Author: New Daily Prime

The NASD Over-the-Counter (OTC) Exchange has urged public limited companies to adhere to the Securities and Exchange Commission’s (SEC) regulation mandating that the securities of public unlisted companies be traded exclusively on SEC-registered OTC platforms. Under this rule, the purchase, sale, and transfer of securities for unlisted companies are prohibited outside of a registered stock exchange, to ensure greater transparency in trading. The SEC requires that the securities of public companies be registered with the commission immediately upon creation, and their trading must occur through an SEC-approved OTC Exchange platform. The rule specifies that all securities of unlisted public companies…

The Nigerian Exchange Limited (NGX) ended last week on a negative note, reflecting the stock market’s response to the Central Bank of Nigeria’s (CBN) recent interest rate increase. On the heels of the Monetary Policy Committee (MPC) decision, the CBN raised its benchmark interest rate, the Monetary Policy Rate (MPR), by 25 basis points to 27.5%, up from 27.25%. This marked the sixth consecutive rate hike of the year, bringing the total increase to 875 basis points, compared to 225 basis points in 2023. In line with the rate hike, the NGX All-Share Index (ASI) dropped by 0.3% Week on…

Dozens of people were killed on Sunday, December 1, following violent clashes between football fans at a match in N’Zerekore, Guinea’s second-largest city, hospital sources reported to AFP. The scenes at the local hospital were described as horrific, with bodies filling every available space. “There are bodies lined up as far as the eye can see in the hospital. Others are lying on the floor in the hallways. The morgue is full,” said one doctor, who requested anonymity. Another medical professional confirmed that there were “dozens of dead,” while other reports suggested that around 100 people had lost their lives.…

There is a growing dispute between the Port Harcourt Refining Company (PHRC) and the Petroleum Tanker Drivers (PTD) regarding the loading of petroleum products at the refinery. PHRC has accused tanker drivers of causing delays in loading operations, while PTD, represented by its umbrella body, the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), has dismissed the claims as misleading. PHRC has expressed frustration over the slow pace of loading at the refinery, attributing the issue to the reluctance of tanker drivers to take on loads. In response, NUPENG’s General Secretary, Afolabi Olawale, has denied the accusation, stating that…

The National Association of University Students (NAUS) National Headquarters has expressed unwavering support for Professor Abayomi Sunday Fashina, the Vice Chancellor of Federal University Oye Ekiti (FUOYE), with a resounding vote of confidence. Comrade Ologe John Oluwatobiloba, the National Director of Campus Interventions for NAUS, praised Professor Fashina as the best Vice Chancellor FUOYE has ever had. He commended Fashina for his remarkable efforts in transforming the university into an internationally recognised institution while prioritising the welfare of both staff and students. NAUS strongly condemned the unfounded allegations and accusations against Professor Fashina, describing those behind them as “enemies of…

Barrister Pelumi Olajengbesi, a renowned human rights activist and legal practitioner in Abuja, on Tuesday, November 26, was awarded the prestigious Prominent People’s Award by Cornerstone Media. The award was presented in recognition of Olajengbesi’s significant contributions to the development of the legal profession in Nigeria. In his address, Mr. Ajibola Afolayan, the Executive Director of Cornerstone Media, praised Olajengbesi for his outstanding work and dedication to the legal sector. Afolayan emphasised the importance of acknowledging individuals who have made substantial strides in their professions, stating that such recognition serves as an inspiration for them to continue their efforts for…

The Deputy Spokesman of the House of Representatives, Philip Agbese, has emphasised that President Bola Tinubu’s proposed tax reform bills will ease the financial burden on Nigeria’s poor and small businesses once enacted into law. The four executive bills, which have sparked widespread debate, have led to tensions between the 36 state governors and the Federal Government. The governors have expressed concerns and called for the withdrawal of the bills in order to allow for more consultation. Despite this, some state leaders are beginning to reconsider their stance. Borno State Governor, Prof Babagana Zulum, remains a staunch critic of the…

FIFA’s evaluation report on Saudi Arabia’s bid to host the 2034 World Cup has highlighted significant concerns over human rights, classifying the potential risks as “medium” while acknowledging the country’s commitment to various reforms. The report, released on 30th November, is set against the backdrop of FIFA’s upcoming Congress on 11th December, where delegates will vote to determine the hosts for the 2030 and 2034 World Cups. Saudi Arabia is the sole candidate for the 2034 tournament, with a bid that promises a “very strong all-round proposition”, according to FIFA. The report praised the proposed infrastructure, both for sporting events…

The Kano Electricity Distribution Company (KEDCO) has announced the commencement of the installation of over 4,000 prepaid meters for its Band A and Band B customers. This initiative is part of the Meter Acquisition Fund (MAF) program, introduced by the Federal Government to close the metering gap in Nigeria’s power sector. KEDCO’s management stated that the company has engaged approved Meter Asset Providers (MAPs) to supply and install the prepaid meters as part of efforts to improve metering coverage in the region. The meters provided under this initiative are free of charge for eligible customers. The MAF is overseen by…

The Yobe State Government has officially agreed to implement the new national minimum wage of N70,000 for all civil servants, pensioners, and those on special salary structures, starting in December 2024. This decision follows extensive negotiations between the state government and organised labor, led by the NLC (Nigeria Labour Congress) in the state. The agreement was announced by Baba Wali, the Secretary to the State Government and Chairman of the N70,000 Minimum Wage Committee, who revealed that after discussions, the committee recommended the wage increase, which was subsequently approved by Governor Mai Mala Buni. The signing ceremony, which took place…