Telecommunications firm, Globacom, has congratulated Muslim ummah in Nigeria as they join other faithful round the world to celebrate Eid El Kabir Festival. Globacom, in a goodwill message issued yesterday, rejoiced with the Muslim Ummah and admonished them to “use the occasion to continue to promote peaceful co-existence and live up to the tenets of their faith through acts of charity and obedience to the injunctions of the Holy Quran.” The company encouraged them to employ the occasion of the festival to pray for peace, unity and development of the nation and internalise the complete teachings of Prophet Mohammed (SAW)…
Author: Temitope Nlewemchi
ARM Pensions Limited has hit the N1 trillion mark in Assets Under Management (AUM), a significant milestone for any Pension Fund Administrator (PFA) in the Nigerian market. This is as ARM continues to make a huge mark in terms of returns on the funds under its management, particularly RSA (Retirement Savings Account) FUND II and FUND III, where it is at the top of the latter in the market, accounting for why many RSA holders continue to flock her doors since the opening of Pension. Transfer Window. The National Pension Commission (PenCom) officially announced the opening of the Transfer Window…
After four years of rift, the Securities and Exchange Commission (SEC) yesterday, announced that it has entered into a settlement with Oando Plc in the interest of the shareholders of the company and the capital market. This was contained in a circular released and signed by the management of the commission yesterday. According to the circular, the company has reached a settlement with the commission on the following terms amongst which are the immediate withdrawal of all legal actions filed by the company and all affected directors; payment of all monetary penalties stipulated in the commission’s letter of May 31,…
Ahead of the half-year (H1) earnings season, price gains in 22 stocks lifted transactions on the equities sector of the Nigerian Exchange Limited (NGX) yesterday, as market capitalisation increased by N3 billion. At the closed of trading yesterday, the All-Share Index (ASI) increased by 5.47 absolute points, representing a gain of 0.01 per cent, to close at 37,952.65 points. Similarly, the market capitalisation rose by N3 billion to close at N19.774 trillion. The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are Presco, Eterna, Cutix, Vitafoam Nigeria and United Capital. Analysts at United…
The decision by the Organisation of Oil Exporting Countries (OPEC) to pump 400,000 barrels per day of crude oil into the market on a monthly basis from August, yesterday pushed oil price to a record low of $69 per barrel, but Nigeria’s sweet crude, Bonny Light remains bullish at $75.23. With gradual stability, notwithstanding the uncertainty in the market, analysts were hoping that the rally, which was heading to $80 per barrel would become a reality until the price nosedived. Although Nigeria’s Bonny Light maintained its competitive edge, standing at about $75.23, Brent suffered more than 5.19 per cent loss,…
The National Insurance Commission (NAICOM) has revealed plans to sanction insurance operators that fail to implement the corporate governance guidelines in the country. The Commissioner for Insurance, Sunday Thomas, at a workshop in Lagos, said the absence of sound corporate governance structure in some insurance companies has been the cause of the industry’s abysmal performance. Thomas said: “The corporate governance guidelines that became effective last month would change the way companies, especially underwriting firms, are being run in the country. Companies don’t fail on their own. Instead, people make companies fail. Companies don’t die, companies are killed and the death…
Following its expulsion from the Nigerian Insurers Association (NIA), Standard Alliance Insurance Plc has demanded N10 billion from the body as damages to its reputation, resulting from malicious publications by the association. The underwriting firm stated this in a letter addressed to NIA and dated Monday, July 5, 2021. The letter signed by its lawyer, Ebun-Olu Adegboruwa (SAN), and addressed to the Director-General of NIA, Mrs. Yetunde Ilori, alleged circumvention of the right to fair hearing as guaranteed by the 1999 Constitution. It stated that there was nothing in the association’s constitution or within professional ethics in the insurance industry…
The global economy, in the past year, buckled under the burden of the coronavirus pandemic. From Europe to America, the numbers have been in the red, tail spinning the national economies to chaos. This left governments with the additional burden of sourcing additional resources to survive. While individuals groaned under the rising burden of jobs and income losses that have been intensified by the pandemic, the telecommunication and banking sectors have remained afloat, posting profits and breaking new grounds. Understandably, the pandemic holds an opportunity for telecommunication operators who have been saddled with the responsibility of bringing physically distant relations,…
The Lagos State Government has said that 287 of its retirees have received the sum of N1 billion in their retirement savings accounts (RSA). This was disclosed at the 86th bond presentation ceremony in Lagos by the Director-General, Lagos State Pension Commission, Babalola Obilana. He said the gesture was in fulfillment of the government’s agenda to provide succor to pensioners. While reiterating the commitment of the state government to the welfare of its retirees, he said it would remain consistent in the implementation of the contributory pension scheme in line with the provisions of the state’s amended pension law. Obilana…
Air Peace has officially deployed its brand new Embraer 195-E2 airplanes for scheduled flight operations. The three ultramodern 124-seat capacity jets, delivered in the first half of 2021, commenced service on Monday amidst fanfare and excitement. In an official statement, spokesperson of Air Peace, Mr. Stanley Olisa, stated that the airline is delighted to finally commission into service the brand new Embraer aircraft, adding that the acquisition of the aircraft is a testament to Air Peace’s commitment to giving the flying public world-class flights. Olisa said “Air Peace cares so much about the comfort of its customers and that explains…
The National Bureau of Statistics (NBS) says Benue, Abia and Cross River states paid highest for premium motor spirit (PMS), better known as petrol, at an average price of N175.22 in June 2021. This is contained in NBS report, titled: ‘Premium motor spirit (petrol) price watch (June 2021)’, released during the weekend. According to the report, petrol decreased by 1.46 percent to N165.61 in June from N168.06 in May, however, this represents an increase of 28.49 percent compared to the corresponding period in 2020. “States with the highest average price of premium motor spirit (petrol) were Benue (N183.29), Abia (N171.88)…
Vice President Yemi Osinbajo has stressed the need to drive more inclusive trade initiatives and expand intra-regional trade in the ECOWAS sub-region going by the opportunities presented by the African Continental Free Trade Area (AfCFTA) agreement. Osinbajo spoke at the weekend in Abuja at the inaugural gala of the Economic Community of West African States (ECOWAS) Trade Promotion Organisations (TPO) Network. According to him, the TPO Network, established with the support of the International Trade Centre (ITC), is an initiative of the ECOWAS, trade promotion organisations in the ECOWAS community. He added that the network needs to present a trustworthy…
The security challenge in Nigeria has continued to be a concern to many citizens. The situation appears to be worsening. Fingers are pointing to weak governance strategy as a major drawback at confronting the monster. The House of Representatives recently held a Security Summit that drew important personalities from all walks of life. Deliberations were made and promises were also made on implementation of whatever recommendations that would come from the summit. Last week, the leadership of the House, led by Speaker Femi Gbajabiamila submitted the Report to President Muhammadu Buhari for possible implementation. Only last week, there were terrible…
Indications have emerged that the Bayelsa Government has not given up on its Oil Mining Lease (OML 46) licence which was revoked by the Department of Petroleum Resources (DPR). Newsmen report that Bayelsa Oil Company reapplied for the licence during the last bidding exercise conducted by the DPR. The bid was, however, unsuccessful. NAN recalls that the licence for OML 46 asset, located within onshore swamps in the state, was won by the Bayelsa Government in 2013 through a bidding process conducted by the DPR. Meanwhile, the DPR on April 6, 2020 announced the revocation of 11 of the 13…
Ijaw Youths, under the umbrella of Ijaw Youths Council worldwide have asked federal government to reconsider the revocation and re-award of Atala Oil Marginal Field (OML 46), which license was revoked by the government through Department of Petroleum Resources (DPR) in April 2020. According to the Ijaw Youths, Bayelsa State, which has kept faith with federal government in sustaining peace and security of the region deserves the ‘right of first refusal’ in the decision to re-award the Atala Oil Marginal Field (OML 46). Governor Diri had, on Wednesday reacted to the issue publicly for the first time amid the controversy…
The Organization of the Petroleum Exporting Countries (OPEC) rose from its 19th virtual meeting with members and non-OPEC members (ONOMM) on Sunday, with a decision to adjust upward their overall production by 0.4 mb/d on a monthly basis starting August 2021 until phasing out the 5.8 mb/d production adjustment. The ONOMM, will in December 2021, assess market developments and participating countries’ performance. Consequently, Nigeria’s daily production now stands at 1,829 mb/d effective August 2021. That of Saudi Arabia is 11,500 mb/d, Angola, 1,528 mb/d and the United Arab Emirates, 3,500 mb/d. The Group Managing Director of the Nigerian National Petroleum…
The Organisation of Petroleum Exporting Countries and its allies known as OPEC+ have decided to adjust upwards their overall production by 0.4 million barrels per day (mbd). The decision was taken at the end of the 19th OPEC and non-OPEC Ministerial Meeting on Sunday. A statement issued after meeting said the upward adjustment would take effect from August. It said in view of the current oil market fundamentals and the consensus on its outlook, the participating countries reaffirmed the framework of the Declaration of Cooperation signed on 10 December 2016, further endorsed in subsequent meetings, including on 12 April 2020.…
The Nigerian Export Processing Zones Authority (NEPZA) has said it is diligently deploying the Special Economic Zone Scheme to revolutionise Sokoto State economic space. Prof Adesoji Adesugba, the NEPZA Managing Director made the remark while taking delivery of Certificate-of- Occupancy of 503.8 hectares of land for proposed world-class special economic zone to be sited in the state from the state governor, Aminu Tambuwal on Wednesday in Abuja. According to a statement by head, Corporate Communications, NEPZ, Martins Odeh said Adesugba, also chief executive officer of the Authority, said the state had been deliberately positioned to attract right investments, adding that…
Uber has agreed to pay $9 million to the California Public Utilities Commission (CPUC) after refusing to hand over data about riders and drivers who were sexually assaulted, and pay a separate $150,000 fine, according to a settlement agreement reached Thursday. The CPUC will give $5 million of that money to the California Victim Compensation Fund, and the remaining $4 million will “go to address physical and sexual violence in the passenger carrier industry,” according to The San Francisco Chronicle, which reported on the agreement Thursday. Uber will also now provide data about the assaults to the CPUC, though it…
The unrest that has ripped through South Africa in the past week will force its economy to contract by 3% in the third quarter and drag down full-year growth, Wall Street bank JPMorgan said on Friday. Rioting broke out in several parts of the country, which has Africa’s most industrialised economy, following the jailing of former President Jacob Zuma last week for his failure to appear at a corruption inquiry. The week of looting has destroyed hundreds of businesses and killed more than 100 people. The flare-up prompted JPMorgan to revise Q3 growth quarter-on-quarter projections sharply lower from a previous…