Naira Falls to N584/$1 at P2P, N416.83/$1 at I&E

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Peer-2-Peer (P2P) wing of the foreign exchange market on Monday, October 2, as the official market, the Investors and Exporters (I&E) window closed for the Independence Day holiday. In the P2P segment, the Nigerian Naira appreciated against the American currency by N3 to sell at N998/$1 compared with the preceding session’s value of N1,001/$1. In the same vein, the local currency improved its value against the US Dollar on Tuesday by N1 to sell at N1001/$1 versus the previous session’s exchange rate of N1002/$1. During the Independence Day

By Bliss Okperan A lady who reviewed a product of Erisco Foods Limited, Nagiko Tomato Mix, Mrs Chioma Egodi, has threatened to demand the sum of N500 million from the chief executive of the company, Mr Eric Umeofia, for violating her fundamental human rights. Mrs Egodi said she purchased the product at the market with the intention of using it to cook stew for her family. However, when she tasted it, according to her, it tasted too much sugar, prompting her to post about it on Facebook. It was reported that Erisco was not happy with the negative review. She

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 Modupe Gbadeyanka Nigeria’s business activity improved in September despite cost pressures limiting demand, according to the latest Purchasing Managers’ Index (PMI) released by Stanbic IBTC Bank Plc. The lender said in the period under review, the private sector had a reading of 51.1 points compared with the 50.2 points achieved in August 2023. It was the rise in business activity in the country was influenced by the growth in order, though the rates of expansion in each were only modest. New orders increased for the sixth month running in September as some firms signalled an improvement in demand. While

By Adeniyi Ogunfowoke Social media is dynamic. This is why social networks are always coming up with new updates and features. Instagram is not an exception. As one of the biggest online mobile photo-sharing and video-sharing platform in the world with half a billion users, it is expected not to shy away from this. Hence, it is unsurprising that it regularly announces new features. It is, therefore, important for brands that use Instagram and other social media networks for their marketing campaign to be aware of these features. Jumia Travel, Africa’s No 1 hotel booking portal shares some of these

By Dipo Olowookere Tier-one Nigerian lender, Zenith Bank Plc, has announced a dividend of N2.50 per share for its shareholders for the year ended December 31, 2019. In a notification on Friday, the bank said the cash reward would be paid to shareholders whose names appear in the register of members as at the close of business on March 9, 2020. The payment is subject to appropriate withholding tax and approval of the company’s investors at the Annual General Meeting (AGM) fixed for March 16, 2020 at the Shehu Musa Yar’Adua Centre in Abuja. Zenith Bank, which also released its

By Ahmed Rahma A Swedish audio streaming and media services provider, Spotify, has announced its intention to commence business operations in Nigeria, some African countries and others in the coming days. To ensure usability in all of these new markets, the company also officially added support for 36 new languages to its platform, including Romanian, Hindi and Swahili. This means the platform now supports more than 60 languages in total. Spotify explained that it was expanding its services to many Africam nations because these areas represent more than one billion potential new listeners. “As part of our ongoing commitment to

By Dipo Olowookere One of the leading players in the healthcare sector in Nigeria, Fidson Healthcare Plc has shown why it is a force to reckon with in the industry. The firm, in its unaudited financial statements for the period ended March 31, 2018, recorded an increase in profit after tax (PAT), which closed at N202.8 million compared with N161 million as at March 2017. Also, the profit before tax increased year-on-year to N298.2 million in Q1 2018 from N236.7 million in Q1 2917, when it was still struggling to get back on its feet from the recession suffered by

Encomiums have been pouring in for Delta State Governor, Mr Ifeanyi Okowa, following the completion of Leisure Park Asaba. Leisure Park Asaba is another innovative addition to the long list of Okowa’s infrastructural development in Delta State. Located at Anwai Road, Asaba, Delta State, Nigeria, the park is the latest addition to the tourism industry in the south-south region, boasting some of the finest amusement attractions ever seen in Nigeria, including adrenaline-pumping amusement rides. Leisure Park Asaba also has one of the largest man-made lakes housing a wave pool, kayaking, waterslides, and swimming pool, with the zoo section boasting over

By Investors Hub Asian markets turned in a mixed performance on Thursday amid lingering concerns over a trade war after the White House said the administration wants China to reduce its trade surplus with the U.S. by $100 billion. In Tokyo, Japan’s benchmark Nikkei 225 Index edged up 26.66 points or 0.1 percent to 21,803.95. Marui Group Co shares climbed up 7.4 percent, Tokai Carbon gained 4.2 percent, TDK Corp added 3.7 percent and Daiwa House Industry gained 2.5 percent. Osaka Gas, Trend Micro, FamilyMart UNY Holdings, Tokyo Tatemono and Nissan Chemicals also ended notably higher. Meanwhile, NTN Corp., Hitachi

By Adedapo Adesanya In the coming days, President Muhammadu Buhari will inaugurate the construction of the Kano-Kaduna rail project, the Minister of Transportation, Mr Rotimi Amaechi, has confirmed. Speaking in Abuja last Friday during the weekly presidential media briefing organised by the State House Media Unit, he said already all contracts for the projects had been awarded. The Minister said the project would now be funded from the ministry budgetary allocation as the federal government would not continue to wait endlessly for the loan. According to him, the central government has already paid $218 million to the contractors, saying additional $100

By Dipo Olowookere A new report released by McKinsey & Company has revealed that the banking markets in Africa are among the most exciting in the world. According to the McKinsey Global Banking report, the continent’s overall banking market is the second-fastest-growing and second most profitable of any global region, and a hotbed of innovation. Nearly 300 million Africans are banked today, a number that could rise to 450 million in five years, the report said. The report illustrates four segments of African markets – from the advanced markets like South Africa and Egypt, to fast-growing transition markets such as