FG now paying 108,108 artisans in FCT, 11 states N30,000 survival funds

FG now paying 108,108 artisans in FCT, 11 states N30,000 survival funds

The Federal Government has commenced the disbursement of N30,000 one-time grant to 330,000 artisans across the country. The grant was launched across Lagos, Kano, Abuja and nine other states, as the first batch which amounts to 108,108 beneficiaries from the 11 states and FCT with 9,009 from each state, a statement from the office of the Vice President Yemi Osibajo has reportedly announced. The information was however conveyed to the public on Tuesday evening via the official Twitter handle of Bashir Ahmad, the personal assistant to President Muhammadu Buhari on…

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Nigerian stocks stronger with N106bn daily gain

stock performance

Nigerian stocks stronger with N106bn daily gain Nigerian equities market sustained gaining streak on Tuesday as it all ended in praises for stock investors who recouped fresh profit on their investments to the tune of N106 billion at the close of the session. Experts have ascribed the ongoing bull-run to liquidity in the system as high inflation and low yields continue to discourage  flow of funds into the fixed income market. This, obviously, is coupled with the many third quarter financial reports being released at the exchange, showing recovery from…

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NBC fines Arise TV, AIT and Channels TV over #EndSARS protest coverage

The National Broadcasting Commission (NBS) has sanctioned Africa Independent Television (AIT), Arise TV and Channels for what it calls, a gross violation of the broadcast code, top of which is the use of unverifiable online video footages on the social media. The sanction according to the Acting Director-General, DG of the commission, Armstrong Idachaba, will be a fine of not less than N2 million Naira. He says that this will be the last warning before a heavier sanction will be introduced. The DG also announced that DAAR Communications will be…

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Danbatta sues for peace as he visits Emir of Kano

NCC to inaugurate 5-year Strategic Management Plan

The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof Umar Garba Danbatta, has urged the people of Kano State to continue to support the Federal Government’s initiatives toward ensuring peace and stability in the country. He made this call during a courtesy visit to the Emir of Kano on Saturday. Danbatta, an indigene of Kano, who commended the Emirate and the entire people of Kano for their unwavering support to the government, said Nigeria deserves a long period of peace and stability in order to achieve sustainable growth…

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AIICO Insurance to raise share capital to N20bn

AIICO Insurance Plc has set agenda to raise its share capital at the Nigerian Stock Exchange (NSE) to N20 billion. This will be achieved by creating additional four billion ordinary shares of 50 kobo each to raise fresh N2 billion which will then pump up the share capital of the company from its current N18 billion to N20 billion. However, the plan is still subject to the approval of its shareholders who are expected to vote in support or against the move during the special business session at the company’s…

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How #EndSARS crisis disrupts Dangote Cement’s calendar

 The current precarious situation created by dissonance around #EndSARS agitation has forced the management of Dangote Cement Plc to cancelled many of its scheduled important programmes indefinitely. The company said in a notice to investors and stakeholders at the Nigerian Stock Exchange (NSE) that its board made the decision after due consultation and consideration of the precarious situation presently in Nigeria, (particularly in Lagos). Affected programmes of the company that have been affected by the simmering situation in the country include Finance and Investment Committee meeting, the Statutory Audit Committee…

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H1’ 2020: Airtel Africa posts $145m profit as customer base hits 116.4m

H1’ 2020: Airtel Africa posts $145m profit as customer base hits 116.4m

Telecoms and payment giant, Airtel Africa has reported broad base positive performance for the half-year period ended June 30, 2020. According to the financial disclosure filed on the Nigerian Stock Exchange (NSE), where it is listed, the telecoms company realised $145 million as the profit after tax (PAT) for the period. This is however 36.6 per cent decline from the 2019 half year record, despite 10.7 per cent rise in revenue at $1.815 billion in the six-month period and 14.3 per cent uptick in the Q2 revenue alone. Airtel Africa…

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Shareholders approve delisting of 11 Plc from NSE

Shareholders of 11Plc (formerly Mobil Oil Nigeria Plc) have approved the company’s proposals to voluntarily delist from the Nigerian Stock Exchange. The approval was part of the resolution at the company’s Annual General Meeting (AGM) held in Abuja. The shareholders also approved the transfer of the real estate portfolio of the oil company to a wholly owned subsidiary, 11 Hospitality Limited. The meeting also approved distribution of N2.975 billion as cash dividend for the 2019 business year, representing a dividend per share of N8.25. The board of Directors of 11…

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Nigeria loses N1.06trn oil revenue target to COVID-19 – NNPC

The Nigeria National Petroleum Corporation (NNPC) says  the country’s oil revenue target declined by N1.06 trillion due to COVID-19 and low crude oil price. Nigeria loses N1.06trn oil revenue target to COVID-19 – NNPC The NNPC’s Group Managing Director, Malam Mele Kyari, made the disclosure on Tuesday during a Nigerian Stock Exchange (NSE) oil and gas webinar with  theme as: “Perspectives of Operations and Industry Experts Post- COVID-19”. According to Kyari, the country’s N2.64 trillion oil revenue target declined by 40 per cent as a result of twin shocks of…

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Cordros announces 3 new subsidiaries

Cordros announces 3 new subsidiaries

Cordros Capital Limited has announced a major corporate expansion with the establishment of three new subsidiaries. In a statement released to the media on Tuesday, the company announced that it had obtained all relevant licences and regulatory approvals to open shop for its Insurance Brokerage, Trustees, and Registrars businesses. According to Wale Agbeyangi, the group managing director, Cordros Capital Limited, Cordros Insurance Brokers Limited has been granted an operating license by both the Nigerian Council of Registered Insurance Brokers (NCRIB) and the National Insurance Commission (NAICOM). Similarly, Cordros Trustees Limited,…

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