Flutterwave Announces Expansion to Indian Market

By Adedapo Adesanya Oil prices fell by 1 per cent on Wednesday after the US Federal Reserve left interest rates unchanged, as widely expected. Brent futures fell 81 cents or 0.9 per cent to settle at $93.53 a barrel, while the US West Texas Intermediate crude (WTI) fell by 92 cents or 1.0 per cent to trade at $90.28 per barrel. Wednesday’s decision means the benchmark short-term interest rate will remain at 5.25 per cent to 5.5 per cent, a 22-year high. This is only the second time since March 2022 that the US central bank meetings have concluded without

By Adedapo Adesanya Though the supply of foreign exchange (FX) in Nigeria has remained low, the Naira closed stronger against the United States Dollar in the Investors and Exporters (I&E) and the Peer-to-Peer (P2P) segments on Wednesday, September 20, and maintained stability in the parallel market. According to data obtained from FMDQ Securities Exchange, the local currency appreciated against the Dollar in the midweek session by 0.76 per cent or N5.89 to sell for N770.71/$1 versus the previous rate of N776.60/$1 amid a decline in the value of forex transactions by 9.4 per cent or $6.65 million to $64.36 million

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange improved by 0.12 per cent on Wednesday, September 20, with the unlisted securities index expanding by 1.00 points to end the day at 806.29 points as against the 805.29 points it recorded at the previous session. During the trading day, the market capitalisation of the alternative stock exchange increased by N1.42 billion to close at N1.139 trillion compared with Tuesday’s closing value of N1.138 trillion. It was observed that the bulls overcame the bears on Wednesday, with the bourse closing with three price gainers and two price losers. Aradel Holdings Plc

By Dipo Olowookere The management of Oando Plc, an indigenous energy company in the country, has promised to look into driving profitability by pursuing production growth initiatives through strategic alliances. This assurance was given in a statement issued by the firm, while commenting on its performance in the first half of 2019. In the statement, Oando noted that for most of this year, prices of oil at the global maret have averaged at $65 per barrel. It said, “We shall continue employing price protection strategy by hedging our production. “Our focus will be largely on driving profitability via growth in

By Adedapo Adesanya The European Union (EU) has advised Nigeria to tighten security architecture at the seaports to help reduce its vulnerabilities and risks. The call was made at the closing ceremony of the Western and Central Africa Port Security (WeCAPS) first mission training in Nigeria for ports in Lagos. The mission, which started in August 2022, was sponsored by the EU and driven by Expertise France (EF) with the collaboration of the Nigerian Ports Authority (NPA) and the Nigerian Maritime Administration and Safety Agency (NIMASA). The team leader of WeCAPS, Mr Nico Vertogen, said strengthening the security and safety

By Modupe Gbadeyanka Chief Executive Officer of Lagos State Drivers’ Institute (LASDRI), Mr Phillip Ogunlade, has called on all professional drivers in Lagos to ensure that they are properly trained and recertified yearly by the State Drivers’ Institute (LASDRI). Mr Ogunlade, while speaking on a Radio Lagos 107.5Fm programme, “A Wa Ye”, explained that the present administration was determined to enhance public safety by reducing accidents in the state. The Chief Executive reiterated that the state law makes it mandatory for all professional drivers in Lagos to be trained and recertified once every year (for a fixed registration fee of

By Modupe Gbadeyanka Nigeria’s leading and celebrity pencil artist, Mr Alesh Akeem, who is currently on tour for his project ‘Celebrating 10 Kings’, has been received by the Alaafin of Oyo, Oba Lamidi Olayiwola Adeyemi III. Mr Akeem was received by the top Yoruba monarch at his palace and also got royal blessings. Oba Adeyemi III did not only bless the pencil artist and his works, but also took him down the line of history being a ‘Professor of Ancient and Modern history’. The Alaafin noted that as Africa continues to re-write its history and stride into the millennium, there

By Investors Hub Asian stocks closed sharply lower on Friday on renewed worries about higher interest rates after the yield on the 10-year U.S. Treasury note neared its highest levels in four years and the Bank of England hinted at somewhat earlier than expected rate hikes. A downturn in oil prices and concerns about high valuations also spooked investors. The declines in Asia mirrored the overnight sell-off on Wall Street, where the Dow Jones Industrial Average plunged 4.2 percent to enter correction territory. Chinese shares led regional losses as liquidity conditions tightened before the Chinese New Year break starting next

Oluwatunmise Idowu, a 13-year-old student of Scholars Universal Secondary School, Ota, Ogun State last week, stunned the organisers of the on-going 2016 Cowbellpedia Mathematics Television Quiz Show with her record-breaking performance in one of the preliminary rounds. Idowu, the daughter of a Mathematics teacher, slugged it out in Group B with Ayomide Nafisat Abdulwaheed, a JSS 3 female student of Reality High School, Osogbo, Osun State; Olajide Osoba of Atlantic Hall, Epe, Lagos State; Edidiong Okon of Topfaith International Secondary School, Uyo, Akwa Ibom State; Charles Adesoba of Petoa City College, Ado-Ekiti, Ekiti State; and Vanessa Ibol of NOWA Secondary

By Modupe Gbadeyanka As the market enters earnings season this month, some companies trading their shares on the Nigerian Stock Exchange (NSE) have announced their closed periods. Business Post reports that a closed period is the time frame between the completion of financial statements of a company listed on the stock exchange and the release of these results to the investing public. The period normally lasts about two months and according to the market rules, insiders, who are majorly people with sensitive information about the firm that could trigger the price of the stock at the market, are prevented from

By Adedapo Adesanya TradeDepot, an innovative business-to-business platform in African, has raised $110 million in an equity and debt funding round to support the delivery of Buy-Now-Pay-Later services to 5 million SME retailers. The company will also leverage the funds to further expand its merchant platform across the continent. The Series B equity round was led by the International Finance Corporation (IFC) – a member of the World Bank Group, with participation from Novastar, Sahel Capital, CDC Group, Endeavor Catalyst and existing investors, Partech and MSA Capital. The debt funding was led by Arcadia Funds. According to the company, Africa’s