European Stocks Turn Mixed

By Adedapo Adesanya Bitmama Incorporated, a crypto exchange company, has confirmed the acquisition of Payday, a virtual card service provider. According to reports, the chief executive of Bitmama, Mrs Ruth Iselema, has offered PayDay investors $1 million worth of equity in the crypto company at a $30 million valuation. The news comes barely nine months after Payday announced its $3 million seed round and three months after its exploration of sale options was confirmed. Facilitated through Bitmama’s cross-border payments product, Changera, the acquisition marks a pivotal shift from earlier speculations, including a potential acquisition by lead investor, Moniepoint. Changera is

By Modupe Gbadeyanka Business owners in Lagos have been assured of more incentives by the state governor, Mr Babajide Sanwo-Olu, who added that this is part of his administration’s commitment to reforms aimed at improving the ease of doing business and enhancing investment opportunities. Speaking at the commissioning of the newly-built wet hair production factory of Godrej Nigeria Limited, the Governor said his government would continue to pursue actions that would eliminate red tapes and regulatory impediments hindering the growth of businesses in the state, thereby demonstrating his willingness for continued collaboration with the private sector to improve the livelihood

By Adedapo Adesanya  The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has projected that its Industry Sustainability Initiative (NISI) will create over $575 billion in capital investment opportunities for Nigeria through the decarbonisation of operations. According to a statement, NMDPRA, while hosting a session on Nigeria’s Pathway to Energy Sustainability and NMDPRA’s Role at the UN Climate Change Conference 2023 (COP28) in Dubai, UAE, x-rayed Nigeria’s journey towards reducing carbon emission and achieving Net Zero by 2060. Speaking at the event, Mr Mustapha Lamorde, the authority’s Executive Director on Health, Safety, Environment and Community (HSEC), said the investment would be

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.18 per cent gain to open the week in positive territory on Monday, December 4, with the unlisted security index rising by 1.59 points to end the day at 862.40 points compared with last Friday’s closing value of 860.81 points. The improvement recorded by the bourse yesterday raised the value of the unlisted stock exchange by N2.5 billion to close at N1.169 trillion, in contrast to the preceding session’s N1.166 trillion. The gain posted by the bourse was driven by the N13.70 added to the share price of 11

By Dipo Olowookere About three explosions in different areas of Maiduguri, Borno State, have led to the death of no fewer than 17 persons. The suicide attacks occurred on Tuesday night, at about some minutes after 10pm, and also left several people injured. It is believed that the bombings were carried out by suspected members of the Boko Haram terrorists group. Chairman of the Borno State Emergency Management Agency, Mr Satomi Ahmed, who confirmed the incident, informed newsmen that rescue workers promptly reacted to the unfortunate incident with victims quickly taken to the hospital. It was gathered that the explosions

By Modupe Gbadeyanka A forum aimed to educate entrepreneurs on how to scale up innovation and creativity in the various sectors of the economy has been held by the Junior Chamber International (JCI), Ikeja. The annual event focused on how Micro Small Medium Enterprises (MSMEs) can be successful and sustain businesses by investing heavily in information. The President of JCI Ikeja, Ms Tricia Inalu, also said when an entrepreneur develops a positive mindset, it would become possible to tackle the challenges in a particular industry, thereby innovating economical problems solutions within the ecosystem of the entrepreneur. “A knowledgeable and empowered

By Dipo Olowookere Children’s favourite fruit juice drink, Capro-Sonne, has launched a new promo aimed at fortifying its leadership position in the market. The promotion, tagged ‘Fun Alarm Promo,’ is another platform to make the product more available to children as they go to school. The company explained that the promo gives consumers the opportunities to win free gifts inside every carton of all variants of Capri-Sonne purchased. According to Managing Director, Chi Limited, Deepanjan Roy, “We are confident that the Capri-Sonne Fun Alarm Promo will resonate with children across Nigeria, will create the excitement and fun that Capri-Sonne is

By Modupe Gbadeyanka The appointment of Mr Bashir Gwandu as the executive vice chairman and chief executive of the National Agency for Science and Engineering Infrastructure (NASENI) has been terminated. This action was taken by President Bola Tinubu, a statement from the president’s spokesman, Mr Ajuri Ngelale, disclosed on Friday. It was disclosed that Mr Gwandu would now be replaced by a 32-year-old innovator and technology expert, Mr Khalil Suleiman. He is expected to serve for an initial term of five years as stipulated in the NASENI Act, a part of the disclosure this evening stated. “President Bola Tinubu on

By Adedapo Adesanya The African Development Bank Group (AfDB) has debarred China Zhonghao Nigeria Limited, a civil engineering company registered in Nigeria, for 18 months over alleged fraudulent practices. The lender said following an investigation conducted by its Office of Integrity and Anti-Corruption, it was established that China Zhonghao Nigeria Limited, as a member of a joint venture with Oceanic Construction and Engineering Nigeria Ltd., was jointly responsible for its joint venture partner’s fraudulent misrepresentations of its year of incorporation, the value of its reference contracts, and the experience of its key personnel, while bidding for two tenders under the

By Dipo Olowookere A new Code of Corporate Governance approved by the Central Bank of Nigeria (CBN) has put some directors of banks in the country on the edge. This is because the new code says any bank directors with non-performing loans (NPLs) would be shown the way out. Speaking over the weekend in Kano at an event organised for finance correspondents by the Nigeria Deposit Insurance Corporation (NDIC), the Director, Bank Examination Department at NDIC, Mr Adedapo Adeleke, explained that the new code was instituted to address the rising cases of insider bad loans, which not only represent a

By Modupe Gbadeyanka The operating licences of 21 stockbroking firms have been revoked by the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE). A circular obtained at the weekend showed that 17 of the companies were de-registered by SEC, while three were expelled for failing to activate their licences and one booted out over allegations bordering on fraud. In the circular dated March 29, 2017 and signed by the Head of Broker Dealer Regulation Division at the NSE, Mr Olufemi Shobanjo, the stockbroking firms were warned not to engage in any activity in the capital market. This

By Ahmed Rahma To tackle food insecurity in the state, the Nasarawa State government has donated 400 hectares of farmland to the United Nations Development Programme (UNDP) for agricultural purposes. The Special Adviser to the Governor on Non-governmental organisations and Development Partners, Ms Munirat Abdullahion, handed over the land to the implementing partners at the project sites in Awe and Keana Local Government Areas of the state. According to her, 300 farmers each from Jangwa, Ribi, Giza and Kadarko in Awe and Keana Local Government Areas have been selected and are currently undergoing training in the modern methods of animal