CBN Revised Forex Manual Takes Effect

By Adedapo Adesanya Brent crude benchmark dipped below $80 a barrel on Monday, precisely losing 60 cents of 0.7 per cent to trade at $79.98 a barrel as investors await this week’s meeting of the Organisation of the Petroleum Exporting Countries and their allies (OPEC+). The group is anticipated to maintain its ceiling on crude oil production by member countries into 2024. This affected the oil market, with the West Texas Intermediate (WTI) crude futures declining yesterday by 68 cents or 0.9 per cent to trade at $74.86 per barrel. Last week, the 23-man OPEC+ postponed its Sunday ministerial meeting

By Dipo Olowookere The Nigerian Exchange (NGX) Limited posted a 0.25 per cent growth at the close of trading activities on Friday, influenced by persistent bargain-hunting. Business Post reports that the market breadth index was positive yesterday after 33 stocks closed on the gainers’ chart and 21 equities ended on the losers’ table, indicating a strong investor. Secure Electronic Technology was the best-performing stock for the trading session as its value rose by 10.00 per cent to 55 Kobo, followed by MeCure, which gained 9.90 per cent to close at N9.21, Neimeth appreciated by 9.85 per cent to N2.23, Multiverse

By Adedapo Adesanya The federal government has set plans in motion to raise $200 million from philanthropic individuals and organisations as part of efforts to create jobs and support Micro, Small, and Medium Enterprises (MSMEs) in Nigeria. Nigeria is home to over 36.9 million MSMEs, comprising 96.7 per cent of all businesses in Nigeria. According to data, 67 per cent of these businesses are youth-owned. MSMEs contribute over 45 per cent to the country’s gross domestic product (GDP), with 98.8 per cent of them in the micro cadre. They account for nearly 90 per cent of the jobs in the

By Bliss Okperan, Adedapo Adesanya  The cost of cooking a pot of jollof rice, one of the most consumed foods daily in Nigeria, has surged by 37.4 per cent, according to research carried out by Business Post. Using market data and the most recent food price watch by the National Bureau of Statistics (NBS), major food items in making the delicacy, including rice, groundnut oil, tomatoes, and onions, among others have recorded a massive increase within the past year, making it hard for the average Nigerian to survive. According to NBS, 1 kilogram of Rice cost N757.06 in 2023 as

By Adedapo Adesanya The Federal Road Safety Corps (FRSC) has deployed over 30,000 of its officers and men to commence end of the year Special Patrol tagged Operation Zero Tolerance to Road Traffic Crashes in a move to save lives and ensure safe travels this yuletide season. The Corps equally set up 15 traffic control camps, 27 help areas, and 46 ambulance points, along critical routes of Nigeria to complement Operational and Public Education efforts. The routes to be covered are Akwanga-Lafiya-Makurdi, Jos-Bauchi-Gombe, Sokoto-Tambuwal-Jega-Birnin Kebbi corridor, Katsina-Kano-Wudil-Dutse-Azare-Potiskum corridor, Kaduna-Saminaka-Jos corridor, Abuja-Kaduna-Kano corridor, Okene-Ogori-Isua-Owo corridor, Makurdi-Otukpo-Obollo Afor-9th Mile corridor, Asaba-Abraka-Ughelli-Warri corridor, Ibadan-Ogere-Sagamu

By Emeka Ngene The relationship between the fintech industry and the financial markets is a symbiotic one in that they both stand to gain tremendously from each other. Fintechs in Nigeria primarily need the capital market for capital mobility. However, most of the Fintechs in Nigeria are startups, and the capital market generally favours investing in already established companies that have a performance history and proof of concept. The capital market as it is currently will require some rescoping that will grant access to companies that have proof of concept so that even without a deep enough performance history, it

By Dipo Olowookere The second edition of the Kano Economic and Investment Summit, which ended on Wednesday, May 24, 2017, can in every ramification be said to be largely successful going by the worth of deals sealed by the state government through the event. Not less than 10 local and international investors used the occasion to sign formal bilateral agreements with the state government under the leadership of Governor Abdullahi Umar Ganduje for investment in various economic sub-sectors in the state. It was gathered that the biggest of all was the sealing of a Memorandum of Understanding between the state

By Adedapo Adesanya Union Bank Nigeria Plc has announced the death of the Chairman of the Board of Director, Mr Cyril Odu, who passed away on Tuesday, September 17, 2019. The bank disclosed this in a notice sent to the Nigerian Stock Exchange on Thursday and was signed by the Bank’s Company Secretary, Somuyiwa Sonubi. The notice read: “We regret to inform the Nigerian Stock Exchange (NSE), our esteemed shareholders and other stakeholders that the Chairman of the Board of Directors of Union Bank of Nigeria Plc, Mr. Cyril Odu, passed away on Tuesday, 17th September, 2019” Odu was the

By Adedapo Adesanya The Kaduna State Government has presented the 2022 draft budget of N233 billion to its House of Assembly, with a capital expenditure of N146 billion and recurrent spending of N87.6 billion. This was done by the state governor, Mr Nasir El-Rufai, on Tuesday. In the further breakdown of the budget estimate, it was stated that the capital to recurrent ratio stands at 63 per cent to 37 per cent. Mr El Rufai noted that the 2022 estimates are slightly smaller than the 2021 budget of N237.52 billion, which had N157.56 billion as capital and N79.96 billion recurrent

By Dipo Olowookere The Nigerian Bottling Company (NBC) Limited has been directed to commence the recall of some Eva premium table Water 75cl already in the market as a result of some particles found in the product. In a Twitter post via its official handle, the National Agency for Food and Drug Administration and Control (NAFDAC) said the ones affected were those produced between May 22 and 23, 2019 at the Ibadan, Oyo State factory of the company. According to NAFDAC, some foreign objects were found in the Eva premium table Water 75cl, which later turn the water green. In

A total of 2,210 members of the National Youth Service Corps (NYSC) have passed out of the orientation camp and deployed to different parts of the state for their primary assignment. During the passing out ceremony held at the NYSC Permanent Orientation Camp, Eziama Obaire, Nkwerre Local Government Area of the state, the Deputy Governor of Imo State, Mr Gerald Irona urged them to eschew every form of criminality, even as he charged them to be law abiding during their service year in the state. “I urge you to shun the get-rich quick syndrome, which leads to various acts of

By Modupe Gbadeyanka One of the most capitalised financial institutions in Nigeria, Guaranty Trust Bank (GTBank) Plc, has announced the payment of 30 kobo interim dividend to its shareholders. The lender, which released its half-year earnings for 2017 today, said it was paying an interim dividend at the rate of 30 kobo per 50 kobo ordinary share to investors. However, it stressed that this dividend, “subject to the appropriate withholding tax,” would be “paid to shareholders, whose names appear in the Register of Shareholders as at the close of business August 23, 2017 and August 17, 2017, for holders of