Don’t Do Business With Broker Capitals, Three Others—SEC Warns

By Adedapo Adesanya The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has admitted that the country recorded a revenue drop of $1.4 billion between 2015 and 2019 after imposing foreign exchange (FX) restrictions for import of 43 items over eight years. The apex bank governor made this known on Friday while delivering his keynote address at the 58th Annual Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos. The apex bank head, during the preparation of his monetary policy thrust, cited available data saying, “Studies have shown that during the period when the

By Bliss Okperan, Adedapo Adesanya  The cost of cooking a pot of jollof rice, one of the most consumed foods daily in Nigeria, has surged by 37.4 per cent, according to research carried out by Business Post. Using market data and the most recent food price watch by the National Bureau of Statistics (NBS), major food items in making the delicacy, including rice, groundnut oil, tomatoes, and onions, among others have recorded a massive increase within the past year, making it hard for the average Nigerian to survive. According to NBS, 1 kilogram of Rice cost N757.06 in 2023 as

By Adedapo Adesanya The duo of Aradel Holdings Plc and 11 Plc landed the NASD Over-the-Counter (OTC) Securities Exchange in the green territory by 0.84 per cent on Monday, November 27. The two energy stocks overpowered losses posted by two other securities admitted to the alternative stock exchange, leaving the NASD Unlisted Security Index (NSI) closing higher by 7.22 points to 864.51 basis points from 857/29 points, as the market capitalisation of the exchange increased by N9.78 billion to N1.171 trillion from N1.162 trillion. Aradel Holdings Plc saw its share price continue to soar as it rose by N28.80 to

By Dipo Olowookere Dangote Refinery and Petrochemical Limited will be listed on the floor of the Nigerian Exchange (NGX) Limited in the future, the Chairman of the company, Mr Aliko Dangote, has revealed. Mr Dangote, who is the richest man in Africa, confirmed this in an interview with the Financial Times published on Saturday. The refinery will join other businesses of Mr Dangote currently trading their equities on the NGX, Dangote Cement, Dangote Sugar, and NASCON. The oil facility, believed to be worth about $20 billion, was launched in May 2023 by the immediate past president of Nigeria, Mr Muhammadu

By Adedapo Adesanya Amid a biting foreign exchange (forex) supply crunch, the Naira on Tuesday, July 5 depreciated to its lowest level yet at the Investors and Exporters (I&E) segment of the currency exchange market. The local currency fell by N4.25 or 1.0 per cent against the US Dollar to close at N430.00/$1 in contrast to the N425.75/$1 that it sold in the previous session. This happened amid dollar shortages which are crippling the economy due to recessionary fears in top global economies, leading to central banks hiking their interest rates. However, the value of the Naira to the Dollar

By Adedapo Adesanya The Independent Petroleum Marketers Association of Nigeria (IPMAN) has suspended the loading of products in Rivers State over extortion by persons it described as “miscreants” aided by security agencies at private depots. The group said it has written letters to the police, the Nigerian Army, the Department of State Security (DSS) and the Nigerian Security and Civil Defence Corps (NSCDC) on the activities of miscreants who use security agents to disrupt loading of petroleum products in various private depots in the state. The National Public Relations Officer of IPMAN, Mr Ukadike Chinedu, said the collection of illegal

By Ahmed Rahma An operator of an online mobile application platform, Logiq, has collaborated with Comviva to offer digital wallet and payment services. Recall that recently, Logiq partnered with Yabx, a fintech venture of a global leader in digital financial solutions to offer credit-based financial services. The new deal with Comviva will enable the firm to offer its services across Indonesia and it is based on Logiq’s PayLogiq digital wallet to be powered by Comviva’s mobiquity® Pay platform. mobiquity Pay, which is one of the world’s largest digital wallet solutions, powering over 70 digital financial services across more than 50

**Says GDP Still Below 3% Population Growth By Modupe Gbadeyanka The Lagos Chamber of Commerce and Industry (LCCI) has described the growth path of the Nigerian economy as still weak, vulnerable and fragile. This was made known in reaction to the release of the Gross Domestic Product (GDP) figures of the Africa’s largest economy for the fourth quarter of 2018 by the National Bureau of Statistics (NBS) earlier this week. The stats office said in Q4 of last year, the nation’s economy grew by 2.4 percent in contrast to the 1.8 percent recorded in the third quarter of the year.

The founder of Slum2School Africa, Mr Orondaam Otto, has had a day with CNN International for his dedication to ensuring underprivileged children in Nigeria can go to school. In July, Mr Otto launched Nigeria’s first virtual learning classroom to help underprivileged communities across Nigeria access education during COVID-19 lockdown. So far, his initiative has reached around 1,000 children and the goal is to reach 10,000. In a chat, he told CNN, “We believe that every Nigerian child deserves the best. This is what inspires us to do what we do…I work with volunteers across the world to provide access to

By Modupe Gbadeyanka The agricultural sector in Nigeria has received another huge boost with the commitment recently shown by Italy. Italy considers Nigeria to be its second biggest commercial partner in sub-Saharan Africa and one of the priority markets in 2017. At a meeting with Nigeria’s Minister of State for Petroleum Resources, Mr Ibe Kachikwu, on Wednesday, the Italian Minister of Foreign Affairs and International Cooperation, Angelino Alfano, said her country will continue to back the Federal Government in combating terrorist activities and militancy in the Niger Delta region of the country, which has affected the production of crude oil,

By Dipo Olowookere Minister of Sports, Mr Solomon Dalung, has reacted to media reports that he said the Federal Government was not expecting the Super Falcons to win the just-concluded African Women Cup Of Nations (AWCON) held in Yaoundé, Cameroon. “Don’t forget that nobody even knew the team will emerge victorious. “If we were confident they will emerge victorious, all the federation would have done is to plan for process of participation and entitlement. “It is already established in sports tradition, when you win this is what you are entitled to. “The situation is highly unfortunate and I don’t like

By Adedapo Adesanya The Organisation of Petroleum Exporting Countries (OPEC) is looking at deeper cuts in oil supplies for its allies in December as the cartel’s forecasts pointed to slower global growth and lower demand next year. This was revealed by the producer group’s secretary general, Mohammad Barkindo in London on Thursday. “The conference will take appropriate, strong, positive decisions that will set us on the path of heightened and sustained stability for 2020,” Barkindo said. An Alliance of OPEC, Russia, and other producers known as OPEC+ have since January implemented a deal that will cut oil output by 1.2