Cadbury Nigeria Bounces Back to Profitability, Posts N669.9m PAT

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 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 Adedapo Adesanya Oil slumped by more than 2 per cent on Friday as traders showed scepticism about the depth of supply cuts by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) as well as concerns about sluggish global manufacturing activity. Brent crude went down by $1.98 or 2.45 per cent to close at $78.88 a barrel as the US West Texas Intermediate (WTI) crude dropped $1.89 or 2.49 per cent to sell for $74.07 a barrel. For the week, Brent posted a decline of about 2.1 per cent, while WTI lost more than 1.9 per cent.

By Dipo Olowookere The appetite for Dangote Cement shares and others pushed the Nigerian Exchange (NGX) Limited higher by 2.48 per cent on Monday, propelling the All-Share Index (ASI) above 64,000 points at the close of trades. According to data from the bourse yesterday, the index grew by 1,562.82 to 64,603.69 points from 63,040.87 points, as the market capitalisation increased by N851 billion to N35.177 trillion from N34.326 trillion. The industrial goods sector gained 5.13 per cent during the trading day, the insurance industry rose by 4.18 per cent, the energy counter improved by 2.61 per cent, and the banking

For a liveable climate, Africa is finding its voice regarding conversations around sustainable energy. Experts in the energy sector are leveraging different speaking opportunities to lend their voices and join the United Nations’ noble cause of cutting greenhouse gas emissions to as close to zero as possible by 2050. Nigeria is the giant of Africa, and one of its indigenous oil exploration and production companies, ND Western, is extending its frontiers of commitment to rally other energy sector players in the continent to join hands and chart a course for achieving the UNSDG #7 — affordable and clean energy. ND

By Kestér Kenn Klomegâh The next year 2023, South Africa, as per stipulated approved guidelines and rules, will hold the rotating presidency of BRICS, the organization of five emerging developing countries made up of Brazil, Russia, India, China and South Africa. This implies that South African President Cyril Ramaphosa has a lot more at hand, especially with the current global geopolitical changes to drum home, to consolidate the growing support underway for a few others to join BRICS. Ramaphosa has already reminded us that South Africa will hold the BRICS rotating presidency in 2023. “That BRICS summit next year under the

By Dipo Olowookere A diversified FinTech holding company, GH Capital, has announced the intention of its online payment service subsidiary, ClickDirectPay, to actively exploring the concept of utilizing blockchain capabilities as part of its core offering, providing a financial platform that is universally accessible, regardless of country or currency. As the popularity and growing demand for cryptocurrency increases, organizations offering payments and acquiring solutions will also gradually produce alternative solutions and approaches. Chief Executive Officer of GH Capital, Mr Wolfgang Ruecker, stated that, “ClickDirectPay is looking to extend its reach of serviceability on a global scale. “Currently, ClickDirectPay is only

By Modupe Gbadeyanka A group known as Beyond Boundaries Leadership Legacy Initiative (BBLLI) on Saturday, August 5, 2017, joined other well-wishers to celebrate Dr Shehu Chindo Yamusa III on his coronation as the 15th Emir of Keffi. Speaking today at the event attended by royalties across the nation, politicians and representatives of the international community, the Executive Director of BBLLI, Comrade Omaga Daniel, described the new Emir of Keffi as a man who God has ordained to bring peace to Keffi, Nasarawa and Nigeria at large. He further described the monarch as a man with the fear of God and

By Adedapo Adesanya It was a good trading session for the Naira on Thursday at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market despite coming under pressure. The local currency appreciated against the United States Dollar at the market segment yesterday by 0.04 per cent or 18 kobo to trade at N416.07/$1 compared with N416.25/$1 it was traded at the previous session. It was observed that the demand for FX at the window jumped by 59.4 per cent or $60.63 million to $162.7 million from the $102.07 million achieved at the midweek session. However, the smooth

Dubai Chamber of Commerce and Industry (Dubai Chamber) has announced its plans to host the fifth edition of the Global Business Forum (GBF) on Africa on November 18-19, 2019 in Dubai under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. Organised under the theme “Scale Up Africa”, GBF Africa 2019 will bring together African and UAE government and business leaders to explore avenues of economic cooperation and facilitate bilateral trade and investment flows. The high-level forum will place a key focus on forging the connections

By Modupe Gbadeyanka In a bid to achieve and promote global best practices in the implementation of risk management for safer and stronger financial institution, Heritage Bank Plc has entered into strategic partnership with the Risk Management Association of Nigeria (RIMAN). Speaking recently with newsmen at the first Chief Risk Officer’s time-out/dinner organised by RIMAN, President of the association, Mr Jude Monye, noted that effective risk management implementation requires the combined efforts of institutions to tailor and implement key risk management methods and practices in the economy. He, however, explained that Heritage Bank chose to support the first Chief Risk