Google Supports Small Retail Businesses in Africa

By Dipo Olowookere The board of Capital Hotels Plc has announced the creation of an escrow account for the payment of about N1.6 billion to minority shareholders of the company. The hospitality firm is leaving the Nigerian Exchange (NGX) Limited after years on the nation’s main stock exchange. In a notice signed by Alex Ugwuanyi, the organisation said the account was created with CardinalStone Registrars Limited and has been sufficiently funded for payment “to shareholders” who “have accepted to exit” the firm by selling their holdings. Recall that in March 2023, shareholders of Capital Hotels approved the request of the

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.38 per cent on Friday, September 30, with N4.16 billion added to the value of the bourse, closing at N1.105 trillion compared with Thursday’s value of N1.101 trillion. The market witnessed the improvement a day after the shares of VFD Group were yanked off the trading platform, with the NASD Unlisted Securities Index (NSI) closing higher by 3.06 points to settle at 815.65 basis points versus the previous day’s 812.59 basis points. There were three gainers led by FrieslandCampina Wamco Nigeria Plc, which improved by N1.31 to close at

By Dipo Olowookere Profit-taking persisted on the floor of the Nigerian Exchange (NGX) Limited, as investors refused to tone down their profit-taking activities. It was observed that the market is gradually entering panic mode due to macroeconomic instability in the country, especially with the exchange rate of the Naira to the Dollar going above N1,000 in the parallel market. A stockbroker with one of the leading brokerage firms in the country, who asked not to be named, said the local bourse was witnessing panic selling due to investors liquidating their shares for Dollars. “This trend will continue for a while

By Adedapo Adesanya Both the Brent and the United States’ West Texas International (WTI) crudes faced south on Wednesday despite a drop in crude inventories in the US. The Brent crude was down 24 cents or 0.53 per cent at $45.22 per barrel, while the WTl lost 8 cents or 0.55 per cent to trade at $42.81 per barrel. Both futures had risen when the Energy Information Administration (EIA) reported that crude oil inventory fell by 1.6 million barrels compared with a draw of 4.5 million barrels for the previous week, the third weekly laggard in a row. However, the

By Aduragbemi Omiyale Owners of small businesses in Nigeria have been assured of the necessary tools that will aid their expansion drive, especially funding support. This assurance was given by Access Bank Plc at a one-on-one engagement with entrepreneurs in Abuja recently. The top financial lender said it will create market access for small businesses by putting them in the right community, enhancing their capacities and creating networking opportunities for them. At the event specially designed for the bank’s customers in the micro, small and medium scale, category, the Deputy Managing Director of Access Bank, Mr Victor Etuokwu, said the

By Dipo Olowookere An agreement has been signed between Dana Air and a football club in the Nigerian Professional Football League (NPFL), Akwa United FC of Akwa Ibom State. The deal will see the airline operator flying the team to their away league matches across the country in return for branding opportunities on the club’s souvenirs. The agreement is expected to boost the local league and make fans enjoy more attractive football, which had been missing as a result of fatigue experienced by players due to long hours spent on the road while travelling for away matches. At the signing

By Adedapo Adesanya The Securities and Exchange Commission (SEC) is set to host the inaugural edition of the Securities Issuers Forum (SIF) on Wednesday, August 4, 2021. The event, which will be virtual, is organised in collaboration with the Nigeria Employers’ Consultative Association (NECA) and will have Chief Executive Officers (CEOs) and Company Secretaries of public companies in attendance. In a press release seen by Business Post, the commission stated, “The objectives of issuers forum among others are to: maintain regular contact with the regulator and policymakers: advise the regulator and policymakers on regulations affecting companies/issuers and conduct research, organize

By Modupe Gbadeyanka Chairman of MTN Nigeria Communications Plc, Mr Ernest Ndukwe, has announced his intention to resign from the board of Access Bank Plc effective March 2020. Business Post recalls that in July 2019, MTN Nigeria, which joined the Nigerian Stock Exchange (NSE) in May 2019, announced the appointment of the former Executive Vice Chairman of the Nigerian Communications Commission (NCC) as its new Chairman, replacing Mr Pascal Dozie, founder of the defunct Diamond Bank Plc, which merged with Access Bank in March this year. In a disclosure on Tuesday, Access Bank announced by Mr Ndukwe was leaving its

By Adedapo Adesanya The first trading session at the NASD Over-the-Counter (OTC) Securities Exchange in 2023 closed on a positive note as it appreciated by 0.10 per cent on Tuesday, January 3. The NASD OTC market gained yesterday due to the rise in the prices of three securities led by FrieslandCampina Wamco Nigeria Plc, which expanded by N2.54 to close at N70.00 per share, in contrast to last Friday’s N67.46 per share. Air Liquide Plc improved during the session by 5 Kobo to trade at N5.00 per unit compared with the preceding session’s value of N4.95 per unit, as UBN

By Modupe Gbadeyanka Employees of one of the leading paint firms in Nigeria, Berger Paints Nigeria Plc, are currently demonstrating at the premises of the company located on Oba Akran Road, Ikeja, Lagos State. The aggrieved workers, who use Prints4sure, are asking the management of the organisation to reverse its decision to stop payment of gratuity of those on its payroll. It was alleged that since 2015, the management of Berger Paints Plc has stopped paying gratuity to workers. Efforts to make the firm change this policy have reportedly been futile. This has forced the members of staff, with the