CBN to Hold First MPC Meeting for 2022 January 24

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 The International Monetary Fund (IMF) has said Nigeria’s revenue–to-gross domestic product (GDP) ratio of about 9 per cent was too low to trigger the economic growth projected by President Bola Tinubu in his Renewed Hope Agenda. Addressing journalists at its last press briefing for 2023 on Thursday, the global lender said the administration of Mr Tinubu must boost the government’s revenue to have funds to achieve his goals. On May 29, 2023, Mr Tinubu took over from Mr Muhammadu Buhari, promising to jump-start the economy and work tirelessly to address food security, end hunger, eradicate poverty, create

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 1.6 per cent appreciation on Friday, December 8, as investors gained about N19.12 billion to push the valuation of the unlisted bourse to N1.202 trillion from the N1.182 trillion it closed in the preceding session. This achievement was influenced by the gains recorded by the trio of Aradel Holdings Plc, FrieslandCampina Wamco Nigeria Plc, and Central Securities Clearing System (CSCS) Plc. Data showed that Aradel Holdings Plc improved its value by N30 to settle at N900.00 per unit compared with the previous day’s N870.00 per unit, FrieslandCampina Wamco Nigeria

By Adedapo Adesanya There are strong indications that Ghana may not meet its 7.1 percent economic growth projections for 2019, as the country’s third quarter result showed that Gross Domestic Product (GDP) grew at 5.6 percent. To meeting this year’s target, the West African country will need an accelerated growth of 10.0 percent in the fourth quarter of the year. This is, however, a tough task that is near impossible because key sectors such as construction, financial services, and manufacturing would perform excellently well to be able to meet up, and the indicators of these integral part of Ghana’s economy

By Modupe Gbadeyanka Pan-African financial institution, Guaranty Trust Bank (GTBank) Plc, on Wednesday announced impressive results for the first quarter of 2019. The lender released its financial status to the Nigerian Stock Exchange (NSE) and from its analysis, there were growths in key performance indices. For instance, the profit before tax improved to N57 billion from N52.6 billion, while the profit after tax appreciated in the period under review to N49.3 billion from N44.7 billion. However, the interest income dropped to N72.9 billion in Q1 2019 from N79.3 billion in Q1 2018, while the interest expense went down to N16.3

By Sodeinde Temidayo David Digital addressing system startup, OkHi Limited, has launched its smart address verification tech-driven product with Interswitch Group’s Quickteller, to focus on digitizing payments across the continent. This development made Interswitch’s payments and wallet service, Quickteller, the first Nigerian business to use this OkHi address verification service. Following this initiative, Interswitch customers will receive an OkHi address which will allow them to access larger wallets, faster loans and improved delivery service. Founded in 2014, OkHi provides digital address verification to financial services and also tackles problem spaces holding back growth. This smart addressing technology initiative makes it

By Adedapo Adesanya It was a bad outing for the Naira at the Bureau de Change (BDC) segment for foreign exchange on Wednesday in Lagos. The local currency lost N1 against the United States currency at the midweek session to trade at N460/$1 in contrast to N459/$1 it went for the previous day. According to data obtained by Business Post from the Association of Bureau de Change Operators of Nigeria (ABCON), the domestic currency, however, put up a good fight against the Pound in Lagos by gaining N8 to sell at N559/£1 in contrast to N567/£1 it traded on Tuesday and

By Adedapo Adesanya President Muhammadu Buhari has approved the removal of Ms Marilyn Amobi as the Managing Director of the Nigerian Bulk Electricity Trading (NBET) Plc. The removal of the NBET Director, marred by controversy, was confirmed by the Minister of Power, Mr Saleh Mamman on Monday, June 15. The minister, in a press statement, said the action was approved by President Buhari. He then announced that Ms Amobi’s vacant seat will be filled by the company’s General Counsel and Secretary, Mr Nnaemeka Eweluka, with immediate effect till further notice. Ms Amobi had been discovered to run a private firm

By Modupe Gbadeyanka The sum of N994.8 million was generated in the month of October 2016 by the Seme Area Command of the Nigeria Customs Service (NCS). During the period, the command also made 68 various seizures with a Duty Paid Value of N35 million. Public Relations officer of the command, Mr Taupyen Salechang, said in a statement on Wednesday that the revenue generated for the month of October exceeded the amount generated in the corresponding year with over N60.8 million. In the statement, Mr Salechang quoted Controller of the command, Mr Victor Dimka to have attributed this to the

By Dipo Olowookere For a while now, most African countries have found it very difficult to switch over from analogue broadcasting to digital. Nigeria, which prides itself as the giant of Africa, has also not been able to fully switch over to digital broadcasting. It is already two years now since the digital migration deadline set by the International Telecommunication Union (ITU) for Africa expired and yet only six African nations have completed digital transition. Recall that in 2006, ITU, a UN agency, issued the Geneva 2006 agreement, signalling the development of ‘all-digital’ terrestrial television services. The reason for this

What should be a website to promote business? This is probably the main question that worries every client. After all, a website is often not only a company’s business card on the Internet but also an effective marketing channel. And in order for your website to be really successful, you need to clearly understand what goals you are pursuing when creating it and what tasks it should solve. Let’s look at the successful example of the 22Bet website to see what things are important to customers. So, the site is designed in turquoise and blue colours, and the important information