DMO to Raise N135b from Bond Auction Wednesday

By Aduragbemi Omiyale The federal government has expressed its readiness to work closely with the Nigerian Exchange (NGX) Limited to attract startups to the stock exchange. The Minister of Communications, Innovation and Digital Economy, Mr Bosun Tijani, said the government would use the newly created NGX Technology Board to achieve this goal. Speaking at a tech event themed Invest in Africa’s Future- Let’s Talk About Exits on Thursday in the United States, he noted that Nigeria had been grappling with its over-dependence on oil in the last few years, adding that diversifying from heavy reliance on a single sector like

By Dipo Olowookere The leadership uncertainty in the Central Bank of Nigeria (CBN), which some observers have said led to the indefinite postponement of the Monetary Policy Committee (MPC) meeting, further put investors off at the local equity market on Friday. Yesterday, the central bank said the person chosen by President Bola Tinubu to head the organisation, Mr Yemi Cardoso, has resumed in an acting capacity replacing the former acting CBN chief, Mr Folashodun Shonubi. Mr Shonubi was appointed by Mr Tinubu to take over from Mr Godwin Emefiele, who was suspended from office and was said to have resigned

By Adedapo Adesanya Though the supply of foreign exchange (FX) in Nigeria has remained low, the Naira closed stronger against the United States Dollar in the Investors and Exporters (I&E) and the Peer-to-Peer (P2P) segments on Wednesday, September 20, and maintained stability in the parallel market. According to data obtained from FMDQ Securities Exchange, the local currency appreciated against the Dollar in the midweek session by 0.76 per cent or N5.89 to sell for N770.71/$1 versus the previous rate of N776.60/$1 amid a decline in the value of forex transactions by 9.4 per cent or $6.65 million to $64.36 million

Forex trading in Malaysia has been legal and regulated by the central bank, Bank Negara Malaysia (BNM), since 2012. While Malaysia’s growing economy attracts financial companies, traders need to beware of scammers who target beginners seeking quick profits. Traders Union (TU) experts provide a Forex scammer list for Malaysia and discuss types of Forex scams. Blacklist of Forex scam brokers in Malaysia BNM, the country’s financial regulator, maintains a list of nearly 400 companies involved in Forex trading scams in Malaysia. These companies are regularly updated as they engage in fraudulent activities, such as using manipulated software, blocking withdrawals, and

The distribution of free tree seedlings to residents of Ogun State has commenced. The initiative by the Governor Ibikunle Amosun-led administration is aimed at mitigating the effects of climate change. Commissioner for Forestry in Ogun State, Mr Kolawole Lawal, explained that the motive behind the programme was not just to plant trees, but to nurture the trees to maturity, adding that it was only when this was achieved that it would become beneficial to the people and the environment. “We have begun the distribution of free tree seedlings and we will ensure we monitor their planting after collection, to the

By Nneka Okumazie There are African countries with an intermittent high-intensity crisis that often seem like the face of hell. The people there unleash the worse possible hell on each other. There is often an issue at stake in every crisis. However, some watchers often wonder where does this cruelty come from or how do these people do this to each other? There are people who blame colonisation or the incursion of foreigners, saying Africa had morals and a value system before they came, that it what afterwards that Africa lost a lot of those. They say enticing elite Africans

By Adedapo Adesanya Sparkle, the Nigerian start-up that was founded by Mr Uzoma Dozie, is planning to move into digital distribution of general insurance products next years. This was confirmed to the Africa Report by the former Diamond Bank CEO. Sparkle was granted a banking license by the Central Bank of Nigeria (CBN) this year. Initially, Sparkle was launched for users to be able to split payment, make utilities and bill payments and also save their money, but with its banking license, it also plans to start offering consumer and small business loans at the end of the first quarter

By Adedapo Adesanya The Delta State Government has revealed that Governor Ifeanyi Okowa inherited about N100 billion unpaid pensions under the Contributory Pension Scheme (CPS). This was disclosed by Mr Okowa at the third session of the 8th Synod of the Church of Nigeria (Anglican Communion), Ughelli Diocese held at Bishop Agori-Iwe Memorial Church, Ughelli. Mr Okowa said that the financial burden from the scheme forced 18 state governments out of 26 that enlisted in the initial programme to withdraw, leaving only eight state governments, including Delta, in the programme. The Governor explained that the major challenge which forced the

By Modupe Gbadeyanka Presidency has described as false claims on social and traditional media that $25 billion worth of oil contracts were awarded by the Nigerian National Petroleum Corporation (NNPC). A statement issued on Sunday by Mr Laolu Akande, Senior Special Assistant to the Vice President, Mr Yemi Osinbajo, on Media and Publicity, also said claims that $25 billion in NNPC funds were missing was false too. In the statement, the Presidency said no contracts were procured by the NNPC based on the leaked memo of the Petroleum Resources Minister of State, Mr Ibe Kachiwku, even though such impressions have

By Dipo Olowookere The positive energy witnessed on the floor of the Nigerian Exchange (NGX) Limited in the latter part of 2022 was transmitted to 2023 as the first session of the year closed higher by 0.67 per cent on Tuesday. The stock market did not operate on Monday due to the public holiday observed on that day to celebrate the new year. But when the bourse opened for business yesterday, investors were full of energy and mopped up equities with good fundamentals, especially in the consumer goods and banking sectors. This resulted in BUA Foods growing by 10.00 per

By Aduragbemi Omiyale The largest pension fund administrator (PFA) in Nigeria, Stanbic IBTC Pension Managers Limited, has refuted reports making the round that it gave out gift items to its clients last December in defiance of the directive of the National Pension Commission (PenCom). In order to stop unhealthy competition in the pension industry in the country, PenCom directed operators to stop luring customers with incentives. It was reported that Stanbic IBTC Pension Managers, which controls over 1.9 million retirement savings accounts (RSAs) and over N4.5 trillion in assets under management, gave out loyalty gift vouchers last month. But the

The management of Melcom Group has said it will strictly enforce face/nose masks protocols in all its shops across Ghana. The joint Group Managing Director of Melcom Group, Mr Mahesh Melwani, made this disclosure, stressing that this is to help stop the spread of COVID-19 among its customers and staff. By this, shoppers who go to any of the Melcom shops nationwide are now required to wear nose or face masks or be denied entry. He further said apart from the compulsorily wearing of masks, customers are also ensured to strictly observe physical distancing, washing of hands with soap under