Nigeria’s Gross Domestic Product grew by 5.01 per cent, year-on-year, in the second quarter according to the National Bureau of Statistics. NBS disclosed this in its GDP Report for Q2 released on Thursday. According to the report, the 5.01 per cent marks three consecutive quarters of growth following the negative growth rates recorded in the second and third quarters of 2020. The Q2 2021 growth rate was higher than the -6.10 per cent growth rate recorded in Q2 2020 and the 0.51 per cent recorded in Q1 2021. This is an indication of the return of business and economic activity…
Author: Temitope Nlewemchi
Executive Secretary, National Agricultural Land Development Authority, Paul Ikonne The Federal Government has said the 700-hectare integrated farm estate being developed in Okwuha Obayin Village in Ajaokuta Local Government Area of Kogi State will curb clashes between herders and farmers within and outside the state. It said the major reason for developing the facility was to improve the country’s livestock sector, reduce conflict in the North-Central region and create job opportunities for about 3,000 youths. The Executive Secretary, National Agricultural Land Development Authority, Paul Ikonne, said in a statement on Friday that the farm would focus on livestock rearing…
Zenith Bank Plc has reported profit before tax of N117.06bn for the first half of 2021, rising by 2.67 per cent year on year. According to its audited interim report for the six months ended June 2021, the bank’s net interest income increased by 1.61 per cent to N159.94bn in H1 2021 from N157.41bn in the same period of last year. Zenith saw its earnings per share rise to N3.38 from N3.30 in the corresponding period of 2020. The bank’s gross earnings, however, dropped to N345.56bn in H1 2021 from NN346.09bn in the same period the previous year. “An interim…
The Federal Airports Authority of Nigeria (FAAN) says if the federal government continues with its concession policy, it will place the union at a disadvantage of bearing a $1 billion repayment loan. The union disclosed this in a press conference on Tuesday while addressing journalists in Lagos. In June, the federal government announced plans to concession four airports for a period of 20-30 years. The airports include Murtala Muhammed Airport (MMA), Lagos; the Nnamdi Azikiwe International Airport, Abuja; Mallam Aminu Kano Airport, Kano and Port Harcourt International Airport, Rivers state. The union through its representatives which includes the National Union…
The Securities and Exchange Commission (SEC) has charged three former Netflix engineers with being part of a “long-running” insider trading scheme, the agency announced. The engineers and two close associates allegedly traded on confidential information about Netflix’s subscriber growth, generating more than $3 million in total profit. According to the SEC complaint, while employed at Netflix in 2016 and 2017, Sung Mo “Jay” Jun tipped information about the streaming giant’s subscribers to his brother Joon Mo Jun and friend Junwoo Chon, who used the info to trade ahead of Netflix earnings announcements. After Sung Mo Jun left Netflix in 2017,…
There was panic in the Ikotun area of Lagos State on Friday following the leakage of a pipeline belonging to the Nigerian National Petroleum Corporation. Residents said they noticed the leakage around 06 am on Friday. According to them, the situation led to confusion and fear in the area. It was learnt that occupants of nearby buildings rushed out of their houses while some immediately offloaded their belongings. “We have immediately called Lagos State emergency line when the situation happened. We were scared and hope that this does not lead to a fire outbreak. “Some people are parking their belongings…
Kano Electricity Distribution Company (KEDCO) has sought the understanding of its numerous customers towards the payment of electricity bills for services rendered to them. Dr. Jamil Isyaku Gwamna, the Managing Director and Chief Executive Officer of KEDCO made this appeal on Friday while chatting with journalists on the current challenges of the company. According to the boss, the attitude of customers within the northern axis of power distribution is not healthy for the development of the power sector. He stated that in modern times, customers do not wait to be forced or cajoled to pay their bills for services they…
The Independent Petroleum Marketers Association of Nigeria, IPMAN, in Imo State on Friday suspended its strike after a meeting with the state government. The suspension of the strike was announced in a release issued in Owerri, the state capital. It was signed on behalf of the Association of Imo Petroleum Marketers and Dealers by Sir Chimodo Martin. The statement reads: “It is no longer news that Association of Imo Petroleum Marketers and Dealers embarked on industrial action since Wednesday, 25th August 2021. “The Association has made its sufferings in the hands of some Government agencies known to the public through…
The tourism industry in Nigeria lost 770,000 jobs as a result of the outbreak of the COVID-19 pandemic and its effect across the country, the World Travel and Tourism Council said on Monday. It disclosed this through the Nigerian Economic Summit Group, adding that about $4.5tn was lost by the industry globally due to the impact of the deadly virus. Regional Director, WTC, Andrew Brown, stated this in a statement that was made available to our correspondent in Abuja by the NESG on the group’s recent forum that focused on the development of Nigeria’s tourism and hospitality sectors. In his…
Nigerian Exchange Group (NGX) The Nigerian Exchange Limited (NGX) reversed previous gains to close on a negative note yesterday, causing the All-Share Index (ASI) to plunge by 0.03 per cent. The bearish performance was buoyed by investors’ profit-taking sentiment across major sectors. Specifically, the ASI dropped by 10.68 points, representing a decrease of 0.03 per cent, to close at 39,449.82 points. Similarly, the overall market capitalisation lost N6 billion to close at N20.554 trillion. The market’s negative performance was driven by price depreciation in large and medium capitalised stocks which are: Dangote Sugar Refinery, Guaranty Trust Bank Holding Company (GTCO),…
The Nigerian Medical Association in Plateau State on Thursday expressed deep concern over what it described as the increasing population of the hospitals’ emergency wards and mortuaries by victims of attacks and killings in various communities in Plateau State. It was learnt on Thursday that following the attacks, the striking resident doctors at the Jos University Teaching Hospital have recalled their members “on compassionate” ground to enable them to attend to emergencies occasioned by the crisis in the state. In a statement issued on Thursday, the NMA lamented the security situation in the state, saying that a situation where people…
The risk of rare blood clotting after receiving COVID-19 vaccines is far lower than from the virus, a large-scale study by researchers from the University of Oxford found Friday. Fears over rare cases of clotting conditions have prompted some countries to rule out or limit the rollout of the Oxford-developed AstraZeneca jab, with the UK recommending that healthy people under 40 get alternative vaccines. The study published in the BMJ medical journal examined data on almost 30 million people in England first vaccinated between December and April. It found a very small increased risk of some clotting conditions that could…
Having had to postpone for a year, Food & Beverage West Africa will return on September 1st as the region’s premier F&B trade event. Food & Beverage West Africa, the largest F&B trade show across sub-Saharan Africa, will return to Lagos in a little over one weeks’ time. Running from Wednesday 1st to Friday 3rd September at the Landmark Centre, Food & Beverage West Africa has more than 100 exhibitors from over four continents taking part. This is the event’s much-awaited third edition and is the first post-COVID exhibition for the experienced hosts, BtoB Events Ltd, Nigeria’s largest exhibition organisers.…
In an effort to stem incidences of business failures in the corporate polity, H. Michael & Co. founded by Dr. Adeyinka Hassan in commemoration of its 10th anniversary has put together a conference tagged: Corporate Governance and Enterprise Development conference. The convener, Dr. Hassan, is a notable Corporate Governance Practitioner and a frontline advocate of Corporate Governance. Corporate Executives, Chairman, Polaris Bank Limited, Muhammed Ahmad, will be chairing the event with Mrs. Oluyemisi Edun, MD/CEO First City Monument Bank Limited as Guest Speaker, while Professor Sunday Owolabi, the immediate past Deputy Vice Chancellor of Babcock University would be giving the…
Shareholders of Total Plc have unanimously endorsed the firm’s resolution to change its identity to TotalEnegies, even as the company moves to anchor its business on a broad energy company strategy. At the company’s extraordinary yearly general meeting held in Lagos, the shareholders expressed optimism that the name change would boost the firm’s profitability and increase shareholders’ value. Specifically, the Founder of Independence Shareholders Association of Nigeria, Sunny Nwosu urged the management to ensure that every segment of the business contributes to the overall growth of the company. He also stressed the need for the company to stay ahead of…
The Nigeria Export Processing Zones Authority (NEPZA) is working with the Borno State Government to revive the comatose Banki Border Free Trade Zone in the state, the Managing Director, Adesoji Adesugba, has disclosed. Recall that the Banki Border Free Zone was given an operating licence in 2000 and subsequently renewed in September 2011 to grant it right to manufacturing and warehousing. But, it went into comatose following the taking over of the place by insurgency. “We know that the trade zone is yet to settle the outstanding operational fees put at over N246.93 million covering the year 2011to 2021. We…
… Eterna announces shareholders’ divestment from firm As price gains outweighed losses, transactions on the equities sector of the Nigerian Exchange Limited (NGX) closed in an upbeat yesterday, causing market capitalisation to increase by N15 billion. Yesterday, the market capitalisation of listed equities increased by N15 billion to N20.568 trillion from N20.533 trillion reported the previous day. The All Share Index (ASI) which measures the performance of quoted companies appreciated by 27.36 basis points to 39477.18 points from 39449.82 points reported yesterday. Investors traded 186.326 million shares valued at N1.793 billion in 3595 deals against 198.331 million shares worth N1.056…
•Commission seeks more spectrum frequency from NFMC, tasks states on Row Investments in Fourth Generation (4G) in Nigeria and Africa dropped by seven per cent in 2020, the International Telecommunications Union (ITU) has said. This is even as the Nigerian Communications Commission (NCC) has again assured on the country’s readiness to deploy 5G technologies. The drop in 4G technologies in Africa, according to ITU, was as a result of COVID-19 pandemic, which ravaged and still ravaging the world. It noted that the pandemic has further created huge gap in bridging the globe’s digital divide. The ITU, in its latest report,…
The Chartered Institute of Bankers of Nigeria (CIBN), Lagos State chapter has suggested the restructuring of existing systems for tax expansion to improve the nation’s domestic revenue and tackle debt. The institute stated that Nigeria’s financing requirements need improved domestic revenue collection. Branch Chairman, CIBN, Peter Ashade, said this at the institute’s yearly general meeting. He stressed the importance of a solid financial sector to achieve growth and development, adding that the banking industry plays an important role in implementing economic policies. Noting that financial institutions were integral parts of any economy, he said seamless functioning of the banks was…
Electricity Distribution Companies (DisCos), yesterday, denied influencing the suspension of eligible customer policy, which allows direct connection of electricity consumers from generation plants without the utility companies. While infrastructure bottlenecks delayed the dispatch of generated electricity, the Nigerian Electricity Regulatory Commission (NERC) had in 2017, introduced the eligible customers policy but abruptly ended it earlier this month in the face of poor electricity supply in the country. The Association of the Nigerian Electricity Distributors (ANED) yesterday, insisted that they have no hand in the abrupt termination of the policy. Executive Director, Research & Advocacy at ANED, Sunday Oduntan, said the…