IMF Backs FG on Cash Management

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 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 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 FBNQuest Research Our look today at state governments’ internally generated revenue (IGR) shows a decline in the aggregate collection from N801 billion to N756 billion in 2015. Collection as a proportion of total revenue improved but perhaps the more important trend is that a minority of states is moving away from the rest. Both Ogun and Enugu joined Lagos in achieving a ratio for IGR/total revenue above 50 percent in 2015. One other state (Rivers) managed 40 percent, three 30 percent (Kano, Oyo and Abia) and five 20 percent. We are working with the data provided in the CBN

By Dipo Olowookere Former Governor of Ogun State, Mr Ibikunle Amosun, has been appointed by the 9th Senate to head its committee on capital market. This announcement was made on Tuesday on the floor of the Senate by its President, Mr Ahmed Lawan, when he read out names of chairmen of the Senate Committees. Mr Amosun, a chartered accountant, was the Governor of the Gateway State for eight years from 2011 to 2019. He is presently at the National Assembly representing Ogun Central Senatorial District under the All Progressives Congress (APC). The former Governor, who was born on 1958 and

By Modupe Gbadeyanka The coronavirus pandemic is causing havoc across the globe, with medical professionals and health experts scrambling to control the spread of this disease. In the absence of a vaccine, stringent social distancing norms and lockdown measures are the only way to slow down the virus at the moment. In such a scenario, most tasks needing physical contact between people are impossible at the moment. However, this is where facial recognition systems could come in handy, especially in countries like Nigeria which already has some experience in deploying and using such systems. Nigeria is no stranger to facial

By Adeniyi Ogunfowoke Jumia’s hotel and flight marketplace, Jumia Travel, has launched cruise travel to encourage more Nigerians to go on cruise voyages. The launch is also aimed at expanding the company’s offerings to its customers. The exciting news was disclosed by the Managing Director of the company, Miss Omolara Adagunodo, in a press statement recently. Ms Adagunodo said that Jumia Travel made the foray into the cruise business to meet the immense demands by Nigerians for cruise travel and to expand its footprint to become a robust travel agency offering hotel, flights, airport pickups, travel insurance and cruise travel.

By Dipo Olowookere The ley trading indices of the Nigerian Exchange (NGX) were in the red territory on Tuesday, which was the first trading day of the new month, November. Business Post reports that local stocks depreciated by 0.21 per cent during the session, shrinking the year-to-date gain to 2.41 per cent at the close of transactions. Data showed that the All-Share Index (ASI) went down by 93.35 points to 43,745.73 points from 43,839.08 points as the market capitalisation depleted by N51 billion to close at N23.827 trillion, in contrast to the previous day’s N23.878 trillion. A total of 172.9

By Aduragbemi Omiyale Interswitch Financial Inclusion Services (IFIS) has announced the first set of winners in its Quickteller Paypoint Double Up promo expected to end on March 31, 2022. The first set of winners was selected from the six geopolitical zones in Nigeria at the first round of a raffle draw held on March 3, 2022, and have all been contacted to receive their prizes, ​​with presentations conducted across the regions. To ensure that the raffle draw was in strict compliance with regulatory protocols, it was closely monitored by the representatives of the Federal Competition and Consumer Protection Commission (FCCPC),

By Aduragbemi Omiyale The Nigerian Exchange (NGX) Limited has expressed its excitement over the readiness of the federal government to address the lingering foreign exchange (FX) constraints in the country. The chief executive of the bourse, Mr Temi Popoola, who lamented the negative impact of the forex shortage on the market, said he was optimistic that the administration of Mr Bola Tinubu would tackle the issue head-on. During his inauguration on Monday, Mr Tinubu tasked the Central Bank of Nigeria (CBN) to adopt a single exchange rate system to restore investors’ confidence in the Nigerian economy. Speaking on Thursday in

By Dipo Olowookere In commemoration of the World Milk Day celebrated globally last Friday, Promasidor Nigeria Limited, makers of Cowbell Milk, Onga, Top Tea, Loya Milk and other quality brands, donated products to five orphanages in Lagos. The beneficiaries were S.O.S. Children’s Village, Isolo; Bethlehem Charity and Orphanage Centre, Ikotun; Hearts of Gold Children’s Hospice, Surulere; Heritage Homes, Anthony Village; and Change a Life Foundation, Maryland. Receiving the items, which were Cowbell Milk and Cowbell Chocolate, General Manager of Heritage Homes, Mrs Vivian Osuntokun commended Promasidor for identifying with the less-privileged people in the society and assisting the organization to