Mr Eazi, Others Invest $9m in PawaPay

By Adedapo Adesanya The Centre for the Promotion of Private Enterprise (CPPE) has called on the newly appointed Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, to clear the backlog of foreign exchange as well as guarantee another recapitalisation in the banking sector. “The clearance of the backlog of forex obligations should be accorded high priority to restore the confidence of domestic and foreign investors,” the Managing Director of CPPE, Mr Muda Yusuf said in a press statement titled Ten Point Agenda For The CBN Governor, released over the weekend. Mr Cardoso and four new deputies on

By Bliss Okperan A foremost content reader, FeedSpot, has named Business Post Nigeria as one of the Top 25 Nigeria Personal Finance Blogs. In the list, Business Post was placed in the 8th position, ranking among other reputable online platforms serving readers with quality and educative business and financial news reports and articles. In the top 10, FeedSpot listed Nairametrics as number one, followed by UBA Group, Financial Nigeria Magazine, Investors King, Cowrywise Blog, Financial Watch, MakeMoney, Business Post Nigeria, Nigeria Galleria Blog, and Money Matters with Nimi. Other platforms listed were LagosMums, Financengr, Rosabon Financial Blog, Ohimai Consulting Blog,

By Adedapo Adesanya The Minister of Power, Mr Adebayo Adelabu, has called for collective efforts to shape the energy sector in Nigeria, noting that no meaningful economic growth can be achieved without it. Mr Adelabu said this at the Nigeria Energy 2023 leadership summit recently held in Lagos, with the theme Unlocking new value with reforms, investments, and technology which saw in attendance industry leaders. The Minister said, “Energy is the lifeblood of any modern economy of which Nigeria is no exception. No meaningful economic growth or industrial development can be achieved without energy. “We can be talking of potential

By Ahmed Rahma The co-founder and Executive Director, Institutional Business & Investor Relations of VFD Group Plc, Mr Niyi Adenubi, has said the company is planning to expand the operations of its digital bank, V Bank, to other African countries. V Bank has been a success in Nigeria, where it started its operations and the owners are already looking at taking the business to Ghana and Kenya, two other key markets on the continent. Mr Adenubi, while speaking with Eleni Giokos of CNN Marketplace Africa, said talks are already ongoing with authorities of the two nations, noting that this is

By Aduragbemi Omiyale There are reports of a violent protest in Ibadan, the Oyo State capital, over the scarcity of old and new Naira notes, Business Post has gathered. It was learned that residents of the ancient city are venting their anger over the hardship caused by the policy of the Central Bank of Nigeria (CBN) and the federal government. The central bank redesigned the N200, N500, and N1,000 notes and asked citizens to return their old banknotes because they would cease to be legal tender. However, since the introduction of the new currency notes in circulation on December 15,

By Dipo Olowookere Pan-African explorer, Oranto Petroleum, has acquired 90 percent stake in two exploration blocks located onshore Zambia. The oil blocks are Blocks 17 and 27 and they represent Oranto’s first investment in the country. Oranto Petroleum and its sister company Atlas Petroleum International, comprise the largest African independent by acreage, with active exploration and production programs across the continent, including Benin, Equatorial Guinea, Ghana, Liberia, Namibia, Nigeria, São Tomé and Príncipe, Senegal, South Sudan and Uganda. Under the agreement, Oranto Petroleum will hold a 90 percent stake and ZCCM Investment Holdings will control a 10 percent share, on

By Adedapo Adesanya Oil prices rose about 2 per cent on Monday, boosted by supply fears and a dip in the United States Dollar, with the Brent rising by $1.95 or 1.9 per barrel to $105.15 a barrel and the US West Texas Intermediate (WTI) leaping by $2 or 2.1 per cent to settle at $96.70 a barrel. Oil futures have been volatile in recent weeks, pressured by worries that rising interest rates could limit economic activity and cut fuel demand growth but supported by tight supply, especially since Russia’s invasion of Ukraine and Western sanctions on Moscow. A slightly

By Investors Hub The major U.S. index futures are pointing to a roughly flat opening on Wednesday, with stocks likely to show a lack of direction following the mixed performance seen in the previous session. Traders are likely to remain reluctant to make significant moves ahead of the Federal Reserve?s monetary policy announcement this afternoon. The Fed is widely expected to leave interest rates unchanged, but traders will keep a close eye on the accompanying statement for clues about the outlook for rates. The looming Fed announcement may overshadow the release of a report from payroll processor ADP showing private

By Modupe Gbadeyanka Despite shares of Zenith Bank Plc performing woefully on the floor of the Nigerian Stock Exchange (NSE) in recent times, analysts at Meristem Research have stressed that the financial institution could make holders of the equities 67.35 percent richer at the end of this year. In its weekly recommendation, the Lagos-based investment firm said Zenith Bank share could rise to N27.78k per unit from N16.60k each it traded last Friday at the market. In its four picks for the week, Meristem Research said investors can consider buying Seplat shares because it has the potential of returning 19.52

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has blamed the slow economic growth in Nigeria on the infrastructural deficit, noting that it was making efforts to address this issue. The Governor of the CBN, Mr Godwin Emefiele, while speaking at the Finance Correspondents Association of Nigeria’s (FICAN) 30th-anniversary conference and awards, said part of the ways of tackling the issue was the release of N424.14 billion to improve the power and gas infrastructure in the country while reducing the nation’s estimated $100 billion annual infrastructure deficit. At the event themed Financing Infrastructure & SMEs for inclusive growth in