$543m OTC FX Futures Contract Mature on FMDQ

By Aduragbemi Omiyale The sum of N75 million has been disbursed to 15 small and medium-sized businesses (SMBs) in Nigeria to support their expansion drive. The funding package was given by Google’s Hustle Academy, with beneficiaries drawn from various industries, including agriculture, and fashion, among others. The 15 Nigerian small business owners were among the 5,300 entrepreneurs who graduated from the academy, designed by the tech giant to provide an avenue for participants to enhance their business skills and knowledge, and contribute to the growth of the continent’s economy. The recipients of the funding support are Ifeoma Augusta Anselem of

By Adedapo Adesanya  The federal government, through the Nigerian Ports Authority (NPA), has announced plans to invest $1.1 billion to fully rehabilitate decaying port infrastructure at TinCan, Apapa, Rivers, Delta, Calabar, and Onne ports as part of efforts to improve the efficiency of the nation’s existing ports. Out of the estimated 47,000 kilometres of coastline in Africa, Nigeria makes up about 853 kilometres, creating the perfect opportunity to get access to its much-needed revenue. This coastline and a 200 nautical mile exclusive economic zone make up Nigeria’s coastline in the Gulf of Guinea. The coastline equals a maritime area of

By Adedapo Adesanya Appreciation in the prices of three stocks saw the NASD Over-the-Counter (OTC) Securities Exchange closed with a 1.36 per cent rise on Friday, November 24 despite efforts by two equities to bring down the market. Aradel Holdings Plc recorded a N79.20 appreciation to sell at N871.20 per share compared to the previous day’s N792.00 per share, FrieslandCampina Wamco Nigeria Plc increased by N2.82 to close the day at N74.00 per unit versus Thursday’s closing price of N71.14 per unit, and UBN Property Plc jumped by 15 Kobo to finish at N1.65 per share, in contrast to the

By Dipo Olowookere Dangote Refinery and Petrochemical Limited will be listed on the floor of the Nigerian Exchange (NGX) Limited in the future, the Chairman of the company, Mr Aliko Dangote, has revealed. Mr Dangote, who is the richest man in Africa, confirmed this in an interview with the Financial Times published on Saturday. The refinery will join other businesses of Mr Dangote currently trading their equities on the NGX, Dangote Cement, Dangote Sugar, and NASCON. The oil facility, believed to be worth about $20 billion, was launched in May 2023 by the immediate past president of Nigeria, Mr Muhammadu

By Ahmed Rahma The Joint Admission Matriculation Board (JAMB) has stated that potential candidates who want to register for the 2021 Unified Tertiary Matriculation Examination (UTME) and Direct Entry (DE) must provide National Identity Number (NIN) at the point of registration. The board also informed that UTME registration has commenced and that the examination is set for June 5, 2021. In a statement issued on Wednesday in Bwari, FCT, by its Head of Public Affairs and Protocols, Dr Fabian Benjamin, it was disclosed that, “This (NIN) is mandatory for participation in the 2021 registration exercise.” Mr Benjamin also noted that

By Dipo Olowookere Minister of Information and Culture, Mr Lai Mohammed, has disclosed that the importation of rice into Nigeria has significantly dropped in the last two years. Mr Mohammed attributed this to the various initiatives embarked upon by the administration of President Muhammadu Buhari. One of such, according to the Minister, is the introduction of the Anchor Borrowers’ Programme (ABP) by the Central Bank of Nigeria (CBN) aimed to boost local production of the staple food in the country. While addressing newsmen on Wednesday in Abuja, Mr Mohammed said Federal Government was very close to achieving self-sufficiency in rice.

By Adedapo Adesanya Only three deals were executed at the last trading session of the week at the NASD Over-the-Counter (OTC) Securities Exchange, which further closed flat yesterday. Business Post observed that only stocks belonging to Central Securities Clearing Systems (CSCS), Air Liquide Plc, and GEO-Fluids Plc were traded at the market on Friday. The total number of deals carried out at the unlisted securities market yesterday was 75 percent or nine deals lower than the 12 deals recorded at the previous session. However, there were also no price gainers or price losers during the session as stocks remained their

  By Modupe Gbadeyanka Evelyn Okondugba Solomon is an Uber driver. She expresses her passion for driving through her work. Being a single mother herself, she strives to support abused women and single mothers. She owns a restaurant and is also a PR/Marketing Consultant. This is an excerpt of an interview she granted Mrs Esther Ijewere-Kalejaiye of Women of Rubies, but reproduced here on her permission. Childhood Growing up years ago, my mother made me do all chores and didn’t separate jobs for male and female children. My siblings and I were taught to do all chores so I was

By Modupe Gbadeyanka The handing over of the National Theatre, Iganmu, Lagos to the Central Bank of Nigeria (CBN) and the Banker’s Committee has excited the International Facility Management Association, Nigeria Chapter. The group, in a statement, described the move as lauded and a step in the right direction because it will benefit the country. In view of this, the acting President of the association, Mr Segun Adebayo, said IFMA Nigeria is willing to offer free professional services as its support towards the success of the project. According to him, this will guarantee the sustainability and positive impact on the

By Adedapo Adesanya The African Development Bank has said the West African region is projected to grow by 4 per cent in 2023 and 4.3 per cent in 2024, slightly lower than continental average growth rates of 4.1 per cent and 4.4 per cent, respectively. In its 2023 West Africa Economic Outlook report released on Tuesday, the lender said West Africa experienced slower economic growth over the past year except for Cabo Verde, The Gambia, Guinea, Mali, and Niger. In the outlook, the AfDB said the GDP growth outlook for the region is positive and that the three largest economies

By Dipo Olowookere The number of employees of banks operating in Nigeria involved in malpractices in the financial sector increased in 2017 to 320 from 231 in 2016, a new report by the Nigeria Deposit Insurance Corporation (NDIC) has revealed. Head of Communications and Public Affairs Unit of NDIC, Mr Mohammed Kudu Ibrahim, in a statement, lamented that the cases of fraud in the banking industry was rising and a panel would be set up to probe the affected banks. According to him, the number of cases rose by 56.3 percent last year to 26,132 compared with 16,751 recorded in

By Investors Hub European stocks recovered further ground on Tuesday, as geopolitical worries abated, oil steadied after sharp overnight falls and the euro edged lower against the dollar, helped by comments from New York Federal Reserve President William Dudley backing another rate hike this year. Meanwhile, the day’s economic reports painted a mixed picture of regional economies. German GDP grew 0.6 percent sequentially in the second quarter, slightly slower than the 0.7 percent expansion seen in the first quarter, while U.K. consumer price inflation unexpectedly held steady at 2.6 percent in July, helping ease the pressure on the Bank of