Author: Aishat Olalere

Odu’a Investment Company Ltd. (OICL) on Friday began discussions with the Nigerian Exchange Ltd. (NGX) to be listed and raise capital from investors, Otunba Bimbo Ashiru, Group Chairman of the company, said this at the closing gong ceremony by the firm at the NGX in Lagos. Ashiru said the move would not only strengthen the company’s financial position but also provide opportunities for investors to participate in its growth. He also said that many dealing investors would be willing to partner with the company without hesitation, due to its diversified investment portfolio. He mentioned that the company would soon sign…

The Advertising Regulatory Council of Nigeria, ARCON, has debunked a claim that it was charging N3 million as advert vetting fee. A statement by Head, Corporate Affairs of ARCON, Winifred Akpan, described such reports as false, malicious and a misrepresentation of the vetting fee process. Akpan, who stated that the vetting fee was N35,000, not N3 million, also noted that deterrent fee was not required for an advert produced in Nigeria. The statement further disclosed that information about vetting fees and associated rates were available at the ASP secretariat and the organisation’s offices nationwide. It reads: “The attention of the…

On monday, The latest project of the Value4Dairy Consortium led by FrieslandCampina received a $5 million USD grant from the Bill & Melinda Gates Foundation to boost productivity and sustainability of the Nigerian dairy sector. Announcing receipt of the grant in a statement released, the Executive Director, Corporate Affairs, FrieslandCampina WAMCO Nigeria PLC, Ore Famurewa, explained, “The 5 million USD grant received from the Bill & Melinda Gates Foundation will fund 50 percent of the Consortium’s latest project, which is to advance systemic and sustainable local dairy production in Nigeria.” She further stated that “the Value4Dairy Consortium launched in April…

The Director-General of the Nigeria Employers’ Consultative Association, Adewale-Smatt Oyerinde, has advised the Federal Government to reinvest subsidy removal gains in infrastructure. In an exclusive interview, Oyerinde said reinvesting revenue from fuel subsidy removal into infrastructure projects was vital for economic regeneration. He said, “In as much as we do expect a reversal of fuel subsidy removal, what will help the economy to regenerate is if the government productively reinvests the revenue gains of the subsidy removal into infrastructure projects such as road construction and maintenance, increasing the quantum of electricity production and distribution, improving the transportation (road, rail, water,…

The exponential appreciation in equities at the Nigerian Exchange Limited, NGX, continued last week as demand for blue chips and dividend paying stocks, such as Dangote Cement, BUA Cement , BUA Foods among others increased across the major sectors of the market to lift investors’ gain to N4.3 trillion Week-on-Week, WoW. Specifically, the price gain of Dangote Cement 28.82%, BUA Cement 20.98%, BUA Foods 13.25% among others culminated to lift the NGX All Share Index, ASI higher by 8.3% to close on Friday at 102,401.88 points. Consequently, the Year-to-Date, YtD, return rose 36.95%, while the market capitalisation, which represents the total…

Following findings from the Nigerian Ports Authority, NPA, information indicated that most categories of imports recorded significant declines during the past one year. Other areas of import trade that experienced significant drops last year include ship traffic, cargo traffic, and container traffic as well as berth occupancy. Amidst sustained depreciation of the Naira, Nigeria’s motor vehicle imports recorded a massive 32 per cent decline in 2023 with total imports through the Nigerian ports at 132,293 units, from 194,550 recorded in 2022. The Naira had recorded unprecedented depreciation in 2023 with the official exchange rate closing at average N820/ USD1 as…

Governor Hope Uzodimma of Imo State has said moving the headquarters of the Federal Airports Authority of Nigeria (FAAN), and some departments of the Central Bank of Nigeria (CBN) to Lagos for operational efficiency makes economic sense. Uzodimma stated this in an interview with Channels Television’s Sunday Politics. He said, “I listened to Ali Ndume, I listened to the Northern Senators’ Forum, I listened to the Emir of Kano. You can see the preponderance of opinions.” “And then the majority opinion is that merit should be the driving criterion for decision-making in the country.” “The main aviation hub is in…

The Federal Government says the President Bola Tinubu administration is mobilising its Ministries, Departments and Agencies to “bring down inflation, stabilise the foreign exchange rates and create an enabling environment for business and investment.” The investment inflow worth $14billion will flow into Nigeria economy from Indian businesses that pledged to invest in the county at the G20 Summit held last September. The Minister of Information and National Orientation, Mohammed Idris, revealed in a statement he signed on Sunday 28, January titled ‘Amidst challenges, Nigeria will forge ahead. While describing the recent killings in the Plateau State as “regrettable,” it vowed…

The Chief Executive Officer of Magnificent Choice Services Project and Engineering Ltd, Jeremiah Akinsele, said the construction of the Fourth Mainland Bridge would enhance the property values in the surrounding areas and boost the state’s economy. He said, “The benefit of the construction of the Fourth Mainland Bridge is going to be massive, looking from the perspective of city planning. So, it is going to create a lot of jobs and increase property values. The Gross Domestic Product of Lagos would shoot up.” “The construction would open up new towns and decongest the city center. This would pave the way…

The Institute of Chartered Accountants of Nigeria (ICAN) has said that traditional rulers are essential to the anticorruption fight in the country. ICAN is one of the corporate entities that have been in the vanguard of promoting accountability and transparency in the management of public funds in Nigeria. Speaking during a recent courtesy visit to the paramount ruler of Emohua, Sergeant Chidi Awuse, in Port Harcourt, Rivers State, ICAN President, Dr. Innocent Okwuosa, stated traditional rulers could collaborate with the government to promote accountability and transparency in the management of public funds. Okwuosa said, “We argue that it will be…