Forex Liquidity Strengthens Naira to N450/$1 at Black Market

By Adedapo Adesanya  Appreciation in the stock prices of Newrest Airline Services & Logistics (ASL) Plc, Food Concepts Plc, and UBN Property Plc saw the NASD Over-the-Counter (OTC) Securities Exchange extend its gain by 0.47 per cent on Tuesday, December 5. Data showed that Newrest increased its price by N1.61 during the session to settle at N17.71 per unit compared with the previous day’s price of N16.10 per unit, Food Concepts Plc (owners of Chicken Republic) gained 15 Kobo to close the day at N1.65 per share versus N1.50 per share, and UBN Property Plc rose by 13 Kobo to

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 Aduragbemi Omiyale A Nigerian startup, Pivo, which raised about $2 million in November 2022, is shutting down its operations, TechCabal is reporting. The platform quoted the co-founder and chief executive of the firm, Ms Nkiru Amadi-Emina, as confirming the intention of the company to fold up. However, no specific reason was given for the decision, though some organisations have been closing shops in Nigeria lately due to the harsh operating environment. One of the biggest pharmaceutical firms in the country, GlaxoSmithKline (GSK), announced a few months ago that it would no longer operate its business from Nigeria, opting to

By Dipo Olowookere Profit-taking activities brought back the bears to the floor of the Nigerian Exchange (NGX) Limited on Monday as investors rebalanced their portfolios. It was observed that traders at Customs Street booked profits in shares mostly in the industrial goods sectors like BUA Cement and Lafarge Africa. This resultantly brought down the local stock market by 0.66 per cent at the close of transactions, with the industrial goods space losing 4.21 per cent, the insurance counter declining by 0.28 per cent, and the energy sector falling by 0.01 per cent. However, the consumer goods index improved yesterday by

By Aduragbemi Omiyale About 15 customers of Quickteller will have the opportunity to be at the 2021 edition of the Interswitch One Africa Music Fest taking place in Dubai, the United Arab Emirates from Monday, November 22 to Saturday, November 27. Business Post gathered that five of the lucky users of the leading consumer digital payment platform in Africa were selected at the first raffle draw held on Monday, November 8, at the Interswitch Office in Lagos. At the second draw, which took place on Monday, November 15, 10 additional customers emerged and will enjoy an all-expense-paid trip to the

By Dipo Olowookere It was a comeback for the bulls on the floor of the Nigerian Stock Exchange (NSE) on Wednesday for the first time this week. The market appreciated marginally yesterday by 0.06 per cent following some bargain hunting activities mostly on banking equities trading at low prices. However, it is not certain how long the bulls will reign on the market before the bears make another attack again to take their place. At the midweek session, the volume of transactions closed flat with 208.2 million units of shares, while the value increased by 66.37 per cent to N1.8

Recently, the Imo State government constituted an investigative panel to look into the management of the Imo state Oil Producing areas Development Commission (ISOPADEC). While some saw this as a welcome development, others claimed it was part of the present government’s agenda to witch-hunt the immediate past government of Senator Rochas Okorocha. But Deputy Governor of Imo State, Mr Gerald Irona explained that the decision to probe the commission was because of reports of mismanagement of the agency by previous administrations in the state. Speaking when he received a delegation of stakeholders from Ohaji, in Ohaji Egbema Local Government Area

By Modupe Gbadeyanka The strong credential of GREY Africa as the continent’s most creative advertising group was recently confirmed with GREY South Africa winning a Gold Cannes Lion for its radio campaign for Duracell Duralock technology, guaranteeing a 10 year shelf life. The ad starts off with an ironic voice-over with the overtone of a sad tune being played on a piano in the background taking listeners on a nostalgic journey back to 2007, highlighting the 10-year duration of Duracell Quantum batteries in storage. It takes a charming and amusing look at past and current trends, events, politicians, celebrities and

By Dipo Olowookere Head of the Energy, Mining and Infrastructure Practice at Baker McKenzie in Johannesburg, Mr Kieran Whyte, has said Africa has potential to revolutionise the energy sector through smart power innovation. This, he said, the continent, within developing economies, can do because there are growing opportunities to implement new technologies and localised energy generation systems, that could lead to innovation that will change how the world generates, stores and distributes power. “In Africa, new systems and networks can be designed around future environmental stressors and energy demands without having to take into account the limitations of old infrastructure.

By Aduragbemi Omiyale Cambodia’s largest commercial bank, ACLEDA Bank Plc, has partnered with FSS Technologies Singapore Pte Limited to streamline and consolidate its merchant management systems as it plans to take the business to the next stage. The leading provider of banking and payment technology solutions will deploy its multi-product solution comprising FSS Merchant, FSS ADM (Active Device Monitoring) and FSS Smart Recon to put all the lender’s merchant-related data across multiple systems under one application. The fintech firm will also provide real-time insights into the multi-estate POS network of ACLEDA and reduce downtime as it plans to digitally transform

By Dipo Olowookere As part of efforts to make the dividends of democracy available to the people, the Caretaker Chairman of the Oyo East Local Government Area of Oyo State, Mr Saheed Arowosaye, has embarked on some projects aimed to bring succour to the residents. It was gathered that these projects, including the rehabilitation of boreholes, purchase of generators and temporary repairs of bad roads, would be situated in each ward of the council. The council chief said the projects were selected using a bottom-top approach and were also in response to the series of requests by the various communities,

By Adedapo Adesanya The Supreme Court has struck out a suit filed by President Muhammadu Buhari and the Attorney General of the Federation (AGF), Mr Abubakar Malami, challenging Section 84(12) of the Electoral Act. On Friday, the case was expunged on the grounds that it lacks the jurisdiction to entertain it and is an abuse of the court process. A notice for the judgment delivery was served on President Buhari and the National Assembly on Thursday, inviting them to appear before the court today for the judgment. The President and the Minister of Justice had filed a suit at the