Naira Gains 0.12% Amidst FX Demand Pressure

By Bliss Okperan Nigeria recorded an improvement in its trade surplus in the third quarter of 2023, according to data released by the National Bureau of Statistics (NBS), which was analysed by Business Post. The agency disclosed that in the period under review, the total value of exports stood at N10.347 trillion, while imports stood at N8.458 trillion, leaving the total value of trades at N18.802 trillion, 60.78 per cent higher than the N6.435 trillion achieved in the second quarter of 2023. Analysis showed that between July and September 2023, the country, which prides itself as the biggest economy in

By Adedapo Adesanya Bitmama Incorporated, a crypto exchange company, has confirmed the acquisition of Payday, a virtual card service provider. According to reports, the chief executive of Bitmama, Mrs Ruth Iselema, has offered PayDay investors $1 million worth of equity in the crypto company at a $30 million valuation. The news comes barely nine months after Payday announced its $3 million seed round and three months after its exploration of sale options was confirmed. Facilitated through Bitmama’s cross-border payments product, Changera, the acquisition marks a pivotal shift from earlier speculations, including a potential acquisition by lead investor, Moniepoint. Changera is

By Dipo Olowookere Profit-taking activities brought back the bears to the floor of the Nigerian Exchange (NGX) Limited on Monday as investors rebalanced their portfolios. It was observed that traders at Customs Street booked profits in shares mostly in the industrial goods sectors like BUA Cement and Lafarge Africa. This resultantly brought down the local stock market by 0.66 per cent at the close of transactions, with the industrial goods space losing 4.21 per cent, the insurance counter declining by 0.28 per cent, and the energy sector falling by 0.01 per cent. However, the consumer goods index improved yesterday by

By Modupe Gbadeyanka Business owners in Lagos have been assured of more incentives by the state governor, Mr Babajide Sanwo-Olu, who added that this is part of his administration’s commitment to reforms aimed at improving the ease of doing business and enhancing investment opportunities. Speaking at the commissioning of the newly-built wet hair production factory of Godrej Nigeria Limited, the Governor said his government would continue to pursue actions that would eliminate red tapes and regulatory impediments hindering the growth of businesses in the state, thereby demonstrating his willingness for continued collaboration with the private sector to improve the livelihood

By Modupe Gbadeyanka On Thursday, July 15, 2021, several important personalities will converge virtually for the World Youth Skills Day Conference put together by WeForGood International in partnership with IHS Nigeria and the United Nations Information Centre (Lagos). A statement from the organisers said the event, which kicks off by 11:00 am, will require interested participants to register for free via https://bit.ly/SSAfrica_UNWYSD2021. In 2014, the United Nations General Assembly (UNGA) declared July 15 as World Youth Skills Day to celebrate the strategic importance of equipping young people with skills for employment, decent work and entrepreneurship. This year’s conference will also

By Modupe Gbadeyanka Ecobank Transnational Incorporated (ETI), the parent company of Ecobank Group, has announced that holders of 819,424,548 preference shares have indicated their intention to convert their preference shares into ordinary shares. In a statement issued on Monday, the firm said once the requisite approvals are obtained, the preferences shares would result in 630,325,909 ETI ordinary shares at an implied conversion price of N21.32 (21.32 Nigerian Naira) per new ordinary share. It further said by a resolution passed on September 14, 2011, the ETI Board of Directors approved the acquisition of Oceanic Bank International Plc. Explaining further, ETI said

Four officials of the Kwara State government were on Thursday, May 2, 2019 arraigned before Justice Babangana Ashigar of a Federal High Court sitting in Ilorin on a two-count charge bordering on money laundering. The four government workers were brought before the court the Economic and Financial Crimes Commission (EFCC), Ilorin Zonal Office. Those arraigned include: Abubakar Ishiak, Permanent Secretary; Shina Mudasir Akorede, Director of Administration and Finance; Rasaq Momonu, Controller Finance and Account, and Hafees Yusuf, Cashier. One of the counts reads: “That you, Abubakar Ishiak, being the Permanent Secretary, Kwara State Government House, Shina Mudasir Akorede, being the

By Aduragbemi Omiyale The board and the management of International Breweries Plc have been urged to sustain their commitment to high standards of corporate governance, social impact and shareholder value creation. The Divisional Head of Capital Markets at the Nigerian Exchange (NGX) Limited, Mr Jude Chiemeka, gave this charge at the Facts Behind the Figures of the company held at the bourse recently. Mr Chiemeka commended the beer maker for increasing its engagement with the market, saying this would boost the confidence of investors in the organisation. “One of such contributions is the Responsible Beverage Service (RBS), a first-of-its-kind intervention

By Adedapo Adesanya Vice President Yemi Osinbajo has assured that the demon, multiple taxation, would be tackled by the Presidential Enabling Business Environment Council (PEBEC) so as to allow the business environment in Nigeria to thrive. Mr Osinbajo gave this assurance on Monday in Abuja at the First Abuja Small and Medium Enterprises (SMEs) Conference and Exhibition 2021 organised by the Abuja Chamber of Commerce and Industry (ACCI). The event was aimed at providing solution strategies for resolving tax, regulatory, packaging and logistic challenges facing Nigerian SMEs, causing the sector to have a high mortality rate. Mr Osinbajo, represented by

By Adedapo Adesanya The National Association of Securities Dealer (NASD) Over-the-Counter (OTC) Securities Exchange extended its gains on Friday, July 29 by 0.08 per cent. This raised the total value of the unlisted stock market by N810 million to N1.031  trillion from the preceding day’s N1.030 trillion as the NASD Unlisted Securities Index (NSI) went up by 0.61 points to wrap the session at 772.07 points compared with 771.91 points of the previous session. The growth witnessed during the session was inspired by a rise in the stock price of CitiTrust Plc by 90 Kobo to N10.40 per share from

By Dipo Olowookere Market and technology leader for integrated accounting, payroll & HR, and payment systems, Sage, will welcome over 1000 entrepreneurs, Small & Medium Business owners and Sage Business Partners from around Africa and Middle East at the Sage Summit Tour in South Africa. The event takes place at the Sandton Convention Centre, Johannesburg from March 7-9. Sage Summit Tour was traditionally an annual event held in the US, but this year, Sage is bringing its personalised and interactive experience to cities and business builders around the world. Sage partners and customers will gather in Johannesburg to learn about