Fidelity Bank Partners Group to Empower Nigerian Entrepreneurs

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 Shares of MeCure Industries appreciated by 60.73 per cent last week on the floor of the Nigerian Exchange (NGX) Limited as investors began to see value in the company. Business Post reports that in the week, the price of the stock closed at N9.21 per unit compared with the preceding week’s N5.73 per unit, leading the gainers’ chart of 59 members, higher than 54 of the preceding week. On its part, Multiverse rose by 60.06 per cent to N5.81, Unity Bank improved by 57.26 per cent to N1.84, Secure Electronic Technology jumped by 52.78 per cent to

By Aduragbemi Omiyale The sum of N75 million has been disbursed to 15 small and medium-sized businesses (SMBs) in Nigeria to support their expansion drive. The funding package was given by Google’s Hustle Academy, with beneficiaries drawn from various industries, including agriculture, and fashion, among others. The 15 Nigerian small business owners were among the 5,300 entrepreneurs who graduated from the academy, designed by the tech giant to provide an avenue for participants to enhance their business skills and knowledge, and contribute to the growth of the continent’s economy. The recipients of the funding support are Ifeoma Augusta Anselem of

By Modupe Gbadeyanka The Nigerian National Petroleum Company (NNPC) Limited is planning to grow its revenue to N4.5 trillion as it plans to end the importation of premium motor spirit (PMS), otherwise known as petrol, by December 2024. The chief executive of the company, Mr Mele Kyari, while speaking on Thursday, said the nation would not need to rely on fuel from outside the country because its refineries would have been fully operational. Nigeria is currently revamping its four refineries to make the product available to residents of the country as it officially stopped the payment of subsidy on petrol

By Dipo Olowookere The board of Notore Chemical Industries Plc has been authorised to raise up to N30 billion through a rights issue or any other means. This approval was given to the board of directors at the Annual General Meeting (AGM) of the company held in Lagos last week. The authorisation of the fresh capital raising was one of the activities carried out during the shareholders’ gathering held by proxy on Monday, August 17, 2020. The investors specifically said the board could source for the said amount “by way of a public offering, special placement, rights issue or any

By Adedapo Adesanya SystemSpecs has collaborated with the Federal Inland Revenue Service (FIRS) to strengthen tax administration through its Remita Payment Gateway which powers payments on TaxPro Max. This is part of efforts to simplify tax remittances following the introduction of TaxPro Max, a solution designed by the tax regulator for filing tax returns. This latest partnership between SystemSpecs and FIRS is expected to promote the digitalisation of tax administration in Nigeria by driving TaxPro Max acceptance. The Remita Payment Gateway platform for the private sector and government payments has been integrated with the FIRS’s new TaxPro Max e-filling platform

By Dipo Olowookere The Central Bank of Nigeria (CBN) floated an OMO auction on Thursday, offering N75 billion worth of the debt instrument to investors at the market. However, when subscriptions for the exercise were compiled, subscribers offered N398.6 billion more than what was auctioned by the apex bank. Business Post reports that the total worth of the subscriptions was N473.6 billion, amounting to 631 percent subscription rate. But at the end of the exercise, the central bank allotted the N75 billion worth of the OMO bills it initially offered to sell at the auction, with the stop rates maintained

By Dipo Olowookere Chief executive of the Nigerian Communications Commission (NCC), Professor Umar Danbatta, has presented laptops Nigerian Women in Information Technology (NWIIT) in fulfilment of a promised made to the organisation last year. The items are to be given to finalists of an ICT/Cybercrime Competition for Secondary School Girls, organised by NWIIT. The computers were received by National President of NWIIT, Dr Florence Babalola, from Mr Tony Ojobo, Director Public Affairs NCC, who made the presentation on behalf of the EVC. Mr Ojobo told the NWIIT delegation which included Ramatu Bello, Secretary to NWIIT Publicity Committee that NCC was

By Dipo Olowookere After staying away from the aviation fuel business, one of the leading oil firms in the country, 11 Plc (formerly Mobil Oil Nigeria) has re-entered into the market. The company is not into the sale and marketing of aviation jet fuel (ATK) at the Murtala Mohamed International Airport and General Aviation Terminal (GAT — Domestic). It was disclosed that Mobil Oil is returning into the venture as a result of the partnership it entered into with Air BP. Mobil Oil’s aviation business, which has been inactive for the past five years, is being revitalized in the wake

By Dipo Olowookere As the qualification date for Dangote Cement Plc draws closer, investors in the country’s stock market are mopping up the cement equity, causing the price to rise. Some weeks ago, board of Dangote Cement proposed to pay N16 dividend to shareholders of the company and the qualification date was fixed for Monday, May 25, 2020. In a notice released by the firm, it stated that after the qualification date, the register of members would be closed from Tuesday, May 26, while the payment would be made on June 16. At the moment, investors are rushing to buy

By Modupe Gbadeyanka Young Africans who seek for funding to boost their start-ups can now apply to take a bite from the 10-year, $100 million set aside by the Tony Elumelu Foundation (TEF) for the purpose. The TEF Entrepreneurship Programme is open to citizens and legal residents of all African countries, who run for-profit businesses based in Africa that are no older than three years and the deadline for applications submission is March 1, 2019. Organisers said applications will be judged based on criteria including: feasibility, scalability and potential for growth of the product/service; market opportunity for the idea/business; financial

By Modupe Gbadeyanka A deal meant to make lovers of quality pizzas have the food item promptly delivered to their doorsteps has been signed between Jumia and Pizza Hut. Managing Director of Jumia’s food marketplace, Mr Guy Futi, explained that the partnership is expected to boost operational performance and last mile delivery in Nigeria. Addressing newsmen at a press conference held at Pizza Hut in Lagos, Mr Futi said, “As the premier food delivery business in Nigeria, we are opening up our platform to enable our customers to order pizza from Pizza Hut while ensuring that it is delivered at