The Nigerian stock market began trading for the week on Monday with 0.44 per cent loss, amid losses recorded by some blue chips. Specifically, the All-Share Index decreased by 175 points or 0.44 per cent to close at 39,306.47 from 39,431.47 achieved on Friday. Similarly, the market capitalisation which opened at N20.579 trillion lost N92 billion to close at N20.487 trillion. The downtrend was driven by price depreciation in medium and large capitalised stocks amongst...
ABUJA — The Independent Corrupt Practices and other related offenses Commission (ICPC) has declared Gimba Kumo, former managing director of the Federal Mortgage Bank of Nigeria a son-in-law of President Muhammadu Buhari, and two others wanted over alleged misappropriation of $65 million National Housing Funds. In the notice signed by its spokesperson Azuka Ogugua, the ICPC declared Mr. Kumo wanted alongside Tarry Rufus and Bola Ogunsola over the alleged fraud. “The persons whose pictures appear...
PORT HARCOURT — The Nigerian National Petroleum Corporation (NNPC) has tasked the Contractor to rehabilitate the Port Harcourt Refineries Companies (PHRC) to ensure completion of the project at the estimated time frame. The Group Managing Director, Malam Mele Kyari disclosed this at the kick-off meeting of the Rehabilitation of PHRC, in Port Harcourt, on Thursday. The News Agency of Nigeria reports that the meeting signified the take-off of the rehabilitation project. The PHRC operates two refineries;...
The chairman, Senate Committee on Ethics, Privileges and Public Petitions Senator Ayo Akinyelure has asked the Nigeria Customs Service to return the goods it seized from shops of rice traders in Ibadan, Oyo State. The committee’s chairman stated this after his panel heard a petition from the rice traders. The traders had, through Senator Kola Balogun (Oyo South), petitioned the Senate, alleging that men of the Nigerian Customs invaded Oja Oba and Bodija markets in...
The deadline for NIN-SIM registration has been extended for another eight weeks. The extension was approved by the federal government to enable telecom subscribers link their NIN to their sim cards without any last-minute hitch according to Isa Pantami, the Minister of Communications and Digital Economy. A joint statement by the Nigerian Communications Commission and the National Identity Management Commission confirmed that Isa made the announcement during a virtual meeting. The announcement makes it the...
Vice President Prof. Yemi Osibanjo has said that the Federal Government is to reconvene the Technology and Creativity Advisory Council on policies that would support the ecosystem for ICT startups in the country. Osibanjo said this on Thursday, at the Startup and Developer virtual event organized by Google, with the theme “ The African Start-up Ecosystem Opportunity’’, in Abuja Represented by Mr. Kashifu Inuwa, Director-General of the National Information Technology Development Agency (NITDA), Osibanjo identified...
The Central Bank of Nigeria (CBN) has approved the appointment of Tunde Hassan-Odukale as Chairman of First Bank of Nigeria Limited (FBN). CBN also approved the appointment of Remi Babalola as Chairman of FBN Holdings Plc, a subsidiary of FBN. It had earlier announced the removal of Mrs. Ibukun Awosika as Chairman of the board of FBN and Mr. Oba Otudeko as Chairman of the board of FBN Holdings also announced the reinstatement of Sola...
Gov. Ifeanyi Ugwuanyi of Enugu State on Tuesday urged all illustrious sons and daughters of the state to think home in their investment decisions. Ugwuanyi made this call when he formally declared open Easton Hill Continental Hotel, Independence Layout, Enugu built by a businessman, Chief Mike Onu from Nkanu West Local Government Area open in Enugu. The governor reiterated his administration’s commitment to expanding the frontiers of favorable investments in the state, through sustained improvement...
LAGOS — Elias Gora, a former Secretary-General of Nigeria Olympic Committee (NOC), says the biennial National Sports Festival (NSF) remains a good investment in ensuring Nigerian youths are positively engaged. Gora told the News Agency of Nigeria in Lagos on Monday that the Festival could however be improved upon to discover more talents for Nigeria. He emphasised the need to also use the Festival to continue to promote peace and unity in the country. “It...
LAGOS — The Nigerian Electricity Regulatory Commission (NERC) says it is concluding the Extraordinary Tariff Review process for the 11 Electricity Distribution Companies (DisCos). NERC, which is the regulator of Nigeria’s power sector, made this known on Monday in a notice to the general public and industry stakeholders posted on its website. The commission said the review was pursuant to the provisions of the Electric Power Sector Reform Act (EPSRA). According to NERC, extraordinary tariff...
