6 Ways to Achieve Financial Independence

By Adedapo Adesanya Foreign trading and investment firm, Risevest, has acquired Chaka, a digital trading platform. According to Techcabal, which first broke the news, the deal, which was for an undisclosed sum, will see both entities operate as different products, though the capitalisation table of the acquiree will be updated in due course. Speaking on this, Mr Tosin Osinbodu, Chaka’s founder, said, “I’m excited about how Chaka’s product will evolve and how we’re going to learn from the Risevest team.” “With booming growth in many nations around the world, investors can now own a stake in the growth of other

By Dipo Olowookere Profit-taking persisted at the Nigerian Exchange (NGX) Limited on Thursday, with Customs Street going down by 0.31 per cent on its return from a midweek break. The market closed its doors to traders on Wednesday due to the public holiday declared by the federal government to mark Eid-el Maulud, the birthday of Prophet Mohammed. Business Post reports that market participants did not take their minds off the pressing issues affecting the Nigerian economy, especially rising inflation, energy costs and the foreign exchange (FX) crisis. As a result, they liquidated their shares, leading to a negative market breadth

By Adedapo Adesanya The value of the NASD Over-the-Counter (OTC) Securities Exchange sharply declined by 3.86 per cent on Thursday, September 28, after the shares of VFD Group Plc were taken out of the platform. VFD Group, according to reports, is planning to trade its stocks on a larger platform, the Nigerian Exchange Limited (NGX). The delisting of the company’s equities brought down the market capitalisation of the NASD OTC exchange by N44 billion to settle at N1.102 trillion compared with the N1.146 trillion it finished on Tuesday, the last trading session. The market was closed on Wednesday as a

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 Dipo Olowookere Leading telecommunication company in Africa, MTN, says it will defend the fine slammed on it by the Central Bank of Nigeria (CBN). On Wednesday, the apex bank found the MTN Nigeria guilty of illegally moving funds from the country to South Africa. According to the CBN, this was carried out with the assistance of four financial institutions; Standard Chartered Bank, Stanbic IBTC, Citibank Nigeria and Diamond Bank Plc. Consequently, the central bank fined the banks a total of N5.87 billion and asked MTN to refund $8.1 billion. But reacting to this in a statement, MTN described the

By Dipo Olowookere Four members of the Board of Directors of Union Bank of Nigeria (Union Bank) Plc have left the financial institution. This information was confirmed by the lender in a statement released on Friday. It was gathered Mr Ibrahim Kwargana has retired as an Executive Director of the bank, while the trio of Engr. Mansur Ahmed, Mrs Onikepo Akande, and Mrs Arina McDonald have resigned as Non-Executive Directors of the lender. Mr Kwargana’s retirement comes after 33 years in the banking sector. He was appointed as an Executive Director in 2009 by the Central Bank of Nigeria (CBN),

By Modupe Gbadeyanka Ondo, the Sunshine State was indeed lit up last week as rave-making comedy show, Laffmattazz, delivered premium entertainment to residents of the state capital on Tuesday, June 12, 2018. The comedy show, which held at The Dome, Akure, witnessed the presence of notable personalities including the Deji of Akure, Oba Aladetoyinbo Ogunlade, representatives of the state Governor, popular actors, with performances from artistes like Small Doctor, Faze, Sound Siltan, Reminisce and lots more. It was non-stop laughter as talented comedians like Woli Arole, Woli Agba, Kenny Blaq, Odogwu, Short Family, Gbenga Adeyinka, Koffi and lots more treated

By Dipo Olowookere Import duties on consumables like rice, salt and sugarcane have been raised by the Federal Government as part of efforts to grow local production of these commodities. Also affected are luxury goods such as yachts, boats and Sport Utility Vehicles (SUVs) imported into the country. In a circular to the Nigeria Customs Service (NCS) by the Minister of Finance, Mrs Kemi Adeosun, it was disclosed that import duties on some of these items should now attract about 70 percent of their values. “This is to confirm that Mr President has approved the 2016 fiscal policy measures made

By Dipo Olowookere A deal to reduce gas flaring and encourage diversification of energy resources while cutting down poverty through the creation of more job opportunities has been signed between Nigeria and Morocco. The deal was one of the three different agreements sealed on Monday by both the Nigerian and Moroccan governments in Rabat, the Moroccan capital. They are expected to boost economies of the two African nations. President Muhammadu Buhari travelled to Morocco on a 2-day visit. A statement issued on Monday by spokesman of the President, Mr Garba Shehu, disclosed that the three agreements signed by Nigeria and

By Modupe Gbadeyanka The performance of the Nigerian Stock Exchange (NSE) last week was good as a result of entry of offshore investors into the market. Most of the foreign investors took advantage of the cheap prices of equities at the nation’s bourse to shore up their portfolios. At the close of the trading week, the All-Share Index appreciated by 3.94 percent to ease the year-to-date (YtD) return to -1.35 percent. As anticipated, NEM Insurance put up a nice performance, emerging as the week’s highest gainer with 43.35 percent growth to settle at N2.48k per share. Though more bargain hunting

By Dipo Olowookere The Nigerian Stock Exchange (NSE) started the first trading day of the week on a bullish note, appreciating by 1.49 percent, giving investors hope that the week will close positive like last week. This is as the National Bureau of Statistics (NBS) released figures last week that the Q4’17 imports and exports stood at N2.1 trillion and N3.9 trillion respectively, bringing current account balance to N1.8 trillion in the quarter, up 65 percent q/q and 168 percent y/y. This also brought FY’17 net export to N4.0 trillion (surplus), compared to a net import of N290 billion (deficit)

By Dipo Olowookere In the first nine months of 2022, Access Holdings Plc improved its gross earnings by 30.9 per cent to N906.9 billion from the N693.1 billion recorded in the same period of 2021. This was boosted by the higher revenue from its corporate and investment banking segment, as well as the commercial banking business. In the financial statements released to the stock exchange, the company said it generated N497.5 billion from interest income, higher than the N395.1 billion achieved in the first nine months of last year, while the interest expense increased to N291.5 billion from N203.2 billion.