Investors Trade 960.9m Shares Valued at N18.3b in 5 Days

By Adedapo Adesanya Forty-seven per cent of Nigerians are actively engaged with crypto, a new study shows as the country finds safety in the currency amid worries about the foreign exchange rate. According to insights by CoinJournal shared with Business Post, cryptocurrencies, including Bitcoin (BTC) and various alternatives, are no longer just investments for speculation, “They represent a significant change in how people view and use money, providing decentralized options compared to traditional financial systems.” CoinJournal analyzed the data for the past three years, providing a comprehensive understanding of the current status of cryptocurrency adoption in 2023, as well as

By Dipo Olowookere Trading activities on the floor of the Nigerian Exchange (NGX) Limited further ended on a positive note on Wednesday despite investors diversifying their funds to other securities available in the capital market. Yesterday, the Central Bank of Nigeria (CBN) sold treasury bills to investors in the primary market but this did not affect the stock market, which closed higher by 0.78 per cent amid sustained buying pressure. The growth recorded in the midweek session was mainly driven by bargain-hunting in the banking space, which rose by 5.01 per cent at the close of transactions. It was the

By Aduragbemi Omiyale One of the players in the personal healthcare and consumer goods sectors, PZ Cussons Nigeria Plc, has published a list of its shareholders with unclaimed dividends. Unclaimed dividends are cash rewards given to investors, mainly from the profits from the company’s operations, but are yet to be collected by the beneficiaries. This has been a major source of sleepless nights for the Securities and Exchange Commission (SEC), which is working to bring down the number of unclaimed dividends. It has been reported that the value of unclaimed dividends in the nation’s stock market is over N185 billion.

By Adedapo Adesanya Brent crude closed below $75 per barrel on Wednesday, precisely selling at $74.39 per barrel after shedding $2.81 or 3.5 per cent. It was the lowest level for the crude oil grade since June, as a larger-than-expected rise in US fuel inventories added to worries about fuel demand, also pressuring the West Texas Intermediate (WTI) crude futures by $2.74  or 3.8 per cent in the midweek session to $69.58 a barrel. The US Energy Information Administration (EIA) reported a crude oil inventory draw of 4.6 million barrels for the week to December 1. A sizeable inventory build

By Sodeinde Temidayo David The Lagos Chamber of Commerce and Industry (LCCI) has reinforced the need to position Nigeria strategically to leverage blockchain technology for rapid economic growth, safer digital transactions, and improved cross border trade. Blockchain is an encrypted list of records distributed across multiple computer systems and stored in groups called blocks that are chronologically ordered and linked together. Mrs Toki Mabogunje, President, LCCI, gave the advice at a webinar themed Unlocking the Opportunities of Blockchain Technology on Wednesday in Lagos. She noted that the Central Bank of Nigeria (CBN) proposed digital currency, e-Naira, built on blockchain, would

By Adedapo Adesanya Nigerian unicorn, Paystack, has announced that it has received a Payment Service Provider Authorisation from the Central Bank of Kenya (CBK), which will allow it to provide payment services to businesses operating in the East African country. In a statement received by Business Post, the company said – “We’re thrilled to announce that Paystack has received a Payment Service Provider Authorisation from the Central Bank of Kenya, which permits us to provide payment services to businesses operating in Kenya!” It also announced the launch of Kenya Private Beta, which will make Paystack merchants in Kenya get settled

By Ashemiriogwa Emmanuel The Corporate Affairs Commission (CAC) has announced the commencement of the registration for the Limited Liability Partnership (LLPs) and Limited Partnership (LPs). Recall that Business Post reported last week that the Registrar General of the CAC, Mr Garba Abubakar, disclosed at a meeting that the new business forms would be available for business owners by the end of August 2021. As declared in a statement issued by the management on Tuesday, the commission has also deployed the registration interface for the LLPs and LPs on the Company Registration Portal (CRP) to enable customers and members of the

Online trading of currencies is gaining momentum all around the world since the last two decades. Africa alone today has estimated approx. 1.3 million forex traders, South Africa and Nigeria are the leading countries with around 400,000 traders locally combined. The currency market is a decentralized international financial market where buying, selling and exchange of global currencies among buyers and sellers take place. In the currency market, the values of currencies are determined based on supply and demand, and it is the largest financial market with transactions crossing over $6.6 trillion per day. The bulk of currency trading volume comes

By Dipo Olowookere Two alumni of the Lagos Business School (LBS), Glory Eyinnaya (EMBA 21) and Aidenehi Okosun (MBA 14), have emerged finalists for the Association of MBAs (AMBA) Awards Student of the Year and the Entrepreneurial Venture of the year respectively, at the event held in London, United Kingdom. The AMBA Student of the Year award sponsored by the Wall Street Journal is for the high performing MBAs who demonstrate outstanding skills and motivation towards becoming tomorrow’s business leaders and the MBA Entrepreneurial Venture Award celebrates the achievements of successful alumni who are trailblazers in world-class business strategy. These

By Modupe Gbadeyanka Gains recorded by some blue-chip equities on Thursday lifted the Nigerian Stock Exchange (NSE) by 0.05 percent, Business Post is reporting. It was observed that during the trading session, there were renewed bargain hunting activities at the local bourse with the market turnover rising significantly by 334.36 percent to N15.2 billion from N3.5 billion yesterday amid increased investor interest in Zenith Bank shares, which contributed 96 percent of value traded today. In addition, the volume of shares traded by investors increased by 182.89 percent to 672.6 million from 237.8 million. Business Post reports that the market breadth

By Dipo Olowookere The monthly sovereign bond sale in Nigeria was conducted on Wednesday for the month of February 2021 by the Debt Management Office (DMO). The exercise, as usual, was largely successful as investors are beginning to return to the fixed income market following the recent uptick in the yields of securities in the space. According to the details of the bond sale, the debt office went to the local market with the debt instruments worth N150 billion spread equally across three tenors. In the analysis of the transactions obtained by Business Post, the DMO auctioned N50 billion worth

By Adedapo Adesanya The Swiss bank, Credit Suisse Group AG, will merge its oil and gas banking group with the global infrastructure, utilities and renewables team as part of a broader restructuring. The revamp, which is designed to reduce costs and improve efficiencies, will remove some of the changes brought in by previous chief executive, Mr Tidjane Thiam. It comes as his successor, Mr Thomas Gottstein, sets about putting his mark on the business almost six months after taking on the role. Announcing the changes, which solidified the group’s global investment banking operations and combined risk and compliance oversight, Mr