Investors Pull Out N222bn from Stock Market on Monday

By Aduragbemi Omiyale A Nigerian startup, Pivo, which raised about $2 million in November 2022, is shutting down its operations, TechCabal is reporting. The platform quoted the co-founder and chief executive of the firm, Ms Nkiru Amadi-Emina, as confirming the intention of the company to fold up. However, no specific reason was given for the decision, though some organisations have been closing shops in Nigeria lately due to the harsh operating environment. One of the biggest pharmaceutical firms in the country, GlaxoSmithKline (GSK), announced a few months ago that it would no longer operate its business from Nigeria, opting to

By Dipo Olowookere The online stock trading platform of Morgan Capital Securities Limited, iTrade, is now back online. The iTrade service went offline on Monday due to a technical glitch, which the company confirmed has been resolved, allowing its numerous clients to buy and sell shares and other securities without hassle. “Thank you for your patience and understanding. “This is to inform you that the trading platform (iTrade) is now fully up and running to enable you to trade seamlessly. “Our sincere apologies for any inconvenience caused as a result of this,” a statement from the company, which was sighted

By Aduragbemi Omiyale The online stock trading platform of one of the leading brokerage firms in Nigeria, Morgan Capital Securities Limited, i-Trade, has experienced a technical glitch. This technical issue has made it difficult for its clients to carry out transactions on the popular platform. Morgan Capital’s i-Trade platform is popular among retail investors in the Nigerian capital market, especially those trading equities on the floor of the Nigerian Exchange (NGX) Limited, because of its lower fees. The company has already assured its customers that it was working to restore services, providing an alternative to them. “This is to inform

By Adedapo Adesanya  The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has projected that its Industry Sustainability Initiative (NISI) will create over $575 billion in capital investment opportunities for Nigeria through the decarbonisation of operations. According to a statement, NMDPRA, while hosting a session on Nigeria’s Pathway to Energy Sustainability and NMDPRA’s Role at the UN Climate Change Conference 2023 (COP28) in Dubai, UAE, x-rayed Nigeria’s journey towards reducing carbon emission and achieving Net Zero by 2060. Speaking at the event, Mr Mustapha Lamorde, the authority’s Executive Director on Health, Safety, Environment and Community (HSEC), said the investment would be

By Aduragbemi Omiyale For the seventh straight week, music sensation, Rema, has retained his spot on the Spotify Top Artists Chart, becoming the longest-reigning artist on the log for this week. On the top 5 artists in Nigeria on Spotify Charts this week, Rema claimed the number spot, with BNXN fka Buju, Asake, Burna Boy and WizKid following in that order. On the same chart, Yseult claimed the spot of the highest new entry on the Top Artists at 102, while the biggest winner on the Top Artists charts this week is Koffee, moving up by 177 spots at 14.

By Adedapo Adesanya The Group Chief Executive Officer (CEO) of the Nigerian National Petroleum Company (NNPC) Limited, Mr Mele Kyari, has said the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline Project is now 70 per cent completed despite the perceived halt of the project. He made this disclosure as he provided updates on the project during an on-site visit on Monday in the Ahoko community of Kogi State. He said, so far, a total of $1.1 billion has been spent on the $2.5 billion project, which was inaugurated by President Muhammadu Buhari in June 2020. The 614 km facility will have the capacity

By Adedapo Adesanya The Naira depreciated in the opening session of the week in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, November 27 against the Dollar by N19.71 or 2.5 per cent as the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, said the lender was committed to clearing a backlog of foreign exchange (forex). “We have initiated the payment of unsettled forward foreign exchange obligations, and these payments will continue until all obligations are cleared,” he told bankers last Friday during a dinner speech in Lagos. However, his assurance could not ease the pressure

The Facility Management Industry in Nigeria is set to witness a major turnaround as two leading organizations, International Facility Management Association, Nigeria Chapter and another Nigerian firm, Applied Engineering Technology Institute, recently signed a Memorandum of Understanding at IFMA’s secretariat in Lagos. The partnership aims to deepen capacity building, sustainability initiative and mentorship development for the practitioners in built environment in Nigeria. The International Facility Management Association, Nigeria chapter is committed to continuous learning and development through strategic collaboration with other professional bodies and reputable organisations in order to ensure the entrenchment of best global practices in the practice of

By Modupe Gbadeyanka The Nigeria Centre for Disease Control (NCDC) has issued fresh guidelines for the safe reopening of worship centres across the country. Few months ago, the federal government directed the closure of all churches and mosques in the country in an effort to curb the spread of coronavirus disease. Early this month, after severe pressure from religious leaders, states were asked to allow worship centres to reopen, but under some strict guidelines. Over the weekend, the NCDC issued new guidelines religious centres must adhere to if they must open their premises to worshippers. According to the rules, places

By Adedapo Adesanya  Brent crude dropped to $63 per barrel on Wednesday, extending losses as the International Energy Agency (IEA) revealed that the market will have an oversupply by 1 million barrels per day (bpd) in the first half of this year. This led to a bearish performance for the Brent crude, which had dropped over $5 in the last week, as it dropped 2.14 percent equivalent to $1.38 to trade at $63.21 per barrel. Also, the US West Texas Intermediate (WTI) crude further moved down below $57 as it shed 1.27 percent or 72 cents to trade at $56.02

Union Bank has launched Alpher Mentorship Programme, reaffirming its commitment to women empowerment in commemoration of the recently marked International Women’s Day (IWD). The Mentorship Programme aligns firmly with the global IWD 2020 theme – Each for Equal, a call for individuals to join the push for gender parity across the world. A statement from the lender explained that the mentorship scheme will provide a platform for young women to be mentored for a year by successful career women within Union Bank. Speaking concerning the IWD celebrations and the launch of the Alpher Mentorship Programme, the Head of Retail Banking