Dangote Cement Stocks Drive NGX Index to 7-month High

By Adedapo Adesanya Foreign trading and investment firm, Risevest, has acquired Chaka, a digital trading platform. According to Techcabal, which first broke the news, the deal, which was for an undisclosed sum, will see both entities operate as different products, though the capitalisation table of the acquiree will be updated in due course. Speaking on this, Mr Tosin Osinbodu, Chaka’s founder, said, “I’m excited about how Chaka’s product will evolve and how we’re going to learn from the Risevest team.” “With booming growth in many nations around the world, investors can now own a stake in the growth of other

By Aduragbemi Omiyale The Vice President, Mr Kashim Shettima, has said Nigeria is in dire need of foreign direct investment (FDI) more than ever before, tasking domestic and foreign investors to make Nigeria their investment hub because efforts are being made to formulate business-friendly policies. Mr Shettima, while speaking when he hosted the management of First Surat Group, as well as top management of MTN Nigeria at the presidential villa in Abuja, charged MTN Nigeria to facilitate and spearhead digital mobile money and digital education. He assured that President Bola Tinubu was willing to partner with various stakeholders in the

By Adedapo Adesanya Brent crude futures surged by 2.8 per cent or $2.59 on Wednesday to the highest settlement in 2023 at $96.55 per barrel after a steep drop in crude stocks in the United States compounded worries of tighter global supplies. The price of the US West Texas Intermediate crude futures (WTI) climbed by 3.6 per cent or $3.29 to $93.68 as the Energy Information Administration (EIA) reported a crude oil inventory draw of 2.2 million barrels for the week to September 22 in the country. In the preceding week, the agency posted an inventory draw of 2.1 million

By Modupe Gbadeyanka Three leading makers of 5G-enabled smartphones, Samsung, Tecno, and Infinix, will work with Airtel Nigeria to drive the adoption of the latest technology in the telecommunications industry. The GSM network provider has partnered with the companies as part of its commitment to enhance innovation, improve customer experience, and drive the adoption of 5G technology to transform various aspects of customers’ daily activities. According to the Chief Commercial Officer of Airtel Nigeria, Mr Femi Oshinlaja, the strategic partnership is not only to increase access to the latest technological advancements but also to encourage consumers to take advantage of

By Kester Kenn Klomegah Russia’s VTB Capital and Credit Suisse have agreed to pay fines to the United States and British authorities for their role in a business fraud, which has been known as the “hidden debts” scandal since 2013 in Maputo, Mozambique. According to reports, after the final ruling on the case the US Securities and Exchange Commission (SEC) announced that Credit Suisse has agreed to pay almost $475 million to the United States and British authorities “for fraudulently misleading investors and violating the Foreign Corrupt Practices Act (FCPA). Russia’s VTB Capital, currently under sanctions, will pay a $4

By Dipo Olowookere Twenty-two more millionaires have emerged in the ongoing Diamond Xtraordinary Wins promotion put I place by Diamond Bank Plc to reward its loyal customers. The addition of the 22 new millionaires makes it 35 millionaires already produced by the financial institution since July 2017 when the scheme began. A unique feature of the DiamondXtra Season 9 campaign, the Diamond Xtraordinary Wins offer has produced more than 1,500 winners including 10 customers who won N500,000 each, 300 customers who won N10,000 each and 200 customers who won N5,000 each. The Bank also rewarded 1,000 customers with N500 airtime

Plans have been concluded to stage a one-day interactive forum on Advancing Inclusive Education in Lagos Slum Communities for school owners, government officials, private sector players, civil society groups and young people living in four slums communities in Lagos. This event, scheduled for Saturday, March 7, 2020 at Eden Centre, Iwaya, Yaba, Lagos at 12 noon, is being put together by a non-governmental organisation known as Youth Advocate for Change. The programme is expected to attract participants from Ilaje in Bariga Local Government, Iwaya-Makoko in Mainland Local Government Development area, Ikate Slum in Lekki, and Agboyi-Ketu in Ketu Local Government

By Adedapo Adesanya The Katsina State Government says it will lift the ban on telecommunication services in the remaining seven affected local government areas (LGAs) before the end of January 2022. The governor of the state, Mr Aminu Masari, disclosed this in Katsina, urging residents to do their best to protect their areas from bandit attacks. Business Post had reported that recently, the state government lifted the ban on telecommunication services in 10 out of the 17 LGAs in the state which hitherto suffered from banditry. He commended the efforts of all security agencies, especially vigilance groups for fighting bandits.

By Dipo Olowookere The equity market in Nigeria was relatively quiet on Thursday as investors stayed away with the others selling off to book profit from the gains of the past trading sessions. This was reflected in the activity level yesterday and contributed to the further decline of the Nigerian Exchange (NGX) Limited by 0.08 per cent at the close of transactions. Business Post reports that the number of deals went down by 24.72 per cent to 3,688 deals from 4,899 deals, the trading volume fell by 45.08 per cent to 160.9 million stocks from 292.9 million stocks, while the

By Dipo Olowookere The newly appointed Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari, has commended the Organization of the Petroleum Exporting Countries (OPEC) for extending the oil production cut by nine additional months. The reduction in the output of oil for some members of the cartel, including Nigeria, was taken under the Declaration of Cooperation, which seeks to improve global oil market stability among OPEC members. Oil industry under the cooperation, OPEC member and non-member nations accelerated the stabilisation of global oil market through voluntary production adjustments which amounted to 1.8 million barrels per day.

By Adedapo Adesanya An African payments company, PawaPay, has secured a $9 million seed fund from investors which include the Nigerian-Ghanaian music star, Tosin Ajibade, otherwise known as Mr Eazi. The round was co-led by MSA and UK-based investment fund 88mph, with participation from Vunani Capital, Kepple Ventures and Mr Eazi’s Zagadat Capital. The capital will be deployed to scale the United Kingdon based company’s operational presence, find more talent to join the team and expand into new markets on the continent. Founded in 2020, PawaPay started off from online sports betting company, betPawa, and is focused on the mobile