Google Offers Nigerian SMBs N75m Via Hustle Academy Fund

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 Adedapo Adesanya The Naira depreciated in the opening session of the week in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, November 27 against the Dollar by N19.71 or 2.5 per cent as the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, said the lender was committed to clearing a backlog of foreign exchange (forex). “We have initiated the payment of unsettled forward foreign exchange obligations, and these payments will continue until all obligations are cleared,” he told bankers last Friday during a dinner speech in Lagos. However, his assurance could not ease the pressure

By Modupe Gbadeyanka The sum of N27.5 trillion has been approved for the 2024 budget by the Federal Executive Council (FEC) on Monday. The Minister of Budget and Economic Planning, Mr Atiku Bagudu, confirmed this development to newsmen after the FEC meeting in Abuja. He also disclosed that the council, which was chaired by President Bola Tinubu, said the 2024 Appropriation Bill should be funded from N18 trillion revenue expected to be generated by the country. “The federal executive council considered the 2024 Appropriation bill. The Medium Term Expenditure Framework (MTEF) was earlier approved by the National Assembly. It has

By Dipo Olowookere A partnership to help facilitate market advocacy initiatives has been entered into between the Nigerian Exchange (NGX) Limited and the Bank of Industry (BoI). This Memorandum of Understanding (MoU), according to the two organisations, will deepen capital market reach, build the capacity of stakeholders through financial literacy programs and promote listings. According to the chief executive of the exchange, Mr Temi Popoola, the “collaboration will support various advocacy initiatives to develop the Nigerian capital market, promote information flow to small and medium enterprises (SMEs) about the capital market listing procedures and facilitate training for potential issuers on

By Adedapo Adesanya The Economic Community of West African States (ECOWAS) has announced that it has lifted all forms of sanctions imposed on Mali after a military coup in August. In a statement released today, the West African regional bloc said the heads of state and government have decided to lift sanctions after noting positive steps towards a constitutional government, noting that it has published a roadmap for the transition period. Business Post had reported that the 15-nation group imposed tough sanctions, including shutting down all land and air borders against one of their own after President Ibrahim Boubacar Keita

By Dipo Olowookere Seplat Petroleum Development Company Plc has confirmed that proceedings have begun in the English High Court against its wholly owned subsidiary, Newton Energy Limited, by Crestar Natural Resources Limited, relating to the deposit of $20.5 million currently held in an escrow account. Seplat is a leading Nigerian indigenous oil and gas company listed on both the Nigeria Stock Exchange and London Stock Exchange. According to the company, the Escrow Monies relate to the potential acquisition of an interest in OML 25 by Crestar Natural Resources Limited, which Newton Energy Limited has an option to invest into, and

By Ashemiriogwa Emmanuel The Oyo State Government has denied claims that it has not paid its counterpart funds to access the Universal Basic Education Commission/State Universal Basic Education Board (UBEC/SUBEB) 2020/21 intervention projects. Addressing the situation recently in Ibadan, the Executive Chairman, Oyo State Universal Basic Education Board (Oyo SUBEB), Mr Nureni Adeniran, affirmed that the state has paid counterpart funds for 2020 and 2021 to UBEC. According to him, the Mr Seyi Makinde-led administration has remained faithful to the disbursement of funds for the basic education sub-sector in order to attend to the growing number of children in the

By Modupe Gbadeyanka Schools in Lagos State have been advised to adopt flexible teaching and learning plans as they prepare to reopen this month after being forced to shut down since March 2020 due to COVID-19. At a two-day training for school leaders and educators of public and private primary and secondary schools in the state, the Director-General of Office of Education Quality Assurance, Mrs Abiola Seriki-Ayeni, also urged school leaders to have a qualitative safety plan that will help protect students, teachers and workers as schools reopen in the state. She said there should be a plan for students

By Cordros Research Access Bank Plc (ACCESS) yesterday released its Q3-17 results, wherein gross earnings (9.31% q/q and 18.26% y/y, in line with our estimate) came in lower relative to Q2-17. This follows lacklustre performance across income lines-interest income grew lower than expected (1.69% q/q and 21.84% y/y, 4.32% below our estimate) and non-interest income declined 28.25% q/q (+10.35% y/y), 11.37% above our estimate. However, following significant declines in loan loss provision and opex, PBT (+0.12% q/q and -5.08 y/y – 7.63% below our estimate) grew marginally, while PAT (26.04% q/q and -3.81% y/y – 9.28% below our estimate) grew

By Dipo Olowookere Transactions at the NASD OTC Market finished the for the week on a negative note as the major indices pointed South for another week running. Specifically, the NASD Unlisted Securities Index decreased by 0.01 percent to close at 659.16 points as against 660.03 points in the previous Friday. Consequently, the total market capitalization went down by 0.1 percent during the week, closing lower at N446.07 billion compared with the N446.65 billion it previously settled.

By Dipo Olowookere The average yields of treasury bills at the secondary market in Nigeria went down on the first trading session of this week yesterday, Business Post reports. This occurred as the various market participants begin to readjust to the new directive from the Central Bank of Nigeria (CBN) on who or not to invest in the government debt instrument. Last week, the apex bank said effective Wednesday, October 23, 2019, institutional and retail investors would no longer be allowed to partake in the purchase of OMO bills at both the primary and secondary markets so as to improve