BREAKING: CBN Denies Devaluing Naira to N630/$1

By Adedapo Adesanya  The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has vowed to down tools and shut down all oil field locations if demands following the acquisition of Nigerian Agip Oil Company (NAOC) are not met. Business Post had reported in September that Oando Plc had acquired a 100 per cent stake in the Nigerian subsidiary of Italian giant, Eni. However, the deal allegedly happened without management addressing the welfare and benefits of the workers and without due process. The development has led to several protests by members of PENGASSAN since the beginning of September 2023.

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 Aduragbemi Omiyale The management of BUA Cement Plc has announced a reduction in the prices of its cement from its factory without the transportation costs to N3,500 per bag (50kg). The cement maker confirmed this development in a statement issued on Sunday, noting that it was part of efforts to make sure customers get the products at cheaper prices. In the statement, BUA Cement disclosed that the slash in cement prices is from Monday, October 2, 2023, urging its distributors not to fleet the end users. The firm said, “All pending, undelivered orders which had been paid for at

By Dipo Olowookere Profit-taking persisted on the floor of the Nigerian Exchange (NGX) Limited, as investors refused to tone down their profit-taking activities. It was observed that the market is gradually entering panic mode due to macroeconomic instability in the country, especially with the exchange rate of the Naira to the Dollar going above N1,000 in the parallel market. A stockbroker with one of the leading brokerage firms in the country, who asked not to be named, said the local bourse was witnessing panic selling due to investors liquidating their shares for Dollars. “This trend will continue for a while

By Kestér Kenn Klomegâh From various interpretations, Russia is taking advantage of the past Soviet-era connections, Africa’s growing dissatisfaction and disappointment with the Western world, but its economic influence remains marginal compared to other key foreign players. Despite the fact that Western and European are experiencing falling influence, they are still far ahead of Russia, especially considering its global status. China is the main player in the continent. Russia has sought to convince African leaders, the elites and the middle class over the past years of the likely dangers of neocolonial tendencies perpetrated by the former colonial masters and the

By Adedapo Adesanya English football giants, Manchester United Football Club, have restructured key managerial positions with the promotion of John Murtough to Football Director and Darren Fletcher to Technical Director. The club in a statement released on Wednesday and seen by Business Post said the two new roles will further strengthen the football outfit’s operations. In his capacity, Mr Murtough will have overall leadership and responsibility for operations and strategy across all football functions, reinforcing the strong foundations already in place. Manchester United further said the new Football Director would build on past experience and work closely with the club’s

By Modupe Gbadeyanka The positive momentum was sustained on the trading floor of the Nigerian Stock Exchange (NSE) on Tuesday with the market closing 0.41 percent higher. The All-Share Index (ASI) extended its gains by 135.18 points to settle at 33,436.61 points, pushing the YTD Return to 24.42 percent. Furthermore, the market capitalisation grew by N46.6 billion to finish at N11.52 trillion as the market breadth close positive with 25 gainers against 19 losers. Business Post reports that Nestle closed for the day as the highest gainer after adding N16 to its share price to end at N920 per share.

By Adedapo Adesanya Trading activities on the floor of the NASD Over-the-Counter (OTC) Securities Exchange were dull on Wednesday, January 8, 2020 as investors stayed back from the market for reasons best known to them. Business Post reports that the OTC market closed flat during the midweek session as the key barometers remained the same way they closed on Tuesday, with the market capitalisation at N501.49 billion and the NASD Unlisted Securities Index (NSI) at 698.04 points. However, the volume and value of shares transacted at the session declined, with investors trading 10,200 stocks yesterday compared with the 75,000 stocks

By Adedapo Adesanya Nigerian startup, CrowdForce, a Y Combinator-backed agency banking platform, has raised a $3.6 million pre-Series A funding round to increase its PayForce agent network three-fold this year to deepen its financial service offerings to underserved Nigerian communities. The $3.6 million pre-Series A round, which is split between equity and debt, was led by Aruwa Capital Management with participation from HAVAÍC and AAIC. CrowdForce will use the capital to expand its team, geographical operations and marketing to increase its agent network. The startup aims to grow its 7,000 active agents three-fold this year. With the new funding, it

By Ahmed Rahma Business owners can leverage on e-commerce to increase their source of revenue in this festive season, a leading payments firm, Visa, has said. The restriction of movements in 2020 as a result of the COVID-19 pandemic has made most customers switch to online shopping, which allows for easy payment. According to Visa, small business owners can use the online platform to cut their cost and earn more as a report by the company showed that 81 per cent of customers are willing to pay more for a good customer experience. In the Visa Consulting & Analytics (VCA)

By Dipo Olowookere The management of MRS Oil Nigeria Plc has announced the relocation of its corporate head office from its present location to another. The fully integrated and efficient downstream player with leading positions in the nation’s oil sector said its head office is no longer at Onikan, Lagos. In a statement to the Nigerian Stock Exchange (NSE), MRS Oil Nigeria said its new location is now at the Tin Can Island, Apapa, also in Lagos. “MRS Oil Nigeria Plc hereby notifies the Nigerian Stock Exchange (NSE) that its board of directors has approved the relocation of the company’s

By Adedapo Adesanya Nigeria recorded a decrease in its total capital importation in the third quarter of 2019 as the amount of investment inflows into the country stood at $5.4 million, 7.8 percent lower from the second quarter of this year, $5.8 billion, but 87.9 percent higher than the Q3, 2018 figures. In a report released on Monday morning by the National Bureau of Statistics (NBS), it was stated that the largest percentage of the third quarter capital importation came from the portfolio investment, accounting for 55.9 percent or $2.99 billion. This was followed by Other Investment with 40.4 percent