Naira Drops 71 Kobo Against Dollar at I&E as Turnover Rises 55%

By Adedapo Adesanya African Export-Import Bank (Afreximbank) has announced that the third Intra-African Trade Fair (IATF2023) held in Cairo from November 9-15 witnessed the conclusion of business deals and transactions valued at $43.8 billion. The lender said in the final tallies released in Cairo, the organisers of the continental event said that the amount represented the value of 426 deals concluded in 21 sectors covering 52 countries. At a press conference to announce the results, Mrs Kanayo Awani, Executive Vice President (Intra-African Trade Bank) at Afreximbank, also announced that 130 countries participated in the trade fair, which attracted 1,939 exhibitors

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 1.6 per cent appreciation on Friday, December 8, as investors gained about N19.12 billion to push the valuation of the unlisted bourse to N1.202 trillion from the N1.182 trillion it closed in the preceding session. This achievement was influenced by the gains recorded by the trio of Aradel Holdings Plc, FrieslandCampina Wamco Nigeria Plc, and Central Securities Clearing System (CSCS) Plc. Data showed that Aradel Holdings Plc improved its value by N30 to settle at N900.00 per unit compared with the previous day’s N870.00 per unit, FrieslandCampina Wamco Nigeria

By Precious Olisa The Lagos Chamber of Commerce and Industry (LCCI) and the Nigeria Employers’ Consultative Association (NECA) have expressed their disappointment over the increasing exit of multinationals from the Nigerian market. The two organisations reacted to the planned exit of Procter & Gamble (P&G) from the country over economic headwinds. P&G announced its intention to close down its manufacturing operations in Nigeria and adopt an import-only business model due to the foreign exchange (FX) crisis in the country. This is coming some weeks after GlaxoSmithKline (GSK), Sanofi, Unilever Nigeria, Equinor and others have also indicated their interest in quitting

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a further rise of 0.55 per cent, extending its stay in the green territory to a fourth straight session on Thursday, November 7. This increased the NASD Unlisted Security Index (NSI) by 4.81 points to wrap the session at 872.54 points compared with 867.73 points in the previous session, as the market capitalisation of the OTC exchange jumped by N6.52 billion to settle at N1.182 trillion, in contrast to the preceding trading day’s N1.176 trillion. The unlisted securities market ended the trading session with two price gainers, 11 Plc and

By Aduragbemi Omiyale A veteran Yoruba actor, Mr Musiliu Olaitan Ajikanle, also known as Bufallo, has died after a prolonged illness. Musiliu Ajikanle was said to have died on Monday after suffering from a stroke for about seven years. A cleric, Agbala Gabriel Foundation, brought his plight to the public a few months ago. The actor, before his demise, has acted in several movies and has also produced some flicks. Details later.

By Modupe Gbadeyanka The Ooni of Ife, Mr Adeyeye Enitan Ogunwusi, has dissociated himself from the fire incident that occurred on Tuesday at the palace of Oba of Lagos, Mr Rilwan Akiolu. Spokesman of the Ooni’s palace, Mr Moses Olafare, informed Premium Times when contacted that the incident has nothing to do with the respected Yoruba traditional ruler as being speculated in some quarters. Last week, Mr Akiolu was seen to have disrespected the spiritual leader of the Yoruba race at an event in Lagos. About seven days after that incident, many are insinuating that the gods were retaliating for

By Adedapo Adesanya President Muhammadu Buhari has disclosed that the Business Facilitation Act would help the Nigerian economy as it will grow and create jobs, and make the country’s small and medium enterprise sector vibrant. President Buhari spoke at State House, Abuja, as he received the Governing Council and members of the Institute of Directors led by its President and Chairman, Mrs Ije Jidenma, on Thursday. In his words, “I was particularly interested to learn that you not only cater to large corporates but are aware that for any economy to grow and create jobs, we need an equally vibrant

By Dipo Olowookere Recently, the ancient town of Iseyin in Oyo State became bubbling with the array of dignitaries that thronged into the community for the grand finale of Peller Unity Cup 2017. Important personalities in the country led by the Ooni of Ife, Oba Adeyeye Ogunwusi; and the Alaafin of Oyo, Oba Lamidi Adeyemi III showed their support for the event. After intense rounds of matches, all roads led to the NYSC permanent Orientation camp, Iseyin, Oyo State for the 3rd place match between Irepo United and Saki West Rovers; and the derby final match between Iseyin City and

By Adedapo Adesanya The Edo State Governor, Mr Godwin Obaseki, has approved the payment of a 28-year backlog of gratuity for pensioners in the Edo State Local Government Staff Pension Board. This was made known by the Head of Local Government Administration (HOLGA) and Permanent Secretary for the Local Government Staff Pension Board, Mrs Sandra Osas-Ehigie, in a statement on Tuesday. Gratuity is a payment made by an employer to an employee for the services rendered during the period of employment, above and beyond the usual wages or salary. It is usually a percentage of the employee’s total wages or

By Modupe Gbadeyanka The Director of Media and Publicity of the All Progressives Congress (APC) Presidential Campaign Council, Mr Bayo Onanuga, has denied reports that the president-elect, Mr Bola Tinubu, has held a clandestine meeting with the Chief Justice of Nigeria (CJN), Mr Olukayode Ariwoola, in London, the United Kingdom. Mr Tinubu travelled out of the country on Tuesday night to have a rest in Paris after the 2023 presidential election and would be expected in London before jetting to Saudi Arabia for the lesser Hajj, according to a statement issued by his office on Wednesday to counter a report

By Ahmed Rahma A subsidiary of Unified Payment Services Limited, Hope Payment Service Bank, has commenced free National Identification Number (NIN) registration for Nigerians in all designated enrolment centres located in its regional offices across the country and its head office in Lagos. To speed up this exercise, the company has disclosed that over 1,000 agents would be recruited, noting that this move would also support the efforts of the federal government to reduce the unemployment rate in the country. Speaking at the press conference in Lagos to announce the NIN enrollment exercise, the Managing Director of Hope PSBank, Mr

By Ahmed Rahma For the second straight time, Zedcrest Group has been declared the winner of the Diversified Financial Services Group of the year award. The new-age financial solutions powerhouse retained this award at the just-concluded BusinessDay Banks & Other Financial Institutions (BAFI) Awards in Lagos. The management and staff of Zedcrest were congratulated for their devotion towards building inter-connected financial solutions across Africa by the publisher of BusinessDay, Mr Frank Aigbogun, during the presentation of the award to the company. BAFI Awards identify and celebrate the financial institutions and leaders that have excelled across many areas, including financial performance,