CBN Vows to Prosecute AbokiFX Founder, Oniwinde Adedotun

By Adedapo Adesanya The Naira recovered from the previous day’s loss after closing stronger against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 7, by 11.4 per cent or N108.15 to trade at N843.07/$1 compared with the previous day’s rate of N951.22/$1. This occurred as the value of foreign exchange (FX) transactions slightly increased during the session by $1.67 million or 39.5 per cent to $137.25 million from the $135.58 million achieved in the preceding trading session. Similarly, in the official market, the Nigerian Naira strengthened against the British Pound Sterling on Thursday by

By Aduragbemi Omiyale One of the players in the personal healthcare and consumer goods sectors, PZ Cussons Nigeria Plc, has published a list of its shareholders with unclaimed dividends. Unclaimed dividends are cash rewards given to investors, mainly from the profits from the company’s operations, but are yet to be collected by the beneficiaries. This has been a major source of sleepless nights for the Securities and Exchange Commission (SEC), which is working to bring down the number of unclaimed dividends. It has been reported that the value of unclaimed dividends in the nation’s stock market is over N185 billion.

By Adedapo Adesanya Dangote Refinery is set to commence crude refining in the coming days as an OTIS Tanker, carrying 950,000 barrels of Agbami crude has reportedly set sail to Dangote’s offshore crude receiving terminal, Business Post has gathered. It is expected to arrive around 8 pm today, December 7, 2023. This development confirms expectations that the 650,000 barrels per day will commence operations before year-end and produce its first batch of petroleum soon after the company had initially announced that it would begin producing up to 370,000 barrels per day of diesel and jet fuel in October and gradually

By Modupe Gbadeyanka The rating of a money market fund managed by EDC Fund Management Limited, a subsidiary of Ecobank Group, EDC Nigeria Money Market Fund, has been upgraded by Agusto & Co. The pan-African credit rating agency raised the rating of the fund, which was launched in February 2017, to A(f) for having low to moderate exposure to downside risk, and impairment of net asset value in the medium term. In its latest rating assessment report, which covers the review period of August 2021 – August 2022, Agusto attributed the impressive performance to the fund’s improved adherence to established

By Dipo Olowookere Managing Director of Federal Mortgage Bank of Nigeria (FMBN), Mr Ahmed Dangiwa, has briefly explained the process of benefiting from the Rent to Own housing scheme of the federal government of Nigeria. Addressing State House correspondents after a closed-door meeting with the Vice President, Mr Yemi Osinbajo, in Abuja recently, Mr Dangiwa said with the new Rent to Own, Nigerians don’t need to have any equity contribution. “You enter into the house as a tenant and over years, it becomes your own just like owner occupier basis. “It reduces debt turnaround time; you find out that off-takers,

By Adedapo Adesanya After about five months of its operations, SweepSouth Nigeria has announced plans to suspend its operations in the country from Friday, November 25, 2022. In a notice seen by Business Post, the South African home cleaning service startup said the unfavourable macroeconomic environment has hit its business hard and has forced its hand to halt services. “Due to the unfavourable global macroeconomic environment, the home service industry continues to be hit hard. This has meant that our business cannot sustainably operate due to the economic pressures being faced at the moment.” It noted that the “difficult decision”

By Adedapo Adesanya The coalition of 32 Civil Society Organisations (CSOs) working to promote democracy and human rights has expressed grave concerns over the rise in the level of attacks targeted at human rights activists in the country. The groups include: Centre for Democracy and Development (CDD), Enough is Enough (EIE) Nigeria; Partners for Electoral Reform; and the Civil Society Legislative Advocacy Centre (CISLAC). Others are Resource Centre for Human Rights and Civic Education (CHRICED); Centre for Information, Technology and Development (CITAD); Yiaga Africa; and Global Rights Project Alert among others. The group in a statement on Wednesday in Abuja

By Dipo Olowookere The first trading day of the week started on a weaker note on Monday with the All Share Index (ASI) depreciating by 0.26 percent and the Year-to-Date (YtD) return dropping to 12.59 percent. Also, the market capitalisation went down by N105.2 billion to close at N15.403 trillion. This was as a result of price depreciation suffered by large cap stocks traded on the floor of the Nigerian Stock Exchange (NSE). Business Post reports that the market breadth finished negative today as there were 19 price gainers against 33 price losers. Unilever emerged the biggest price loser on

By Akande Segun Okay, I hold up my hands and openly confess – I’ve tried and tried so very hard to understand why Nigerian customer service personnel are so incapable of smiling when customers approach them. Is it something to do with our genes /DNA? Or did God forget to give us that extra ‘smile’ muscle which empowers us to not only smile when with friends and loved ones or whilst watching something funny on TV but also whilst serving Nigerian customers (I say Nigerian because I’ve noticed they somehow always remember to smile when serving Caucasians). For that is

By Modupe Gbadeyanka The board of directors of Access Bank Plc has approved the payment of interim dividend for the period ended June 30, 2017. A statement issued on Thursday, July 26, 2017, and signed by the company’s Secretary, Mr Sunday Ekwochi, disclosed that the approval came during a meeting of the board yesterday. Also during the meeting on Wednesday, the board considered and approved the Group’s 2017 half year results and reports. “This is to notify the Nigerian Stock Exchange (NSE) and the investing public that the board of directors of Access Bank Plc met on Wednesday, July 26,

By Modupe Gbadeyanka The All-Share Index (ASI) and market capitalisation of the Nigerian Stock Exchange (NSE) both depreciated last week by 2.27 percent to close the week at 27,919.50 points and N13.607 trillion respectively. Also, in the week, all other indices on the NSE finished lower. An analysis of the price movement chart indicated that 15 equities appreciated in price during the week, lower than 18 in the previous week, while 52 equities depreciated in price, higher than 39 equities in the previous week, with 102 equities remaining unchanged, lower than 111 equities recorded in the preceding week. For the