1,183% Jump in FX Demand Weakens Naira by 0.06% at I&E

By Dipo Olowookere No fewer than 15 Nigerian Small and Medium-sized Businesses (SMBs) will share the N75 million set aside by a tech giant, Google, in the 2023 edition of Hustle Academy Fund. The initiative was introduced in 2022 to provide equity-free funds to small business owners to scale up their operations and support entrepreneurial growth in Nigeria. Entries for the exercise opened on Thursday, September 28 and will close on Thursday, October 12, 2023, and to be eligible, businesses must be Nigerian-founded, operating within Nigeria for 1-5 years, and have a clear and scalable business plan. They should have

By Bliss Okperan A lady who reviewed a product of Erisco Foods Limited, Nagiko Tomato Mix, Mrs Chioma Egodi, has threatened to demand the sum of N500 million from the chief executive of the company, Mr Eric Umeofia, for violating her fundamental human rights. Mrs Egodi said she purchased the product at the market with the intention of using it to cook stew for her family. However, when she tasted it, according to her, it tasted too much sugar, prompting her to post about it on Facebook. It was reported that Erisco was not happy with the negative review. She

By Adedapo Adesanya The Federation Account Allocation Committee (FAAC) has shared a total of N1.1 trillion from the revenue generated by the nation in August 2023 for September to enable the three tiers of government; the federal government, states, and local government councils, to have funds to pay salaries and others. The allocation of the funds was confirmed by the Office of the Accountant General of the Federation on Friday following FAAC’s September 2023 meeting. According to a statement by the OAGF’s Director of Press and Public Relations, Mr Bawa Mokwa, there was “N1100.101 billion (N1.1 trillion) total distributable revenue.”

By Adedapo Adesanya The cryptocurrency market witnessed an uptick on Wednesday, with Bitcoin (BTC) managing to stay above the $26,000 level even as the US Dollar index rose to a new year-to-date high. Data obtained by Business Post showed that the most valued crypto, BTC, posted a 0.7 per cent appreciation during the midweek session to trade at $26,408.37 in the last 24 hours. On the part of the second-most valued digital coin, Ethereum (ETH), it remained in the $1,600 mark and it improved its value yesterday by 1.6 per cent to sell at $1,610.94. At the trading session, the US

By Adedapo Adesanya A six-member Project Investment Committee (PIC) aimed at improving Industrial Energy Efficiency (IEE), Resource Efficiency and Cleaner Production (RECP) through pragmatic and innovative approaches has been set up by the Bank of Industry (BOI). Members of the team inaugurated on Tuesday at the BOI office in Lagos included BOI, Manufacturers Association of Nigeria (MAN), United Nations Industrial Development Organisation (UNIDO), and Chartered Institute of Bankers Nigeria (CIBN). Others are the Federal Ministry of Trade and Investment (FMITI), and the Nigerian Investment Promotion Commission (NIPC). Speaking at the event, Mr Olukayode Pitan, Managing Director of BOI, said that

By Modupe Gbadeyanka The Consumer Protection Council (CPC) has dissociated itself from reports claiming it secured a N17 million court judgment against soft drink giant, Coca-Cola. In a statement issued by the agency, the CPC emphasised that it neither directly contributed nor participated in the said dispute or judicial process against the drink firm. The CPC explained that the only link it has with the case was its present Director General, Mr Babatunde Irukera, who took part in the case while with SimmonsCooper Partners, which was before his appointment by the Federal Government. “Our attention has been drawn to a

By Ahmed Rahma The Lagos State Governor, Mr Babajide Sanwo-Olu, on Tuesday, outlined the key infrastructural deliverables being undertaken by his administration for the achievement of the Smart City agenda. The Governor shared his vision for the state at the 8th Lagos Economic Summit, known as Ehingbeti and themed Greater Lagos: Setting the Tone for the Next Decade.  The event was facilitated by the organised private sector in support of the state government. In his address, Mr Sanwo-Olu disclosed that the race to digitise every community in Lagos has begun with the ongoing laying of 6,000-kilometre fibre optic infrastructure across

By Dipo Olowookere The Nigerian currency was relatively stable against the major foreign currencies at the exchange market on Thursday. At the parallel segment of the foreign exchange market yesterday, the Naira remained unchanged against the US Dollar, trading at N363. Also, nothing changed with the local currency against the Pound Sterling. The Naira was exchanged at N485 to the Pound at the black. However, a slight change was observed with the Euro as the Naira appreciated marginally by N1 against the Euro. At the close of trades on Thursday, the Nigerian currency was exchanged at the black market at

By Damilola Faustino Over the past few years, awareness of startup accelerator programs like Y-Combinator and 500 Startups among others has skyrocketed. Typically, startup accelerators periodically select a batch of companies, usually in the same early stages of their lifecycle. In return for a small portion of equity, they offer advice, investor connections and mentorship. Programs can culminate in events much like debutante balls called a “demo day” where the startups have a chance to pitch to many investors at the same time. Despite the trend, many early-stage entrepreneurs remained misinformed about the benefits of going through accelerators. Here’s are key insights about what

By Adedapo Adesanya Major household condiment brand, Onga Seasoning, a product of Promasidor Nigeria Limited, treated active brand followers on social media and budding chefs to a memorable experience in this year’s Onga Foodies Hangout held in Lagos. The event themed The Jollof Showdown was packed with merriment and delicacies prepared with the brand and took place at Muri Okunola Park, Victoria Island, on Saturday, August 3, 2019. It was hosted by renowned TV host, Chuey Chu and had in attendance celebrity chefs and food bloggers led by one of the nation’s expert on food blogging, Atim Ukoh, popularly known

Nigeria’s Federal Ministry of Youth and Sports Development has promised Nigerians that their national team will have a great outing at the Tokyo Olympic Games. Through the Ministry’s Permanent Secretary, Engineer Nebeolisa Anako, the government assured the fans that the team would perform better than in previous tournaments. Diehard fans of sports betting in Nigeria will be hoping the team’s performances will be as promised. Engr. Nebeolisa was speaking from the Sports Complex of the Yaba College of Technology, Lagos, which is hosting the Athletics Trials for the Olympic qualification. He revealed that the trials were part of the local camping, which

By Ahmed Rahma Based on the comments attributed to the Bauchi State Governor, Mr Bala Mohammed, that herdsmen should be allowed to carry an AK-47 rifle to defend themselves, the Benue State Governor, Mr Samuel Ortom, has described his colleague as a terrorist. Mr Ortom, while addressing newsmen on Monday in Makurdi, Benue State capital, said Governor Mohammed must be a terrorist for supporting the use of illegal arms by foreign herdsmen. “I wouldn’t want to be joining issues with my brother, friend, and colleague Bauchi Governor. But since he has continued to vilify, intimidate and blackmail me. It is