CBN Admits Printing Money to Boost Allocations to States

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 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 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

Ideas combined with smart strategy, hardwork, and dedication will get you rich in 2021 When you flip through magazines of highly successful people in the world, you will see that they all come from different work backgrounds. They could be entrepreneurs, investors, managers, lawyers, and others. This shows that there are several methods that you too can follow to become rich. There is a lot to learn about different businesses and ideas to help you get rich. However, keep in mind that financial prosperity can only be achieved when you follow an idea with consistent hard work, dedication, persistence, and

By Dipo Olowookere On Monday, April 24, 2017, the Ogun State government will host the meeting of the South West Governors’ Forum in Abeokuta, the state capital. A statement signed on Friday by Secretary to the State Government (SSG) in Ogun State, Mr Taiwo Adeoluwa, disclosed that the Governors were meeting to “explore areas of collaboration that would engender good governance.” He listed few of the thematic areas to be discussed as export development initiatives for the Western region as well as security, in view of the current contemporary unwholesome activities of some criminal elements parading themselves as militants now

By Aduragbemi Omiyale If Nigerian banks intend to have a competitive advantage in the global market, then they must quickly integrate environmental, social, and governance (ESG) principles into their business strategies. This was the submission of the chief executive of the NGX Regulation Limited (NGX RegCo), Ms Tinuade Awe, at the 16th Annual Banking and Finance Conference organised by the Chartered Institute of Bankers in Nigeria (CIBN) in Abuja. Recall that Nigeria has made a commitment to adopt the International Sustainability Standards Board (ISSB) standards. At a panel session titled ESG in the Financial Services Industry: Challenges, Opportunities, and the

By Adedapo Adesanya The National Drug Law Enforcement Agency (NDLEA) has assured the international community of Nigeria’s preparedness and determination to go after the assets of drug traffickers and barons in any part of the country. This was disclosed by the Chairman and Chief Executive Officer of the agency, Mr Mohamed Buba Marwa, in his presentation at the ongoing third committee session of the 76th United Nations General Assembly (UNGA). According to a statement by NDLEA’s spokesman, Mr Femi Babafemi, the NDLEA boss said that, “Nigeria will remain undaunted in adopting dynamic strategies to counter new approaches adopted by organised

By Dipo Olowookere A Shea butter processing plant has commenced operations in Kwara State and it is expected to boost the economy of the subnational. Kwara State in the north-central region of Nigeria is blessed with Shea tree and it is ranked second tree populated state in the country with high economic potentials in Shea butter production. The new factory, located in at Wozibe, a community in Kaiama Local Government Area of the state, is expected to use the facility to improve the value chain of the commodity in the state. It was gathered that the project was a tripartite

By Dipo Olowookere One of the oil giants in Nigeria, Atlas Petroleum International, has resumed workover activities and well interventions on OML 109 in Nigeria. The company recommenced the development of the oil asset over the weekend in order to enhance production from the Ejulebe marginal field. The OML 109 comprises 14 identified and mapped prospects and leads, and un-risked resource potential in excess of 500 million barrels of oil equivalent. Its low-cost operating environment in shallow water and proximity to existing oil and gas infrastructure such as the Escravos Terminal make it one of the most attractive assets in

By Dipo Olowookere The board of Nigeria Police Force (NPF) Microfinance Bank Plc has expressed its intention to raise fresh capital through public offering. This information was revealed at the lender’s 24th Annual General Meeting (AGM) held in Kano recently. The bank said it intends to notify the capital market of its plan to do a public offer following due diligence on the financial landscape and bearing in mind the long tenor nature of capital market investment, while disclosing plans to navigate the effect of the challenging economy. NPF Microfinance Bank Plc has grown its Profit After Tax, (PAT) by

By Dipo Olowookere The weekly sale of treasury bills via the Open Market Operations (OMO) by the Central Bank of Nigeria (CBN) suffered a huge setback on Thursday as most investors stayed back from the exercise. Of the N300 billion worth of the OMO bills offered for sale by the apex bank yesterday, only a paltry of N41 billion was eventually sold. Business Post gathered that this was mainly due to liquidity strain in the system. Out of the N50 billion offered for the 112-day bill, the CBN could only manage to rake 60 million at 11.05 percent, while it