Author: Aishat Olalere

Lafarge Africa revenue increased by 8.6% in 2023 as the revenue increased to N405.50 billion in 2023 from N373.25 billion in 2022. Concrete sales went up and other products sew additional growth, the breakdown of its earnings sources showed. However the cost of sales adjusted for depreciation increases by 12.6% year on year. the rate of increase of cost of sales is higher than rate of increase of revenue. the cost of sales increased from N153.43 billion in 2022 to N172.82 billion in 2023. The surge was driven by higher direct costs due to the impact of the persistent devaluation…

The Chief Financial Officer of Seplat Energy Plc, Mr Emeka Onwuka, stated in a notification sent to the Nigerian Exchange Ltd (NGX) in Lagos that Seplat Energy Plc on Thursday proposed a final and special dividend rate of three cents per ordinary share of 50k each, respectively, for its shareholders, payable April 26. Onwuka stated that the payment of the dividend of the listed company on both the NGX and London Stock Exchange (LSE) is subject to appropriate withholding tax and shareholders’ approval at the annual general meeting, held for the year. He stated that the dividend is payable to…

The Managing Director of the Nigeria Insurance Corporation, Dr Bello Hassan, stated on Thursday at the NDIC special Day during the ongoing 45tg Kaduna international Trade Fair. He said NDIC has reimbursed depositor of 179 liquidated microfinance and four banks across Nigeria. Dr Bello Hassan was represented by the NDIC’s deputy director of Communication, Hauwa Gambo. He said that the corporation’s priority was the protection of deposit’s funds of licensed bank in distress. According to Hassan, in carrying out its statutory functions, the corporation has introduced the Single Customer View framework to expedite payment to depositors of liquidated banks. He…

Rosemary Nzembi was mocked by people while growing up because she was fatherless and came from a very humble background. Nzembi dropped out from a course her single mother enrolled her in against her wish because she was interested in pursuing a course of her choice. As an accredited coach, Nzembi founded Twilight Little Stars Inc. in the US and runs charitable activities to change the lives of children from poor backgrounds. Many young individuals have seen their aspirations crushed by focusing too much on external judgement stemming from their home circumstances. Rosemary Nzembi, hailing from a modest background, faced…

On Wednesday, the naira appreciated marginally against the United State dollar to N1,609 at the official market as it was N1,615.94 the previous day. This indicate an increase of N6 or 0.37 per cent. It was reported that the slight improvement came on the heels of series of foreign exchange guidelines issued by the Central Bank of Nigeria in recent weeks. Meanwhile, the Monetary Policy Committee on Tuesday raised the Monetary Policy Rate, also known as benchmark interest rate, by 400 basis points to 22.75 percent on Tuesday from 18.75 per cent in July 2023. It also adjusted the asymmetric…

Traders said in their separate market updates that 20 basis points yield surge in the secondary market as there is selloffs in treasury bills instruments. The bearish trades were seen at the short end, belly and long end of the curve yesterday as investors book profit on their early exits. After Nigeria’s policy authority decided to raise the policy rate by 4% to 22.75%, investors’ trading mood switched to an expectation of a higher return on funds. As inflation and interest rates altered market dynamics, Cowry Asset Limited said trading activities on Nigerian Treasury Bills adjusted with marginal negative movement,…

On Wednesday, the Secretary General of OPEC, Haitham al-Ghais, paid a courtesy visit to the Group Chief Executive Officer of NNPC Ltd, Mr. Mele Kyari, at the NNPC Towers where the Nigerian National Petroleum Company Limited (NNPC Ltd.) and the Organization of the Oil Exporting Countries (OPEC) pledged to work closely together to achieve the nation’s aspirations to attract investments and grow production. Speaking at the event, al-Ghais stated that OPEC was completely aligned with NNPC Ltd.’s vision as captured in its payoff line: “Energy for Today, Energy for Tomorrow” because of its inclusive view of energy as opposed to…

On Wednesday, The Federal Government disclosed during a panel session at the ongoing 7th Nigeria International Energy Summit in Abuja that about 1,068 oil and gas projects approved between 2022 and 2023 that are currently ongoing across the country are to attract a total of $22.8bn. It was also added that Nigeria’s technical crude oil production potential was currently 2.26 million barrels per day. The government revealed this through the Nigeria Upstream Petroleum Regulatory Commission, as the Chief Executive, NUPRC, Gbenga Komolafe, told delegates at the summit that the country was gradually approaching the oil production quota approved by the…

On Wednesday, The Minister of Information and National Orientation, Mohammed Idris said Due to the subsidy removed on petrol by President Bola Tinubu, the Importation of petrol into Nigeria reduced by 50%. Speaking at the third edition of the ministerial press briefing series in Abuja on Wednesday, where the Coordinating Minister for Health and Social Welfare addressed journalists, Idris stated that subsidy removal had led to the reduction of fuel imports by 50 per cent. During his inaugural speech on May 29, 2023, President Bola Tinubu declared that fuel subsidy was gone. Within 24 hours after that declaration, the Nigerian…

Seplat Energy, an oil and Gas company listed on both the Nigerian Exchange and the London stock exchange. Seplat revealed a significant increase in earning growth for the financial year 2023. According to the Audited Financial statement as at 31 December 2023, the annual profit increased by 83% as it amounted to N81.33 billion from N44.433 billion in the comparable period in 2022. The revenue also increased by 73% from N404 billion in year 2022 to N697 billion in 2023. In US dollar terms, the profit attributable to the shareholders is $83.1 million compared to$62.4 million in the previous year.…