Canada-based Proto Gets Fresh Funds for Global Expansion

By Aduragbemi Omiyale Moody’s outlook on Nigeria has been upgraded from stable to positive after the federal government implemented a few economic reforms. In a statement on Friday, the rating agency said the decisions to remove the costly petrol subsidies, devaluation of the Naira and the unification of the foreign exchange (FX) market were good for the economy. When Mr Bola Tinubu assumed office in May 2023, he announced an end to the payment of subsidies on premium motor spirit (PMS). A month later, the Central Bank of Nigeria (CBN) announced the unification of the forex market, while the Naira

By Bliss Okperan President Bola Tinubu on Monday morning departed Abuja for Maiduguri, the Borno State capital the Nigerian Army Annual Conference as a special guest of honour. Mr Tinubu left the seat of power from the presidential wing of the Nnamdi Azikiwe International Airport, Abuja. It is his first visit to the North-Eastern region of the country since assuming office on May 29, 2023, from former president Muhammadu Buhari. The event will include an address to the troops of Joint Task Force North East Operation HADIN KAI, an inspection of the ongoing Nigerian Army Reference Hospital in Maiduguri, and

By Precious Olisa The Lagos Chamber of Commerce and Industry (LCCI) and the Nigeria Employers’ Consultative Association (NECA) have expressed their disappointment over the increasing exit of multinationals from the Nigerian market. The two organisations reacted to the planned exit of Procter & Gamble (P&G) from the country over economic headwinds. P&G announced its intention to close down its manufacturing operations in Nigeria and adopt an import-only business model due to the foreign exchange (FX) crisis in the country. This is coming some weeks after GlaxoSmithKline (GSK), Sanofi, Unilever Nigeria, Equinor and others have also indicated their interest in quitting

By Dipo Olowookere Nigerian stocks attracted more investments last week than the preceding week as a result of renewed confidence in the market, as traders quickly take a position, especially in large-cap equities, ahead of the release of financial results in the coming months. The Nigerian Exchange (NGX) Limited has been impressive in 2023, and there are indications that next year will be better. Those who have missed out on the goodies this year are already positioning themselves for 2024 so as not to be left behind again. Consequently, the bourse witnessed an improvement in the value of transactions by

By Investors Hub The major U.S. index futures are pointing to a lower opening on Thursday, with stocks likely to see further downside after coming under pressure late in the previous session. The downwardly momentum on Wall Street comes as traders are keeping a close eye on trade talks between the U.S. and China. The U.S. delegation led by Treasury Secretary Steven Mnuchin is expected to raise concerns with Chinese Vice Premier Liu He about a number of China’s trade practices. In a post to Twitter, President Donald Trump said, ?Our great financial team is in China trying to negotiate

By Dipo Olowookere The total value of equities of companies on the floor of the Nigerian Stock Exchange (NSE) was inflated further by N36 billion on Friday. This followed the positive performance of stocks in the oil/gas, banking, consumer goods and insurance sectors, which finished higher by 2.57 percent, 1.21 percent, 1.23 percent and 1.25 percent respectively. At the close of transactions yesterday, the local bourse closed 0.31 percent higher, increasing the year-to-date gain to 0.32 percent, with the All-Share Index (ASI) rising by 96.43 points to settle at 31,529.92 points. Business Post reports that the volume of shares traded

By Dipo Olowookere Banks operating in the country and also involved in the sale of foreign exchange (forex) have been given a new procedure on how to return all unutilised forex to the Central Bank of Nigeria (CBN). In a circular posted on the CBN website on Monday, the apex bank explained that it gave this new directive following complaints from “Deposit Money Banks (DMB) over the delay in getting Naira value for unutilised portion of forex repatriated to the CBN.” The circular, dated June 23, 2017, and signed by the Director in charge of Banking & Payments System Department

By Dipo Olowookere Friday, March 20, 2020 has been fixed for the maiden edition of a seminar organised by InfoWARE Limited, a technology-driven solutions company which currently serves a wide range of client businesses in Nigeria. A notice from the organisation said the workshop taking place next month is themed Business Structuring and Efficiency. The event will take place at Adeyemi Pero Hall, Alausa, Ikeja, Lagos by 8am. InfoWare stated that the panel of professionals and experts to drive this discussion includes Uwa Agbonile, Chief Software Architect, InfoWARE Limited; Ayoola Awosika Commercial Manager, Coca-Cola Nigeria; Tereigh Okapzo, Business Development Manager,

By Omoshola Deji Civilization and modern forms of governance have drastically diminished the power and authority of monarchs. Fading, not faded, our hidden admiration for primordial values sustains the influence of monarchs on government and the governed. Monarchs currently have no constitutional role, but their grassroots prominence generates patronage from virtually all holders of public office, industrialists and dignitaries. This patronage vindicates the presence of monarchs in social and state functions. The Oba of Lagos, Rilwan Akiolu and the Ooni of Ife, Adeyeye Ogunwusi’s presence at a function recently produced a much-needed distraction. Just when Nigerians were ardently debating President

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has assured stakeholders in the country that Nigerian banks remain resilient following widespread media reports that commercial banks in the country had failed the bank’s Capital Adequacy Ratio (CAR) for international authorisation. CAR compares the risk-weighted assets of a bank with the available capital that Nigerian banks possess. For instance, when faced with challenging financial conditions, the ratio offers a quick and easy way to determine whether or not a bank has sufficient money to cover losses and continue to keep its solvent status. In a statement on Monday, the apex

By Bliss Okperan The Lagos State Government has announced the closure of a popular market located at Onigbongbo Local Council Area of Ikeja, Alade Market. The Commissioner for Environment and Water Resources, Mr Tokunbo Wahab, ordered the closure of the market due to its users flouting environmental laws following a series of abatement notices. The Director of Public Affairs in the Ministry, Mr Kunle Adeshina, confirmed the closure of the facility in a statement on Wednesday, stressing that the market would not be reopened until specified conditions are met. He said, “As directed by the Commissioner for Environment and Water

By Dipo Olowookere Chairman of Sterling Bank Plc, Mr Asue Ighodalo, has hinted that the financial institution may change its operational structure into a holding entity. Mr Ighodalo gave this indication at the Annual General Meeting (AGM) of the lender held in Lagos on Thursday. He said this is one of the plans being considered by the management to reposition the company as a top class organisation in the country. According to him, the new structure will allow its different subsidiaries operate under a parent company. At the moment, only three banks operate under holding company structure and they are