FMDQ Securities Exchange has admitted the listing of the NSP-SPV PowerCorp Plc ₦6.33 billion fixed rate series 2 senior unsecured green bonds under the ₦50.00 billion-bond issuance programme to its platform. According to the company, the proceeds from this issuance will be used to fund the development of the 15MW Pre-Phase 1 Solar Project and the transmission evacuation infrastructure for NSP PowerCorp Plc’s solar project, to further fuel the development of power in Nigeria. Executive Vice Chairman/Chief Executive Officer, North South Power Company Limited, Olubunmi Peters said the transaction reinforces the company’s belief and commitment towards promoting clean energy generation…
Author: Temitope N.
This year’s festival of the ram (as the Eid-el Kabir is otherwise called) for Muslims all over the world, should hopefully serve as a refresher for Nigerians, from series of bad occurrences that they have had to contend with in the last one year. At least, they have two days to play with as public holidays, even though they may turn out to be two dull days. For one, most families have been touched by one tragedy or the other from which they are still reeling. And two, there has been a sharp drop in standard and condition of living…
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)…
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,…