BUA Cement Seeks Approval to List N115bn Bond

By Adedapo Adesanya The Nigerian Naira opened the week stronger on the American Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, December 4 as pressure eased amid continued foreign exchange (FX) liquidity squeeze in the market. In the official market, the Naira appreciated against the greenback by 9.6 per cent or N89.42 to settle at N837.77/$1 compared with last Friday’s closing price of N927.19/$1. Also, the Naira gained N172.53 against the Pound Sterling in the NAFEM segment of the market during the session to close at N1,031.57/£1 versus last Friday’s rate of N1,204.10/£1 and against the Euro,

By Aduragbemi Omiyale A Nigerian startup, Pivo, which raised about $2 million in November 2022, is shutting down its operations, TechCabal is reporting. The platform quoted the co-founder and chief executive of the firm, Ms Nkiru Amadi-Emina, as confirming the intention of the company to fold up. However, no specific reason was given for the decision, though some organisations have been closing shops in Nigeria lately due to the harsh operating environment. One of the biggest pharmaceutical firms in the country, GlaxoSmithKline (GSK), announced a few months ago that it would no longer operate its business from Nigeria, opting to

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 Modupe Gbadeyanka Lagos State Government has commenced the immediate repairs of potholes across the state, with over 87 major roads enlisted for intervention. Some of the roads captured for immediate repair include Ikotun-Egbe, Ijegun Roads, Alimosho and Dopemu Roads, Aka-Kemberi Road, Amuwo Odofin, Marina Beach Road, Apapa, Olaniyi Road in Ifako Ijaiye, Acme-Oba Akran Road and Ikeja. Others are Ijede Road, Sabo market Road in Ikorodu, Costain Road by Brewery, Glover Road, Herbert Macaulay Road in Mainland Local Government, Itire-Ogunlana drive intersection, Itire-Lawanson, Babs Animashaun Road in Surulere, Alakija/WAEC Road, Somolu, Obalende Road, Eti-Osa, among others. Special Adviser, Lagos

By Adedapo Adesanya Oil prices appreciated by 3 per cent on Wednesday as improved risk appetite provided support despite data showing an unexpected rise in crude inventories in the United States. The Brent crude gained $2.8 or 3.34 per cent to close at $71.90 while the US West Texas Intermediate (WTI) crude recorded a rise of $3.88 or 3.43 per cent to trade at $70.03 per barrel. Both futures rebounded after dropping around 7 per cent on Monday, following a deal by the Organization of Petroleum Exporting Countries and allies (OPEC+) to boost supply by 400,000 barrels per day from

By Adedapo Adesanya Nigeria is considering restructuring its debt and extending the repayment period of its credit obligations. This was disclosed by the Minister of Finance, Budget, and National Planning, Mrs Zainab Ahmed, in an interview with Bloomberg TV. She also revealed that the country has appointed consultants to advise the government on the proposed debt restructuring as it faces a rising debt-service burden, adding that the administration of President Muhammadu Buhari also plans to refinance domestic debt obligations that are due this year and 2023. This will happen as the country’s N20 trillion in outstanding borrowings from the central

By Dipo Olowookere Revlon has announced US-based entertainer, Ciara, as the newest Global Brand Ambassador. Ciara is a Grammy award-winning singer, songwriter, dancer and producer with over 23 million records sold and 16 million singles worldwide. Ciara is excited about this. “As a woman who exemplifies confidence and beauty, Ciara is a perfect Ambassador to represent Revlon,” said Revlon President and CEO Mr Fabian Garcia. “Ciara is a talented and accomplished artist, loving wife and mother and a model of female empowerment. We are proud to have her represent our brand as she personifies the meaning behind the CHOOSE LOVE™

By Adedapo Adesanya Inflation rate in Nigeria hit a 26-month high of 12.56 per cent (year-on-year) in June 2020, the National Bureau of Statistics (NBS) disclosed on Friday. The latest figure, contained in the Consumer Price Index (CPI) report for June 2020, was 0.16 per cent higher than the 12.4 per cent recorded in the month of May 2020. The report noted an increase in all Classification of Individual Consumption According to Purpose (COICOP) divisions that yielded the headline index. The COICOP measures all index taken into consideration. On a month-on-month basis, the headline index increased by 1.2 per cent

By Adedapo Adesanya Germany is considering tapping into Nigeria as a partner for its natural gas needs in an effort to secure and diversify its energy supply. This was disclosed by Chancellor Olaf Scholz during a visit to the Nigerian capital Abuja on Sunday after a meeting with President Bola Tinubu. According to the German Chancellor, Germany has a significant need for natural gas and, in the future, hydrogen for its economy and its energy transition, and “Specific gas quantities would have to be agreed upon in negotiations between Nigerian producers and German traders.” “It is important to use the

By Adedapo Adesanya Helicarrier, the owning company of Buycoins and Sendcash, has announced that it has completed the signing of definitive agreements to acquire a significant equity interest in Accrue. As part of this agreement, Buycoins Basic will be transitioning into Accrue effective immediately. This means Buycoins Basic will now be onboarded on Accrue and position the company for more growth as it pursues cryptocurrency acceptance and adoption in Africa while helping users to grow their wealth with low-risk investment options. Mr Timi Ajiboye, CEO of Helicarrier, said, “Embarking on this partnership underscores our dedication to democratising wealth building on

By Adedapo Adesanya The National Information Technology Development Agency (NITDA) has reiterated its commitment to support the development of Small and Medium Enterprises (SMEs) through the development of the Nigerian Digital Innovation and Entrepreneurship Start up Policy (NDIESP). According to the agency, this is in line with the Nigerian Digital Economic Policy and Strategy (NDEPS) aimed at boosting the economic growth and diversification of the country. This was made known by the Director-General of the agency, Mr Kashifu Inuwa Abdullahi, at the Abuja Enterprise Agency Entrepreneurial Complex in Abuja, where he delivered a keynote address titled Leveraging on Technology and