NFIU Cautions Politicians, Others Over Request for Information

By Adedapo Adesanya  The International Finance Corporation (IFC) has announced a collaboration with Allied Climate Partners (ACP) that will help create a pipeline of viable climate investments in emerging markets including Southeast Asia, Africa, the Caribbean and Central America, and India. ACP’s new platform is backed by philanthropic capital and designed to mobilize investment in climate-related projects in emerging economies to create significant environmental, economic, and social impact. In a statement seen by Business Post, the parties said the collaboration with IFC will provide advisory and structuring support, technical assistance, and sustainability and impact-management support as needed to help bring

By Bliss Okperan The Minister of FCT, Mr Nyesom Wike, has been advised to extend an olive branch to the Governor of Rivers State, Mr Siminialayi Fubara. The Minister, who handed over the reins of Rivers State to Mr Fubara, has been at loggerheads with his successor. A few weeks ago, some lawmakers of the Rivers State House of Assembly loyal to Mr Wike attempted to impeach the Governor, but President Bola Tinubu quickly intervened and doused the tension. However, all is still not well with both parties, with the Minister granting an interview last week to accuse his ‘political

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 This, in turn, repealed the Electric Power Sector Reform Act (EPSR A), 2005 and create a comprehensive legal and institutional framework to guide the Nigerian Electricity Supply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 Modupe Gbadeyanka An initiative aimed to promote the diversity of the African continent and showcase its rich cultural heritage to the rest of the world has been launched by YouTube. The social campaign, The Voices of Africa, will be used to celebrate the continent’s unique and traditional expressions through a select group of African creators. They will create and share videos on their YouTube Channels of their unique cultural heritage stories about their local traditions and practices, conversations with friends and family, and with people in their local communities. Some of the creators who are part of the campaign

By Adedapo Adesanya Oil prices rose 2 per cent on Wednesday after a large unexpected drawdown in crude inventories in the United States, the world’s largest oil producer. Brent crude futures increased by $1.52 or 2 per cent to $78.36 a barrel, as the US West Texas Intermediate crude (WTI) gained $1.43 or 2 per cent to settle at $74.34 per barrel. US crude inventories posted a massive surprise weekly drawdown of 12.5 million barrels to 455.2 million barrels, the Energy Information Administration (EIA) said, as imports declined. A day earlier, the American Petroleum Institute (API) had estimated that crude

By Dipo Olowookere One of the leading emerging and frontier markets investment bank, Renaissance Capital, has announced the appointment of Sergei Linnik as Global Head of TMT (Telecom, Media, Technology). Mr Linnik joined the Firm’s investment banking team to cover the telecoms, media and technology sectors in all geographies in which the Firm operates. He reports to James Friel, Global Head of Investment Banking. Prior to his appointment, Mr Linnik worked as Director, TMT, at Deutsche Bank for over eight years in Moscow and London. During this period, he advised on a range of transactions, including the $1.5bn sale of

By Dipo Olowookere A workshop aimed to dissect the benefits of value investing and growth investing will hold next week, the Nigerian Stock Exchange (NSE) has said. The online event is specifically for retail investors in the nation’s stock market and it is the first organised by the exchange this year. According to a notice obtained by Business Post, the event, tagged Retail Investors Workshop, will take place on Thursday, March 11, 2021, by 11am and will have experts speaking on the theme. “We are pleased to invite you to our first Retail Investors Workshop in 2021. On Thursday, 11

By Dipo Olowookere A total of four equities appreciated in price at the Nigerian Stock Exchange (NSE) on Tuesday as investors embarked on massive selloffs. NPF Microfinance Bank, which topped the advancers’ chart yesterday, added 10 kobo to its share value to close at N1.25 per unit. Omoluabi Mortgage Bank appreciated by 5 kobo to sell at 60 kobo per share, Learn Africa gained 2 kobo to trade at 97 kobo each, while LASACO garnered one kobo to quote at 25 kobo per share. On the flip side, 27 stocks closed lower on Tuesday and GTBank was the heaviest price

By Modupe Gbadeyanka As parts of its commitment to improve accounting profession in the country, the Institute of Chartered Accountants of Nigeria (ICAN) has entered into an agreement with the Chartered Institute of Management Accountants (CIMA) for the establishment of an academic research centre for accountants. The proposed research institute, Business Post learned, would be well-equipped to deliver quality work and contribute to the economies of the continent. Speaking at signing of the Memorandum of Understanding (MoU) in Abuja on Monday, President of ICAN, Mr Ismail Zakari, stated that both bodies had been discussing areas of cooperation which also include

By Dipo Olowookere One of the leading brokerage firms in Nigeria, Stanbic IBTC Stockbrokers Limited, relegated another major player in the sector, Morgan Capital Securities Limited, on the activity chart last week. In the previous week, Morgan Capital was the most active brokerage company, but last week, Stanbic IBTC took over that juicy spot from the former after trading 207.3 million units of stocks in the five-day trading week, contributing 11.49 per cent to the total volume of shares transacted in the week by all the authorised stockbrokers. Occupying the second spot was Cardinalstone Securities, which traded 163.8 million shares

By Dipo Olowookere On Tuesday, May 8, 2018, the much awaited SAS Risk & Finance Analytics Roadshow took place in Lagos amid pomp and pageantry. The event was attended by some key officials of the company, including SAS’s Marketing Manager in charge of Africa, Mabel Schrimpton. Others present at the roadshow were the Sales Manager, West Africa, SAS, Babalola Oladokun; GM, Sales & Business Development, Financial and Enterprise Unit, INLAKS, Kingsley Oseghale; Senior Business Solutions Manager, Pre-Sales Risk Practice SEMEA, SAS, Charles Nyamuzinga; and Chief Risk Officer, Africa, UBA Plc, Ruben Andrews amongst others.

By Dipo Olowookere The World Bank Group on Tuesday said it expects the Nigerian economy to grow by 2.2 percent in the year 2020. In a statement yesterday, the global lender said in the Sub-Saharan Africa region, growth is expected to accelerate to 3.3 percent in 2020, with South Africa anticipated to rise to 1.5 percent and Angola to pick up to 2.9 percent next year. However, the World Bank said these projections would remain “assuming that investor sentiment toward some of the large economies of the region improves, that oil production will recover in large exporters, and that robust