Guinness, GSK, Others Shorten Value of Stocks by N20bn

By Adedapo Adesanya Foreign trading and investment firm, Risevest, has acquired Chaka, a digital trading platform. According to Techcabal, which first broke the news, the deal, which was for an undisclosed sum, will see both entities operate as different products, though the capitalisation table of the acquiree will be updated in due course. Speaking on this, Mr Tosin Osinbodu, Chaka’s founder, said, “I’m excited about how Chaka’s product will evolve and how we’re going to learn from the Risevest team.” “With booming growth in many nations around the world, investors can now own a stake in the growth of other

By Aduragbemi Omiyale A new Code of Conduct for Approved Persons of Trading License Holders, otherwise known as stockbrokers, has been introduced by the Nigerian Exchange (NGX) Regulation Limited (NGX RegCo). It was disclosed that the ethical guideline was designed to ensure professionals dealing with the trading of shares at NGX Limited follow high standards. Furthermore, it highlights the expected standards and values that Approved Persons must display at all times when conducting their businesses at all times. The idea of the code of conduct for stockbrokers, according to the regulator, is to deepen the market and foster professionalism, integrity,

By Aduragbemi Omiyale The value of unsold finished products in the inventory of Nigerian manufacturers in the first half of 2023 increased by 44/9 per cent on a year-to-date basis to N272 billion from N187 billion in the same period of 2022. This information was contained in the report released by the Manufacturers Association of Nigeria (MAN) on Tuesday. According to Punch, the document also revealed that in the period under review, the manufacturing sector laid off 3,567 workers due to the harsh business environment triggered by high inflation, the foreign exchange (FX) crisis, and fuel subsidy removal. “This increase

By Adedapo Adesanya The new Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has said he would adopt an evidence-based monetary policy as he assumed office upon confirmation by the Nigerian Senate on Tuesday. He said the new leadership of CBN would “adopt an evidence-based monetary policy and shall not be making decisions based on a whim.” The Godswill Akpabio-led Senate confirmed the nomination of Mr Cardoso’s nomination as well as that of the four Deputy Governors of CBN nominated by President Bola Tinubu. The four deputy governors whose appointments were confirmed by the Senate are Mrs

By Adedapo Adesanya The federal government, through the Ministry of Agriculture and Rural Development, has tasked research institutes, agencies and development partners in the sector to create solutions to the numerous challenges besetting the country’s potato value chain. The Minister of Agriculture and Rural Development, Mr Sabo Nanono, gave this charge in his address during a workshop with potato value chain stakeholders in Osogbo, Osun State. The event was on the adoption and utilisation of Orange Fleshed Sweet Potato (OFSP) and he said new technologies and innovations should be developed to further improve production. Mr Nanono, who was represented by

By Modupe Gbadeyanka Leading public sector ICT infrastructure and services provider wholly owned by the Federal Government, ​​​​​​​Galaxy Backbone Ltd, has achieved another feat with the acquisition of the ISO/IEC 20000 certification. The ISO 20000 is an international standard which helps organizations demonstrate excellence, and prove best practice in IT Service Management. It ensures that companies can achieve evidence-based benchmarks to continuously improve their delivery of IT services. Galaxy’s ISO 20000 commenced in June 2015 with the unveiling of Galaxy 2.0 strategy and the constitution of Galaxy ITIL/ISO 20000 Working Group (GIWG) as a demonstration of Galaxy management’s commitment to

By Otori Emmanuel “Every business that wants to create global footprints must have a clear social media strategy” When we have a product or service to offer, we have crossed the first line and the second is to be able to find the channels to ensure that words about what we sell get across to the audience that has the money value. People usually use digital marketing and social media interchangeably; however, digital marketing is the broad variety of activities that are performed on the internet to ensure the promotion of goods to the audience on these platforms. Social media

By Modupe Gbadeyanka The trial of the suspended Chief Justice of Nigeria (CJN), Mr Walter Onnoghen, at the Code of Conduct Tribunal (CCT) has adjourned indefinitely. Mr Onnoghen was removed from office last Friday by President Muhammadu Buhari, after obtaining an order from the CCT. The CJN was accused of not declaring some of his assets to the Code of Conduct Bureau (CCB) as stipulated by the Nigerian law. He was thereafter charged before the CCT and removed from office last Friday by the President, with the next most senior judicial officer, Justice Tanko Mohammad, appointed as the acting CJN.

By Modupe Gbadeyanka A new banking product tailored to allow youths, including students and young school leavers in the country carry out transactions at their convenience has been launched by Unity Bank Plc. The flagship digital and technology-driven banking solution is called the UniFi and was unveiled on Thursday at the University of Lagos (UNILAG). The UniFi product offers youths an interface with Unity Bank, giving them the edge as they make school payments, transfer funds, shop online, book movie tickets, download airtime and receive payments. The banking application also carries out opening account with minimal documentation, erasing the stress

By Dipo Olowookere Last week, the Central Bank of Nigeria (CBN) sold treasury bills worth N745.42 billion to investors at the market. According to analysts at Cowry Asset, this amount comprised N650 billion sold via the Open Market Operations (OMO) and N95.42 billion via primary market conducted on Wednesday. However, as expected, the stop rates of the 91-day, 182-day and 364-day auctioned T-bills moderated to 10 percent from 10.90 percent, 10.95 percent from 12 percent and 11.15 percent from 12.08 percent respectively. The outflows were offset by N371.83 billion in matured T-bills as well as residual effects of FAAC disbursements

By Modupe Gbadeyanka Justice Ambrose Allagoa has fixed December 1, 2021, for the ruling on the application filed by the Managing Director of Nigerian Bottling Company (NBC), Mr Mathieu Seguin, seeking to dismiss the contempt suit instituted by Rite Foods Limited. Rite Foods had asked the court to punish Mr Seguin for disobeying the order of the court but the NBC managing director wants the suit thrown out, claiming that the interim order has been discharged. At the hearing of the matter on Monday, November 15, 2021, counsels to Mr Seguin argued that the contempt proceedings should stop because the

By Dipo Olowookere As part of its determination to bring succour to motorists in the country, Interswitch Group, the Nigeria Pan-African integrated digital payments company, has launched three transport ticketing products developed exclusively for the Nigerian market. The three new products are the BeCard, the BeVal and the BeReader, but the company said it could expand this offer throughout Africa. It was gathered that these products were developed as part of the multi-billion Naira deal signed with Bekoz UK Ltd, a British transport ticketing company, to enhance transportation ticketing in Nigeria. The deal, which is worth £56 million (approx. N26