Forex Demand Pressure Suffocates Naira at Official Market, Others

By Adedapo Adesanya VFD Group Plc has been officially delisted from the NASD Over-the-Counter (OTC) Securities Exchange months after the proprietary investment company revealed its intention to list its stocks on the Nigerian Exchange (NGX) Limited. The bourse on Thursday confirmed the development in a notice seen by Business Post. “Pursuant to the company’s request to delist from the NASD OTC Exchange, we wish to inform you that VFD Group PLC shares will be delisted with effect from the close of business (COB) today, Thursday, September 28, 2023,” the notice read. Last Friday, after three years of trading on the

By Adedapo Adesanya The prices of Brent futures and the US West Texas Intermediate (WTI) futures went down by about 1 per cent on Friday, due to macroeconomic concerns and sustained profit-taking. Data showed that Brent fell by 7 cents to $95.31 per barrel and WTI depreciated by 92 cents to $90.97. Prices rose about 30 per cent in the third quarter of the year helped by the production cuts by the Organisation of the Petroleum Exporting Countries and allies (OPEC+). This action squeezed global crude supply. Brent was about 2.2 per cent in the week and 27 per cent

By Dipo Olowookere No fewer than 15 Nigerian Small and Medium-sized Businesses (SMBs) will share the N75 million set aside by a tech giant, Google, in the 2023 edition of Hustle Academy Fund. The initiative was introduced in 2022 to provide equity-free funds to small business owners to scale up their operations and support entrepreneurial growth in Nigeria. Entries for the exercise opened on Thursday, September 28 and will close on Thursday, October 12, 2023, and to be eligible, businesses must be Nigerian-founded, operating within Nigeria for 1-5 years, and have a clear and scalable business plan. They should have

By Bliss Okperan A lady who reviewed a product of Erisco Foods Limited, Nagiko Tomato Mix, Mrs Chioma Egodi, has threatened to demand the sum of N500 million from the chief executive of the company, Mr Eric Umeofia, for violating her fundamental human rights. Mrs Egodi said she purchased the product at the market with the intention of using it to cook stew for her family. However, when she tasted it, according to her, it tasted too much sugar, prompting her to post about it on Facebook. It was reported that Erisco was not happy with the negative review. She

By Modupe Gbadeyanka Goldberg Lager Beer has been commended by the 2016 Ojude Oba Festival Committee for its commitment and unflinching support towards preserving cultural values and traditional institutions. Chairman of the Festival Planning Committee, Otunba Olabode Osinusi, stated this last Monday at the World Press Conference held at the Oba Sikiru Kayode Adetona Golden Jubilee Centre in Ijebu Ode, as part of activities heralding this year’s edition of the Ojude Oba Festival. According to Otunba Olabode, “Ojude Oba Festival has been attracting a sizable number of sponsors over the years, and notable among them is Nigerian Breweries Plc, most

By Adedapo Adesanya The Naira maintained stability against the US Dollar at both the Investors and Exporters (I&E) and the unregulated segments of the foreign exchange market on Friday, April 23. At the I&E window, the local currency was traded at the same rate it was exchanged at the previous session, N410/$1 on the back of a decline in the demand for FX. During the session, the turnover at the market segment went down by $76.03 million or 237.5 per cent to $32.01 million from the previous day’s turnover of $108.04 million. At the parallel market, the Naira traded flat

By Adedapo Adesanya Oil futures rose more than 2 percent after giving up earlier losses to settle higher on Monday. The Brent crude, which went down earlier in the session, rose by 2.61 percent or $1.01 to sell at $39.74 per barrel, while the US West Texas Intermediate (WTI) crude futures, which had one point went back to $35, rose by 2.21 percent or $1.03 to trade at $37.06 per barrel. This was buoyed by renewed confidence in declines in global crude production even as the potential for a fresh hit to demand climbed on the back of increases in

By Adedapo Adesanya Nigeria moved up to 29th position as the World Rankings returned on Thursday after six months of being suspended due to the outbreak of the coronavirus as footballing activities were suspended. As fixtures returned for the first time earlier this month, mainly across Europe, the ranking released by the football body, Federation of International Football Association (FIFA) and Coca-Cola is back. The jump means the Super Eagles, with 1493 points, are now part of the 30 best countries in the world after moving from the 31st position it was in March 2020. On the African continent, the

By Adedapo Adesanya The Ogun State government, in its bid to improve the ease of doing business, has announced the establishment of an enterprise development agency, The Governor of the state, Mr Dapo Abiodun, disclosed that this was one of the measures he intends to take in improving the ease of doing business in the state. Speaking at a meeting with chief executive officers of companies in Abeokuta, the governor said his administration will introduce some reforms that will help to reduce bureaucratic bottleneck and improve ease of doing business in the state. He said some of the reforms include

By Adedapo Adesanya The Nigeria Employers’ Consultative Association (NECA) has said that the proposed nationwide strike action by organised labour in the country from August 2 will be counterproductive as the nation is currently experiencing several changes. NECA’s Director-General, Mr Adewale-Smatt Oyerinde, said in a statement that in view of the proposed protest by the Nigeria Labour Congress, there was an urgent need to protect the objectives of sustainable enterprise, decent work and national development. He said the call for “strike and mass action by any social partner at this difficult time, in furtherance of the achievement of its objectives,

In order to make its customers enjoy more of its services at their convenience, digital financial platform, Wari Group, has entered into strategic partnerships to ensure accessibility of its operations on WhatsApp. More than one billion people in over 180 countries use WhatsApp to stay in touch with friends and family, anytime and anywhere. With the new development, Wari customers will on WhatsApp be able to easily request access to frequently used services and request to initiate financial operations including opening of an account, topping-up balances, sending and receiving money and purchasing of airtime as well as payment of bills.

By Modupe Gbadeyanka The Nigerian National Petroleum Company (NNPC) Limited has been advised by the House of Representatives to consider opening more petrol depots across the country to solve the incessant scarcity of the product. While passing a motion moved by a member of the lower parliament on Thursday, Mr Uju Kingsley, it was stressed that this move will go a long way to put an end to the regular long queues that appear at fuel stations every now and then. The lawmaker argued that Nigeria has insufficient depots to store petroleum products, which he said was responsible for the