Embattled Crypto Exchange FTX Files for Bankruptcy in US 

By Dipo Olowookere The Nigerian Exchange (NGX) Limited commenced the first trading session in December 2023 on a bullish note, with a marginal growth of 0.08 per cent. Sustained buying pressure kept Nigerian stocks in the positive territory, extending the dominance of the bulls on Customs Street, though the turnover waned. Business Post observed that investors cherry-picked equities in the banking and the energy sectors during the session, leaving them rising by 1.14 per cent and 0.05 per cent, respectively. However, the insurance counter lost 1.10 per cent, the consumer goods index depreciated by 0.08 per cent, and the industrial

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigeria Autonomous Foreign Exchange Market (NAFEM) and the unregulated Peer-to-Peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, November 29 as President Bola Tinubu reiterated his administration’s promise to meet its obligations. Speaking during the presentation of his administration’s N27.50 trillion 2024 budget proposal to the joint session of the 10th National Assembly on Wednesday, Mr Tinubu said, “Despite the challenges, we continue to meet our obligations.” In the official NAFEM segment of the market, the value of the local currency went

By Modupe Gbadeyanka Managing Director of Heritage Bank Plc, Mr Ifie Sekibo, has expressed satisfaction with the level of usage of the N2 billion long-term facility it granted Triton Aqua Africa Limited (TAAL) in partnership with the Central Bank of Nigeria (CBN) under the Commercial Agriculture Credit Scheme (CACS). He said the development has continued to boost job creation in the country. Based on the bilateral agreement reached by the two parties when the credit was given, TAAL is expected to increase the production capacity of one of its nursery/hatchery unit to 15,000 tonnes at the end of the second

By Aduragbemi Omiyale The Chief Financial Officer of Prestige Assurance Plc, Mr Emmanuel Oluwadare, says the company is now well-positioned to maintain value delivery to all its stakeholders in the next five years. Mr Oluwadare said this when he spoke at the Facts Behind the Figures platform of Nigerian Exchange (NGX) Limited on Tuesday, November 2, 2021. According to him, the successful raising of capital by the firm through a rights issue offering, which put the paid-up share capital of the company in excess of N6.6 billion, “seriously enhanced the brand’s acceptability by the insuring public in Nigeria.” He said

By Modupe Gbadeyanka LUX Resorts & Hotels has implemented 130 solar panels and batteries to fully substitute diesel-based power generation for the needs of Ile des Deux Cocos, off-grid South-East Mauritius. The 20kWp project’s state-of-the-art design and storage solution will allow for 11 hours of utilization daily and fulfil self-sufficiency of the property including during night-time. Building upon the many eco-friendly initiatives already embedded in LUX sustainable vision, this corner achievement demonstrates the virtuous power of the group’s Tread Lightly program whereby guests’ participation supports long-term improvement of the properties’ environmental impacts. Such allocation complements the carbon offsetting contribution channelled

By Adedapo Adesanya The National Drug Law Enforcement Agency (NDLEA) has intercepted an alleged drug kingpin, Mr Ibeh Ejike, at the Nnamdi Azikiwe International Airport (NAIA) Abuja for ingesting 87 wraps of cocaine. The NDLEA spokesperson, Mr Femi Babafemi, said this in a statement that the 41-year-old suspect was arrested on Wednesday, August 25, upon his arrival on board an Ethiopian Airline flight 911 from Kigali, Rwanda via Addis Ababa in Ethiopia. He said the accused person was taken in for a secondary check during which he tested positive for ingestion of the illicit substances. “While under observation, he allegedly

By Modupe Gbadeyanka Pioneer of Yoruba rap music in Nigeria, Segun Osaniyi, popularly known as ‘Lord of Ajasa’, is not enjoying the best of health at the moment. The rapper is critically ill and admitted at the Ikorodu General Hospital, Lagos. He artiste is in urgent need of money to fund undergo a peptic ulcer operation. A colleague of his in the music industry, Rotimi Martins, otherwise known as ‘Alariwo of Africa’, who made the passionate appeal on behalf of the music act, called on the general public to generously donate for the medical treatment. “My dear colleagues, our brother,

By Modupe Gbadeyanka Africa’s leading telecommunications company, MTN Group, said the lockdowns imposed on some of its markets on the continebt affected revenues generated from two of its services. The Chief Financial Officer of the South Africa-based telco, Mr Ralph Mupita, stated that last month, MTN Group recorded decline in voice traffic and mobile money transactions, but a surge in data traffic. Many countries in Africa, including Nigeria and South Africa, two of the biggest markets of MTN, imposed restriction on movements in April to contain the spread of the deadly coronavirus disease also known as COVID-19. This forced people

By Dipo Olowookere The growth recorded on the floor of the Nigerian Stock Exchange (NSE) on Thursday was short-lived as the market fell by 1.40 per cent on Friday. At the last trading session of the week, the selloff in the shares of the big players in the industrial goods sector weakened the positive performance of other sectors. The counter depreciated by 4.55 per cent and it was the lone loser as the banking space grew by 0.52 per cent, the consumer goods index rose by 0.28 per cent, the energy space jumped 0.14 per cent, while the insurance counter

By Modupe Gbadeyanka A training seminar on the legal and risk aspects of derivatives and Central Counterparty Clearing (CCP) transactions will take place today, Monday, June 12, 2017. The training will run from today till Thursday, June 15, 2017. The event, organised by the Nigerian Stock Exchange (NSE), is scheduled to hold at the Civic Centre on Ozumba Mbadiwe Road, Victoria Island, Lagos from 9am – 5pm. At the seminar, participants would be equipped with the requisite knowledge of the legal framework, legal documentation and transactional skills necessary for the success of all Derivatives and CCP transactions. They will also