IPMAN, ADITOP Urge Members Not to Hike Fuel Prices

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 Adedapo Adesanya The Federation Account Allocation Committee (FAAC) has shared a total of N1.1 trillion from the revenue generated by the nation in August 2023 for September to enable the three tiers of government; the federal government, states, and local government councils, to have funds to pay salaries and others. The allocation of the funds was confirmed by the Office of the Accountant General of the Federation on Friday following FAAC’s September 2023 meeting. According to a statement by the OAGF’s Director of Press and Public Relations, Mr Bawa Mokwa, there was “N1100.101 billion (N1.1 trillion) total distributable revenue.”

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Investors and Exporters (I&E), the Peer-to-Peer (P2P), and the black market arms of the foreign exchange (forex) market on Friday, September 29, as a turbulent third quarter ended. In the official segment, the local currency improved its value against the greenback by 2.6 per cent or N20.04 to close at N755.27/$1, in contrast to the preceding day’s N775.31/$1 amid a drop in the supply of FX into the system by 11.6 per cent or $16.73 million to $127.82 million from the $144.55 million published on Thursday. In the

By Dipo Olowookere The board of Capital Hotels Plc has announced the creation of an escrow account for the payment of about N1.6 billion to minority shareholders of the company. The hospitality firm is leaving the Nigerian Exchange (NGX) Limited after years on the nation’s main stock exchange. In a notice signed by Alex Ugwuanyi, the organisation said the account was created with CardinalStone Registrars Limited and has been sufficiently funded for payment “to shareholders” who “have accepted to exit” the firm by selling their holdings. Recall that in March 2023, shareholders of Capital Hotels approved the request of the

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange saw its market capitalisation grow 48.3 per cent from N629.03 billion at the end of 2021 to N932 51 billion at the end of 2022. During the year in review, the unlisted securities market went above the N1 trillion mark after Access Bank and Citi Trust Holding Plc joined the trading platform, but profit-taking triggered by headwinds and weak investor sentiment dragged the platform backwards. In the year, the volume of shares traded by market participants dropped by 70 per cent as 3.9 billion units of securities exchanged hands as against

By Dipo Olowookere As part of its determination to further boost growth and expand its operations, Truecaller has announced a strategic investment into the payment space by acquiring Chillr, India’s first multi-bank payments app launched in 2014. This acquisition comes after Truecaller announced in March 2017 its intention to foray into the digital payments segment in India. Truecaller started as a caller ID and spam blocking app for smartphones, but over the years Truecaller has transformed to a full fledge communication app and has become one of the fastest growing consumer apps in Africa and has consistently been topping the

By Adedapo Adesanya Crude oil extended gains on Friday, rising to a highest level in three months after news reached the market that the United States and China have agreed a resolution to the trade war between the world’s two biggest economies that has affected global demand for the commodity. Business Post reports that at Friday’s trading session, prices of crude oil at the global market reached their highest since September when the attack on Saudi Arabia Aramco oil fields drove oil prices up. As a result, the Brent Crude hit the $65 mark on Friday night as it climbed

By Timi Olubiyi, Ph.D All businesses and organisations need to figure out how to stay afloat and also add value to their customers and audience during this new normal occasioned by the novel coronavirus (COVID-19). Recall, COVID-19 has caused major disruptions to your daily operations and business processes. Effective business communication is one of the basic strategies to adopt to cushion the effect. It entails sharing information between employees within an organization and also outside which particularly would involve the customers. Communication to consider can entail alterations of the process to deliver your product or service, developing a new product

By Modupe Gbadeyanka The foundation for the next success stories in Nigeria’s film industry was laid on Wednesday as Sahara Group announced Joseph Duke as winner of its ‘Grooming Film Extraprenuers with Kunle Afolayan’ project. Duke won with a documentary entitled ‘Give Us This Day’. Duke’s documentary, which beat entries from 20 finalists, highlighted the challenges faced by entrepreneurs, including a story about caring for special needs children. More than 150 entries were received in the competition which began in June 2016 following the partnership between Sahara Group and the award winning filmmaker Kunle Afolayan, designed to identify and empower

By Adedapo Adesanya The African Development Bank (AfDB) and the Eastern and Southern African Trade and Development Bank (TDB) have united to launch a unique financial instrument to catalyze financing for sustainable development on the continent. At the ongoing global climate summit, COP27, the bank announced an investment commitment of $15 million in TDB’s Class C Green+ Shares. This is the first equity instrument of its kind to provide a pathway for institutional investors to support climate action with risk capital, with each dollar invested being leveraged four times into qualifying projects and transactions. More broadly, the shares are designed

By Modupe Gbadeyanka The newly appointed General Manager of Lagos State Traffic Management Authority, LASTMA, Mr Maroof Olawale Musa, has restated the agency’s commitment to free-flow of traffic in the state. The General Manager, speaking while on an unscheduled visit to Pen Cinema, Agege and environs said the agency is determined to achieve this by working in line with the best global practice. According to him, the visit to Agege became imperative because of many complaints received about drivers, especially commercial drivers who drive against traffic along the axis, stressing that the refusal to comply with traffic laws, indiscipline and

By Adedapo Adesanya Social messaging platform, WhatsApp, has introduced a feature that lets users create groups on the instant messaging app without needing to name them. This is a new option open to users, a change from the norm as users are required to name the groups they create on the messaging app. The announcement was made by Meta’s chief executive officer (CEO), Mr Mark Zuckerberg, on his Facebook page and Meta’s Instagram channel on Wednesday. According to him, the feature will help users now be able to create a group, even if they have not decided on a topic