Alleged N109bn Fraud: Court Remands Ahmed Idris in Prison

By Adedapo Adesanya Fils has launched a platform to help global businesses turn intent into action when integrating sustainable values into the core of digital payments. The new innovation paves the way for trust and safety in carbon markets, bringing together buyers with capital, and suppliers with high-integrity carbon credits, at the rate and scale required to rebalance the planet.  Designed as a holistic, enterprise-grade B2B2C product offering, Fils leverages the power of leading technologies for its end-to-end infrastructure to transform various industries, including financial services, hospitality, and e-commerce. This makes it easier for businesses to act on the core

By Adedapo Adesanya Nigeria will develop a new integrated national electricity policy and strategic implementation plan, as mandated by the Electricity Act 2023, according to the Minister of Power, Mr Adebayo Adelabu. President Bola Tinubu had on June 9 assented to the Electricity Bill, now an Act empowering states, companies and individuals to generate, transmit and distribute electricity. This, in turn, repealed the Electric Power Sector Reform Act (EPSR A), 2005 and create a comprehensive legal and institutional framework to guide the Nigerian Electricity Supply Industry (NESI). Mr Adelabu, while speaking on Monday at the Nigeria Electricity Management Services Agency

By Adedapo Adesanya Global energy company, GE Vernova, has used a series of events during Compliance Week to emphasise the critical role of ethics and compliance in business growth and success. The week-long initiative, held across Nigeria with more than 100 attendees, involved employees, suppliers, legal experts, and customers, highlighting GE Vernova’s unwavering commitment to fostering a culture of integrity and transparency. Speaking on this, Mrs Ozim Ifeoma Ibeziako, Executive General Counsel for GE Vernova’s Gas Power business in Africa, said, “At GE Vernova, we believe that integrity is the cornerstone of any successful business. “Our Compliance Week is an

By Dipo Olowookere The trading indices of the Nigerian Exchange (NGX) Limited maintained a downward movement on Thursday on the back of sustained profit-taking across the major sub-sectors of the platform. The industrial goods counter managed to close flat yesterday but the others pointed south, with the consumer goods sector losing 0.26 per cent, the insurance space declining by 0.18 per cent, the energy index dropping 0.16 per cent and the banking sector depreciating by 0.09 per cent. Consequently, the All-Share Index (ASI) cracked by 35.45 points to 49,540.48 points from 49,575.93 points, while the market capitalisation decreased by N19

By Dipo Olowookere The Managing Director/Chief Executive Officer of Guaranty Trust Bank (GTBank) Plc, Mr Segun Agbaje, has been described as a blessing to the financial institution, shareholders and stakeholders. This year, Mr Agbaje would have been in the position for 10 years and within the period, he has made GTBank stronger in the banking industry. Over the weekend, the bank held its Annual General Meeting (AGM) in Lagos and at the gathering, shareholders unanimously approved the payment of a total dividend of N3.00 per share for the financial year ended December 31, 2020. The lender had proposed a final

By Investors Hub European stocks have moved sharply higher on Wednesday, with automakers leading the surge on reports that merger talks between Fiat Chrysler Automobiles and Renault have gained traction. Investors have also cheered media reports suggesting the German government has agreed to a draft law largely scrapping the so-called “Solidarity Surcharge” on income tax to shore up Europe’s largest economy. Elsewhere, Giuseppe Conte resigned as Italian Prime Minister, passing the baton over to President Sergio Mattarella to decide whether to call new elections or ask parties to form a new government. Italian bonds breathed a sigh of relief despite

By Adedapo Adesanya Gains recorded by the shares of Central Securities Clearing System (CSCS) Plc on Monday, April 6 helped the NASD Over-the-Counter (OTC) Securities Exchange close in the green territory. At the close of transactions on the first day of the week, the share price of the securities depository company appreciated by 30 kobo or 2.40 percent to N12.49 per share from N12.19 per share. The stock was the only advancer yesterday and it spurred the 0.29 percent growth reported by the bourse’s major performance indicators. When market activities were brought to a halt on Monday, the NASD Unlisted

By Dipo Olowookere A unified platform for healthcare claims and payment integrity, CoverSelf, has obtained an $8.2 million seed round to expand its operations in the United States and drive healthcare claims and payment accuracy. It was gathered that existing investors in the firm, BEENEXT and 3one4 Capital, led the funding round, with Z21 ventures and healthtech leaders coming in to invest in the organisation. CoverSelf intends to use the fresh capital to build generative AI capabilities and increase headcount in sales and marketing as the business scales, especially at a time when the exponential growth of costs in healthcare

By Aduragbemi Omiyale President Muhammadu Buhari has described the $547 million generated from the sale of the 3.5Ghz spectrum to MTN Nigeria and Mafab Communications for the provision of the 5G network in Nigeria as a good source of raising funds for development. He said this on Tuesday at the commissioning of the National Shared Services Centre in Abuja. The facility, which also houses a cybersecurity operations centre, network centre and call centre, is a one-stop-shop for Ministries, Departments and Agencies (MDAs) to interface with citizens. The President said the money raised from the exercise, which was conducted two times,

By Modupe Gbadeyanka The greening initiative of the Lagos State government recently received a boost from the Philips Lightings of Netherlands when the company donated a 1000 kilowatts solar power system to the state’s Parks and Garden Agency (LASPARK) at the MKO Gardens, Lagos. Receiving the Solar Power System, the General Manager of the Agency, Mrs Abimbola Jijoho-Ogun applauded the generosity of the organisation, saying the gesture will go a long way at improving the aesthetics of the environment as well as enhancing the security of lives and property of the citizenry. The General Manager, represented by Mr Adetunji Oluseyi,

By ARM Securities In contrast to the macro-induced sell-offs across the broad equities market in 2016, palm oil producers had a stellar year as the policy changes in response to the FX pressures handed the sector a lifeline. Specifically, CBN’s proscription of FX access for palm oil imports changed sector dynamics as it provided a competitive edge in pricing for local producers over CPO importers. Accordingly, the sector reported stronger revenues and higher margins in the period which fuelled the positive price performance over 2016 (vs NSEASI: -6%). In this report, we outline our views regarding the drivers of 2016