Naira Loses 0.26% to N380/$1 at Interbank Forex Segment

By Dipo Olowookere The Nigerian Exchange (NGX) Limited depreciated by 0.49 per cent on Thursday, driven by selling pressure on banking equities, especially those in the tier-1 category. The likes of GTCO, FBN Holdings, Access Holdings witnessed sell-offs during the trading session, contributing to the weak investor sentiment observed at the Nigerian stock market. According to data obtained by Business Post, the NGX ended with 29 price losers and 24 price gainers, indicating a negative market breadth index. FBN Holdings ended as the heaviest price decliner after it shed 9.86 per cent to settle at N26.50, Secure Electronic Technology fell

By Adedapo Adesanya The President of the Dangote Group, the owners of the Dangote Petroleum Refinery and Petrochemicals plant, Mr Aliko Dangote, has said that following the purchase of 1 million barrels of Agbami crude grade from Shell International Trading and Shipping Company Limited (STASCO), it will be looking to ramp up its production in coming months. The 650,000 barrels per day capacity refinery is not expected to hit full capacity until 2025, but with a gradual ramping, it is expected that it will begin with begin producing up to 370,000 barrels per day of diesel and jet fuel. “We

By Aduragbemi Omiyale One of the players in the personal healthcare and consumer goods sectors, PZ Cussons Nigeria Plc, has published a list of its shareholders with unclaimed dividends. Unclaimed dividends are cash rewards given to investors, mainly from the profits from the company’s operations, but are yet to be collected by the beneficiaries. This has been a major source of sleepless nights for the Securities and Exchange Commission (SEC), which is working to bring down the number of unclaimed dividends. It has been reported that the value of unclaimed dividends in the nation’s stock market is over N185 billion.

By Adedapo Adesanya Five Nigerian transport startups have emerged from Seedstars and Lab of Tomorrow (LoT) 17, an innovative programme aimed at transforming Nigeria’s transport and e-commerce sectors. These are CargoLink, Efotainer, MonieMove, SHAPP, and Trade Tracka. These selected startups will bring fresh ideas for overhauling intercity and last-mile transport services for people and goods in Nigeria. In a statement seen by Business Post, LoT 17 focused on Nigeria, where the booming e-commerce and logistics sectors are poised for technological innovation. However, challenges remain, especially in terms of transportation quality and the sector’s largely informal nature. The programme, thus, targeted

By Modupe Gbadeyanka A Lagos-based public relations consultancy company, Ivi PR, has trained some budding practitioners in the communications industry as part of its effort to equip aspiring PR pros with the needed tools to succeed in the game. The intensive training programme, put together under its Ivi Trybe initiative, was attended by several up-and-coming PR professionals in the country. The social responsibility initiative of Ivi PR offered emerging professionals the opportunity to gain practical skills, industry insights and valuable networking opportunities all for free. Various key areas were touched on by the experts invited to impact their knowledge on

By Modupe Gbadeyanka Any cashless payment done for the purchase of essential products on the Jumia through Mastercard will attract a 10 percent discount, Jumia and Mastercard have announced. This is as a result of the partnership between both organisation, which is incentivising the use of cashless payments platforms as people look for safer ways to pay in the wake of the COVID-19 pandemic. The two organisations want online shoppers to safely transact using digital payment channels and avoid human-to-human contact, in line with recommendations from global and regional health authorities and governments. Business Post learned that the discount offers

By Dipo Olowookere Chairman of the Lagos State chapter of Christian Association of Nigeria (CAN), Apostle Alex Bamgbola, has described the sack of Presiding Chaplain of Chapel of Christ the Light, Alausa, Ikeja, Lagos, Venerable Femi Taiwo, has one perfectly in order. He said the Governing Council of the church, owned by the Lagos State government, “acted within its constitutional authority to terminate the appointment of Venerable Taiwo.” Mr Bamgbola made this disclosure at a press conference on Tuesday in Lagos. He said, “The Governing Council has the constitutional responsibility and authority to recruit and to terminate two officers who

By Adedapo Adesanya Heritage Bank has partnered with the Lagos Waste Management Authority (LAWMA) to launch a LAWMA Recycle Card as part of efforts to attain a sustainable greener and cleaner Lagos. The collaboration marked the unveiling of the Lagos Recycle Initiative, which is targeted at curbing the huge challenge of plastic pollution for a better ecosystem through recycling and waste management reward system for residents of the state. Speaking on the innovation, the MD/CEO of Heritage Bank, Mr Ifie Sekibo, affirmed that the collaboration was part of the move to promote the implementation of the Central Bank of Nigeria

By Modupe Gbadeyanka New exciting features to enable seamless transactions for its customers have been added to the mobile app of Stanbic IBTC Holdings Plc. The newly upgraded Stanbic IBTC Super App offers quick log-in capability with facial and fingerprint biometric options, strong customer data protection and voice banking features. It also contains features such as instant soft loans for customers through the instant cash advance/EZ cash, bills payment, and funds transfer. A statement from the lender stated that the one-stop mobile app consists of the entire range of the Stanbic IBTC Group products such as My Bank, Mutual Funds,

By Aduragbemi Omiyale The French government is looking to develop tourism in Oyo State and it has already taken a step towards achieving this goal. Last weekend, the French Embassy was in the South-Western state of Nigeria to have talks with the government on how to go about this. During a visit to the Ministry of Information, Culture and Tourism in Oyo State, the leader of the French delegation, Dr Vincent Hiribarren, said the country was determined to engage with Oyo State and seek ways to explore its tourism potentials in different archaeological and historical sites. “Currently, France is seeking

By Investors Hub European stocks have moved to the downside on Thursday as investors digest a flurry of earning reports and kept an eye on the second day of Trump’s visit to Beijing. U.S. tax reform worries and simmering Middle East tensions also kept traders on tenterhooks as the sixth round of Brexit negotiations got under way in Brussels. While the U.K.’s FTSE 100 Index has fallen by 0.6 percent, the French CAC 40 Index and the German DAX Index are down by 1 percent and 1.1 percent, respectively. ArcelorMittal shares have fallen after EU anti-trust authorities opened a probe