How JumiaPay is Expanding Access to Unbanked Population

By Adedapo Adesanya Crude oil prices rose more than 2 per cent on Friday after data from the world’s largest oil producer, the United States, supported expectations of demand growth. Brent crude futures settled at $75.84 a barrel after chalking up $1.79 or 2.4 per cent, as the US West Texas Intermediate (WTI) crude futures traded at $71.23 after gaining $1.89 or 2.7 per cent. Despite the gain at the final session of the week, both benchmarks fell for a seventh straight week, their longest streak of weekly declines in half a decade, on lingering oversupply concerns. For the week,

By Adedapo Adesanya The Naira recovered from the previous day’s loss after closing stronger against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 7, by 11.4 per cent or N108.15 to trade at N843.07/$1 compared with the previous day’s rate of N951.22/$1. This occurred as the value of foreign exchange (FX) transactions slightly increased during the session by $1.67 million or 39.5 per cent to $137.25 million from the $135.58 million achieved in the preceding trading session. Similarly, in the official market, the Nigerian Naira strengthened against the British Pound Sterling on Thursday by

By Aduragbemi Omiyale Some retiring Nigerian military personnel have been educated on how they can unlock opportunities in the capital market after active service to the nation. At a seminar held on Thursday, December 7, 2023, at the Nigeria Armed Forces Resettlement Centre in Lagos, the participants were informed of the benefits of diversifying their investments for more earnings. They were also exposed to ways to invest and assess the market with technology, including via the recently launched NGX USSD Code. The Divisional Head of Business Support Services and General Counsel of the Nigerian Exchange (NGX) Limited, Ms Irene Robinson-Ayanwale,

By Dipo Olowookere The Nigerian Exchange (NGX) Limited depreciated by 0.49 per cent on Thursday, driven by selling pressure on banking equities, especially those in the tier-1 category. The likes of GTCO, FBN Holdings, Access Holdings witnessed sell-offs during the trading session, contributing to the weak investor sentiment observed at the Nigerian stock market. According to data obtained by Business Post, the NGX ended with 29 price losers and 24 price gainers, indicating a negative market breadth index. FBN Holdings ended as the heaviest price decliner after it shed 9.86 per cent to settle at N26.50, Secure Electronic Technology fell

By Adedapo Adesanya Following the digital wave that is changing transactions and market systems, the Central Bank of Nigeria (CBN) has introduced electronic forms for commercial exports (e-Form NXP) to replace the traditional hard copy form that was in place. This new directive was announced in a circular signed by Dr O.S. Nnaji, on behalf of the Director, Trade and Exchange Department and issued to all authorized dealers, the Nigeria Customs Service, pre-shipment inspection agents, shipping lines and the general public. The e-Form NXP will take effect from Thursday, October 31, 2019 as all authorised dealers have been required to

By Dipo Olowookere The Central Bank of Nigeria (CBN) on Thursday released guidelines for the sale of the $2.5 billion currency swap deal signed between Nigeria and China recently. The deal, which has a 3-year tenor, was sealed to allow purchase of goods using currencies of both nations instead of the Dollar, the globally recognised currency for transactions. With this, a Chinese who wants to purchase goods from Nigeria can pay in Naira, while a Nigerian interested in acquiring products from China has the opportunity to pay with the Yuan. On the mode of payment, the central bank said importers

By Adedapo Adesanya Oil prices rose on Monday, buoyed by supply concerns following earthquakes in Turkey and Syria. Brent crude futures rose 46 cents or 0.6 per cent to $80.40 a barrel, as the United States West Texas Intermediate (WTI) crude futures jumped by 20 cents or 0.3 per cent to $73.59 a barrel. Massive earthquakes that struck Turkey and Syria on Monday halted operations at Turkey’s major oil export hub in Ceyhan and stopped key crude oil flows from Iraq and Azerbaijan, officials said. It has been regarded as the worst tremor to strike Turkey this century and was

By Adedapo Adesanya The Nigerian Communications Commission (NCC) has said Nigeria now ranks seventh in terms of mobile phone usage globally while it takes the 11th spot in terms of internet penetration. The NCC Executive Vice Chairman/Chief Executive Officer, Mr Umar Danbatta, disclosed this while speaking at the opening ceremony of a two-day workshop on emerging technology forum for the telecommunications industry in Abuja on Thursday. Mr Danbatta, who was represented by Mr Abraham Osahadami, the NCC’s Head of Spectrum Database Management, said 82 per cent of the country’s 200 million+ population are telecom subscribers while just 29 per cent

By Jerome-Mario Chijioke Utomi God gave us a brain so that we can give him rest- T.D Jakes, American author, filmmaker and Bishop of The Potter’s House, a non-denominational American mega-church. It is now common knowledge that floods have hit parts of Nigeria in the last two months, with the National Emergency Management Agency (NEMA) saying that about 2.5 million persons were affected and over 603 persons killed by the flooding. It is equally pedestrian information that within this period, houses and farmlands have been submerged in Lagos, Yobe, Borno, Taraba, Adamawa, Edo, Delta, Kogi, Niger, Plateau, Benue, Ebonyi, Anambra,

By Modupe Gbadeyanka The sum of N20 million has been donated to the Lagos State Government by employees of leading telecommunications services provider, Airtel Nigeria. The money was given by the Airtel employees to the government to support of the fight against the COVID-19 global pandemic currently ravaging communities and nations the world over, making them the first employee group in the country to make such a donation. A statement at the weekend disclosed that the money would be specifically used by the Lagos State Government to purchase relief materials to indigent residents and citizens as well as families who

By Ahmed Rahma The former Managing Director of Finbank Plc, Mr Okey Nwosu, has been convicted and sentenced to three years imprisonment after being found guilty for over N10 billion fraud by Justice Lateefa A. Okunnu of the Lagos State High Court sitting in Ikeja, on Tuesday, January 5, 2021. Mr Nwosu, alongside his fellow defendants, Dayo Famuroti, Agnes Ebubedike and Danjuma Ocholi had been arraigned by the Economic and Financial Crimes Commission (EFCC) bordering on stealing and illegal conversion to the tune of N10.9 billion. However, they had earlier pleaded not guilty to the charge preferred against them, thereby

By Adedapo Adesanya The federal government through the Nigerian National Petroleum Corporation (NNPC) has flagged off the construction of a 50 megawatts gas power plant which upon completion would supply electricity to Maiduguri and environs. Approved by President Muhammadu Buhari, the emergency power project followed the sustained attack on power supply lines (330 KVA and 132 KVA lines) from the national grid to Maiduguri, Borno State, by suspected terrorists which have put the city and environs in total blackout for the past nine months. The project would be executed by the NNPC in collaboration with Chinese and American firms. In