Thursday, April 15, 2021
FG Counters Obaseki, Denies Printing N60bn to Augment FAAC
The federal government yesterday faulted a claim by Governor of Edo State, Mr. Godwin Obaseki, that it printed N60 billion to augment funds from the Federation Account Allocation Committee (FAAC) distributed to states and the Federal Capital Territory (FCT) in March. Read more
VFD Group Gets SEC’s Approval for Proposed N4.13bn Rights Issue
Lagos-based proprietary investment company, VFD Group, has received clearance from the Securities & Exchange Commission (SEC) for its proposed rights issue of 7,452,054 Ordinary Shares of 50 Kobo each at N556 per share. The offer is based on one share for every 16 shares held. The proposed rights issue was approved by the Board of Directors of the company at its Extraordinary General Meeting (EGM) which held last November. Read more
Coronation Merchant Bank Declares N5.78bn Profit
Coronation Merchant Bank has announced that it made N5.78 billion profit before tax in its financial statement as at December 31, 2020, despite the pandemic which disrupted business activities last year. The bank made this disclosure during its sixth Annual General Meeting (AGM) held in Lagos, recently. Read more
Forex crisis putting investments, jobs at risk, says LCCI
The difficulties faced by many investors in Nigeria in accessing foreign exchange for importation of raw materials, equipment and some critical inputs for production and processing is putting investments and jobs at risk, the Lagos Chamber of Commerce and Industry has said. Read more
Oil jumps to $66 on signs of rising crude demand
The international oil benchmark, Brent crude, surged by five per cent on Wednesday, after a report from the International Energy Agency, followed by US inventory data, boosted optimism about returning demand after the coronavirus lockdowns last year crushed fuel consumption. Read more
Firm to raise N20bn via Lagos commodities exchange
Voriancorelli, the first company screened for listing on the Lagos Commodities and Futures Exchange, is seeking to raise N20bn through the floating of Exchange Traded Notes in a bid to operate optimally in the Nigerian agriculture sector. Read more
IMF endorses digital money for cheaper remittance, cross-border payments
The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has called on governments and individuals to adopt digital money for “faster, easier and cheaper” remittance and cross-border payments. Read more
LCCI raises concerns over rising inflation, debt sustainability
As the country awaits a higher inflation rate for March due for release today,, the Lagos Chamber of Commerce and Industry (LCCI) has expressed concerns about the persistent increase in domestic prices. It noted that continual rise in inflation has a profound consequence for all stakeholders, including households, businesses and investors. Read more
BUA to complete 200,000bpd refinery before 2025
With the signing of a progress acknowledgment statement between BUA Group and Axens of France for the former’s proposed 200,000barrels per day refinery in Akwa Ibom, the Group has expressed optimism about completing the project before 2025. With a target of between three to four years for construction, the firm noted that the refinery is expected to be operational by 2024 all things being equal. Read more
