Hindenburg Research Accuses Tingo Group of Fabricating Financials

By Adedapo Adesanya VFD Group Plc has been officially delisted from the NASD Over-the-Counter (OTC) Securities Exchange months after the proprietary investment company revealed its intention to list its stocks on the Nigerian Exchange (NGX) Limited. The bourse on Thursday confirmed the development in a notice seen by Business Post. “Pursuant to the company’s request to delist from the NASD OTC Exchange, we wish to inform you that VFD Group PLC shares will be delisted with effect from the close of business (COB) today, Thursday, September 28, 2023,” the notice read. Last Friday, after three years of trading on the

By Aduragbemi Omiyale The Vice President, Mr Kashim Shettima, has said Nigeria is in dire need of foreign direct investment (FDI) more than ever before, tasking domestic and foreign investors to make Nigeria their investment hub because efforts are being made to formulate business-friendly policies. Mr Shettima, while speaking when he hosted the management of First Surat Group, as well as top management of MTN Nigeria at the presidential villa in Abuja, charged MTN Nigeria to facilitate and spearhead digital mobile money and digital education. He assured that President Bola Tinubu was willing to partner with various stakeholders in the

By Dipo Olowookere No fewer than 15 Nigerian Small and Medium-sized Businesses (SMBs) will share the N75 million set aside by a tech giant, Google, in the 2023 edition of Hustle Academy Fund. The initiative was introduced in 2022 to provide equity-free funds to small business owners to scale up their operations and support entrepreneurial growth in Nigeria. Entries for the exercise opened on Thursday, September 28 and will close on Thursday, October 12, 2023, and to be eligible, businesses must be Nigerian-founded, operating within Nigeria for 1-5 years, and have a clear and scalable business plan. They should have

By Dipo Olowookere Oyo State Governor, Mr Abiola Ajimobi, has advised youths and budding entrepreneurs to develop positive mental attitude and be prepared to take risks in order to succeed. He gave the advice while addressing the 799 participants at the 2019 Young African Leaders Initiative (YALI) conference for emerging entrepreneurs, held last Wednesday at the Ibadan Business School, Bodija, Ibadan, the state capital. The Vocational, Technical and Entrepreneurship training was organized by the Field of Skills and Dreams Academy and supported by the United States Embassy and Consulate in Nigeria. In his keynote address at the conference, Mr Ajimobi

By Adedapo Adesanya The oil market moved up by over 2 per cent on Monday on tightening supply as hopes for Chinese stimulus measures boosted the ecosystem, with Brent futures adding $1.67 or 2.1 per cent to settle at $82.74 a barrel, and the US West Texas Intermediate (WTI) futures expanding by $1.67 or 2.1 per cent to $78.74 per barrel. Both crude benchmarks have already climbed for four weeks in a row, with supplies expected to tighten due to cuts from the Organisation of the Petroleum Exporting Countries (OPEC) and allies like Russia, a group known collectively known as

By Adedapo Adesanya Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has revealed that there is no implication to the directive of President Muhammadu Buhari on the restriction of foreign exchange to food imports into the country. While speaking at the induction retreat of Mr Buhari’s ministers-designate on Monday, August 19, 2019, Mr Emefiele said the President’s directive was in line with the CBN’s foreign exchange policies that started since 2016. “If you recall, we started with about 41 items (food and non-food items), because we believe that those items can be produced in the country. “As

By Aduragbemi Omiyale Some smugglers have shot dead an official of the Joint Border Patrol Team (JBPT) Sector 3 of the Nigeria Customs Service (NCS) in Kwara State. A statement issued by the agency said the deceased, Mr Saheed Aweda, an Assistant Superintendent of Customs 1, was among its personnel ambushed along the Sinau-Kenu road in Baruten LGA of Kwara State. According to the statement signed spokesman of the Kwara Command of the NCS, Mr Chado Zakari, the hoodlums shot sporadically and pelted the officers with other dangerous items while in transit with jerry cans of petrol and bags of

By Adedapo Adesanya Brent crude witnessed a gain of more than 2 per cent on Friday, specifically rising by 2.96 per cent or $1.61 to trade at $55.99 per barrel. The appreciation in the price of the international crude benchmark was majorly influenced by the voluntary cut in supply by Saudi Arabia, spurring an increase in demand. During the session, the situation caused the price of the United States benchmark futures, West Texas Intermediate (WTI) crude, appreciated by 2.77 per cent or $1.41 to $52.24 a barrel. Through the week, both benchmarks recorded weekly gains of more than 6 per cent

By Adedapo Adesanya **Cancels Naira Redesign Policy The Supreme Court has ordered that old N200, N500, and N1,000 notes should remain in circulation till December 31, 2023. The apex court also nullified the federal government’s Naira redesign policy, declaring it as an affront to the 1999 Constitution. The Supreme Court delivered judgement in the suit brought against the federal government on the Naira redesign policy. Sixteen states of the Federation instituted the suit to challenge the legality or otherwise of the introduction of the policy. The suit initially instituted by Kaduna, Kogi and Zamfara states has been slated as the

By Dipo Olowookere The federal government of Nigeria has asked a Chinese multinational power generation and electrical equipment manufacturing company, the Shanghai Electric Group, to look into Build-Operate-Transfer (BOT) partnerships amongst other investment opportunities in the country. Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, made this suggestion to the energy firm when she met with the Vice President of the Shanghai Electric Group and his delegation on a courtesy visit at the Finance Headquarters in Abuja. She said even though Nigeria has challenges, this also presents opportunities for investors, adding that there were significant opportunities for solar

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed the midweek session in the positive territory as it rose by 0.17 per cent at the close of business after the share prices of Central Securities Clearing System (CSCS) Plc and Industrial and General Insurance (IGI) Plc appreciated to offset the loss posted by Geo-Fluids Plc. This situation left the NASD market capitalisation closing higher by N1.93 billion to N1.109 trillion to Tuesday’s closing value of N1.107 trillion, as the Unlisted Securities Index (NSI) appreciated by 1.38 points to end the day at 791.24 points as against 789.86 points it