Tuesday, March 23, 2021
NIPOST, Capital Market Registrars Forge Stronger Corporate Relationship
The top echelon of the Nigerian Postal Services (NIPOST) recently met with the leadership of the Institute of Capital Market Registrars towards seeking stronger ties for corporate mutual benefits. The meeting, held in Lagos, recently, sought to rejuvenate the existing relationship especially in line with the challenges posed by technology to logistics operations across the world. Read more
SON Orders Removal of Substandard Steel Products
The Director General of the Standards Organisation of Nigeria (SON), Mr. Farouk Salim, has ordered manufacturers and importers of steel products to evacuate fake and substandard steel products in Nigerian market and prepare themselves for harmonised steel standard across West Africa. Read more
Elumelu: Entrepreneurship Key to Africa’s Sustainable Growth
The Founder of the Tony Elumelu Foundation (TEF), Mr. Tony O. Elumelu, has reiterated that equipping young people to succeed through entrepreneurship is one of the surest sustainable, dignified ways to create a path to prosperity for all in Africa. Elumelu stated clearly that the TEF believes in, “entrepreneurship as the solution to the very visible challenges that we see in Africa: forced migration, extremism, and political instability.” Read more
Pension funds gained N119.68bn from equity in Q4 – PenCom
Pension fund investment gained N119.68bn from equity in the fourth quarter of 2020, the National Pension Commission has revealed. Figures obtained on Monday from the PenCom report titled ‘Net realised gains/(losses) on equity/bonds in fourth quarter report’ revealed this. Part of the report read, “The net realised gains on the sale of equities and bonds in Q4:2020 amounted to N119.68bn, compared to the realised gains of N39.94bn recorded in Q3:2020. Read more
Fuel marketers raise diesel price to N265 per litre
Against the backdrop of the recent rise in global oil prices, some fuel marketers have increased the price of Automotive Gas Oil, also known as diesel, to a new high of N265 per litre. The PUNCH had reported on February 24 that diesel price rose to a high of N250 per litre, with businesses taking a beating on the back of rising energy costs. Our correspondent observed on Sunday that some filling stations in Lagos State were selling the product for between N248 and N265 per litre while some put the price at between N220 and N245 per litre. Read more
NPA suspends export receipts at Lagos ports
The Nigerian Ports Authority has announced the suspension of export receipts at the Lagos Ports Complex and the Tin Can Island Port. The suspension which takes effect on Monday (today) will last for 14 days and will also affect all satellite truck parks. The NPA, in a statement issued on Monday, said the suspension is part of efforts to improve access into the ports and also the service delivery at the ports. Read more
CBN raises SMEs fund to N300bn, disburses N149.21bn
The Central Bank of Nigeria on Saturday announced its decision to raise the Targeted Credit Facility for households and small and medium enterprises from N150bn to N300bn. It also stated that the bank had disbursed a total of N149.21bn to SMEs and households across the country under the TCF. Read more
Julius Berger, Stanbic IBTC, others lift capitalisation by N178 billion
Following gains recorded by blue-chip stocks, including Julius Berger and Stanbic IBTC, the Nigerian Stock Exchange (NSE) reopened upbeat yesterday as market capitalisation appreciate by N178 billion. At the reopening of trading yesterday, the All-Share Index (ASI) rose by 340.48 points or 0.89 per cent to close at 38,722.87 points. Investors gained N178 billion in value as market capitalisation went up to N20.260 trillion. Read more
47 IMTOs get approval to operate in Nigeria
The Central Bank of Nigeria (CBN) has approved 47 companies to operate as international money transfer operators (IMTOs), an effort interpreted as a move towards breaking the historical dominance of the industry cartel and liberalising the market. A document released by the apex bank, yesterday, said the 47 firms, comprising 17 local and 30 foreign-based companies, are the approved market operators as of February 28, 2021. Read more
