• Equities investors lose N 295 bn in 2 days of negative sentiment

    Equities investors lose N 295 bn in 2 days of negative sentiment
    Nigerian Stock Exchange
    By Peter Egwuatu
    The equities investors on the Nigerian Stock Exchange, NSE have lost over N295 billion for the two consecutive trading days following negative sentiment as market capitalisation which represents the total value of shares on the Exchange declined to N14.9 trillion from N15.2 trillion on Monday.
    NSE reviews major equities market indices for 2019
    Consequently, Year to Date, YtD return slipped to 8.3 percent. Also, another stock market gauge, the NSE All Shar
  • Google parent company Alphabet joins ‘trillion-dollar’ club

    Google parent company Alphabet joins ‘trillion-dollar’ club
    Google and  Alphabet CEO, Sundar Pichai
    Alphabet on Thursday became the fourth company in the world to reach a $1 trillion market value.
    Shares of the Silicon Valley-based parent of Google on Thursday rose 0.8 percent to $1,450.16, giving it a market capitalization of just over $1 trillion for the first time.
    Alphabet — whose Google unit was founded in 1998 out of a garage in Menlo Park, Calif., by Larry Page and Sergey Brin — joins the trillion-dollar club with fellow tech jugg
  • Luxury retailer Louis Vuitton buys world’s second-largest rough diamond

    Luxury retailer Louis Vuitton buys world’s second-largest rough diamond
    Luxury retailer Louis Vuitton has snapped up the second-largest rough diamond in history as its owner stakes a bigger claim in the high-end jewelry market.
    The French fashion house bought the 1,758-carat “Sewelô” diamond in a deal announced this week with mining company Lucara, which unearthed the massive gem in Botswana in April.
    ALSO READ: Five Bollywood blockbusters to light up January
    The arrangement will turn the Sewelô “into a collection of fine jewelry
  • AfDB reveals top priority as Akinwumi Adesina visits UK

    AfDB reveals top priority as Akinwumi Adesina visits UK
    The African Continental Free Trade Area (ACFTA) will top discussion as Dr Akinwumi Adesina, the President of African Development Bank (AfDB) is expected in London for the milestone investment summit.
    The post AfDB reveals top priority as Akinwumi Adesina visits UK appeared first on TODAY.
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  • NESG: How AfCFTA will impact economy

    NESG: How AfCFTA will impact economy
    The Nigerian Economic Summit Group (NESG) has conducted a study on the impact of the African Continental Free Trade Area (AfCFTA) on key macroeconomic variables.
    The post NESG: How AfCFTA will impact economy appeared first on TODAY.
  • Nigeria inflation rises to 11.98 per cent

    Nigeria inflation rises to 11.98 per cent
    Inflation in Nigeria rose to a 19-month high in December, as prices continued to rise many months after the country closed its borders with its neighbours.
    The post Nigeria inflation rises to 11.98 per cent appeared first on TODAY.
  • MAN faults VAT hike, seeks flexibility in implementation

    MAN faults VAT hike, seeks flexibility in implementation
    By Yinka Kolawole
    The Manufacturers Association of Nigeria (MAN) has faulted the 50 percent increase in the Value Added Tax (VAT) rate as contained in the 2019 Finance Bill recently signed into law by President Muhammadu Buhari.
    In a correspondence with Vanguard yesterday, the Director General, MAN, Mr. Segun Ajayi-Kadir, noted that the increase in VAT is a sore point in the otherwise progressive movement that the Financial Bill represents in the nation’s tax system, adding that challenge
  • China GDP grew 6.1% in 2019, slowest in three decades

    China GDP grew 6.1% in 2019, slowest in three decades
    China’s economy weakened to its slowest pace in three decades in 2019 as weaker domestic demand and trade tensions with the United States took their toll, official data showed Friday.
    The post China GDP grew 6.1% in 2019, slowest in three decades appeared first on TODAY.
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  • Federal, states, local councils share N716.298 billion for December 2019

    The Federation Accounts Allocation Committee (FAAC) has shared a total of N716.298 billion to the three tiers of government for the month of December, 2019.
    The post Federal, states, local councils share N716.298 billion for December 2019 appeared first on TODAY.
  • Blackout as TCN suffers first system collapse in 2020

    Blackout as TCN suffers first system  collapse in 2020
    File photo: Blackout
    By Udeme Akpan & Prince Okafor
    THE nation was yesterday thrown into darkness as the Transmission Company of Nigeria (TCN)  suffered the first major system collapse, resulting from poor and obsolete infrastructure.
    System collapse is witnessed when a system disturbance occurs with the grid not being able to withstand the disturbance, which usually leads to a blackout or abnormally low voltage in a significant part of the power system.
    Investigation by Vanguard showed
  • FG to back budgets with finance bills henceforth — Finance Minister

    FG to back budgets with finance bills henceforth — Finance Minister
    Zainab Ahmed
    By Yinka Kolawole
    The Federal Government has reiterated plans to henceforth back annual budgets with finance bills, according to the Finance Minister, Zainab Ahmed.
    READ ALSO: SEC phases out unclaimed dividends
    Ahmed disclosed this in a series of tweets on her personal twitter handle following the signing into law on Monday, of the 2019 Finance Bill by President Muhammadu Buhari. The law is meant to  support the implementation of the 2020 Federal Budget.
    The Minister said that
  • NPA, LASG partner to boost investors’ confidence

    NPA, LASG partner to boost investors’ confidence
    By Godwin Oritse
    IN a bid to boost investors’ confidence, the management of Nigerian Ports Authority, NPA,  has promised to partner with the Lagos State Government.
    READ ALSO: Bandits kill 29 in Zamfara village
    Speaking during a visit of officials of the Central Business District (CBD) in Lagos, Managing Director of NPA, Ms Hadiza Bala Usman,  who was represented by Executive Director, Marine and Operations, Dr. Sokonte Davies, assured the State Government that NPA will always w
  • OPL 310: Qatar suspends $184m funding for Lekoil drilling

    Adewale Sanyaolu
    Less than two weeks after securing $184 million  funding for the appraisal drilling and initial development programme activities on the Ogo field within OPL 310 from Qatar Investment Authority (QIA), indications  have emerged that the funding plan has been suspended forthwith.
    Following announcement by Lekoil on January 2, 2020, representatives of QIA approached Lekoil’s advisers, questioning the validity of the agreement.
    The company is currently seeking to esta
  • Tony Elumelu donates technology centre to AAU

    Tony Elumelu donates technology centre to AAU
    Chairman of UBA Group, Tony O. Elumelu, has  made the donation of a multipurpose information technology centre to his alma mater, Ambrose Ali University.
    Through the UBA Foundation, the corporate social responsibility arm of the United Bank for Africa Plc (UBA), Elumelu has championed the construction of a state-of-the-art multipurpose information technology building, which will benefit the  students of Ambrose Alli University in Ekpoma, Edo State. The hall, to be named The Tony Elumel
  • Tin Can Customs records N130bn from exports

    Tin Can Customs records N130bn from exports
    Steve Agbota
    The Tin Can Island Command of the Nigeria Customs Service (NCS) has recorded a total 269,819.5 tons of export, with Free On Board (FOB), value of N130.186 billion in 2019 as against the total tonnage of 254,762.77 tons with a total FOB value of N145,322 billion in 2018.
    The Controller of the Command, Comptroller Mba Musa, stated this while rolling out the scorecard of the command for the year 2019, He said the command was able to achieve the feast through the sensitiz
  • Games Village residents urge FG to recover sewage plant

    Games Village residents urge FG to recover sewage plant
    Remi Adefulu
    Residents of Games Village in Surulere Lagos, formerly belonging to the Federal Government have appealed to President Muhammadu Buhari, to assist them in recovering their sewage plant from some vested interests.
    The Chairman of Games Village Community Development Association (CDA), Mr. Johnson Oguns, told journalists during a protest that this was they bought their properties and the sewage plant from the Federal Government through the Presidential Implementation Committee (PIC).
    Ac
  • Lagos prepares strategy for administration of excised land in villages

    Lagos prepares strategy for administration of excised land in villages
    In order to administer land excised by the Lagos State government, a strategy has been prepared by the state to ease operation in that direction.
    The State government has concluded plans for the preparation of strategy to guide the development of land, hitherto, acquired in some villages.
    An excised land is land that has been released by the government to the indigenes of the area who originally owned the land before the government acquired it. This means that the land is no longer under governm
  • Borno commended for building 500 housing units for IDPs

    Borno commended for building 500 housing units for IDPs
    Stakeholders in the built environment have commended the Governor of Borno State, Babagana Zulum, for constructing 500 housing units to be allocated to victims of fire disaster, insurgency and orders. 
    According to Mustafa Jubril, a consultant architect in FCT, the governor’s gesture will help to alleviate the sufferings of the people. “It is a good idea that we remember some our colleagues who lost either their loved ones or their valuable property in their times of need,&rdquo
  • Lagos State targets completion of green housing estate by Q1 2020

    Lagos State targets completion of green housing estate by Q1 2020
    Chinwendu Obienyi
    The Lagos State Government has unveiled plans to commission its first green and ecofriendly estate before the close of the first quarter (Q1) of 2020.
    Disclosing this to pressmen during a site inspection of the Peridot Parkland Estate in Badagry recently, Honourable Commissioner for Housing in the state, Honourable Moruf Akinderu-Fatai, noted that the housing scheme which was built by the Ministry of Housing through a joint venture arrangement with Echostone Nigeria, was design
  • Doubts over provision of 4m homes by 2023

    Maduka Nweke
    After reviewing the speed with which Federal Government executed project contracted to its various agencies, some stakeholders in the industry doubt the ability of the first tier government to execute the four million housing units it promised for 2023.
    According to Antonio Mande, a Quantity Surveyor, when we see the project completed, then we believe, otherwise, there are a lot of projects promised but not executed. He advised government to start projects they can complete and not
  • Level of occupancy, expenses pose risks in real estate –Adefarasin

    Level of occupancy, expenses pose risks in real estate –Adefarasin
    Maduka Nweke
    Alex Adefarasin is the Chief Executive Officer, Arkbridge Company Limited . The company is a promoter of many real estate firms that have developed so many estates within and outside Lagos State. These estates include the  New Lagos City Developments , Century Park Estate and the Freedom Park Estate.
    Adefarasin is skilled in negotiation, business planning, entrepreneurship, sales management, development strategy, project management and market analysis. A strong entrep
  • New VAT kicks off February 1

    New VAT kicks off February 1
    minsiter of Finance, Budget and National Planning, Mrs Zainab Ahmed on Thursday disclosed that the implementation of the 7.5% Value Added Tax (VAT) commences February 1, 2020, as all the necessary administrative procedures, especially the gazette of the Act by the Federal Ministry of Justice, would have been completed. 
    Ahmed made the disclosure at the inauguration of the newly constituted  board of the Federal Inland Revenue Board (FIRS).
    Before now, the Accountant-General of the Fede
  • Buhari nominates Obiora as CBN deputy governor 

    Buhari nominates Obiora as CBN deputy governor 
    President Muhammadu Buhari nominated Dr Kingsley Isitua Obiora as Deputy Governor of the Central Bank of Nigeria (CBN).
    His name has been sent to the Senate for confirmation.
    Special Adviser to the President on Media and Publicity, Femi Adesina, in a statement said Buhari, in a letter to President of the Senate, Ahmad Lawan,  had said the nomination was in accordance with the provision of Section 8(1) (2) of the Central Bank of Nigeria (Establishment) Act 2007.
    Dr Obiora, upon confirma
  • Buhari meets Kyari, NNPC GMD, at Aso Rock, again

    Buhari meets Kyari, NNPC GMD, at Aso Rock, again
    President Muhammadu Buhari  again met with the Group Managing Director of the Nigeria National Petroleum Corporation (NNPC), Mele Kyari, at the Presidential Villa, Abuja, yesterday.
    Buhari had on January 8,    met behind closed doors with Mr Kyari, who declined comment on the outcome of the meeting.
    The agenda of the meeting was unknown at the time of filing this report.
    The January 8 meeting came amidst the escalating tension between the United States and Iran following the killi
  • Blackout as national grid collapses

    Blackout as national grid collapses
    Adewale Sanyaolu
    The country yesterday, recorded its first  grid collapse in 2020, throwing some parts of the country into darkness.
    The  collapse which occurred at about 12.34 pm yesterday, according to the Transmission Company of Nigeria (TCN), was said to be a partial collapse as it didn’t affect the entire country.
    Confirming the development to Daily Sun on phone, TCN Managing Director , Mr. Usman Gur Mohammed, said as at 1.10pm yesterday, supply had been restored to Abuja an
  • Nigeria, Ghana, others fault renaming of CFA to Eco

    Nigeria, Ghana, others fault renaming of CFA to Eco
    Uche Usim and Aidoghie Paulinus, Abuja
    Following the decision of eight West African nations to rename their currency, CFA Francs, to Eco, the Convergence Council of the West African Monetary Zone (WAMZ) on Thursday faulted and distanced itself from the move.
    The WAMZ Convergence Council made their reservation known in a communique issued at the end of an extraordinary meeting of the Ministers of Finance and Governors of the Central Banks of the WAMZ Zone in Abuja.
    Presenting the communique, the
  • FG to discourage use of petrol for transportation

    FG to discourage use of petrol for transportation
    White tanker truck on the highway.
    …To promote use of CNG as alternative fuel
    …Unifies PIB, creates two industry regulators
    … To conduct oil bid rounds after PIB passage
    …Eyes PIB passage in May
    By Michael Eboh
    The Minister of State for Petroleum Resources, Chief Timipre Sylva, Thursday, disclosed that the Federal Government is set to discourage the use of Premium Motor Spirit, PMS, also known as petrol, for transportation.
    Read also: Petroleum ministry warns public t
  • Equities investors regain N149 bn as NSE index up by 0.9%

    Equities investors regain N149 bn as NSE index up by 0.9%
    Nigerian Stock Exchange
    By Peter Egwuatu
    Investors in the nation’s equities market, Nigerian Stock Exchange, NSE regained N149 billion today (Thursday) after the two previous days’ trading that recorded negative sentiments.
    Read also: Plateau State govt abandons ICD investors
    The gains in bellwethers such as Dangote Cement 2.9 percent, MTN Nigeria 2.1 percent and Guaranty Trust Bank 1.7 percent, pushed the NSE All-Share Index up 0.99 percent to 29,352.13 points.
    Consequently, the Yea
  • Nigeria, Ghana, others fault renaming CFA as Eco

    Nigeria, Ghana, others fault renaming CFA as Eco
    Uche Usim, Abuja
    Following recent attempts by eight West African countries to rename the ‘CFA Francs’ as the ‘Eco’, the Convergence Council of the West African Monetary Zone on Thursday faulted the plan and distanced itself from it.
    The WAMZ Convergence Council made their reservations known in a communique issued at the end of an extraordinary meeting of the Ministers of Finance and Governors of the Central Banks of the WAMZ Zone in Abuja.
    Presenting the communique, the M
  • Nestle to invest 2bn Swiss francs in recycled plastics

    Nestle to invest 2bn Swiss francs in recycled plastics
    Swiss food giant Nestle said Thursday it would invest 2.0 billion Swiss francs (1.8 billion euros, $2.1 billion) over five years to cut its use of virgin plastics in favour of food-grade recycled plastics.
    The company, whose brands include Nespresso coffee, Vittel water and Smarties chocolates, also plans to invest in new types of sustainable packaging to meet its target of making all its packaging recyclable or reusable by 2025.
    Nestle also said in a statement it would reduce its use of virgin