Buhari Appoints Bello as NEXIM Bank MD

By Modupe Gbadeyanka Business owners in Lagos have been assured of more incentives by the state governor, Mr Babajide Sanwo-Olu, who added that this is part of his administration’s commitment to reforms aimed at improving the ease of doing business and enhancing investment opportunities. Speaking at the commissioning of the newly-built wet hair production factory of Godrej Nigeria Limited, the Governor said his government would continue to pursue actions that would eliminate red tapes and regulatory impediments hindering the growth of businesses in the state, thereby demonstrating his willingness for continued collaboration with the private sector to improve the livelihood

By Modupe Gbadeyanka Strong inflationary pressures in November further negatively impacted companies in Nigeria, with new orders and output both falling as customers were either reluctant or unable to pay higher charges. Purchase prices rose at the fastest pace in almost two years amid exchange rate weakness and higher costs for fuel and materials. According to the latest Purchasing Managers’ Index (PMI) from Stanbic IBTC, business conditions remained under pressure, scoring 48.0 points last month compared with the 49.1 points it garnered in October 2023. Readings above 50.0 signal an improvement in business conditions, while readings below 50.0 show deterioration.

By Aduragbemi Omiyale An application and proprietary solution for micro, small and medium-sized enterprises (MSMEs) in Nigeria, known as Aleph Express, has been launched by Aleph Group. A statement from the firm explained that Aleph Express provides a platform for MSMEs to create and maintain a free e-commerce website, create a product catalogue, set local delivery options, manage, record and process orders while gaining meaningful insights to drive growth. The platform also provides one unified inbox that integrates WhatsApp, Messenger, and Instagram, to enable businesses to efficiently engage and sell – all in one place. In addition, Aleph Express provides

By Adedapo Adesanya The Naira started the first trading session in the last month of 2023 on a negative note after it depreciated against the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), which is the official FX window, by 11.4 per cent or N94.87 on Friday, December 1, closing at N927.19/$1, in contrast to Thursday’s exchange rate of N832.32/$1. The December rush for forex contributed to the weakening of the domestic currency in the spot market yesterday, as the supply of foreign currency could not meet what customers needed. Data showed that the value of FX transactions recorded

By Adedapo Adesanya The Securities and Exchange Commission (SEC) has expressed worry over negative impact the recent decline in prices crude oil and the coronavirus (COVID-19) on the Nigerian capital market. Acting Director-General of the commission, Ms Mary Uduk, while speaking at a news conference in Abuja on Wednesday, stated that the capital market is a global phenomenon. So, whatever affects any other country of the world will affect the Nigerian capital market because oil, a global entity drives major economies. “This thing is everywhere and our capital market is global just like any other capital market. “You will recall

By Adedapo Adesanya  The Securities and Exchange Commission (SEC) has disclosed that it has put in place initiatives to resolve the issue of over N126 billion worth of unclaimed dividends in the nation’s capital market. According to the Acting Director-General of the SEC, Ms Mary Uduk, the commission would in 2020 initiate several strategies to address the issues of unclaimed dividends in the space. In a statement released via the commission in Abuja, the issue of unclaimed dividends was described as a legacy matter because they started way back in the past. Ms Uduk noted that currently, the major problem

By Adedapo Adesanya The federal government has approved the establishment of the Agricultural Machinery and Equipment Development Institute in Nasarawa State to boost industrialisation in the Northern state. This disclosure was made by Governor Abdullahi Sule in Lafia on Saturday at the opening ceremony of the Lafia City Mall, a subsidiary of Wave Mart Group of Companies. Mr Sule said the agric institute would be located in Lafia as a step forward in terms of industrialising the state, adding that it also indicated the readiness of the state to maximize the diverse opportunities in the agriculture sector especially agriculture mechanization.

By Dipo Olowookere The Group Managing Director/CEO of the United Bank for Africa (UBA) Plc, Mr Kennedy Uzoka, has said the company has the strong capacity to perform excellently under any condition. Mr Uzoka said this when he reacted to the impressive double-digit growth the banking institution recorded across most of its major income lines in the first quarter of this year. In the period ended March 31, 2021, UBA delivered a 24 per cent year-on-year growth in the net profit to N40.6 billion from N32.7 billion recorded in the first quarter of 2020. The lender sustained its strong profitability

The three-day work and two-day farming for workers policy introduced by the Imo State Governor, Rochas Okorocha, has been kicked against by president of the Nigeria Labour Congress (NLC), Ayuba Wabba. Speaking with the News Agency of Nigeria (NAN) in Abuja on Sunday, Mr Wabba said the policy was against the International Labour Organisation Convention and also against the rules and procedures in service. He said sending workers to farm by force should be rejected by all in strong term. “First, we have condemned in very strong terms what the Imo State governor tries to do by forcefully sending workers

By Dipo Olowookere Transcorp Plc has confirmed that billionaire businessman, Mr Femi Otedola, has acquired a 5.52 per cent stake in the company, making him the single largest shareholder of the conglomerate. In a notice filed to the Nigerian Exchange (NGX) Limited, the firm disclosed that the chairman of Geregu Power Plc now has a total of 2,245,639,251 units of the company’s stocks. Earlier, after it was reported that Mr Otedola has invested in the company, which also has his friend, Mr Tony Elumelu, as a key shareholder, Transcorp said it was yet to be officially informed of the development.

By Adedapo Adesanya The president of the African Development Bank (AfDB) Group, Mr Akinwumi Adesina, has called for a significant increase in Japanese investment in Africa, saying the continent is the world’s best investment destination now and in the future. He led a delegation on a five-day visit to Japan, during which he will meet senior government officials, large Japanese companies, development partners and members of the African diplomatic corps in the country. Delivering a lecture at the Japan-Africa Investment Ecosystem Co-Creation Forum in the capital, Tokyo, Mr Adesina said Africa offers enormous investment opportunities and gave examples of Japanese

The management of the Nigerian Financial Intelligence Unit (NFIU) has insisted that its earlier directive to banks and Governors of the 36 states of the federation on the use of local government allocation remains sacrosanct. Some days ago, the agency prohibited the use of funds meant for the 774 local governments in the country by Governors from June 1, 2019. Under the present arrangement, Governors have access to the allocation as a result of the joint account operated by the states and their local councils. In a bid to stop the reckless spending of the funds by Governors, who rarely