Author: Aishat Olalere

Nigeria Exchange Group (NGX) has suspended trading in the shares of eight companies. The companies were suspended by the regulatory arm of NGX as a result for default in filling their relevant account for 2023. As per post-listing requirements, companies on the Exchange are mandated to submit their accounts and other documents within specified time frame. The companies been affected by the suspension include, Unity Bank, C&I Leasing Plc, Guinea Insurance, Lasaco Assurance, Mutual Benefits Assurance, NPF Microfinance Bank, Regency Alliance Insurance, and Secure Electronic Technology Plc. The Head of the Issuer Regulation Department, Godstime Iwenekhai, stated this on Monday,…

The Niger Delta Developement Commission (NDDC) has submitted an expenditure of ₦1.911 trillion for the 2024 budget. The budget was prepared to achieve the economic development for which the committe was founded. Mr Samuel Ogbuku, Managing Director of NDDC, presented the budget before the House of Representatives Committee on NDDC in Abuja on Tuesday. Ogbuku said the budget was prepared base on economic forecast and to focus on the aim of the committee. The critical focus of the budget is management commitment to a greater future. He said the commission’s actual aggregate revenue in inflows in April 30 was ₦683.2…

The Nigeria Customs Service, Ogun 1 Area Command, Idiroko, has seized contraband worth ₦770,666,237 between April and June The contrabands include 219 sacks and 1,725 parcels of cannabis sativa, 940 rounds of live ammunition, 44,466 litres of Premium Motor Spirit,  2,227 pieces of pneumatic foreign-used tyres, and 64 bales and 222 sacks of used clothes. Comptroller James Ojo, the Controller of the command, disclosed this at a briefing held in Abeokuta on Monday. Ojo said that the seizures made within the period were not just numbers but they represented the agency’s relentless fight against smuggling and determination. He added that…

DMO has invalidated a news reported by some media houses that Nigeria has exceeded the World Bank and International Monetary Fund (IMF) debt to Gross Domestic Product (GDP) ratio. Nigeria’s debt to GDP ratio is 52 percent and the ceiling for world bank/ IMF debt is 55 percent and not 40 percent has reported by news medias. The Director-General of the DMO, Patience Oniha, enlightened this during an interview with the News Agency on Tuesday in Abuja. Oniha said Nigeria’s debt-to- Gross Domestic Product (GDP) ratio is within the specifications of the World Bank and International Monetary Fund (IMF) for…

Nigeria Banks terminated 35 bank employees appointments in the first quarter of 2024. They were allegedly involved in fraud-related issues. The Financial Institutions Training Centre (FITC) reported that this led to decline in bank losses to fraud by 77.62 percent in 2024. The losses to fraud declined to ₦468.42 million in the first quarter of 2024 from ₦2.09 billion in the last quarter of 2023. The total amount involved in fraud cases declined by 56.73 percent from ₦6.91 billion to ₦2.99 billion. FITC said, “The F&F report for Q1 2024 shows a significant decline in at least 60 percent of…

The Federal Government has released a total sum of ₦1.23 trillion to 17 ministries as of September 30,2023. The fund has been released for the implementation of capital projects to advance the developement and infrastructure initiatives of the country. This is 75.4 per cent lower than the amount of capital expenditure in the 2023 budget, resulting in a deficit of ₦3.8tn. An analysis of the Budget Implementation Report for the third quarter of 2023 released by the Budget Office revealed this on Sunday. The report partly read, “The release of funds to MDAs for capital expenditure as at the third…

Work permits has reportedly recorded a huge rise in the first half of 2024. Nigeria has a relatively small share of work permits, with 2.5% of the total permits issues to Nigeria. Ireland, however, recorded a 20.5 percent increase in the number of work permit issued in the first half of 2024. According to Irish Department of Enterprise, Trade and Employment, the country issued 19,303 work permits between January and June 2024, marking a 20.5 per cent rise compared to the same period in 2023. India was the top country of origin for foreign workers in Ireland, with 6,746 work…

The Federal Government of Nigeria Bond Average Yield surged to 18.8 percent over mild sell pressure in the secondary market. The bond expanded by 2 basis point occurred on Friday. The sell pressure was as a result of projected inflation and lower bond insurance in the third quarter of the market. Investors and other market participant have been cautious with the local bonds amidst subdued rate. “Fixed interest securities traders reported the average yield advanced 8 basis points at the short end of the curve as a result of sell pressure. The yield surged followed sell pressures on the MAR-2025…

Access Holding Plc has gotten an approval for the commencement of its ₦351 billion right issue capital raising programme. The approval was made by the Securities and Exchange Commission (SEC) and was confirmed by the Access on Sunday in Lagos. The rights issue was strategically structured to boost Access Holdings’ financial position and support ongoing working capital needs. The group said that the approval marked a significant milestone which is aimed to generate up to $1.5 billion. Access Holding said in its previously announced capital raising programme that the approval serves as a significant milestone to the company. It was…

The Federal Government has unveiled plans to charge tax on carbon emission. This is to tackle climate change in the country. This is one of the development introduced by the National Council on Climate Change (NCCC). The Acting Vice Chancellor, University of Nigeria (UNN), Prof. Romanus Ezeokonkwo said this on Thursday at a stakeholders’ workshop on “Understanding the Incentives and Obstacles to Effective Carbon Tax Regimes in West African Countries.” Ezeokonkwo described carbon taxation as a cost charged on the amount of carbon emissions into the space. NCCC is responsible to develop a framework to determine the amount to be charged…