Kabisa Energy Drink Hits Nigerian Market

By Modupe Gbadeyanka Africa’s leading payment cards and digital tokens brand, Verve, has joined forces with a fast-rising digital bank, Moniepoint Microfinance Bank, to provide customers with cutting-edge financial solutions. Recall that recently, Moniepoint announced its foray into the retail banking segment, issuing debt cards to its customers. The financial technology (fintech) firm boasts over 1.5 million businesses using its terminals across Nigeria to serve 30 million banked Nigerians. To pave the way for enhanced access to financial services for Nigerians and bridge the gap between traditional banking and modern fintech innovations, both parties are collaborating. The partnership will give

By Dipo Olowookere The acquisition of the United Kingdom subsidiary of Union Bank of Nigeria Plc, Union Bank UK, by Fidelity Bank Plc, has been completed. Fidelity Bank is a tier-2 financial institution in Nigeria, intending to move to the tier-1 category. Over a year ago, the lender announced that it was planning to take total control of Union Bank UK as part of its growth strategy. The Central Bank of Nigeria (CBN), a body which regulates the country’s banking industry, authorised Fidelity Bank to go ahead with the deal. In a disclosure on Wednesday, the bank said it has

By Modupe Gbadeyanka It was a double reward for a foremost microfinance institution, Advans Nigeria, at the recently concluded Marketing Edge Awards in Lagos. The firm, a subsidiary of Advans Group, was announced as the Most Innovative Microfinance Bank of the Year and the Most Customer-centric Microfinance Bank of the Year. The double awards are coming after the organisation was recently named as The Best in Retail Banking of the Year at the Pan African International Award. Advans Nigeria won the accolades due to its top-notch financial services and unwavering commitment to its customers. “We are immensely proud to receive

By Adedapo Adesanya  Crude oil settled lower on Wednesday as traders weighed concerns over a surge in COVID-19 cases in China, the world’s top oil importer. Brent crude futures fell by $1.07 or 1.3 per cent to settle at $83.26 a barrel, while the US West Texas Intermediate (WTI) crude futures lost 57 cents or 0.7 per cent to trade at $78.96 per barrel. China has said it will stop requiring inbound travellers to quarantine from January 8, a major step towards relaxing stringent curbs on its borders. However, Chinese hospitals have been under intense pressure due to a surge

By Ahmed Rahma The Managing Director of Galaxy Backbone (GBB), Mr Mohammad Abubakar, on Thursday, said that the organisation would need not less than N200 billion for broadband connectivity at National Broadband Plan (NBP) recommended speed to the Ministries Departments and Agencies (MDAs). He also said that about N35 billion would be needed to provide effective internet service at 2mbps to federal government’s agencies. He, therefore, sought the assistance of the National Assembly to enact laws that would enable it to operate without bureaucracy. Mr Abubakar, while speaking in Abuja when the parliament’s joint committee on Information Communication and Technology

By Adedapo Adesanya The Nigeria Centre for Disease Control (NCDC) has confirmed that Nigeria has recorded three cases of the Omicron variant of COVID-19. This was confirmed on Wednesday by the NCDC Director-General, Dr Ifedayo Adetifa, in a statement, explaining that the agency had conducted case and genomic surveillance for inbound international travellers arriving in the country at its National Reference Laboratory (NRL) in Abuja, and a network of other testing laboratories. He stated that sequencing of samples from COVID-19 positive inbound travellers was conducted in laboratories with sequencing capacity in the country while all the sequencing data were shared

By Adedapo Adesanya Trading activities ended in a stalemate on the floor of the NASD Over-the-Counter (OTC) Securities Exchange on Wednesday, with no single price gainer or a price loser at the close of business. As a result of this development, the market capitalisation of the bourse remained intact at N1.03 trillion, as the NASD Unlisted Securities Index (NSI) also remained unchanged at 743.15 points. The unlisted securities market closed flat in the midweek session amid low investor appetite for the market, as attention shifted to the fixed-income market, where the Central Bank of Nigeria (CBN) sold treasury bills at

By Adedapo Adesanya The Nigerian National Petroleum Corporation (NNPC) has disclosed that pipeline related vandalism rose by 77 percent in the month of June, as documented its Monthly Financial and Operation Report (MFOR) for the month of under review released in Abuja, on Sunday. The 47th MFOR revealed that 106 pipeline points were breached, representing an increase from the 60 points vandalized in May 2019. The monthly report is part of the corporation’s strategies to open its operations, activities and finances to the public. In the report, Business Post gathered that that the Aba-Enugu axis in the system 2E pipeline

By Adedapo Adesanya Akwa Ibom State Governor, Mr Udom Emmanuel, has affirmed the commitment of his administration toward the actualisation of the Ibom Deep Seaport project. The governor also expressed the readiness of his administration to do all that was necessary to ensure the immediate commencement of work on the project. Governor Udom stated these when he received a delegation from the China Harbour Engineering Company in his office led by its Chairman, Mr Martin Chen recently. He commended the company for its interest in working with the Akwa Ibom State Government to ensure that the dream of having the

By Nkem Ndem With the current state of the economy in Nigeria, many people are finding it rather hard to stay in control of their finances and maintain a measure of stability. A number of them have either had to change their lifestyle or have gotten into debt to salvage their situation in a bid to stay stable; but have failed to achieve financial security. The truth is simple, getting your finances stable and becoming financially successful requires the development of good financial habits. We at Jumia Travel have been researching this dilemma and we have come up with a

By Meristem Research The Nigerian equities market closed in the negative zone last week, as the NSEASI dropped 1.12% to pull the Year-to-Date return to 36.57%. Twenty stocks advanced while 42 declined, pegging the market breadth at 0.48x. AGLEVENT was the top gainer in the week, after advancing by 27.70% to close at NGN0.70. In contrast, CAVERTON shed 21.43% of its value to close at NGN1.32. While the significant trade on DANGCEM drove the market to a positive close on the first day, notable sell-offs on large cap stocks during subsequent days of trading, especially in the consumer goods space,