Wednesday, October 20

Tag: investors

CLO wades into Ibom Deep Seaport saga, calls for peace
News

CLO wades into Ibom Deep Seaport saga, calls for peace

The Civil Liberties Organisation (CLO), Akwa Ibom State has Intervened in the controversies surrounding the nomenclature and citing of the Ibom deep sea port project in the state approved by the Federal Executive Council The organisation advised the people not to scare away public and private investors who have indicated interest to invest in projects in Akwa Ibom State. The CLO, in a statement by its State Chairman and State Secretary, Otuekong Franklyn Isong and Christopher Ekpo, respectively urged officials of government and the people of Oron federal constituency to sheathe their swords and forge a way forward. It called on the people of Oron federal constituency to support the realisation of the Ibom Deep Seaport project in their interest and in the overall interest of the pe...
Nigeria borrows fresh $4bn through Eurobonds
News

Nigeria borrows fresh $4bn through Eurobonds

Nigeria has borrowed another $4bn through Eurobonds. This raises Nigeria’s Eurobond debt from $10.37bn as of the end of March to $14.37bn, according to figures obtained from DMO’s external debt stock figure. The amount was raised after an intensive two days of virtual meetings with investors across the globe. The Debt Management Office (DMO) disclosed this in a statement on its website on Tuesday evening, September 21. The DMO said in the statement: "After an intensive two days of virtual meetings with investors across the globe, Nigeria has raised the sum of $4bn through Eurobonds.   "The order book peaked at $12.2bn which enabled the Federal Government of Nigeria to raise $1bn more than the $3bn it initially announced.   "This exceptional performance has...
LMC Frustrating Private Clubs –Ubah
Sport

LMC Frustrating Private Clubs –Ubah

Chairman of Nigeria Professional Football League side FC IfeanyiUbah Chukwuma Ubah says the League Management Company is frustrating the efforts of private clubs in the league. Ubah spoke with our correspondent after match officials awarded visitors MFM FC the maximum points in their match-day 20 fixture after hosts IfeanyiUbah didn’t show up for Sunday’s encounter, which was scheduled for the Nnamdi Azikiwe Stadium in Enugu by 2pm. Ubah told our correspondent that there was no communication from the LMC informing them that the game was in Enugu. “I don’t know about the three points they awarded to MFM, because we have not played. We were all ready in our stadium here in Nnewi and there was no directive for us to go to Enugu. “Whatever it is, it is so obvious that the league and the ...
EPL: Glazers Set Asking Price to Sell Man Utd
Sport

EPL: Glazers Set Asking Price to Sell Man Utd

  The Glazers are demanding a staggering £4billion to sell Manchester United, the UK Mirror reports. That is the price the American owners have slapped on the Premier League club they bought for £790million in 2005. It is the figure the Glazers believe would have been realised, if the doomed European Super League project had gone ahead. Throughout their unpopular 16-year ownership, the Florida-based family has always insisted they are in United for the long haul and have shown no desire to sell the club. They have instead taken annual dividends amounting to millions while the debt stayed high. But city investors believe a bid close to their £4billion asking price would tempt brothers Joel and Avram, who effectively run the club, to relinquish control.
Elon Musk Takes Back world’s Richest Man title after Gaining Almost $10 Billion in a day
News

Elon Musk Takes Back world’s Richest Man title after Gaining Almost $10 Billion in a day

Billionaire, Elon Musk bounced back strongly to become the world’s richest man after a daily gain of $9.81 billion on Wednesday, February 24. Tesla, Musk's company surged back to $190 billion, after the electric car company’s shares recorded impressive gains of 6.18%, thereby putting the market value of Tesla at $712 billion coupled with the SpaceX he founded completing another funding round, pushing him atop the Bloomberg Billionaires Index for the third time in 2021. The gains pushed Musk past Amazon founder, Jeff Bezos, who is now worth $185 billion and had a few days ago reclaimed the title as the world’s richest person after Tesla shares plunged to record levels. Tesla Inc stocks were on a record buying spree at Wednesday’s trading session, indicating that global investors ar...
BPE to Concession TBS, Lagos Trade Fair Complex, Economic Zones
Business

BPE to Concession TBS, Lagos Trade Fair Complex, Economic Zones

  The Bureau of Public Enterprises (BPE) has named some Federal Government enterprises slated for concession. Amina Othman, Head of Public Communications, BPE disclosed this in a statement on Sunday. The list includes Tafawa Balewa Trade Fair Complex (aka TBS), Lagos International Trade Fair Complex (LITFC), Calabar Special Economic Zone (SEZ) and Kano Special Economic Zone (SEZ). The bureau will meet international investors later in February to showcase opportunities in the four enterprises. Last December, Vice President, Yemi Osinbajo, clarified the roles of the BPE and the Infrastructure Concession Regulatory Commission (ICRC) in Public-Private Partnership (PPP) engagements. He said the BPE acts on behalf of the Federal Government as a counter-party of all the...
India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets
Business

India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets

India has become the second country to outrightly ban Bitcoin and other cryptocurrencies. This is coming after the Central Bank of Nigeria instructed all financial institutions in the country to block the accounts of all individuals and entities linked to cryptocurrency transactions. There has been a lot of drama surrounding India’s cryptocurrency stance. In 2018, the Reserve Bank of India issued a ban on all cryptocurrency transactions. The ban was lifted by the country’s Supreme Court in March 2020. In December 2020, government officials hinted that they were considering taxing Bitcoin transactions by up to 18%. Barely a month later and there were rumours that the country was mulling over banning all private cryptocurrencies. Apparently, officials were serious about banning ...
Twitter and Facebook lose $51 billion in market cap in two days following Trump ban
Business

Twitter and Facebook lose $51 billion in market cap in two days following Trump ban

After Facebook and Twitter banned President Donald Trump from their platforms, the companies saw a combined market value loss of $51.2 billion over two trading sessions. A significant number of users deleted their accounts in retaliation of the political censorship, resulting in investors dumping their stocks. According to Business Insider, Facebook plunged by 4% on Monday and 2.2% on Tuesday, resulting in a decrease of $47.6 billion below what it was on Friday. Facebook traded at $245.64 per share as of 4 p.m. on Thursday. Twitter plunged to 6.4% and another 2.4% Tuesday, resulting in a drop in market cap by $3.5 billion. Twitter traded at $45.79 per share as of Thursday at 4 p.m., compared to the closing price of $51.48 on Friday. President Trump has slammed big tech for ...
Naira Slumps Further, Exchanges For 473/$
Business

Naira Slumps Further, Exchanges For 473/$

The naira suffered further setback at the parallel market and Investors and Exporters forex window on Tuesday. According to figures obtained from Bureau De Change operators, the naira exchanged to the dollar for 473/$ at the parallel market. It had earlier gained in recent times after it closed the year 2020 at 467/$. At the I&E window, the naira fell by 0.17 per cent to close at 394/$ on Tuesday. It reached a low of 401 at the I&E window at the close of 2020. The Central Bank of Nigeria however maintained the official exchange rate at N379/$ on its website. The Association of Bureaux De Change Operators of Nigeria recently appealed to the CBN to make BDCs payout agents for diaspora remittances. The President, ABCON, Alhaji Aminu Gwadabe, said the apex bank...
Investors Rush To Nigeria – Bloomberg
Business

Investors Rush To Nigeria – Bloomberg

Nigeria’s early move to tap cheap loans has improved its risk perception among foreign investors, leading to a fall in the country’s borrowing costs. Yields on Nigeria’s dollar bonds maturing in 2047 fell from an all-time high of 13.2% on March 19 to 9.1% on Wednesday. This is as the West African nation presented a revised $27 billion budget to cabinet that kept spending intact, with a proposed record deficit of 5.4 trillion naira ($13.9 billion), which will be financed mainly from new debt. Nigeria’s economy has been hit by the coronavirus pandemic and the slump in the price of oil, the nation’s top export. The plunge in crude has forced the central bank to devalue the naira, while inflation has been above its target band for almost five years. Africa’s largest economy has line...
We Have Enough FOREX, CBN Tells Investors
Business

We Have Enough FOREX, CBN Tells Investors

The Governor of the Central Bank of Nigeria, Godwin Emefiele, has told investors not to panic, saying the CBN has enough foreign exchange to meet repatriation. He also assured them of the security of their investments in the country despite dwindling revenue from the sale of crude oil globally. A statement on Sunday from the CBN quoted Emefiele as saying that “investors interested in repatriating their funds from the country were guaranteed to get their money, notwithstanding the drop in the revenue from crude oil.” He said the CBN had put in place policies to ensure an orderly exit for those that might be interested in doing so. He, however, urged investors to be patient as such repatriations were processed owing to the CBN’s policy of orderly exit of investments. Recalling a si...
Low prices, lockdown easing boost equities market as investors gain N534bn
News

Low prices, lockdown easing boost equities market as investors gain N534bn

Investors raked N534 billion in the first week of post-lockdown trading as market sentiments surged on the backdrop of the low prices of equities as well as the inflows of budget facilities from the International Monetary Fund, IMF. As a result of this development, the Nigerian Stock Exchange, NSE, market capitalization, which represents the total value of companies quoted on the exchange, surged by 4.5 percent to close Friday at N12.531 trillion from N11.997 trillion previous week. Consequently, the NSE All Share Index, ASI, rose by 4.4 percent week-on-week, to close at 24,045.40 points from 3,021.01 points. Analysis of trading in the week under review also shows that the Year to Date, YtD, loss moderated to -10.4 percent. Sectoral performances were positive, as gains from bel...
Bobrisky Brags of his Achievements as he Shares his Before and Now Photos
Celebs

Bobrisky Brags of his Achievements as he Shares his Before and Now Photos

Bobrisky is bragging about his achievements in life. He shared this before and after photos on his Ig page this morning with the caption When bob was nobody VS when she is now a fucking MILLIONAIRE ?. Let me brag small on my achievements...... Own a house in lekki Drive a 2019 Range Rover Drive a Benz cla amg Drive a BENTLEY many investors at hand now Own a cosmetic brand Lastly she is now FAMOUS
FUNAAB Student Dupes Professors & Students Of N6 Billion Via Forex Scam
News

FUNAAB Student Dupes Professors & Students Of N6 Billion Via Forex Scam

An undergraduate student of the Federal University of Agriculture Abeokuta (FUNAAB) has successfully duped his colleague, professors, lecturers of 6billion naira in a forex scam gone wrong. This was revealed in a report by Daily Independent. It was gathered that Mr. Nwabuba Victor Ifeanyi of Vickson enterprise ran a forex investment scheme that attracts investors to receive 20% of their money back after 2weeks. The scheme has been running for about 3months now, and he has been paying out, but late yesterday it was discovered that he had plans of running away with investors’ money, which summed up to 6 billion Nigerian Naira, Daily Independent can authoritatively report. He has not been able to pay his investors for the past 2 days which got everyone involved worried as to t...
Ponzi Scheme “Option C” Investors Storm Oko Oloyun’s Office To Demand Their Money
News

Ponzi Scheme “Option C” Investors Storm Oko Oloyun’s Office To Demand Their Money

Tens of Lagosians stormed the LASU Road office of late Alhaji Fatai Yusuf, popularly known as Oko Oloyun, to demand the money they invested in his Ponzi scheme. Oko Oloyun, a popular Lagos-based trado-medical expert, was murdered on Thursday 23 January 2020 around 4:30pm on the road while travelling to Iseyin, Oyo State. He was reportedly attacked by some hoodlums at Igboora. Following his demise, people who invested money in his Ponzi scheme, known as “Option C” stormed the Head office of his company to demand how to retrieve their money. The investors were the more confused as his two offices at Egba Idowu along Igando road in Lagos were shut with no one to provide information. The investors, however, vowed to take drastic measures if a statement was not issued by the organi...
British Prime Minister, African Leaders Urge Investors To Accelerate Economic Role In Africa
News

British Prime Minister, African Leaders Urge Investors To Accelerate Economic Role In Africa

UK companies must leap at the chance to deepen economic ties with Africa, a continent with unmatched investment opportunities, several African leaders said at a high-level panel. At an oversubscribed opening ceremony for the 2020 UK-Africa Investment Summit, Monday, attended by dignitaries and delegates from 16 African countries, including President El Sisi of Egypt, British Prime Minister Boris Johnson made the case for bigger investments in Africa and called for increased and renewed partnership between the UK and Africa. Referring to Africa as a booming continent with “staggering levels of growth,” Prime Minister Johnson said: “Look around the world today and you will swiftly see that the UK is not only the obvious partner of choice, we’re also very much the partner of today, of t...
Former Banker, Seye Onigbinde Defrauds 354 People Of N233m
Crime

Former Banker, Seye Onigbinde Defrauds 354 People Of N233m

About 354 forex trade investors allegedly defrauded by an ex -banker , Seye Onigbinde, are currently embittered after their investments went down the drain. Some of them, who spoke with City Round on Friday , said they were convinced to put their money in the scheme, thinking it would bring fortunes. Onigbinde is being investigated by the police at the Area F Command , Ikeja , Lagos , led by ACP Akinbayo Olasoji, over a sum of N574 .2m. He allegedly obtained the sum from his unsuspecting victims while promising them a monthly interest of 20 to 30 per cent. According to the police , the suspect claimed to have paid principal and interest to the tune of N 482.3 m , remaining an outstanding of N 233. 4m. It was gathered that the suspect operated the scheme as a business venture named B...
FG Partners Horasis Zenera Consulting To Attract 500 Investors To Nigeria
Politics

FG Partners Horasis Zenera Consulting To Attract 500 Investors To Nigeria

The Federal Government of Nigeria collaborates with renowned global think tank, Horasis, and leading public relations and advertising firm, Zenera Consulting to host the maiden Horasis-in-Nigeria Global Business Meeting. The summit will bring together an array of international top investors, heads of governments, bankers and hedge funds managers numbering over 500 to identify auspicious investment opportunities. The event which is scheduled to hold later in the year seeks to address universally relevant business issues and develop interdisciplinary solutions across sectors. Vice President of the Federal Republic of Nigeria, Prof. Yemi Osinbajo, while receiving a delegation from Horasis in Abuja, ratified and pledged the support of the Federal Government for the conference while at the s...
Jim Ovia Expresses Optimism For More Investments In Nigerian Economy
Uncategorized

Jim Ovia Expresses Optimism For More Investments In Nigerian Economy

The Founder/Chairman of Zenith Bank, Mr. Jim Ovia has expressed optimism for more investments in the Nigerian economy. This is coming few days ahead of the second-quarter earnings season with investors keen on expected future earnings as a guide to positioning for investments in the Nigerian market. According to him, Nigeria is almost a virgin land, waiting for tremendous opportunities of investments in different sectors of the economy like banking, agriculture, and manufacturing, amongst others. Citing Zenith Bank as an example. Mr. Ovia added that Zenith Bank, which started with a $4 million investment, has grown to $16 billion, recording thousands of percentage increase.Politics Nigeria learned that he made this statement during an interview with CNN Marketplace, where he address...
Nigerian Stock Market Investors Lose N136.88 Billion In Five Days
News

Nigerian Stock Market Investors Lose N136.88 Billion In Five Days

The Nigerian stock market closed Friday's tradings bearish. The exchange market traded negatively throughput the week as key market indices continue tanking. The All Share-Index (ASI) fell by 0.17% in today's tradings compared to 0.24% decline recorded the preceding day. Year-to-Date the ASI was down by 8.24%. The market capitalization closed at N10.842 trillion as compared to N10.860 trillion the previous day. Nigerian stock market investors lost N18.21 billion in today's tradings as sell-off persists. Weak-on-Weak the equity capitalization went down by N136.88 trillion. Sovereign Trust Insurance Plc was the best-performed stock for the day. The stock appreciated by 8.70% to close at 25 Kobo. NEM Insurance Plc went up by 7.76% to close at N2.50. Prestige Assurance Plc gained ...
MTN Nigeria Limited Changes To PLC Ahead Of NSE Listing
News

MTN Nigeria Limited Changes To PLC Ahead Of NSE Listing

MTN Nigeria has announced that it has completed its conversion from a private company to a public company. The telecoms company in a statement on Wednesday said the conversion to a Plc was a legal requirement and key milestone in the preparatory process for MTN’s listing by introduction on the Nigerian Stock Exchange. MTN said the proposed listing on the NSE would create a new telecoms asset class for investors and provide a wider group of Nigerians with a chance to participate in the MTN investment opportunity.
Naira Climbs To N360.55/$ As CBN Injects $210 Million
News

Naira Climbs To N360.55/$ As CBN Injects $210 Million

The naira yesterday appreciated to N360.55 per dollar in the Investors and Exporters (I&E) window even as the Central Bank of Nigeria (CBN) injected N210 million into the inter-bank foreign exchange market. Figures obtained from the CBN yesterday showed that authorized dealers in the wholesale segment of the market received $100 million, while the Small and Medium Enterprises (SMEs) segment and customers requiring foreign exchange for invisibles were allocated $55 million each. A statement by the apex bank’s spokesman, Mr. Isaac Okorafor reiterated the CBN’s commitment to continue to boost interbank foreign exchange market to ensure liquidity and stability in the market. Data from FMDQ showed that the indicative exchange rate for the I&E window dropped to N360.55 per doll...
What Tinubu Failed To Tell Buhari – Peter Obi
Politics

What Tinubu Failed To Tell Buhari – Peter Obi

The Vice Presidential candidate of the Peoples Democratic Party, PDP, in the February 23 presidential election, Mr. Peter Obi, has described as gratifying, the recent warning of All Progressives Congress, APC, leader, Bola Ahmad Tinubu, against the removal of Value Added Tax otherwise called VAT. Obi said that Tinubu’s warning which makes economic sense given the situation in the country was at variance with that of his party and goes to underscore the uncoordinated campaign they dished out to Nigerians. Read also: 19-year old Joshua Litza faces 7 years jail term for starving cows The VP candidate said in a statement from his media office on Sunday that the position of the PDP and the presidential candidate which was made loud and clear during the electioneering is that tax mu...
Rejection of election results poses further threat to stock market activities — Analysts
News

Rejection of election results poses further threat to stock market activities — Analysts

The rejection of the results of the recently concluded presidential election by the main opposition party, Peoples Democratic Party (PDP) poses further threat to trading activities on the Nigeria Stock Exchange (NSE). Analysts at Financial Derivatives Company (FDC) gave this warning while reviewing developments in the stock market following the announcement of President Muhammadu Buhari as winner of the election. They stated: “The NSE All share Index (ASI) endured a three-day losing streak up to February 28th, losing 2.5 percent to close at 31,718.70 points (pts) from 32,515.52 pts on February 22nd, a day before the election. This can be partly attributed to the outcome of the presidential polls. However, the market gained 0.34 percent on March 1st. The rejection of the election resu...
Oshiomhole blasts Atiku, says he is a political rolling stone
News

Oshiomhole blasts Atiku, says he is a political rolling stone

Mr Adams Oshiomhole,the All Progressives Congress (APC) National Chairman has said that Atiku Abubakar, the Peoples Democratic Party (PDP) president candidate in the Feb. 23, Presidential National Assembly election is a political rolling stone not destined to be Nigeria’s president. He stated this on Thursday in Abuja at a news conference while reacting to allegations made by Atiku and the PDP that the elections was not credible. Oshiomhole added the Nigerian electorate have spoken, as such Atiku would certainly not rule Nigeria in spite of his desperation. He added that those waiting for an Atiku free market regime had missed it, as Nigeria does not need such investors. The APC national chairman stressed that what the country needed at the moment were genuine investors with lo...
Femi Otedola Set to Acquire the Upstream Of Forte Oil
News

Femi Otedola Set to Acquire the Upstream Of Forte Oil

Femi Otedola is set to acquire the upstream business of Forte Oil Plc. and its power generating business Amperion Power Distribution Company Limited. The company made this known in a notice to shareholders published by the Nigerian Stock Exchange (NSE). According to the company, shareholders had last year authorised a restructuring that will see Forte Oil sell its upstream and power businesses, as well as its downstream business in Ghana AP Oil&Gas Ghana Limited. “A public tender sale process was commenced to attract interested potential investors to participate in the divestment opportunity,” the notice reads, Adding, however, that a review of the process showed low interest from investors, especially for Amperion Power which was priced lower than the company expected. Oted...
UAE Promises Boost for Osun Economy as Oyetola Meets
News

UAE Promises Boost for Osun Economy as Oyetola Meets

The United Arab Emirates (UAE) at the weekend offered to partner Osun State to boost the state’s economy According to a statement by the state government, a deal is being worked out following a meeting in Abuja between Governor Gboyega Oyetola and Ambassador Fahad Al Taffaq. The envoy, who hosted the governor, promised to support the state’s dry sea port, its agriculture development plans and to explore “further ways to support the state in the short, medium and long term.” Al Taffaq promised to visit the state next month to assess its economic advantages, adding that “we want to see how we can add value to our peoples.” He invited Osun State to next year’s Dubai Investment Forum, “which is biggest investment event in Dubai and attended by major investors worldwide.” The...
Recapitalisation Cancellation Spurs Demand for Insurance Stocks
News

Recapitalisation Cancellation Spurs Demand for Insurance Stocks

Recent decision by the National Insurance Commission (NAICOM) to cancel its controversial recapitalisation exercise in the insurance sector is impacting positively on insurance stocks, THISDAY’s investigation has revealed. The recapitalisation exercise tagged, ‘Tier Based Solvency Capital Increase,’ was announced in July by NAICOM and the regulator then gave operators   January 1, 2019 deadline to comply with the exercise.  However, the insurance industry regulator later shifted the compliance date to October 1, 2018.   This development attracted opposition from operators and shareholders with some  going to court to stop NAICOM from implementing the policy. However, the commission in a circular dated November 23, 2018, bowed to pressure and announced the cancellation of the exercise...
FG Not Responsible for Electricity Problems, Fashola Tells Nigerians
News

FG Not Responsible for Electricity Problems, Fashola Tells Nigerians

                                        Babatunde Raji Fashola The Minister of Power, Works and Housing, Mr. Babatunde Fashola, has asked Nigerians not to blame the federal government for dearth of electricity in their homes. Fashola, who argued that the country’s power sector had been privatised and largely not under the control of the federal government, acknowledged that there were problems in the sector. He added that the problem was not that of the government if citizens in the country do not have electricity. He spoke on Wednesday night at the December edition of the monthly Nextier Power Dialogue in Abuja, stakeholders including consumers were in attendance. “There are problems without a doubt and we must deal with them. But let me remind you; all of the assets that...
Fashola: FG not Ready to Give Sovereign Guarantees to Power Investors
News

Fashola: FG not Ready to Give Sovereign Guarantees to Power Investors

Babatunde-Fashola The Minister of Power, Works and Housing, Mr. Babatunde Fashola, has stated that the federal government is no longer keen on providing sovereign guarantees to investors interested in building new power plants in the country. The government’s new position may not be unconnected with a not-too-palatable experience with the Azura Power project in Edo State Instead of providing sovereign guarantees, the government, Fashola said, would support interested investors with stable conditions for their investments. The minister also stated that it was reasonable for the Nigerian Electricity Regulatory Commission (NERC) to ensure that distribution companies (Discos) in the country comprehensively provide meters to consumers in their networks before the regulatory ag...
Naira Falls Further, Now N368 To One Dollar
News

Naira Falls Further, Now N368 To One Dollar

The Naira, on Thursday, depreciated at the parallel market, exchanging at N368 to the dollar. Naira-Dollar The News Agency of Nigeria(NAN) reports that the Naira lost N4, compared to N364 traded on Wednesday, while the Pound Sterling and the Euro closed at N470 and N410 respectively. At the Bureau De Change(BDC) window, the Naira was sold at N360 to the dollar, while the Pound Sterling and the Euro closed at N470 and N410, respectively. Investors bought the dollar at N364.08 at the investors’ window, trading a total of 516.57 million dollars . Traders said that demand for dollars for import needs were exerting undue pressures on the Naira. NAN reports that many importers at the end of the year imported a lot of fairly used items into the country. (NAN)
Naira Stable At N364 In Parallel Market
News

Naira Stable At N364 In Parallel Market

The Naira, yesterday, was stable at N364 per dollar in the parallel market. Meanwhile, the naira yesterday appreciated by seven kobo in the  Investors and Exporters (I&E) window due to a 189 percent increase in the volume of dollars traded. Data from FMDQ showed that the indicative exchange rate for the window dropped to N364.15 per dollar yesterday from N364.22 per dollar on Tuesday, translating to seven kobo appreciation of the naira. The volume of dollars (turnover) traded yesterday in the window rose by 189 percent to $390.15million from $134.90 million on Tuesday.
LCCI Kicks against Postal Commission Bill 2018
News

LCCI Kicks against Postal Commission Bill 2018

The Lagos Chamber of Commerce and Industry (LCCI), has rejected the Nigeria Postal Commission Bill currently before the National Assembly. According to the chamber, the bill is inimical to private sector investments in the courier business; and a negation of the Ease of Doing Business agenda of the federal government. Furthermore, the group said the bill was not in consonance with the fundamental principles of the Economic Recovery and Growth Plan (ERGP). In a statement yesterday and signed by the Director General, LCCI, Mr. Muda Yusuf, the chamber regretted that the bill had been passed by the Senate, awaiting concurrence by the House of Representatives. He, however, appealed that the progression of the bill be halted and the hurtful provisions expunged. The LCCI said it ...
‘Why You Should NOT Invest In Nigeria’ — Ex-UK Secretary Of State, Priti Patel Writes Investors
Politics

‘Why You Should NOT Invest In Nigeria’ — Ex-UK Secretary Of State, Priti Patel Writes Investors

Priti Patel, former secretary of state for International Development in the United Kingdom (UK), has called on investors to be wary about investing in Nigeria. In a short op-ed for City A.M., London’s first free daily business newspaper, Patel, a member of the UK parliament, said President Muhammadu Buhari has disrespect for “international law and convention, and court decisions”. Patel, who visited Nigeria in 2017, alongside Boris Johnson, former UK foreign secretary, shared the experience of two Irish businessmen, who suffered from Buhari’s decision to renege on signed contracts. THE FULL OP-ED IS REPRODUCED BELOW: When the Nigerian finance minister visited London last week, she and her officials came to advertise Nigeria as a country that is open for business. The min...
Oyo-Ita Pledges to Revive Civil Service in N’east
News

Oyo-Ita Pledges to Revive Civil Service in N’east

Winifred Oyo-Ita The Head of Civil Service of the Federation, Mrs Winifred Oyo-Ita, has pledged to revive the civil service destroyed by the Boko Haram insurgency in the North-east. Oyo-Ita made the pledge during a courtesy visit to Ambassador Adamu Onoze, the Nigerian High Commissioner to Rwanda on Monday in Kigali. She said that the purpose of her visit to Rwanda was to learn how the Rwandans survived and excelled in their civil service after the 1994 genocide. She said the visit was part of the implementation process of the 2017-2020 Federal Civil Service Strategy and Implementation Plan. “We are here to learn how the Rwandans came out of the genocide they faced and came up with a very efficient civil service seen as one of the best in Africa. “We are here to interro...
WAEC certificate: Oby Ezekwesili attacks Buhari, Atiku
News

WAEC certificate: Oby Ezekwesili attacks Buhari, Atiku

The presidential candidate of the Allied Congress Party of Nigeria, ACPN, Oby Ezekwesili, has lambasted President Muhammadu Buhari and the Peoples Democratic Party, PDP, presidential candidate, Alhaji Atiku Abubakar, for wasting time on WAEC certificate when Nigeria is facing a fiscal emergency. She was reacting to the news that two top financial institutions, HSBC and UBS, have left Nigeria. Ezekwesili stated that Nigerians should be alarmed by the CBN-acknowledged drop in foreign direct investments, FDI, and closure of the two global bank offices. In a statement the former minister of Education sent to DAILY POST on Saturday, she said the decline in FDI was a pointer to the weakening investor confidence in Nigeria’s macro-economic policies and commitment ...
T.I. Accused of Defrauding Cryptocurrency Investors
Celebs

T.I. Accused of Defrauding Cryptocurrency Investors

Just like Floyd Mayweather and DJ Khaled, T.I. has been accused of defrauding cryptocurrency investors, as he gets sued for five million dollars. T.I. & his business partner have been sued by a group of investors over a failed cryptocurrency business. Over the past few years, numerous hip-hop acts attempt to launch their own cryptocurrencies including T.I. who launched FLiK Tokens in 2017. According to The Blast, T.I. and his business partner are being sued by a group of 25 investors who claimed they invested $1.3M into the cryptocurrency venture. The investors said that Tip and the rapper’s business partner in FLiK Tokens, Ryan Felton, utilized “social media, celebrity endorsements, and well-known industry experts to create the false impression that FLiK Tokens were a valuabl...
Address Constraints Facing FMCGs to Boost Nigeria’s Economy, Govt Urged
News

Address Constraints Facing FMCGs to Boost Nigeria’s Economy, Govt Urged

Economists and industry stakeholders have lamented the food companies’ prevailing unfavourable operating climate and called for urgent need for the federal government to address the constraints and challenges facing the Fast Moving Consumer Goods (FMCGs) sector in the country. Such steps they reasoned would boost the economy and bring about improvement in the ease of doing business in the country. Speaking on the Business Morning programme of the Channels Television Network yesterday, the Chairman of Financial Derivatives Company Limited, Mr. Bismarck Rewane, in response to a question, listed some bottlenecks facing the under-performing companies in the above-mentioned sector, which have affected their financial performance. To Rewane, these constraints include infrastructural con...
Floyd Mayweather And DJ Khaled Sued Over Alleged Cryptocurrency Scam
Celebs

Floyd Mayweather And DJ Khaled Sued Over Alleged Cryptocurrency Scam

Floyd Mayweather and DJ Khaled have been sued by people who claim the stars participated in an illegal cryptocurrency scam that ripped investors millions of dollars. Floyd and Khaled were influential celebrity endorsers who promoted the virtual currency, Centra Tech, on social media. Social media posts from Floyd encouraged people to buy the coin and he said he was so excited about it, he wrote; “You can call me Floyd ‘Crypto’ Mayweather from now on.” Khaled on his on part also called the company and its products a “game changer.” The Securities and Exchange Commission says the company behind the coin was operating illegally, misleading investors and claims several of the execs listed on the company website don’t really exist. The lawsuit claims, Centra Tech raised $32 millio...
AfDB Calls For Bridging Of Africa’s Capital, Bankable Projects
News

AfDB Calls For Bridging Of Africa’s Capital, Bankable Projects

The Africa Development Bank (AfDB) says there is the need to bridge the gap between Africa’s available capital and bankable projects since it requires between 600 and billion dollars annually for development. Akinwumi Adesina AfDB’s “African Economic Outlook 2018’’, financing Africa’s development report notes that out of the said amount, between 130 billion dollars and 170 billion dollars was needed for infrastructure yearly. The AfDB, however, said it was working with other multilateral development partners and stakeholders to tackle the continent’s massive infrastructure and development needs. To this end, the bank said it had concluded plans to organise its First Africa Investment Forum (AIF). The bank said that the Forum, an innovative investment market place would bring t...
Nigeria’s Economy Excites Global Investors, Says Udoma
News

Nigeria’s Economy Excites Global Investors, Says Udoma

Key foreign investors, who met at various meetings with the Nigerian government delegation to the United Nation’s General Assembly in New York during the week, have expressed interest in scaling up investment in Nigeria. A press statement by the Ministry of National Planning and Budget signed by the Media Adviser to the Minister, James Akpandem said at the Investors Roundtable held under the auspices of the Business Council for International Understanding (BCIU), the investors maintained that Nigeria remains the best investment destination in Africa with enormous natural and human resources,. They investors, the statement added, observed that “Nigeria’s current government continues to show a commitment to creating a conducive business environment in the country. According to t...
Roman Abramovich To Sell Chelsea On One Condition
Sport

Roman Abramovich To Sell Chelsea On One Condition

Chelsea owner, Roman Abramovich, is reportedly willing to sell the West London club if his £3billion valuation is met. According to Bloomberg, the Russian billionaire remains ‘frustrated by his British visa problems’ and is open to bids to finally sell the Blues once the right offer is met. Abramovich encountered problems renewing his existing visa in June amid rising political tensions between Russia and Britain. The Stamford Bridge club were forced to deny reports last month that the 51-year-old is looking to cash-in after 15 years in West London. An offer of £2billion was said to have been tabled by Britain’s richest man Sir Jim Ratcliffe, but it will take a far bigger bid for Abramovich to sell Chelsea. Recall that Roman Abramovich rejected an approach from Ratclif...
Obaseki’s Land Reform: EDOGIS Opens For Business, Assures On Customer-Friendly Services
News

Obaseki’s Land Reform: EDOGIS Opens For Business, Assures On Customer-Friendly Services

Managing Director, Edo Geographic Information Service (EDOGIS), Arch. Frank Evbuomwan, has said the agency will open for business to members of the public, from Monday, September 17, assuring of world class customer-friendly service. Obaseki Evbuomwan, in a chat with journalists, said EDOGIS has deployed a fully automated root-to-leaf system to collect, collate, verify and digitise all geospatial data and is responsible for issuing Certificate of Occupancy (C-of-O). He said individuals and groups who have reasons to transact business with the agency are advised to visit EDOGIS, located at No. 102 Sapele Road, by former Water Board Building, Benin City. According to him, “EDOGIS is the successor government agency to the erstwhile Ministry of Lands and Surveys (later known as La...
Sell-Off Persists As Stock Market Drops Lower, Records 0.84% Loss
News

Sell-Off Persists As Stock Market Drops Lower, Records 0.84% Loss

The stock market closed lower on Thursday shedding 0.84 percent to extend downtrend to seven consecutive trading sessions as sell- off persists. Nigerian Stock Exchange Specifically, the All Share Index (ASI) was down by 270.56 points, representing a decrease of 0.84 percent closing at 32,022.23 points. Similarly, the market capitalisation was down by N98.78 billion, representing a decrease of 0.84 percent, closing at N11.69 trillion.   Market breadth closed negative, recording 9 gainers against 26 losers. The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; WAPCO (-10.00 percent), Honey Flour (-8.63 percent), Forte Oil (-7.41 percent), NESTLE (-5.48 percent), Access Bank (-5.00 percent), Dangote Flour (-4.76 percent),...
2019: I Will Unseat Wike – APC Governorship  Aspirant
News

2019: I Will Unseat Wike – APC Governorship Aspirant

An All Progressives Congress (APC) chieftain in Rivers, Mr Tonye Cole, said he would unseat the present government in the state in 2019. Cole, who is aspiring to succeed Gov. Nyesom Wike, if given the ticket of his party, said that he would tackle economic and security challenges which the present administration had failed to do. He told newsmen in Abuja on Wednesday, after submitting his nomination form for the party’s primaries that he would attract foreign direct investment into the state. Tonye Cole According to him, Rivers has the capacity to attract investors if conducive business environment is created. Cole, therefore, said that he would use his experience and connection in business world to actualize the dream of improving on the economic status of the state, if...
N117 BILLION DEBT: I Leave Fayose To God, Says Fayemi
Politics

N117 BILLION DEBT: I Leave Fayose To God, Says Fayemi

Ado-Ekiti-Despite the N117 billion debt profile to be inherited, Ekiti State governor-elect, Dr. Kayode Fayemi, has said he is leaving Governor Ayo Fayose and his regime to God.                                        Fayemi and Fayose Speaking Friday night while receiving the report of the Transition Committee set up to facilitate smooth change of government, Fayemi promised to make a difference in the life of the people the moment he assumed office on October 16. The governor-elect was reacting to the latest debt figure released by the Debt Management Office (DMO) which revealed that the debt profile increased from N18 billion Fayose inherited from Fayemi in 2014 to N117 billion. The committee said this is outside arrears of salaries, pensions, gratuities and money owed contractor...
Positive Investors’ Sentiment Lifts Stock Market By 0.28%
News

Positive Investors’ Sentiment Lifts Stock Market By 0.28%

Positive investors’ sentiment on the stock market on Tuesday lifted the Nigerian Stock Exchange, NSE All Share Index higher, ASI by 0.28 percent to close at 34,933.68 points, compared, with the depreciation of 0.03 percent recorded on Monday. The appreciation recorded in the share prices of companies such as FBN Holdings, Dangote Cement, GTBank, Dangote Cement, and Zenith Bank were mainly responsible for the gain recorded in the Index. Similarly, the market capitalisation appreciated by 0.28 percent to close at N12.75trillion, compared with the depreciation of 0.03 percent recorded on Monday which closed at N12.718 trillion. The Exchange recorded 23 gainers against 18 losers, with shares of GTBank , Oando Plc lifting up the NSE Banking and NSE Oil/Gas Indices by 1.41 percent a...
British PM, May happy To Be In Lagos, Received By Ambode
Politics

British PM, May happy To Be In Lagos, Received By Ambode

  …Says Investors Can Explore Opportunities In Energy, Technology, Creative Sectors   …As May Seeks Sustainability of UK/Lagos Relationship Lagos State Governor, Mr. Akinwunmi Ambode on Wednesday received the British Prime Minister, Theresa May in Lagos, affirming that the State remains a choice destination for investors from the United Kingdom.   Lagos State Governor, Mr. Akinwunmi Ambode (left), with British Prime Minister, Theresa May (right); British High Commissioner to Nigeria, Mr. Paul Arkwright (left behind) during the arrival of the British Prime Minister at the Presidential Wing of the Muritala Mohammed International Airport, Ikeja, Lagos, on Wednesday, August 29, 2018.     The British Prime Minister, who arrived the Preside...
UK To Sink £8b In Africa To Create Jobs
News

UK To Sink £8b In Africa To Create Jobs

Africa’s public and private set will enjoy £8 billion UK’s investment to create jobs and boost growth over the next four years CDC Group, the UK’s Development Finance Institution, will aim to invest up to £3.5 billion in Africa, supporting hundreds of thousands of jobs. The UK will aim to mobilise a further £4 billion of private investment for African countries, particularly from the City of London. The UK’s range of measures to boost much-needed investment in businesses and infrastructure across Africa was unveiled by the Prime Minister, Theresa May in Cape Town. “This includes for the first time ever setting a clear ambition of mobilising an additional £4 billion of private sector investment into the continent by working more closely with the City of London.’’ This comes a...

Notice: ob_end_flush(): failed to send buffer of zlib output compression (0) in /home/gqbzggmy/public_html/wp-includes/functions.php on line 5107