Market Posts Marginal Growth as Investors Trade N5.0bn Equities

By Adedapo Adesanya The Nigerian Naira opened the week stronger on the American Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, December 4 as pressure eased amid continued foreign exchange (FX) liquidity squeeze in the market. In the official market, the Naira appreciated against the greenback by 9.6 per cent or N89.42 to settle at N837.77/$1 compared with last Friday’s closing price of N927.19/$1. Also, the Naira gained N172.53 against the Pound Sterling in the NAFEM segment of the market during the session to close at N1,031.57/£1 versus last Friday’s rate of N1,204.10/£1 and against the Euro,

By Adedapo Adesanya The Nigeria Labour Congress (NLC) has said it would ensure that the next national minimum wage to be negotiated in 2024 reflects the prevailing cost of living. The union also lamented that following the removal of fuel subsidy by the federal government, life has become extremely unbearable for workers. Addressing participants at the opening of the 19th edition of the NLC’s Harmattan School in Abuja, President of the NLC, Mr Joe Ajaero, said it had become necessary for governments at all levels to recognise that life and living conditions were exceedingly difficult, especially for working people in

By Adedapo Adesanya  Appreciation in the stock prices of Newrest Airline Services & Logistics (ASL) Plc, Food Concepts Plc, and UBN Property Plc saw the NASD Over-the-Counter (OTC) Securities Exchange extend its gain by 0.47 per cent on Tuesday, December 5. Data showed that Newrest increased its price by N1.61 during the session to settle at N17.71 per unit compared with the previous day’s price of N16.10 per unit, Food Concepts Plc (owners of Chicken Republic) gained 15 Kobo to close the day at N1.65 per share versus N1.50 per share, and UBN Property Plc rose by 13 Kobo to

By Adedapo Adesanya Nigerian property technology startup, SmallSmall, has secured $3 million ($2 million equity and $1 million debt) in seed funding to expand its footprints in Nigeria. SmallSmall lets landlords access quality tenants and curb defaults by receiving monthly payments where they receive extra margins of about 10-15 per cent. The round was led by Oyster VC, Asymmetry Ventures, Vivaz, and Niche Capital. Meanwhile, individual angels such as Sean Fannan of Chartboost, Adam Meghji of Universe, Jimmy Ku of Flutterwave, Samir Goel and Wemimo Abbey of Esusu, Jason Njoku of Iroko, and Tunde Kara of Vendease participated. The company

By Dipo Olowookere The Nigerian economy has officially gone into recession, Business Post has learnt. Few weeks ago, South Africa took over from Nigeria as Africa’s biggest economy. According to figures released by the National Bureau of Statistics (NBS), the second quarter of 2016 has shown a contraction of 2 percent in the economy. It further disclosed that Nigeria’s economy shrank by 0.36 percent in the first quarter of 2016, to hit its lowest point in 25 years. Since the price of oil dropped in the international market in 2015, Nigeria’s economy has struggled to breath. Nigeria’s major source of

By Dipo Olowookere The $22.7 billion loan request of President Muhammadu Buhari has been approved by the Senate. The upper legislative chamber of the National Assembly authorised the President to ahead with the external borrowing on Thursday during plenary. This followed the laying of the report by Senate Committee on Local and Foreign Debts on the 2016 -2018 Federal Government External Borrowing (Rolling) Plan by Senator Clifford Ordia. The issue had generated a heated debate between the Senate President, Mr Ahmad Lawan and the Minority Leader, Mr Eyinnaya Abaribe. Mr Lawan had said, “What is here is what is to

By Adedapo Adesanya The management of Enugu Electricity Distribution Company (EEDC) has said with effect from February 1, 2020, it will no longer accept cash payment from its customers for electricity bills above N3,000. Head of Communication of the disco, Mr Emeka Ezeh, said in a statement on Wednesday that this policy was in line with the cashless policy in the collection of electricity tariffs. “With effect from 1st of February, 2020, electricity customers under the Enugu Electricity Distribution Plc (EEDC), making payments above N3,000 can no longer do so in cash. They are expected to pay using the electronic

By Dipo Olowookere A former assistant coach of Chelsea Football Club of England, Mr Ray Wilkins, has breathed his last at the age of 61. The death of Mr Wilkins was made known on Wednesday afternoon. He died after spending some days in the hospital. Last month, the former Chelsea midfielder fell after suffering a cardiac. He was taken to St George’s hospital, in Tooting, south-west London and had been in critical condition. “It is with great sadness we announce that Raymond Colin Wilkins passed away this morning. “Ray leaves behind his loving wife, Jackie, daughter Jade, son Ross, and

By Modupe Gbadeyanka Shareholders of United Bank for Africa (UBA) Plc have been assured that the bank will continue to give them superior long-term return for their investments in the company. Chief executive of UBA, Mr Kennedy Uzoka, said that the 2017 financial statements of the lender released yesterday showed that the different strategies put in place by management were yielding the expected results. In the 2017 earnings released on Friday to the Nigerian Stock Exchange (NSE), UBA showed significant growth in the contribution and market share from its pan-African subsidiaries, among other positive trends in the financial performance. The

What are Digital Assets? Digital assets are simply items whose content is stored in electronic format. With that definition, you would most likely be thinking about images, music, movies, documents, etc. The truth is, those indeed are digital assets. Thanks to technology, these assets have developed far beyond that, and are also digital currencies. What Are The Types of Digital Assets? Based on this article, I would be focusing on two major types of digital assets which serve as a source of money. Gift cards and cryptocurrencies. Gift Cards Gift cards or gift certificates are a type of debit card,

By Adedapo Adesanya Oil giant, Royal Dutch Shell, has purchased Nigerian solar energy provider, Daystar Power, for an undisclosed amount as it expands its global renewables portfolio. Shell is one of the most influential oil producers in Africa, but the Daystar purchase is its first power acquisition on the continent, underscoring its mandate to cut its greenhouse gas emissions in half by 2030. “As we do this, we’re helping to address a critical energy gap for many who currently rely on diesel generators for backup power,” Mr Thomas Brostrøm, Shell’s vice president for renewable generation, said in a statement. This