Access Bank Moves to NASD OTC Exchange, Trades Stocks at N9.95

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has cautioned Nigerians to be wary of fake Naira notes currently in circulation, vowing to prosecute those engaged in the illicit acts. The apex bank in a release signed by Mrs Hakama Sidi Ali, the acting Director of Corporate Communications, said the counterfeit notes have been spread by some individuals for transactions in food markets and other places where commerce takes place across the country, noting that this is a punishable offence. “The attention of the Central Bank of Nigeria (CBN) has been drawn to the circulation of counterfeit banknotes, especially

By Aduragbemi Omiyale Moody’s outlook on Nigeria has been upgraded from stable to positive after the federal government implemented a few economic reforms. In a statement on Friday, the rating agency said the decisions to remove the costly petrol subsidies, devaluation of the Naira and the unification of the foreign exchange (FX) market were good for the economy. When Mr Bola Tinubu assumed office in May 2023, he announced an end to the payment of subsidies on premium motor spirit (PMS). A month later, the Central Bank of Nigeria (CBN) announced the unification of the forex market, while the Naira

By Adedapo Adesanya Some Nigerians have expressed anger over the upward review in the foreign exchange (FX) rate, a move that could see imported goods and by extension, domestic products record surge in prices at a time when the country is battling a high cost of living. The federal government, through the Central Bank of Nigeria (CBN), has hiked the duties payable on imported goods at Nigerian ports. Business Post gathered that the upward review of prices showed the US Dollar equivalent had been put at N951.941/$1 while for the Euro, the rate was pegged at N1,030.762/€1 and the Pound

By Adedapo Adesanya Nigerian crude output fell by 30,000 barrels per day to 1.43 million barrels per day in November, according to data from an S&P Global Commodity Insight. This was lower than the 1.46 million barrels produced in October by Africa’s largest oil producer and 312,000 barrels per day short of its 1.742 million barrels per day target in 2023. Angola, Africa’s second-largest oil producer, saw output drop 20,000 barrels per day to 1.13 million barrels per day, according to the survey, compared with its quota of 1.46 million barrels per day. The drops impacted the wider output of

By Dipo Olowookere The arraignment of the former Governor of Katsina State, Mr Ibrahim Shehu Shema, suffered a setback today sequel to a motion on notice filed by the defendant which challenges the jurisdiction of the court and the competency of the charge. Mr Shema is being charged alongside three others, Mr Sani Hamisu Makana, Mr Lawal Ahmad Safana and Mr Ibrahim Lawal Dankaba before Justice Maikaita Bako of the Katsina State High Court for the alleged offences of criminal breach of trust, abuse of office and conversion of public funds to the tune of over N11 billion during his

By Adedapo Adesanya Digital payment service, TerraPay, amid pay cuts and retrenchments in the globe, has announced the recruitment of six senior level positions across North America, East-Africa, Middle-East and Asia as it strengthens its services globally. Despite the worldwide uncertainty caused by the coronavirus pandemic, TerraPay is showing how the company is very well placed to combat the challenges posed during the current world crisis. Backed by Prime Ventures, Partech and IFC, which invested $9.6 million in March, the company has improved and continued to set up digital payments infrastructure across the globe since 2015. This new fund has

By Adedapo Adesanya One of Nigeria’s golden generation poets, Prof John Pepper Clark-Bekederemo, is dead. The renowned writer breathed his last on Tuesday, October 13, 2020, at the age of 86. This was disclosed in a statement signed by Mr C. C. Clark and Mr Ilaye Clark on behalf of the family today. “The Clark-Fuludu Bekederemo family of Kiagbodo Town, Delta State, wishes to announce that Emeritus Professor of Literature and Renowned Writer, Prof. John Pepper Clark, has finally dropped his pen in the early hours of today, Tuesday, 13 October 2020. “Prof. J. P. Clark has paddled on to

By Adedapo Adesanya Abuja-based healthcare startup, 54gene, has launched its Clinical Program Services (CPS) division, which will provide end-to-end clinical development services, intelligence, logistics, and infrastructure and ultimately enable successful conduct of clinical trials in Africa, starting from Nigeria. The launch comes at the same time as the appointment of 54gene as the Nigerian country partner for the International Registry of Healthcare Workers Exposed to COVID-19 (UNITY Global) Study. In partnership with Certara, a global leader in biosimulation, the startup will provide clinical trial management oversight and support for all aspects of the study conducted in Nigeria. 54gene’s Clinical Program

By Dipo Olowookere Over 500 female entrepreneurs from across the country have undergone training programmes aimed to scale up their skills on how to leverage digital platforms to drive growth in their businesses. The initiative, which kicked off last month, has held in Abuja, Lagos, Enugu and Ibadan with over 500 female business owners in attendance. It was put together by Access Bank in partnership with She Leads Africa under the Facebook Program called #SheMeansBusiness. The second phase of the Access Bank, Facebook and She Leads Africa training will continue in Abeokuta on Wednesday, July 17, Jos, July 23, and

By Adedapo Adesanya The African Development Bank (AfDB) has revealed that current projections indicate that with the African Continental Free Trade Area (AfCFTA), economies on the continent will reach $3.3 trillion. President of the bank, Mr Akinwumi Adesina, said at the African Leadership Persons of the Year Investiture Ceremonies and Awards Gala night held in Johannesburg, South Africa on Saturday, where he was honoured as the African of the Year that the size of business and consumer expenditures in Africa will rise to $5.6 trillion by 2025. Mr Adesina explained that with the current trend in size of food and

By Dipo Olowookere There was a mild pandemonium on Monday in Adamawa State when the Minister of Women Affairs, Mrs Aisha Alhassan, collapsed at the Internally Displaced Persons’ (IDPs) camp in Fufore Local Government Area of the state. The incident occurred while the Minister was addressing vulnerable IDP women inside a store in the camp. However, she was quickly assisted to a chair and given a bottle of soft drink, which revived her. It was said that Mrs Alhassan had been diagnosed with low sugar, a problem that creates serious weakness of the body. She arrived the camp in crutches

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