Dangote Replies BUA Group Allegations

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.38 per cent on Friday, September 30, with N4.16 billion added to the value of the bourse, closing at N1.105 trillion compared with Thursday’s value of N1.101 trillion. The market witnessed the improvement a day after the shares of VFD Group were yanked off the trading platform, with the NASD Unlisted Securities Index (NSI) closing higher by 3.06 points to settle at 815.65 basis points versus the previous day’s 812.59 basis points. There were three gainers led by FrieslandCampina Wamco Nigeria Plc, which improved by N1.31 to close at

By Adedapo Adesanya The oil market retreated on Thursday, as traders took profits after prices soared recently while the space worried that high interest rates may weigh on demand. During the trading session, Brent futures fell by $1.17 or 1.2 per cent to settle at $95.38 a barrel and the US West Texas Intermediate crude (WTI) declined by $1.97 or 2.1 per cent to close at $91.71 per barrel. The market had reached a 10-month high as some traders worried high oil prices would stoke inflation, encouraging the US Federal Reserve and other central banks to persist with rate hikes.

Traders Union (TU) recently took an interest in ChatGPT, a chatbot by OpenAI. Think of ChatGPT as a super-smart robot friend who loves to chat about almost anything! It’s famous for giving detailed answers to loads of questions. But, like every friend, it might get things wrong sometimes. There’s a free version everyone can chat with, and a fancier version called ChatGPT Plus for those who want more. Some even call it the “ChatGPT trading bot” because of its extensive knowledge about trading. ChatGPT’s trading capabilities Without a doubt, ChatGPT has carved a niche for itself in the automated trading

By Adedapo Adesanya Trading activities resumed at the official segment of the foreign exchange (FX), with the Nigerian Naira returning to familiar territory after the Eid-el-Maulud break due to forex demand pressure. The nation’s currency depreciated against the US Dollar in the Investors and Exporters (I&E) arm of the market on Thursday, September 28, by 2.68 per cent or N20.23 to finish at N775.31/$1 compared with the preceding day’s value of N755.08/$1. It was observed that the domestic currency crumbled during the session due to FX demand caused by the break, with the spot market recording trades valued at $144.55

By Adedapo Adesanya Subscription-based financial edtech platform, Money Africa, won the star prize of $25,000 at the maiden edition of Nigeria Sovereign Investment Authority’s (NSIA) Innovation Programme. The agency, through the event, rewarded 10 Nigerian innovators with the sum of $60,000 and equity investments in its Prize for Innovation programme. At the Prize for NSIA Innovation Programme (NPI) held on Saturday in Lagos, Money Africa won the star prize of the maiden event. Extension Africa won the second place of $17, 500 while Legit Car Africa won the third place of $12,500. Seven other innovators- TruQ, Capsa Technology, Apace, Ya-lo,

By Modupe Gbadeyanka Four banks have been fined the sum of N5.87 billion by the Central Bank of Nigeria (CBN) for their role in the illegal repatriation of funds to South Africa by MTN few years ago. A lawmaker, Senator Dino Melaye, had raised an alarm that the South African owned telco illegally repatriated about $14 billion to South Africa between 2006 and 2016. He had also claimed that this was done with the aid of some financial institutions operating in Nigeria. The matter was investigated and the central bank said it found out that the sum of $3.5 billion

By Modupe Gbadeyanka Probably worried by the disappointing outcome of its 2018 financial year performance, which saw the total revenue generated by the company reducing to N350.2 billion from N365.8 billion in 2017 fiscal year, the management of Nigerian Breweries has taken a major decision to improve things in the 2019 financial year. In its 2018 results, the implementation of the new excise duty by federal government in the second half of the year had a negative effect on the company. As part of efforts to improve this year, the brewery giant has signed a Solar Power Purchase Agreement deal

By Modupe Gbadeyanka Panasonic Corporation says it has recently developed the “HITTM Photovoltaic Module for Automobile”, which was adopted for the new Prius PHV released in February 2017 by Toyota Motor. In addition, Panasonic’s automotive prismatic lithium-ion batteries were adopted for the drive batteries, as with the Prius PHV that was released in 2012. Panasonic Corporation has worked on the development of new applications of solar cells through the effective use of high performance and high reliability technologies and know-how that have been accumulated through the development, manufacture, and sales of photovoltaic modules for residential, public and industrial use. Panasonic’s

By Kester Kenn Klomegah The BRICS, an association of five major emerging economies Brazil, Russia, India, China and South Africa, has a significant influence on regional affairs and is very active on the global stage. All of them are members of the G20. While the group has received both praise and criticism from different corners of the world, BRICS is steadily working towards realizing its set goals, bilateral relations among them are also conducted on the basis of equality and mutual benefits. In this exclusive interview for IDN, Dr Byelongo Elisée Isheloke, who is currently a Postdoctoral Research Fellow at

By Dipo Olowookere The monthly international spend limit on the debit and prepaid Naira cards of United Bank for Africa (UBA) Plc has been reviewed upward from $100 to $2,000. The bank, in a statement issued on Wednesday, disclosed that the upward review was “immediate” and represents 1,900 percent rise, allowing customers to withdraw up to $2,000 per month as against $100 previously obtainable. This was done in response to the growing demand for higher limits by customers who make international transactions, the lender explained. It is also an indication of the improved confidence in the Nigerian economy as shown

By Dipo Olowookere The Royal Norwegian Ministry of Foreign Affairs has disclosed that it would soon establish an embassy in Bamako, the capital of Mali. Business Post learnt that the Norwegian Embassy in Bamako is due to be opened in the summer of 2017. A statement issued Friday by the ministry disclosed that this will further strengthen the bilateral relations between the two countries. Norway’s Minister of Foreign Affairs, Mr Børge Brende, also stated that this will “enable us to have a closer dialogue on the security challenges facing Mali and the wider Sahel region.” Mr Brende added that, “Norway’s

By Adedapo Adesanya Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to publicly instruct former governors who have been appointed to serve as ministers in his administration to stop collecting life pensions, exotic cars, and other allowances from their states. The President was asked to “instruct the former governors to immediately return any pension and allowances that they may have collected since leaving office to the public treasury.” In a statement on Sunday signed by SERAP Deputy Director, Mr Kolawole Oluwadare, the rights group argued that, “The appointment of former governors who collect life pensions while serving