OPay Launches OBus Service in Lagos

By Adedapo Adesanya The federal government, as part of the effort to drive alternative fuelling options through the National Economic Council (NEC), has endorsed the proposed mass deployment of Compressed Natural Gas (CNG) vehicles to all states for public transportation. The Director of Information in the Office of the Vice President, Mr Olusola Abiola, in a statement, said the decision was part of resolutions reached at the fourth meeting of the Council, chaired by Vice President Kashim Shettima, at the State House Executive Council Chambers on Thursday. Mr Abiola explained that the decision was taken after a presentation by the

By Adedapo Adesanya The Governor of Enugu State, Mr Peter Mbah, has appointed the co-founder and CEO of Kobo360, Mr Obi Ozor, as the Commissioner for Transport, a move that has sent ripples of joy across Nigeria’s tech sector. Mr Ozor was sworn in last Friday alongside 19 others by Governor Mbah. He is expected to bring his over six years of logistics and supply chain experience to drive the goals of the Southeastern state’s executive council. Speaking at the swearing-in ceremony, Mr Mbah said to the Commissioners, “Your selection was largely driven by your track records, your experience, your

By Adedapo Adesanya Lagosians can expect some form of ease as the federal government, in collaboration with Lagos State Government on Saturday, reopened the Eko Bridge, as promised, after 15 months of closure due to rehabilitation work. The bridge, which is one of the three bridges linking the mainland to the Island of Lagos, had been severely damaged at the Apogbon section during a fire caused by illegal traders under it, and this prompted the closure for repair. However, the closure created headaches for commuters in the commercial capital. Now, the bridge’s reopening will bring huge relief for motorists and

By Adedapo Adesanya Ride-hailing service, inDrive, has announced an investment of over seven million Rand to acquire top-notch car seat covers across Africa to create comfort for its customers. The mobility and urban service headquartered in California, USA, has distributed this to drivers in one of its crucial market, South Africa. inDrive, has seen extensive distributions in major cities like Johannesburg, Pretoria, and Durban. According to a statement seen by Business Post, this underscores the company’s unwavering commitment to the drivers and passengers that constitute the backbone of the gig economy. “The local driver community has greeted this initiative with

By Dipo Olowookere Shareholders of BUA Cement will receive a dividend of N1.75 for every unit of the company’s stocks in their possession. The cash reward is for the 2019 accounting year and it would be paid electronically to beneficiaries on October 23, 2020. In a notice from the firm, the qualification date for the BUA Cement dividend is September 25, 2020, while the closure of register is from September 28 to October 2, 2020. On October 22, 2020, the company will hold its Annual General Meeting (AGM) at the Transcorp Hilton Hotel Abuja at 11am. In the reporting year,

By Jerome-Mario Chijioke Utomi It is pedestrian information that while Nigerians were waiting for the commencement of governance, President Bola Ahmed Tinubu, on the day of his inauguration, precisely on Monday, May 29, 2023, announced the removal of fuel subsidy without putting palliatives in place to assist ameliorate the harsh impact of such policy reversal. Also newsy is that before the dust raised by such a decision could settle, another was up, as the Federal Government again implemented a coordinated but thoughtless hike in fees paid by students of most of the tertiary institutions of higher learning in the country.

By Adedapo Adesanya  The Naira value of the Naira to the Dollar was weakened by 17.59 percent on Friday at the official window of the Central Bank of Nigeria (CBN) also known as the interbank segment of the foreign exchange market to to N361/$1 on Friday, March 20, 2020. The depreciation of the local currency to N361/$1 on the official CBN window from N307/$1 confirmed fears earlier nursed that the Naira would be devalued. On Friday, Business Post reported that there were suggestions, citing people familiar with the market, that the CBN may have devalued by 15 percent. The devaluation

By Modupe Gbadeyanka Last Thursday, the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) released guidelines for the settlement of all types of securities in the country. This, we learnt, was part of their statutory mandate of promoting and facilitating the development of efficient and effective systems for settlement of transactions in Nigeria. Business Post gathered that the guidelines cover the settlement procedures and settlement cycle for the trades executed in the Nigerian Stock Exchange (NSE) traded securities, FMDQ Over The Counter (OTC) Securities, NASD Over The Counter (OTC) Securities, Nigerian Commodity Exchange (NCX) traded securities

By Adedapo Adesanya The Nigerian National Petroleum Corporation (NNPC) has disclosed that it has become an Extractive Industries Transparency Initiative (EITI) supporting company which will help it achieve greater transparency and to help ensure that Nigeria’s citizens benefit from their country’s mainstay resource. The disclosure was made by the Group Managing Director of the national oil company, Mr Mele Kyari via his Twitter account on Tuesday. He said that with the development, the corporation had joined a group of over 65 extractives companies, state-owned enterprises (SOEs), commodity traders, financial institutions and industry partners committed to observing the EITI’s supporting company

By Dipo Olowookere Transactions on the floor of the Nigerian Stock Exchange (NSE) maintained an upward trajectory on Friday by appreciating by 1.11 percent. This was buoyed by the bargain hunting embarked upon by investors, who have been impressed with the positive Q3 earnings of companies quoted on the NSE. At the close of business, investors were smiling after the N133 billion gain recorded by the local bourse. A look at the performances of the sectors showed that industrial index recorded the highest growth after closing 2.64 percent higher. The banking index gained 1.06 percent at the close of activities

By Afrinvest Research Given the challenges faced between H2:2014 and Q1:2017, investors constantly punished Nigerian equities, with sell-offs recorded across various sectors of the market. Consequently, Nigerian equities were undervalued, in comparison to peers, presenting ample opportunities for investors to take advantage of some of the companies, which turned out impressive results despite the economic challenges. Following the reforms in the FX market which resulted in increased FX liquidity and a restoration of investor confidence, massive gains were recorded in the market in 2017 and this has been sustained into 2018, up 12.2% (12/01/2018). With the market now at an

By Dipo Olowookere Nigerian stocks showed resilience at the exchange on Wednesday, rebounding by 0.98 per cent after being pinned down by the bears for two straight days due to profit-taking triggered by the recent FTSE Russell downgrade. During the midweek session, investors reacted to the positive earnings releases by UBA Plc and others. The tier-1 lender surprised the investing community with a 150 per cent rise in its interim dividend payout, tempting traders to mop up the company’s shares. This partly contributed to the growth recorded by the Nigerian Exchange (NGX) Limited yesterday, as the All-Share Index (ASI) closed