Economy
Craft by Leemart, Others Win Tosin Eniolorunda Innovation Challenge
By Dipo Olowookere
Three winners have emerged in the inaugural edition of the Tosin Eniolorunda Innovation Challenge, an initiative of the Management Students Association of the University of Lagos supported by the chief executive of Moniepoint Incorporated, Mr Tosin Eniolorunda.
The scheme was put together to build a supportive environment for innovation and create new pathways for a future where prosperity is inclusive, opportunities abound, and where the entrepreneurial spirit thrives.
Business Post reports that the three selected university-based young Nigerian entrepreneurs were rewarded by the sponsor of the programme.
The winners were Craft by Leemart owned by Ms Halimat Ajoke Ariyo, who went away with N1 million; SafeMom, promoted by Michael Kolade Sunmoni and Saanumi Oluwaseun Joshua; and UNISHOP, established by the duo of Bukunmi Ransome-Kuti and Israel Olasupo.
These winners were chosen after preliminary rounds by an expert panel of judges drawn from the business and technology ecosystem including industry leaders such as Gabriel Balogun, Head of Learning and Development, Moniepoint Inc, Katherine Adesomoju, CEO, Spectrum Holdings, Samuel Olatunde, CEO/Founder, Edala Homes, and Adeola Sanusi, CEO/Founder, XL Homes.
The evaluation was based on key metrics including market potential, understanding of financial management, growth plans, and business value/competitiveness of the proposed solution and the quality of the presentation and delivery.
Craft by Leemart is a fashion leather brand creating high-quality, customized products – footwear, customized bracelets, wallets, belts, journals and other products with quality leather with a focus on customer satisfaction and personalized experiences.
As for SafeMom, it is a healthtech startup addressing maternal mortality by connecting expectant mothers with healthcare resources through an innovative digital platform.
UNISHOP is a retail-as-a-service platform empowering student entrepreneurs to establish and grow their businesses within the campus ecosystem. It offers basic listings and premium shop pages to drive visibility and marketing for student businesses to thrive in the campus marketplace.
Mr Eniolorunda, while speaking at the 4th Annual Students Entrepreneurship Program, a one-day session, where the winners of the initiative were announced, said the scheme resonated strongly with him, considering his early beginnings as an undergraduate of the Obafemi Awolowo University (OAU) where he was solving problems for his peers on campus.
“This initiative aligns with our vision of powering dreams and being critical enablers for the growth of the SMES across Nigeria,” he said at the event themed Bridging the Gap From Micro to Macro: Empowering SMEs to Drive Sustainable National Growth.”
“This Innovation Challenge is a solid platform to help more dreamers move their innovative ideas into becoming tangible ventures that can increase their contribution to the broader economy,” Mr Eniolorunda, who was represented by the Head of Partnerships at Moniepoint, Efemena Ogie, added.
The chief executive of Craft by Leemart, who could not hide her joy, said, “I’d like to thank Moniepoint and Mr Eniolorunda for this opportunity and the cash incentive. I am energized to take my business to the next level and the world would know my name.”
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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