The Federal Government has disclosed that December 1, 2021, is the deadline for civil servants to take their Covid-19 vaccine. This is as the Nigerian government has also revealed that it has cancelled South Africa, Brazil and Turkey from the list of countries where travellers have been restricted from coming into the country due to the Covid-19 pandemic. This announcement was made by the Chairman of the Presidential Steering Committee (PSC) on Covid-19, Boss Mustapha, who disclosed this during a press briefing about the activities of the committee on Wednesday in Abuja. Mustapha, who is also the Secretary to the…
Author: Temitope N.
Nigerian Exchange Limited (NGX or The Exchange) has disclosed the resignation of Mr. Oscar N. Onyema, OON, as Non-Executive Director, effective immediately. Consequent upon this resignation by Mr. Onyema, NGX will uphold Rule 184(2)(a) of the Securities and Exchange Commission Consolidated Rules 2013 which states that “A securities exchange shall have a code of conduct for its council members or board which shall be approved by the Commission, and shall contain amongst others the following provisions, to wit, that the council members or board shall: (a) not be a staff of a quoted company and its subsidiaries.”
.This was made known by Vice President, Yemi Osinbajo at the Ekiti State Fountain Summit, in the state’s capital, Ado-Ekiti, on Thursday. Osinbajo stated that the government of the state under Governor Kayode Fayemi should see itself as a nation, as that would expedite the growth of its economy. Speaking at the summit, Osinbajo said, “Ekiti State has a friendly business environment that is helping and promoting the operations of SMEs in the state. The state within the nation is not a necessarilly a nation but must think and act like a nation. It derives some resources from the federal…
Currency traders under the guide of the Association of Bureau De Change Operators of Nigeria (ABCON) have contributed some measures aimed at curbing the continued depreciation of the naira. This is in line with the current crisis in the foreign exchange market which is characterised by dollar shortages, speculative trading, hoarding and other illegal activities by currency traders. These measures were contained in the ABCON Quarterly Economic Review for the 3rd quarter of the year (Q3’21), and seen by Nairametrics. ABCON noted that recent developments in the foreign exchange market have proved that the suspension of dollar sales to…
The government of Ekiti State plans to hold its maiden economic development and investment summit, hosting major dignitaries from different areas of the Nigerian economy. Ekiti State is setting itself as an attractive destination for investors. According to the governor of the state, Kayode Fayemi, the state is gearing for recovery from the economic downturn and is assured of a positive outlook for its econom “We are on a mission of recovery and economic restoration together, and I assure you of our firm commitment to the ideals of a safe, secure, and prosperous Ekiti State. The resources may be limited,…
Access Bank Plc has finalized the acquisition of a majority stake of about 78.15% in African Banking Corporation of Botswana Limited (‘BancABC Botswana’). The was made in line with the Bank’s commitment to expanding its presence in the African continent was announced through a notice signed by its Secretary, Sunday Ekwochi, and filed with the Nigerian Exchange Limited (NGX). Remember that Access Bank had reached an agreement to acquire a majority stake in BancABC earlier in April this year. According to the reports, the deal would see Access Bank acquire the latter for an undisclosed cash amount of about…
Eden Life, the go-to platform for home service needs, has Finalized a $1.4 million Seed round. This brings Eden Life’s total investment to date to $2 million following pre-seed backing from all of Andela’s original co-founders, and additional accelerator support over the last 18 months. The new capital raised will be deployed to build Eden Life’s in-house technology and develop its own world-class kitchens and operations hubs, as it builds a new tech-based platform to improve and grow Africa’s service industry.
The Central Bank of Nigeria, CBN, has Instructed banks to apply exchange rates in the Investors and Exporters (I&E) window for outbound payments through the Pan African Payments and Settlement System (PAPSS). The CBN made this known in a circular introducing the Guidelines on Operations of PAPSS in Nigeria, signed by the Director, Trade and Exchange Department, CBN, Dr Ozoemena Nnnaji. The CBN circular read: “All authorised dealers are required to ensure that prevailing exchange rate at Investors and Exporters Forex Window as advised by Financial Markets Department, FMD, should be used in cross-rates conversion between Naira, United States Dollars…
First Bank Plc traded over 148 million units of its shares after today’s trading session valued at N1.67 billion making the Tier-1 bank the highest traded shares, in volume and value, on the exchange today. The buy-interests in the shares of the bank drove the price higher by 2.82% from the previous day’s closing price of N10.65, to close the day at N10.95, although the shares traded at N11.70 during the trading session. The Nigerian Exchange market closed on a positive note amidst sell-offs and buy-interests as the benchmark All-Share Index (ASI) appreciated by 38 basis points. We saw…
OPEC in its new report said that the global demand for crude oil in the current year is expected to increase by an average of 5.8 million barrels per day as against the initial forecast of a growth of 5.96 million barrels per day as suggested by OPEC experts. According to NAN, this disclosure is contained in OPEC’s monthly report which was published on Wednesday in Vienna. OPEC in the new report, came up with the assumption that 99.82 million barrels of crude oil per day will be needed globally in the fourth quarter. OPEC experts in their analysis of…
Champion Breweries Plc share price appreciated by 10.00% to close at N2.53 per share, taking the Market capitalization from N18.01 billion to N19.81 billion following today’s trading session. Champion Breweries Plc, today recorded a gain in share prices which can be attributed to investors’ positive sentiment which triggered buy-interests in the shares of the company supporting a gain of N1.80 billion in market capitalization at the close of trading activities on the Nigerian Stock Exchange. The shares of the quoted brewery advanced from N2.30 per share at the start of trading day, to N2.53 per share, the highest price traded…
The U.S. Embassy Chargé d’Affaires (CDA), Kathleen FitzGibbon, has arranged a Mission Nigeria interagency team to Abia State to establish the re-engagement of U.S. assistance to the State through the U.S. President’s Emergency Plan for AIDS Relief (PEPFAR) and support renewed efforts towards HIV epidemic control. This was made known by the U.S Mission in Nigeria via a statement issued on Tuesday. CDA FitzGibbon and the delegation met Governor Ikpeazu, where they stated the U.S. government’s commitment to Abia State in its efforts to achieve HIV epidemic control and encouraged the Governor to build on his commitment to the health…
Vice President, Yemi Osinbajo disclosed that under the Social Housing Scheme of the Economic Sustainability Plan, thousands of jobs have been created with the use of local building materials in the country. The Vice President made this statement on Monday, at the two-day Mid-Term Ministerial Performance Review retreat, presided over by President Muhammadu Buhari, where the Vice President delivered the progress report on the ESP implementation. Osinbajo also disclosed that the social housing scheme has so far seen151.689 hectares of land made ready for development
Vice President, Yemi Osinbajo established that the negligence of the Central bank of Nigeria to disburse funds is slowing down the progress of some sectors of the Economic Sustainability Plan (ESP) including the 5 million Solar Connection Scheme, and agriculture plans for the ESP. The Vice President made this known on Monday, at the two-day Mid-Term Ministerial Performance Review retreat, presided over by President Muhammadu Buhari, where the Vice President delivered the progress report on the ESP implementation. He also disclosed that only N14 billion of the N471 billion as loans has been disbursed to farmers across 14 crop…
The year has already been plagued with high inflation and insecurity, which have amounted to a shaky business environment. This is in addition to the aftermath of the lockdown due to the pandemic. Investors are increasingly wary as they navigate these turbulent waters, seeking more stable ground to secure their financial futures. Lastly, do not underestimate the power of continuous learning and adaptation in your investment journey. The financial landscape is constantly evolving, and staying abreast of new developments, tools, and platforms can enhance your investment strategy. Online courses, financial literature, and investment forums are excellent resources for expanding your…
The African Development Bank (AfDB) has offered its assistance to Nigeria in the design and implementation of “Security-Indexed Investment Bonds” to raise more funds to sort out its security challenges. The sale of these bonds will help raise funds from the global capital markets to support countries to upgrade their security architecture, rebuild damaged infrastructure in conflict-affected areas, rebuild social infrastructure and protect areas with strategic investments. This was established by the President of the AfDB, Dr Akinwumi Adesina, at the Mid-Term Ministerial Performance Review Retreat in Abuja on Monday, where he highlighted that there could not be investment, growth or…
The Lagos State Police Command has warned the organisers of the planned protest to celebrate the one year anniversary of the #EndSARS protest to desist from such a plan. This was disclosed by the Commissioner of Police in Lagos, CP Hakeem Odumosu, via a statement issued and signed by the State Police Command’s Spokesperson, CSP Adekunle Ajisebutu on Monday. The Police boss stated that Nigerians can not afford to relive the unfortunate experience of the protest which led to “needless loss of lives and wanton destruction of public and private property.” The Lagos Police Commissioner stated, “The command had…
The Chief Executive Officer, Aero Contractors, has said that the FG’s plan to concession four international airports in the country is good, urging that if done right, it will go a long way in improving Nigeria’s airport infrastructure. Capt. Mahmood Abdullahi, Chief Executive Officer, Aero Contractors Company of Nigeria Limited, said this on Sunday, in an interview with the News Agency of Nigeria. He urged that the concession should also ensure that the staff of the international airports are not deprived of the rightful benefits. Actually, concession is good. But, just to do it right, I don’t think people will…
The Academic Staff Union of Polytechnics (ASUP) has urged the FG and state governments to pay outstanding arrears of the minimum wage to its members as contained in the Memorandum of Action (MoA). This was disclosed in a statement by the Union’s National Publicity Secretary Mr Abdullahi Yelwa, on Sunday in Bauchi, after its 101st Regular ASUP National Executive Council (NEC) meeting held at the Gateway ICT Polytechnic, Saapade, Ogun State. They revealed that there have been delays in the approval of its N15 billion Revitalisation Fund, nonpayment of salaries to its members in some state-owned institutions, and non-commencement of…
The Anambra state government disclosed that it is currently seeking approval from the federal government through the Nigerian Civil Aviation Authority (NCAA) to open its cargo airport for operations from the 21st of October 2021. This was made known by Governor Willie Obiano of Anambra state at a news conference on Sunday, after a tour of the airport and the International Conference Centre in Umueri and Awka. The Governor also revealed that the airport was completed in 15 months and was optimistic of regulatory approval to commence operations.