Tuesday, January 12, 2021
Total: New Deepwater Royalties, Finance Act Eroded Value of Oil Assets
Total Exploration and Production Nigeria Limited has said the deepwater royalties stipulated in the amended Deep Offshore and Inland Basin Production Sharing Contract Act (DOIBPSCA) 2019 and related provisions in the Finance Act 2020, has led to significant value erosion of oil and gas assets and a slowdown in investment in the Nigeria oil and gas industry. Read more
Cordros Securities Projects another Bullish Year for Stock Market
The Nigerian equities market will still close on positive note in 2021, analysts at Cordros Securities Research, have said. The local bourse recorded an impressive performance in 2020, soaring by 50.03 per cent after declining in 2018 and 2019. Presenting their outlook for 2021, Head, Research & Strategy, Cordros Securities, Mr. Jolomi Odonghanro, expressed optimism that the market would still close on bullish note, projecting a gain of 27.2 per cent. Read more
Coca-Cola Nigeria Appoints Olajide MD
The Coca-Cola Company has appointed Alfred Olajide as its new Vice President and Managing Director for its Nigeria Operations, following a re-organisation of The Coca-Cola Company’s global leadership structure. Read more
Dangote Cement completes first tranche of share buyback
Dangote Cement Plc has announced the completion of the first tranche of its share buyback programme. According to a statement by the Deputy Company Secretary, Edward Imoedemhe, the commencement date was December 30, 2020 while completion date was December 31, 2020. Total number of shares repurchased was 40.20 million at an average price of N243 per share, representing 0.24 per cent of the company’s issued and fully paid ordinary shares while total value of shares repurchased was N9.77bn. Read more
Capital Bancorp warns against ‘fraudulent’ investment offers
Capital Bancorp Plc has advised the investing public to be wary of companies that offer unrealistic returns on investment in a bid to defraud unsuspecting investors. The firm dissociated itself from a publication that guaranteed 100 per cent return on investment, being offered by a company impersonating it through a website, capitalbancorppublicltd.com. A statement issued by Capital Bancorp’s management to regulatory authorities and investing public indicated that only a money doubling scheme could guarantee such huge returns being offered on the website. Read more
Receive international transfers in dollars, Access Bank tells customers
Access Bank Plc has said that customers can visit any of their branches nationwide to receive funds sent from family and friends abroad in US dollars effective immediately. It said this was in response to the recent announcement by the Central Bank Nigeria that recipients of international remittances could receive their funds in dollars or have funds paid directly into their domiciliary accounts. Read more
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Twitter suffers loss as million boycott WhatsApp
Millions of users of the messaging platform, WhatsApp across the globe, including Nigerians, have started exiting the platform following a new privacy policy recently announced, though to take effect from on February 8. Read more
Failed recharge tokens throw prepaid consumers into darkness
Some prepaid power consumers have been thrown into darkness for weeks over their inability to recharge tokens. Consumers complained that after purchasing tokens from distribution companies, they have been unable to recharge as the credit code were rejected. Adebunmi Okin, a consumer affected, lamented that effort to get the electricity distribution company (DisCo) to come to his aid since December 2020 had been failed, even as he has been unable to access service. Read more
Dangote Cement explores new trade routes under AfCFTA
With many countries strategising for the African Continental Free Trade Area (AfCFTA) that kicked off at the beginning of the month, Dangote Industries Ltd has said its cement expansion plan and fertiliser investments will open new trade routes for the company and Nigeria under the trade deal. Read more