu, Ogun State, south west Nigeria. About six months ago, the American boxer stunned the world when he beat the 2012 Olympic gold medallist from Great Britain

By Dipo Olowookere The Lagos office of the Development Bank of Nigeria (DBN) has now been opened with a view to providing sustainable financing to those in the Micro, Small and Medium Enterprises (MSMEs) sector of the economy. The new office, located on Idejo Street in Victoria Island, was commissioned at the weekend and would service Participating Financial Institutions (PFIs) domiciled in the metropolis. “We have realised the need to bring the business closer to the PFIs that are supposed to benefit from our services here in Lagos. “The Lagos operations will accelerate our engagement with the PFIs and facilitate

By Adedapo Adesanya The Nigerian Navy has said the vessel arrested for allegedly transporting stolen crude on Thursday was certified by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the agency of government responsible for regulating midstream and downstream petroleum operations in Nigeria. The Navy, in a statement, said the vessel MT PRAISEL was duly approved by NMDPRA to load 1,114,721 Litres of High Pour Fuel Oil (HPFO) from Greenmac Energy Storage/Tarus Jetty Koko from July 26 to August 8, 2023. Business Post had reported that a private security outfit Tanita Security Services (TSS), owned by former Niger Delta