Economy
Herconomy Founder Shares Difficulties in Raising Funds
By Aduragbemi Omiyale
The founder and chief executive of Herconomy, Ms Ife Durosinmi-Etti, has shared the difficulties she faced when raising funds for her business.
In a chat with CNN recently, the entrepreneur disclosed that it was quite challenging because women in the tech ecosystem struggle with getting the attention of investors, unlike their male counterparts.
“What I’ve noticed in the tech space is that women are over-mentored and underfunded. We need to do more to fund more women and ensure that their businesses actually grow from small businesses to big businesses,” she stated.
Ms Durosinmi-Etti, however, concluded that, “While funding is very difficult for women to get, some women are getting it, and it is opening up. Things are changing.”
The World Bank says all-female start-ups received only 3 per cent of the almost $2 billion of investment going to African tech start-ups from 2013 to 2021.
In 2021, Okra, established by Ms Fara Ashiru Jituboh, raised $3.5 million of venture capital (VC) funding and she described the period as “one of the biggest funding years generally across the board,” noting that almost $6 billion was attracted into technology companies.
Also, in a chat with CNN, Spotify’s Head of Music for sub-Saharan Africa, Ms Phiona Okumu, said the brand was growing alongside its young population.
She acknowledged the musical complexities of the continent, adding that it is important to “know that the world is ready and read indicators like the popularity and growth of different genres from the continent becoming billboard hits in the US, for example.”
“We’ve seen such amazing success from artists like Wizkid, who is now a billboard artist, something that 10 years ago we might have only dreamed of. I think that’s also very much a result of what streaming is doing in the music world as a whole. It’s enabling discovery,” she added.
“A lot of Africa is unbanked and does not use credit cards”. To best cater to its new market, Spotify leveraged a partnership with M-PESA, a mobile payment service which is local to Kenya.
“We are continuing to ensure that we partner with different service providers across the continent to make sure that the lifestyle of the audience that we want to court also makes sense to the product or makes sense with the product,” Ms Okumu stated.
Spotify launched in South Africa in 2018 and in 38 more African countries in 2021.
Economy
NGX Group’s 65th Annual General Meeting Holds April 29
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
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