Financial Illiteracy Behind Rise in Ponzi Schemes in Nigeria—SEC

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has cautioned Nigerians to be wary of fake Naira notes currently in circulation, vowing to prosecute those engaged in the illicit acts. The apex bank in a release signed by Mrs Hakama Sidi Ali, the acting Director of Corporate Communications, said the counterfeit notes have been spread by some individuals for transactions in food markets and other places where commerce takes place across the country, noting that this is a punishable offence. “The attention of the Central Bank of Nigeria (CBN) has been drawn to the circulation of counterfeit banknotes, especially

By Aduragbemi Omiyale One of the leading brokerage companies in Nigeria, Meristem Securities Limited, has introduced a new fixed-income investment package known as Meristem Dollar Fund. Business Post gathered that this open-ended mutual fund was designed to help investors hedge against the local currency, especially at a period when the Naira is witnessing high volatility amid rising inflation in the country. Meristem disclosed that funds taken from investors would be invested in investment-grade sovereign and corporate Eurobonds, and other qualifying USD instruments issued by Nigerian entities as may be determined by the investment committee. The company put the offer size

By Adedapo Adesanya  The Central Bank of Nigeria (CBN) has disclosed that the total value of the country’s merchandise trade experienced an increase of 1 per cent to $7.8 billion in August 2023 from the $7.72 billion that was quoted in July. This was disclosed by the apex bank in its latest monthly economic publication, where it disclosed that despite the rise month-on-month, Nigeria’s merchandise trade value in the period was almost 20 per cent lower compared to the value in August 2022 due to a significant decrease in import trade value. The total merchandise trade comprised an export trade

By Adedapo Adesanya The National Drug Law Enforcement Agency (NDLEA) has declared a Port Harcourt-based prophetess and founder of Christ Power Adoration Ministries, Mrs Faith Ugochi and a celebrity couple: Mr Igho Ubiribo and Miss Danielle Simba Allen, wanted for allegedly recruiting teenage girls into drug trafficking through an international syndicate operating from Los Angeles, USA. In a statement on Sunday, it was revealed when NDLEA operatives at the NAHCO import shed of the Murtala Muhammed International Airport, Ikeja Lagos, intercepted a consignment of 32.70 kilograms of Loud, a strong variant of cannabis concealed in cartons of used wear on

By Dipo Olowookere Minority shareholders of Champion Breweries are expected to pocket about N3.1 billion within three weeks and give up their stake in the company. One of the leading brewery companies in the world, Heineken, is taking over the full ownership of Champion Breweries Plc through Raysun Nigeria Limited. Heineken, which has a significant stake in Nigerian Breweries Plc, is on a mission to dominate the beer sector in Nigeria and swallowing Champion Breweries is one of the ways it intends to achieve this goal. Nigerian Breweries competes in the beer industry with the likes of International Breweries, Guinness

By Adedapo Adesanya Oil rose over 2 per cent on Friday after the United States Congress passed a debt ceiling deal that averted a government default in the world’s biggest oil consumer and jobs data fueled hopes for a possible pause in Federal Reserve interest rate hikes. The focus is now on a meeting of the Organisation of the Petroleum Exporting Countries (OPEC) and its allies, OPEC+, this weekend. Brent futures rose $1.85 or 2.5 per cent yesterday to $76.13 a barrel, while the US West Texas Intermediate (WTI) futures appreciated by $1.64 or 2.3 per cent to $71.74 a

By Dipo Olowookere Shipping companies and terminal operators in the country have been urged to remember the agreement they had with the federal government on the usage of holding bays. The Nigerian Ports Authority (NPA) warned that failure to comply with the agreement could lead to sanctions. This reminder followed the grounding of the Apapa area of Lagos State as a result of the strike action embarked upon by tanker drivers. Assistant General Manager (AGM), Corporate and Strategic Communication of NPA, Mr Isah Suwaid, said in a statement that government has launched an investigation into the level of compliance or

By Adedapo Adesanya  Brent crude dropped to $63 per barrel on Wednesday, extending losses as the International Energy Agency (IEA) revealed that the market will have an oversupply by 1 million barrels per day (bpd) in the first half of this year. This led to a bearish performance for the Brent crude, which had dropped over $5 in the last week, as it dropped 2.14 percent equivalent to $1.38 to trade at $63.21 per barrel. Also, the US West Texas Intermediate (WTI) crude further moved down below $57 as it shed 1.27 percent or 72 cents to trade at $56.02

By Dipo Olowookere Africa’s largest economy, Nigeria, has been advised to pay more attention to wealth creation rather than poverty alleviation because the former has the potential of making the country achieve its economic goals. The government of President Muhammadu Buhari is planning to lift at least 100 million Nigerians from poverty in the next 10 years, though he only has less than four years to constitutionally remain in office. But the focus must begin to move away from poverty alleviation because of the huge human capital and natural resources in the country, Mr Patrick Akinwuntan, the Managing Director of

By Adedapo Adesanya The Organisation of the Petroleum Exporting Countries (OPEC) has maintained its forecast for global oil demand growth but warned uncertainties over the impact of the coronavirus pandemic remains high. The closely-watched oil market report released today comes as coronavirus cases continue to surge worldwide, with new lockdowns imposed in Europe and parts of China. The 13-member group said it expects global oil demand in 2021 to increase by 5.9 million barrels per day year-on-year to average 95.9 million barrels per day. The forecast was unchanged from last month’s assessment. The group also said world oil demand growth

By Dipo Olowookere The Lagos State announced the opening of ‘CodeLagos’ and ‘Eko Nke Koo’ centre at the Isolo Public Library. Governor Akinwunmi Ambode made the announcement at the official commissioning of the newly renovated Library by Zenith Bank Plc under the Project 350 (Adopt a Library) initiative of the State Government, which is a long-term strategy to ensure Lagos State Libraries were equipped with facilities of the 21st Century through a partnership with the Private Sectors. Mr Ambode, represented by the State Commissioner for Science and Technology, Mr Olufemi Odubiyi, commended the management of Zenith Bank for renovating the