Brent Gains 0.07% Ahead of OPEC+ Meeting Next Week

By Adedapo Adesanya Bitmama Incorporated, a crypto exchange company, has confirmed the acquisition of Payday, a virtual card service provider. According to reports, the chief executive of Bitmama, Mrs Ruth Iselema, has offered PayDay investors $1 million worth of equity in the crypto company at a $30 million valuation. The news comes barely nine months after Payday announced its $3 million seed round and three months after its exploration of sale options was confirmed. Facilitated through Bitmama’s cross-border payments product, Changera, the acquisition marks a pivotal shift from earlier speculations, including a potential acquisition by lead investor, Moniepoint. Changera is

By Adedapo Adesanya The Nigerian Shippers’ Council (NSC) has expressed its readiness to partner with the Lekki Deep Seaport by promoting the seamless movement of cargo and the efficiency of the nation’s ports. The NSC Executive Secretary, Mr Pius Akutah, gave the assurance when the Managing Director, Lekki Port LFTZ Enterprise Limited (LPLEL) – promoters of Lekki Deep Seaport, Mr Du Ruogang, led the port’s management on a courtesy visit to the NSC in Lagos. Mr Akutah, who commended the Lekki Deep Seaport management for the visit, said the council would partner with the port in areas that would boost

By Dipo Olowookere The Nigerian Exchange (NGX) Limited commenced the first trading session in December 2023 on a bullish note, with a marginal growth of 0.08 per cent. Sustained buying pressure kept Nigerian stocks in the positive territory, extending the dominance of the bulls on Customs Street, though the turnover waned. Business Post observed that investors cherry-picked equities in the banking and the energy sectors during the session, leaving them rising by 1.14 per cent and 0.05 per cent, respectively. However, the insurance counter lost 1.10 per cent, the consumer goods index depreciated by 0.08 per cent, and the industrial

By Adedapo Adesanya The trio of Newrest Asl Plc, FrieslandCampina Wamco Nigeria Plc, and Acorn Petroleum Plc made the NASD Over-the-Counter (OTC) Securities Exchange appreciate by 0.14 per cent on Friday, December 1. The three gainers pressed down the 8 Kobo loss reported by UBN Property Plc, which closed the trading session at N1.52 per unit compared with the preceding day’s value of N1.60 per unit. During the trading day, Newrest Plc gained N1.46 to close at N16.10 per share compared with Thursday’s closing price of N14.64 per share, FrieslandCampina Wamco Plc moved up by 60 Kobo to end the

By Dipo Olowookere A deal has been signed between BUA Group and Wartsila Oy of Finland for the construction of a 48 megawatt power plant for Sokoto Cement Line III in Sokoto State. The agreement was signed for BUA Group by its executive chairman, Mr Abdul Samad Rabiu, and for Wartsila Oy by its head of Africa, Mr Magnus Miemois, at the BUA Group headquarters in Lagos yesterday. Mr Rabiu said the project is expected to boost operations of the company and help in achieving its quest for expanding its market share in Nigeria. Recall that about two months ago,

By Dipo Olowookere It was not a good day for equities on the Nigerian Exchange (NGX) Limited on Tuesday as profit-taking activities further deepened during the trading session, leading to a 1.16 per cent loss. The bearish performance was triggered by the losses recorded by some bellwether stocks like Dangote Cement, Dangote Sugar, Fidson, and six other mid and low-cap shares. The trading session saw investors rebalancing their portfolios, and at the close of business, Chams topped the losers’ chart after it dropped 8.00 per cent to sell at 23 Kobo. UAC Nigeria lost 5.76 per cent to finish at

By Ahmed Rahma Governor Ben Ayade of Cross River State and Governor Ifeanyi Ugwuanyi of Enugu State have signed their states’ 2021 budget of N281.9 billion and N169.8 billion respectively into law. The Cross River’s budget, which was signed on Wednesday, has N192.5 billion, representing 67 per cent, earmarked for recurrent expenditure, while the sum of N88.196 billion, representing 33 per cent, was for capital spending. Mr Ayade, speaking at the signing ceremony held at the Governor’s Office in Calabar, stated that there was provision for the establishment of a state polytechnic in the budget. He also mentioned that the

The Peasant Farmers Association of Ghana (PFAG) and SEND GHANA have called on the government to scale up agriculture spending and prioritise the sector to save livelihoods, as it prepares its mid-year budget review and supplementary estimates for 2020.  Speaking on agriculture sector led-economy recovery at a public forum, Professor Godfred Bokpin, an Economist, said the food index in Ghana has surged since the country reported its first case of Coronavirus disease and that the fear of COVID-19 was collapsing economies. According to him, more than 70 percent of local food consumption is produced and supplied by smallholder farmers, adding

If information filtering in from Kogi State political circle is anything to go by, the Peoples Democratic Party (PDP) Kogi East senatorial candidate in the 2019 election, who also is the present lawmaker representing the district at the upper chamber,  Senator Attai Aidoko, could as well add “former” to his appellations as his greatest challenge appears to be coming from his party, the PDP, on account of his my-money-can-get-it disposition as well as his notoriety for using and dumping party faithful. A few days ago, we gathered Mr Aidoko allegedly enlisted the Odoma Attah Igala and a few party stalwarts

By FSDH Research There are opportunities for most people who follow the simple rule we share in this article to achieve financial independence and become multimillionaires in the Nigerian financial market. Imagine starting a plan with as little as N200,000 in year one and you have over N53 million in the future. Interesting, right? That means that your initial amount has increased by over 266 times. But if your goal is to become a millionaire overnight through a money doubling scheme, sorry to disappoint you, we cannot help you. Building an enduring wealth requires discipline, consistent savings and an investing

By Dipo Olowookere One of the leading telecommunication services providers, Airtel Nigeria, is holding a training for journalists in the country. This, the firm said, is part of its commitment to deepen the practice of the journalism profession by creating platforms and opportunities that will empower journalists to become more adept and proficient at their jobs. Speaking at the flag-off of the prestigious Airtel Journalism Clinic, a multi-media training designed to bridge the gap between traditional and digital journalism practice, Vice President/Director, Corporate Communications & CSR, Airtel Nigeria, Mr Emeka Oparah, said Airtel will continue to support interventions that will

By Dipo Olowookere The management of one of the leading energy firms in Nigeria, Oando Plc, has confirmed that the team of forensic auditors appointed to scrutinise its books have commenced the exercise. Oando made this confirmation last week in a statement signed by both its Chief Compliance Officer & Company Secretary, Ayotola Jagun, and the Head of Corporate Communications, Alero Balogun. In the statement, the Adewale Tinubu-led firm said it was already cooperating with the auditors led by Deloitte Nigeria. Last year, the Securities and Exchange Commission (SEC) announced commencing a forensic audit of affairs at Oando. This came