Category: Business

NSE extends weekly gains by 1.09%

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Transaction activities last week closed positive, extending weekly gains as the NSE All-Share Index and Market Capitalisation both appreciated by 1.09 per cent to close the week at 24,693.73 and N12.882 trillion respectively. All other indices finished higher with the exception of NSE ASeM, NSE Consumer Goods and NSE Oil/Gas indices, which depreciated by 0.06 per cent, 0.44 per cent and 6.51 per cent respectively It was a brief trading week as the market opened for three days in observance of the public holidays declared by the Federal Government of…

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FBNQuest unveils new internet banking platform

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  FBNQuest Merchant Bank, the investment banking and asset management business of FBN Holdings Plc, has announced the launch of a new corporate internet banking platform, which offers an upgraded user interface with enhanced convenience for transactions. According to a statement from the company, the platform is a payment processing solution for corporate banking clients that provide online real-time account access for balance and transaction monitoring, investing, fund transfers, bulk payments such as salaries or payments to third parties, and other self-service requests, conveniently and securely. An innovative internet banking…

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NIOB:  Engage professionals in building process 

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  Nigerian Institute of Building, through its President, Mr Kunle Awobodu, has called on developers to engage professional builders to manage building processes.   He  is also seeking  prosecution of those found culpable in a recent collapse of a seven- storey building in Owerri, Imo State, to serve as a deterrent to others.   The collapse of the high-rise building under construction, Awobodu said, again brought to the front burner the problem of building management in Nigeria.   According to him,  investigation and prosecution of those culpable should not be…

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Subsidy: CSOs seek targeted projects for N15.4bn

Ose Ojeme

  Following revelation by the Federal Government that fuel subsidy removal had taken a burden of N15.4 billion of its shoulders monthly, a group of civil society organisations has advised that the money be deployed in targeted projects rather than keeping it in the federation account.   The advice was given during a virtual workshop in Abuja that was hosted by Media Initiative on Transparency in Extractive Industries (MITEI), a non-profit group of media practitioners committed to the promotion of transparency in the extractive industries and facilitated by Facility for…

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Oil super major deepens asset sale in Nigeria 

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  International oil companies (IOCs) at the weekend deepened plans for sale of more assets in Nigeria as they slashed $12 billion off their global investment portfolios.   Blaming price rout buoyed by Coronavirus pandemic for the move, the IOCs including Shell, ExxonMobil, Total and Aker declared that they had already announced the slash in their investments to survive the big threat posed to their fortunes by the pandemic.   “The IOCs will be putting more of their assets up for sale,” an industry source told New Telegraph,  adding, “they…

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CACOVID donates isolation centres, beddings to Ondo, Kwara

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  The private sector led Coalition Against COVID-19 (CACOVID) has donated fully equipped isolation centres and medical equipment running into several millions of naira to the Ondo and Kwara state governments.   The donation was in response to plea by state governors and to strengthen the partnership with governments at all levels to help contain the coronavirus pandemic in the country.   The group, which comprises leading private sector operators, had earlier donated similar items to the governments of Rivers and Enugu states, apart from the distribution of food palliatives,…

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NSE extends gain with N110bn

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Nigerian Stock Exchange yesterday sustained its positive outlook for the ninth consecutive trading session as the overall performance measures, NSE ASI and market capitalisation, rose further by 0.87 per cent each.   Market watchers attributed the development to renewed confidence as bargain hunters leverage on undervalued stocks.   Consequently, the All-Share Index rose by 210.88 basis points or 0.87 per cent to close at 24.354.25 index points as against 24.143.37 recorded the previous day while market capitalisation of equities appreciated by N110 billion or 0.87 per cent to close higher…

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UBA rewards 100 customers with N100,000

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   Pan African financial institution, United Bank for Africa (UBA) Plc has again given its loyal customers reason to cheer as it rewarded 100 loyal customers with N100,000 each in the UBA Bumper account draw.   The draw, which took place at the UBA head office on Tuesday, was held via Facebook platform in strict compliance with social distancing rules as directed by the federal and Lagos State Government where 100 more customers emerged winners through a transparent draw.   When contacted, the customers, who emerged winners of the draw,…

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NNPC slahses ex- depot price of petrol

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The Nigerian National Petroleum Corporation (NNPC) Wednesday announced a reduction in the ex-depot price of petrol from N113.28k per litre to N108.00K per litre across all its products loading facilities as well as in its through put operations. A release in Abuja by the corporation’s Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, quoted the Managing Director of the Petroleum Products Marketing Company (PPMC), Musa Lawan, as saying that the new ex-depot price of Premium Motor Spirit (PMS), otherwise called petrol, reflects the company’s market strategy to make…

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Oil bid round: Coalition of civil society groups seeks transparency

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    PRECISION Oversight of the processes should be provided by the National Assembly and auditing by NEITI     Following Federal Government’s intention to conduct fresh licensing bid round for Nigeria’s marginal oil fields, Civil Society Organisations (CSOs) and extractive industry media group, Media Initiative on Transparency in Extractive Industries (MITEI) have advised the Federal Government to ensure transparency in the entire process. The advice formed part of the resolution reached at the end of a one-day workshop on “Improving Transparency in the Oil licensing Process organised by the…

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