Author: Citynews

Abbey Mortgage Bank Plc and 14 listed companies have fallen into default positions in the Nigerian Exchange free float rules.This was contained in the NGX X-Compliance report dated August 2, 2024. They have a less-than-required minimum number of shares that should be available to minority retail shareholders, a major infraction that may adversely affect liquidity and efficient price discovery.NGX stated that, “companies listed on the Exchange are required to maintain a minimum free float for the set standards under which they are listed in order to ensure that there is an orderly and liquid market for their securities.Listing the free…

Bill Gates, the Co-chair of the Bill and Melinda Gates Foundation, has explained why Nigeria receives the largest share of intervention funds allocated by the foundation in Africa.Gates made this statement during an interview with selected journalists on the sidelines of the 2024 NutriVision Dialogue on Tuesday in Abuja.He said, “We spend a lot in Asia, but we spend even more in Africa. The country where we spend the most in Africa is Nigeria.“That makes sense because of the population and the incredible needs that are here. That means that I’ve literally spent billions in Nigeria.“I’m glad that things like…

…Transactions Halt since 48 HoursSince September 2, 2024, Sterling Bank’s system has been down, leaving customers stranded and frustrated. Transactions have been hanging for the past 48 hours, causing chaos and discomfort for those relying on the bank’s services.On social media, customers have been venting their frustrations, pleading with the bank to resolve the issue. One customer wrote, “Since Friday! @cenbank pls, come to our rescue. I’m stranded! I’m hungry! I can’t do any transactions on the app. Money sent to me are yet to reflect on the account. I can’t do anything.”Another customer threatened to close their accounts, saying,…

Facts have emerged of how Governor Dauda Lawal of Zamfara State misused security funds to finance his personal gold mining interests and pay off notorious bandits.A leaked memo reveals that a substantial amount of money was approved to finance a reconciliation project, totalling over one billion Naira. However, sources claim that the funds were used to settle bandits and finance gold extraction in a newly discovered large gold deposit.The former Chairman of the Zamfara State Security Trust Fund, MD Abubakar, was sacked after he allegedly refused to comply with the governor’s scheme. Abubakar had written a memo requesting funds to…

The National Communications Commission (NCC) has granted three licences to Airtel Nigeria Telesonic Limited, a subsidiary of Airtel Africa.These new licences will enable the company to expand its fibre network and enhance infrastructure to meet the growing demand for data services in Nigeria.As detailed on the NCC’s website, the approved licences include National Long Distance, Internet Service Provider, and Sales & Installation Major licences.“The companies listed below are those that have fully paid their licence fees and have received their licence documents for their respective telecommunications operations prior to the reclassification of licences into class and individual categories,” the NCC…

The Situation Room on Energy Sustainability, a coalition of civil society organizations, has commended the President of Dangote Group, Alhaji Aliko Dangote, on the resumption of Premium Motor Spirit (PMS) production in Nigeria for the first time in almost three decades.In a statement signed by Dr. Ikenna Nnaji, the group described the milestone achievement as a testament to Dangote’s visionary leadership and commitment to Nigeria’s economic growth and development.The Dangote refinery, with a capacity to produce 650,000 barrels per day, is expected to significantly reduce fuel scarcity, leading to lower prices and increased economic activity, which will improve livelihoods, reduce…

The Lagos State House of Assembly has emphasised the need for a proactive approach in addressing domestic and sexual violence in the state.At a sitting presided over by the Speaker, Rt. Hon. Mudashiru Obasa, the House stressed the importance of establishing guidance and counseling units in schools and religious institutions as a way to reach out to the public and prevent such violence.The House also called on the Ministry of Information to continue its enlightenment campaigns.In his position, Dr. Obasa pointed out the complexities involved in cases of domestic violence, particularly the impact on children.“We thank the agencies in Lagos…

…as Matawalle reinstates Tinubu’s resolve to wipe out terroristsIn a significant move to tackle the growing insecurity in the North-West region, Minister of State for Defence, Bello Matawalle, has arrived in Sokoto.Matawalle is joined by Chief of Defence Staff, Gen. Christopher Musa and other top military chiefs in a bid to boost troops’ morale and intensify the fight against banditry, kidnapping, and terrorism.The Minister’s visit comes on the heels of his recent expression of sadness over the activities of terrorists and bandits in Sokoto, Zamfara, Katsina, and Kebbi States.Matawalle assured the people of the region that the security forces would leave…

The Nigerian Employers’ Consultative Association (NECA) has expressed concerns over the Federal Competition and Consumer Protection Commission’s (FCCPC) recent focus on pricing regulations, suggesting that the commission’s actions may inadvertently harm the economy if broader issues affecting market dynamics are ignored. Speaking during an appearance on the popular TVC business program “Business Nigeria”, Director General, NECA, Adewale Oyerinde expressed displeasure with the FCCPC’s recent directives mandating retailers to reduce prices. Oyerinde noted that while the intent behind these directives—to protect consumers—is commendable, the approach failed to account for the complex factors driving up prices, which include foreign exchange volatility, rising…

L-R: Finance Director, Nigerian Breweries Plc, Ben Wessels Boer; Group Managing Director/Chief Executive Officer, Vetiva (Lead Issuing House), Chuka Eseka; Managing Director, NB Plc, Hans Essaadi; Company Secretary/Legal Director, NB Plc, Uaboi Agbebaku; Independent Non-Executive Director, NB Plc, Adeyinka  Aroyewun and Chief Executive, Stanbic IBTC Capital Limited, Oladele Sotubo during the signing ceremony of Nigerian Breweries Plc’s ₦599.1 billion Rights Issue held at the company’s headquarters in Lagos today. Following receipt of the approval of its shareholders in April 2024, Nigerian Breweries Plc (“Nigerian Breweries” or the “Company”) has now received clearance of the relevant documents from the Securities and…