The Lagos State Government has entered a partnership agreement with the U.S.-based Project Management Institute (PMI) to improve project management practices across 45 Ministries, Departments, and Agencies (MDAs) in the state. Governor Babajide Sanwo-Olu supervised the signing of the Memorandum of Understanding (MoU) at the State House in Marina on Tuesday. The agreement aims to optimise resources and streamline the execution of the 1,830 ongoing capital projects in Lagos. This initiative is part of the state’s strategy to enhance efficiency, reduce risks, and improve the quality of life for residents through better project implementation. Governor Sanwo-Olu emphasized the timeliness of…
Author: Temitope N.
The U.S. Embassy in Abuja and the U.S. Consulate General in Lagos are set to transition to a new visa services provider, starting August 26, 2024. This is according to a notice on the U.S. Embassy website. This change will affect how nonimmigrant visa applications are handled, though current appointments remain valid. For interviews scheduled on or before August 16, 2024, no action is needed. Applicants can continue to access their accounts at ustraveldocs.com to review appointment details and contact customer service if needed. For Interviews scheduled between August 16 and August 26, 2024, applicants will lose access to their…
The National Pension Commission (PenCom) has announced the assumption of office by Omolola Oloworaran as the new Acting Director-General. According to a statement from the commission, her appointment follows the stipulations of Section 26 (1) of the Pension Reform Act 2014, pending her confirmation by the Senate. However, her appointment has sparked controversy, particularly concerning the requirement of 15 years of cognate experience in pension matters as mandated by the Pension Reform Act. What the statement says The statement from PenCom read: “The National Pension Commission (PenCom) hereby informs the public that the newly appointed Director-General of the Commission, Omolola…
Nigeria’s largest brewer by revenue, Nigerian Breweries Plc posted a pre-tax loss of N50.8 billion for the quarter ending June 30, 2023. It marks a marginal 0.7% year-on-year decline from the N50.4 billion pre-tax loss posted in Q2 2023. During the quarter, Nigerian Breweries posted a revenue of N251.8 billion, marking a 63% year-on-year growth from N154.1 billion posted in Q2 2023. The group posted a revenue of N479.8 billion in the first half of 2024, marking the highest revenue ever posted by a Nigerian brewer in six months. The revenue of H1 2024 was a 73% year-on-year growth from…
The Group CEO of FCMB Group, Ladi Balogun has stated that only about 10% of the bank’s foreign exchange gains recorded in 2023 are realized. He made the statement during his presentation at the group’s “Facts Behind the Offer” presentation which was held at the NGX premises on July 30. Balogun made the statement while referring to the 70% windfall tax which has been on the bank’s realized FX gains from 2023. He highlighted that the tax would not significantly impact the bank’s capital or its earnings. He said, “We do recognize that’s there a bill that is yet to…
The Chairman of FBN Holdings and acclaimed strongman of the financial and capital markets, Femi Otedola has thrown his weight behind the implementation of a windfall tax, emphasizing its importance in creating a more equitable economic environment. The billionaire also called on banks to halt extravagant spending on private jets, urging a focus on operational efficiency and customer service. In a statement released to the press, Otedola highlighted the need for reforms in the Nigerian banking sector to enhance economic stability and integrity. “Windfall taxes, which are levies on companies or individuals who receive substantial, unexpected profits, ensure a fairer…
The Hollywood action-adventure “Deadpool and Wolverine” has surpassed box office expectations in Nigeria, grossing an impressive N165 million, including advanced screenings on Wednesday and Thursday. According to data analyzed by Nairametrics, the Marvel superhero film achieved a three-day weekend opening of N144.1 million only from July 26 to July 28, 2024. On its first day in Nigerian cinemas, the film raked in N41.6 million, followed by N51.6 million on Saturday, bringing its cumulative to N93.2 million by the end of the day. Initially, the Nigerian box office had projected a cumulative flash sale of N115 million. However, the film exceeded these expectations,…
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede disclosed that its operatives are “re-strategizing” to prevent all forms of financial corruption attributed to Nigerians. Olukoyede made this statement on Monday as the Commission hosted the 1st International Criminal Police Organization (INTERPOL)/Japan International Cooperation Agency (JICA) Workshop at its Academy in Karu, Abuja. He provided assurance amid INTERPOL’s revelation at the event that dollars are illegally flowing out of Nigeria to other countries. Dollars laundered out of Nigeria — INTERPOL Declaring the four-day training workshop open, the INTERPOL Vice President for Africa, Garba Umar, highlighted that every…
The International Criminal Police Organization (Interpol) has announced the seizure of 615 tonnes of illicit drugs and precursor chemicals worth $1.6 billion in 31 countries. Interpol disclosed the development in a statement on its website dated July 30, 2024. The seizure was conducted through the operation code-named “Lionfish Hurricane” between April and May 2024, with Nigeria and about 29 countries participating in the operation. Breakdown of the seizures According to Interpol, the operation led to 206 arrests after targeting drug trafficking networks spanning South America, Africa, and Europe. Participating countries in Lionfish Hurricane include “Argentina, Benin, Brazil, Cabo Verde, Cameroon, Canada, Chile,…
Germany has granted 80,000 visas for employment purposes between January and June 2024, of these, 40,000 visas were granted to skilled workers, marking an increase of 3,000 compared first half of the year 2023. According to the report by Schengen.News the rise in visa issuance is closely linked to Germany’s significant labour shortages, particularly in skilled professions. Germany is facing shortages in more than 70 occupations, including transportation, manufacturing, construction, healthcare, engineering, and information technology. An analysis by the German Economic Institute (IW) confirms the severity of these shortages, highlighting that 570,000 jobs remained unfilled in 2023. This workforce deficit…
Grayscale Ethereum Trust Exchange Traded Funds (ETHE) is one of the newly launched Ethereum ETFs and has hit a net outflow of $1.513 billion in the first four days of trading. ETHE has recorded significant outflows since the launch of trading on the spot Ethereum ETFs, the latest being an outflow of $356 million yesterday to take its total number of outflows in the first four days of trading to $1.513 billion. According to Farside Investors UK Data, ETHE recorded an outflow of $484.1 million on the first day of trading, its highest of the four days so far. On The…
Michael Saylor popular Bitcoin activist and co-founder of MicroStrategy, a business intelligence firm has dropped his latest prediction for Bitcoin price in the ongoing Bitcoin 2024 conference in Nashville. Michael stated that his forecast for Bitcoin is to be worth over $13 million per coin by 2045 while giving a keynote speech at the Bitcoin conference. Michael’s latest forecast was an upgrade from his previous forecast in June which pegged the price of Bitcoin at $10 million per coin. While addressing the audience at the Bitcoin conference, Michael Saylor explained how a crypto enthusiast can manipulate their investment portfolios to free up…
MRS Oil Nigeria Plc has reported a pre-tax profit of N3.411 billion for the Q2 ended June 30, 2024, representing 190.96% year-on-year (YoY) increase. According to the company’s Q2 2024 financial statements, MRS Oil reported impressive revenue of N82.813 billion, marking a 186.94% year-on-year increase from the N28.880 billion recorded the previous year and a 4.62% rise compared to Q1 2024. This brings the half-year revenue to N161.973 billion, which is more than 80% of the company’s total revenue for the full year 2023. Key highlights (Q2 2024 vs Q2 2023) Revenue: N82.813 billion +186.94% YoY Cost of sales: N76.265…
Cadbury Nigeria Plc has reported a pre-tax loss of N3.423 billion for Q2 2024, a significant improvement from the N10.457 billion loss recorded in Q1. This has moderated the half-year 2024 loss to N13.880 billion, which is 4.5% lower than the loss recorded in the same period in 2023. The company reported a pre-tax loss of N28.157 billion in 2023, a stark contrast to the pre-tax profit of N1.298 billion achieved in 2022. Key highlights (H1 2024 vs H1 2023) Revenue: N51.440 billion +44.46% YoY Cost of sales: N41.853 billion +64.92% YoY Gross profit: N9.587 billion -6.28% YoY Administrative Expenses:…
The exchange rate for import duties collection by the Nigeria Customs Service (NCS) has risen to N1601.84/$ on the back of recent depreciation of the naira. This is coming on the heels of the naira trading at a four-month low of N1,609 to the USD according to data from the FMDQ exchange on Friday, 26th July 2024. The renewed depreciation of the naira serves as a blow to the continued monetary policy tightening by the Central Bank of Nigeria (CBN) which hopes the MPR hike will help stabilise and strengthen the value of the naira. It is the lowest level…
Okomu Oil Palm Plc reported a pre-tax profit of N6.24 billion for Q2 ending June 30, 2024, representing a 22.28% year-on-year (YoY) decline and falling short of the company’s Q2 2024 pre-tax profit forecast of N6.699 billion. According to Okomu Oil Palm Plc’s Q2 2024 financial statements, the company reported revenue of N31.525 billion, which is 25.7% lower than its Q1 2024 revenue. However, when examining the first half (H1) of 2024 compared to 2023, there is significant growth and optimism. The H1 2024 revenue of N75.008 billion is nearly equal to the total revenue for 2023. Local sales continue…
Nigerian banks sustained a bearish run last week as investors reacted to the planned 70% windfall tax to be imposed on the capital gains earned from forex between 2023 and 2025. Data from the NGX indicate the Banking Index fell 2.9% during the week taking the month to date losses to 1.32%. The Nigerian Banking Index has now reversed at the start of the year when it ended the first quarter with 14.76% gain. The banking index is currently down to 819 points, the lowest level in nearly a month Sell pressures arising from high liquidity and bearish sentiments amidst…
Donald Trump the 45th president of the United States and the current flagbearer for the Republican party in the November presidential elections has pledged to make the US, the crypto capital of the world at the Bitcoin 2024 conference held in Nashville. Donald Trump addressed the crowd which made up the largest Bitcoin gathering with over 20,000 people in attendance. He stated his admiration for the crypto community likening it to the steel industry when he was young. Donald Trump who arrived the venue an hour late compared Bitcoin to Gold while predicting that the former will soon overtake the…
WazirX, the leading cryptocurrency exchange in India has revealed its plan to spread the $230 million loss it incurred following a hack on the platform amongst its users in an equitable manner. The WazirX team after weeks of putting up a bounty program in a bid to recover the stolen funds have finally announced their plan to deal with the loss and compensate affected users. Wazir X shared its latest plan on its X page stating their commitment to handling the issue fairly and transparently “In response to the recent cyber-attack that led to the theft of $230 million (45% of user funds),…
Airtel Africa has recorded a profit before tax of $74 million for the quarter ending June 30, 2024. This marks an impressive 134% year-on-year appreciation from the $221 million pre-tax loss posted by the company in corresponding period of the 2022/2023 financial year. Following the impact of currency devaluation, especially in Nigeria, the group’s revenue during the quarter declined to $1.16 billion, reflecting a 16% YoY decline from the $1.38 billion posted in the corresponding period of the previous financial year. However, there was a significant decline in Airtel Nigeria’s contribution to the group’s overall turnover during the period. In…