Business Tips

Osinbajo tasks AU on Standby Force, Peace Fund

Acting President Yemi Osinbajo has called for the full implementation of the African Peace and Security Architecture (APSA), especially the African Standby Force (ASF) and the Peace Fund.

Osinbajo, made the call in his capacity as the Chairperson of the AU Peace and Security Council (PSC) for the month of July, while reporting on the council’s activities and the state of peace and security in Africa.

He reiterated the need for the PSC to work towards removing all distractions and impediments to the full attainment of operational capacity of the AFS.

Global Ethical Finance Forum to Highlight Potentials of Sustainable Capitalism

Middle East Global Advisors, a leading financial intelligence platform spearheading the agenda of sustainable and inclusive finance, will convene the second edition of the much-coveted Global Ethical Finance Forum (GEFF) in Edinburgh, Scotland. Based on a strategic partnership with Islamic Finance Council UK (UKIFC), the Forum will be held under the patronage of the Scottish Government, and will be hosted by the Royal Bank of Scotland (RBS), building upon the legacy of the inaugural Forum held in September 2015.

Paper Dividend Warrants: SEC Extends Deadline for Issuance to Dec. 31, 2017

The Securities and Exchange Commission (SEC) has extended the deadline for stoppage of issuance of physical dividend warrants in the nation’s capital market to Dec. 31, 2017.

SEC Head, Corporate Communications, Naif Abdussalam, disclosed this in an interview with the News Agency of Nigeria yesterday in Lagos.

Abdussalam said that the deadline was extended to give room for investors to key into the e-dividend payment platform.

Investors Cheer Nigeria Currency Shift, Want More

Nigeria's recent tentative steps to free up its naira currency, particularly via a new trading window, have gone down well with some adventurous stock and bond investors who are cautiously returning to the markets they fled two years ago, Reuters reports.

Once considered one of the most promising emerging markets, Nigeria was hammered when it introduced draconian foreign exchange restrictions to counter the effects of the 2014 oil price crash.

Minister Raises Alarm over Budget Alteration by National Assembly

The Minister of Power, Works and Housing, Babatunde Fashola, has raised alarm over the insertion of projects outside the purview of his ministry in the 2017 Appropriation Act by the National Assembly.

Fashola, a senior advocate, said it was unfair to the Executive arm for the inclusion of such projects after public hearings on the budget and defence of the fiscal estimates by the ministries.

“What I have in my budget now is primary healthcare centres, boreholes,’’ he said at an interactive session with editors on Thursday.

Edo Plans Fabrication Village, Signs MoU

The Edo Government has resolved to set up a foundry and fabrication village in an effort to spur skill and technological development and fast track the industrialisation of the state.

The state has therefore signed a Memorandum of Understanding (MoU) with the Nigeria Institute of Welding (NIW) to assist to establish the planned Fabrication Village in the state.

Governor Godwin Obaseki signed on behalf of the state government, while Dr Solomon Edeberi, the president of NIW signed on behalf of the school.

Apapa Wharf Road: Dangote, Others Sign MoU

The Minister of Power, Works and Housing, Mr Babatunde Fashola on Saturday signed a N4.34 Billion Memorandum of Understanding (MoU) with Dangote Group and other stakeholders for the rebuilding of Apapa Wharf Road.

The project is to be funded by AG Dangote Construction Company Ltd, an arm of the Dangote Group, the Nigerian Ports Authority (NPA) and Flour Mills of Nigeria.

The  road was handed over to the stakeholders for commencement of reconstruction works after the agreement was signed in Lagos.

Market Sustains Upbeat as Investor Sentiment Remains Positive

The Nigerian Equities market sustained its upbeat performance in today’s trading session as the benchmark index rose 96bps to settle at 34,135.10 points, boosting YTD to 27.0%. Performance was driven by price appreciations in market heavyweights - DANGCEM (+2.4%), ETI (+7.1%), GUARANTY (+0.8%) and NIGERIAN BREWERIES (+0.6%). Consequently, investors gained N112.1bn in value as market capitalization rose to N11.8tn. Activity level however, softened as volume and value traded declined 2.2% and 8.9% to 482.5m units and N5.7bn respectively.

Trust Fund: EFCC Issues Arrest Warrant for Ngozi Olejeme

The Economic and Financial Crimes Commission (EFCC) has gotten a court ordered arrest warrant for  Ngozi Olejeme, who served as chairman of the Nigeria Social Insurance Trust Fund (NSITF) between 2009 and 2015.

Olejeme, who parades an honorary doctorate degree, was also the Deputy Chairman, Finance Committee of the Goodluck Jonathan Presidential Campaign Organisation in 2015.

The Asaba, Delta state born woman, was sacked by President Muhammadu Buhari in 2015.

Expert Advocates High Import Tax on Agric Commodities

An Agriculture Extension Officer, Mr Lukman Ajiboye, on Thursday called for the imposition of high import tax on imported agricultural commodities so as to boost local production.

Ajiboye told News Agency of Nigeria in Omu-Aran that unregulated importation of agricultural produce, especially raw materials that could be produced locally, was worrisome.

According to him, the proposed high import tax will discourage indiscriminate importation of food products, jute sacks/bags and pulp as well as oil spill absorbents, among others.