Two Coys Lose Assets to AMCON Over N800m Debt

By Adedapo Adesanya  PricewaterhouseCooper (PwC) Nigeria has commended the country’s move towards fixing its copious electricity challenges with the Electricity Act 2023 and proposed key amendments that will ensure the issues are faced head-on, At the 14th edition of its Annual Power and Utilities Roundtable, with the theme The Electricity Act 2023: Powering Nigeria, the Partner and Energy, Utilities and Resources Leader at PwC Nigeria, Mr Pedro Omontuemhen, noted that, “The 2023 power roundtable’s timing coincides with the ongoing COP 28 in Dubai, highlighting the urgent need for continued action on climate change especially in the area of renewable energy.”

By Adedapo Adesanya The Nigeria Upstream Petroleum Regulatory Commission (NUPRC) has unveiled the regulatory framework for energy transition, decarbonisation, and carbon monetization for upstream operations in Nigeria. The Commission Chief Executive, Mr Gbenga Komolafe, unveiled the regulatory framework at COP28 in Dubai, the United Arab Emirates (UAE) themed Driving Sustainable Upstream Operations to Achieve Just and Equitable Energy Transition.  Mr Komolafe noted that the regulatory framework has Natural Gas shift, zero routine gas flaring and methane abatement, carbon market development, and upstream operations efficiency as its key pillars. Others include technology and innovation, incentive mechanisms, collaboration, and risk management. According

By Adedapo Adesanya President Bola Tinubu on Wednesday departed Abuja for Dubai, the United Arab Emirates, to attend the COP28 Climate Summit which takes place from December 1 —2, 2023, with the theme Unite, Act, and Deliver. According to the presidential spokesman, Mr Ajuri Ngelale, the President will be using the platform to advocate for funding as well as technical support to tackle the array of climate problems facing the country. He said Mr Tinubu was “mindful of the severe impact of climate change on Nigeria, such as desertification, flooding, erosion, drought, and national security risks arising therefrom, will maximise

By Modupe Gbadeyanka **South Africa to Experience Boom Abuja-based cleric, Prophet Joshua Iginla, has predicted that Nigeria’s economy will suffer setbacks in 2020. The seer made this disclosure in his New Year 44 prophetic release made available to Business Post on Sunday. Prophet Iginla, who is one of the leading prophetic voices in the country, said in the message that he sees “a lot of hardship,” noting that, “It will take God’s intervention to see what we desire to see.” The Shepherd in charge of Champions Royal Assembly, who is noted for his accurate predictions in the past, also strongly

By Modupe Gbadeyanka The quality services rendered by CardinalStone Partners Limited to investors in the stock market have been rewarded win an award at the just-concluded BusinessDay Banks and Other Financial Institutions (BAFI) awards in Lagos. At the BAFI 2022, the compared emerged as the winner of the Stockbroking Firm of the Year, beating other brokerage organisations to clinch the coveted prize. At the ceremony attended by several top shots in the financial and investment industries, CardinalStone, known as Nigeria’s leading investment and multi-asset management firm, was also announced as Equities Research Firm of the Year and Mid-Market Investment Bank

By Adedapo Adesanya The Nigeria Customs Service (NCS) has intercepted 15 sacks of pangolin scales weighing 1,014.5kg with a Duty Paid Value of over N1.7 billion in Lagos. This was disclosed by the Comptroller General of Customs, Mr Hameed Ali, during a briefing to reveal the two suspects arrested in connection with the illegal items. Mr Ali, represented by the National Public Relations Officer, NSC, Mr Joseph Attah, noted that “this criminality was not essentially a Nigerian thing. Sadly, some foreigners with the active connivance of a few Nigerians are bent on using our dear country as a transit route

By Dipo Olowookere The board of directors Cadbury Nigeria Plc has announced commencing a closed period, which bars the firm’s top executives from trading in the shares of the company. According to a statement signed by the Company Secretary, Fola Akande, the closed period begins February 19, 2018 and ends March 15, 2018. “This message is to remind all, particularly Cadbury shareholders and other relevant insiders, that Cadbury Nigeria Plc has commenced a closed trading period from February 19, 2018, to end on March 15, 2018, a full trading day after the 2017 audited financial statements have been released to

Absa, a leading pan-African bank with a strong footprint across the African continent, has highlighted the opportunities for new businesses in the Nigerian telecommunications sector as well as the sector’s limitless growth potential. The bank said the opportunities and the growth potential remain strong, in spite of the challenges in the sector, and therefore called on smart investors and entrepreneurs to tap into the opportunities and expected growth. The banking group, which operates two licensed subsidiaries in the country, Absa Capital Markets Nigeria Limited and Absa Securities Nigeria Limited, and has deep expertise in advising and financing telecommunications, media and

Major U.S. index futures are pointing to a lower opening on Thursday following the mixed performance seen in the previous session. The downward momentum on Wall Street comes as traders continue to digest the Federal Reserve’s decision to raise interest rates by a quarter point on Wednesday. Stocks showed a lack of direction throughout much of the trading session on Wednesday before ending the session mixed. The narrow Dow climbed to a new record closing high. The Dow rose 46.09 points or 0.2 percent to 21,374.56, while the Nasdaq fell 25.48 points or 0.4 percent to 6,194.89 and the S&P

By Modupe Gbadeyanka Stanbic IBTC Bank Plc has been applauded by traders, business owners and others for its SME Collab Market Storm initiative across major markets of the country. From July 12 to August 14, 2023, the bank was at different markets to engage over 5,000 individuals, including entrepreneurs and local businesses, on some basic techniques to support their businesses. Business Post gathered that the financial institution took this scheme, which is part of its comprehensive strategy to support entrepreneurs, to Ibadan, Abuja, Port Harcourt, and Onitsha. Participants benefited from numerous activities like free FIRS tax registration, account opening, digital

By Dipo Olowookere Banks in Nigeria have been directed by the Central Bank of Nigeria (CBN) to allocate 60 percent of their foreign exchange purchases to manufacturers. According to the CBN, this move is to boost the manufacturers’ ability to pay for imports and boost the economy. In a circular dated August 22, 2016, the apex bank further explained that it gave this order so as to encourage the production of local goods. “Authorised dealers (banks) are hereby directed to dedicate at least 60 percent of their total foreign exchanger purchases from all sources to end-users strictly for the purposes