Bargain Hunters Rebound Local Stocks by 0.23%

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigeria Autonomous Foreign Exchange Market (NAFEM) and the unregulated Peer-to-Peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, November 29 as President Bola Tinubu reiterated his administration’s promise to meet its obligations. Speaking during the presentation of his administration’s N27.50 trillion 2024 budget proposal to the joint session of the 10th National Assembly on Wednesday, Mr Tinubu said, “Despite the challenges, we continue to meet our obligations.” In the official NAFEM segment of the market, the value of the local currency went

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange fell into the danger zone on Tuesday, November 28, as it recorded a 1.14 per cent loss after the price of three securities on the platform closed lower. This chopped off N13.33 billion from the NASD OTC securities exchange at the close of transactions, going down to N1.158 trillion from the N1.171 trillion it ended in the previous session. Business Post reports that the effort of a price gainer yesterday could not save the NASD Unlisted Security Index (NSI) from declining by 9.84 points to 854.67 points from the 864.51 points

By Adedapo Adesanya President Bola Tinubu is targeting to grow Nigeria’s economy by 3.76 per cent next year and moderate the country’s inflation to 21.4 per cent. Speaking at his first budget speech to lawmakers on Wednesday, President Tinubu also projected higher oil production and tax collection, noting that this will boost government revenues and cut down on reliance on borrowing to finance budget deficits. Nigeria plans on spending N27.5 billion in the 2024 fiscal year, with priorities on security, infrastructure and easing the high cost-of-living crisis. The country will borrow around N9 trillion and N18.5 billion generated from internally

By Adedapo Adesanya The boards of insurance companies operating in the country have been charged by the National Insurance Commission (NAICOM) to embrace the measures put in place to tackle the challenges of unpaid claims. The Commissioner for Insurance, Mr Sunday Thomas, expressed worry over the number of outstanding claims in the sector despite efforts by the regulator to address the issue. Mr Thomas, who is also the chief executive of NAICOM, said the organisation, in collaboration with members of the Insurers’ Committee, has taken decisions and incepted measures designed to tame the menace of unpaid claims. Speaking at the

By Modupe Gbadeyanka A church in Makurdi, Benue State capital, has incurred the wrath of some of its members after receiving a tithe of N42 million from an anonymous man. The church, NKST Church, ‘Nongu u Kristu u i Ser u sha Tar’ translated to mean ‘Universal Reformed Christian Church, reportedly got the money paid into its UBA bank account in January 2017. Pastor of the church, Mr Frederick Ikyaan, had initially claimed the church never received such payment, but when the church’s quarterly financial report, from January 2017 to March 2017, revealed the credit of N42 million tithes to the

By Dipo Olowookere The year-to-date loss of the Nigerian Stock Exchange (NSE) shrank to 0.02 per cent on Wednesday following the 0.83 per cent growth recorded by the market. This was buoyed by the rising demand for equities, which left stocks of 20 companies on the exchange appreciating in value during the session. Only eight shares closed in the red territory yesterday. At the close of business, the All-Share Index (ASI) increased by 219.8 points to 26,831.76 points from 26,611.96 points, while the market capitalisation finally hit N14 trillion after gaining N117 billion to settle at N14.025 trillion as against

By Kester Kenn Klomegah One of the biggest problems in the African continent is corruption, but in Nigeria, corruption has gotten to a frightening level. It has reached the level whereby government policies and actions are decided by incorrigibly corrupt officials. It does not make any difference which party is in power, whether it is the People Democratic Party (PDP) or President Mohamed Buhari led All Progressives Congress (APC). As a matter of fact, the current President Mohammed Buhari led APC has taken corruption to a different dangerous dimensional height. Do not be deceived by the noise that this present

SWIFT says it will begin piloting an integrated pre-validation gpi payments service, focussing on enabling the speedy identification and elimination of errors and omissions in payment messages. The pilot is the first stage in the roll-out of the ambitious gpi validation programme. The goal of the pilot is to build the foundation of a new integrated and interactive service that will significantly improve efficiencies in the payments process and which will ultimately be made available to all 10,000 banks across the SWIFT network. Fully integrated with gpi payments, the service will facilitate real time dynamic bank-to-bank interaction using APIs to

By Modupe Gbadeyanka SES SA has announced on Monday that its SES Government Solutions (SES GS), a wholly owned subsidiary of SES, has been awarded a contract to provide an O3b Networks high throughput, low latency satellite communications solution for a US Department of Defence end-user. The O3b-enabled solution includes a satellite beam operating at less than 200 milliseconds per roundtrip, and will consist of a full duplex, symmetric 155 Mbps link, gateway access, a transportable 2.4m AvL terminal, terrestrial backhaul, installation services and 24/7/365 operations and maintenance activities. The contract also enables the US Government to order additional O3b

By Modupe Gbadeyanka The Senior Director for Africa, Global Government Relations and Public Policy at Procter & Gamble (P&G), Mrs Temitope Iluyemi, has stressed the need to create awareness for proper oral care. Speaking at an event to announce the provision of free dental checks and a month’s supply of Oral B toothpaste and toothbrushes to members of the Jiwa community in Abuja, Mrs Iluyemi declared that “effective oral care reduces infection and promotes health.” P&G collaborated with the Federal Ministry of Health through its Oral- B brand in furtherance of its commitment to promoting oral health and hygiene. The

By Dipo Olowookere There was an Open Market Operations (OMO) conducted by the Central Bank of Nigeria (CBN) on Thursday and it came 24 hours after the apex bank sold treasury bills to investors at the primary market. The central bank offered the liquidity management tool to investors across three maturities during the session, with the stop rates remaining unchanged. According to details of the exercise obtained by Business Post, the apex bank offered for sale N50.0 billion for a 96-day bill, another N50.0 billion for a 173-day bill and N230.0 billion for a 362-day bill and for the bids,

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