Naira Opens Week with Marginal Gain Against British Pound

By Modupe Gbadeyanka Strong inflationary pressures in November further negatively impacted companies in Nigeria, with new orders and output both falling as customers were either reluctant or unable to pay higher charges. Purchase prices rose at the fastest pace in almost two years amid exchange rate weakness and higher costs for fuel and materials. According to the latest Purchasing Managers’ Index (PMI) from Stanbic IBTC, business conditions remained under pressure, scoring 48.0 points last month compared with the 49.1 points it garnered in October 2023. Readings above 50.0 signal an improvement in business conditions, while readings below 50.0 show deterioration.

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 Adedapo Adesanya The trio of Newrest Asl Plc, FrieslandCampina Wamco Nigeria Plc, and Acorn Petroleum Plc made the NASD Over-the-Counter (OTC) Securities Exchange appreciate by 0.14 per cent on Friday, December 1. The three gainers pressed down the 8 Kobo loss reported by UBN Property Plc, which closed the trading session at N1.52 per unit compared with the preceding day’s value of N1.60 per unit. During the trading day, Newrest Plc gained N1.46 to close at N16.10 per share compared with Thursday’s closing price of N14.64 per share, FrieslandCampina Wamco Plc moved up by 60 Kobo to end the

By Adedapo Adesanya The African Development Bank Group (AfDB) has revealed that a $1 billion facility would be used to provide insurance to more than 40 million farmers across the continent against severe impacts of climate change. Initially unveiled at the Africa Climate Summit held in Nairobi in September, the Africa Climate Risk Insurance Facility for Adaptation (ACRIFA) brings together governments, development agencies, the insurance sector and the private sector, said the president of the bank, Mr Akinwumi Adesina, while speaking during a side event at COP28 in Dubai. He said ACRIFA aims to mobilise $1 billion of concessionary financing,

By Modupe Gbadeyanka The board of Cadbury Nigeria Plc has announced the commencement of a closed period on the floor of the Nigerian Stock Exchange (NSE). According to a statement signed by the Company Secretary, Fola Akande, the restriction in the trading of the firm’s shares at the stock exchange by a set of people began on February 28 and will end on March 21, 2019. By the time the restriction is lifted, the beverage company would have released its 2018 Audited Financial Statements to the investing public. Cadbury Nigeria noted that during the closed period, “Directors, audit committee members,

By Comrade Omaga Daniel For the purpose of clarity, I would like to say that I am not a lazy youth as opined by Baba Buhari. I am a trained Biochemist and Environmentalist. I work daily for my country, I pay my tax promptly and I render selfless service to humanity in the little ways I can. I am a social activist, a youth leader and community influencer who have imparted and still imparting positively on my generation. In the same vein, many other Nigerian youths are immensely contributing their quota to national development in one ramification or the other.

By Dipo Olowookere For the 2019 fiscal year, the government of Benue State is proposing to spend the sum of N196.5 billion, Governor Samuel Ortom has said. While presenting his Budget of Peace Security and Prosperity to the Benue State House of Assembly for approval, Mr Ortom said the sum of N106 billion has been earmarked for recurrent expenditure, while N90 billion is for capital expenditure. The 2019 appropriation bill, presented to the state parliament by the Deputy Governor, Mr Benson Abounu, has N52 billion set aside for administrative, N86 billion for economic sector, and N52.9 billion for social sector.

By Dipo Olowookere Yield on the one-year treasury bills at the secondary market increased on Thursday by 0.44 percent to settle at 14.98 percent, Business Post reports. This was as a result of renewed selloffs witnessed on the tenor and three other maturities tracked at the market yesterday. An analysis of the market on Thursday showed that only the one-month treasury bill recorded a decline in its yield, going down by 0.49 percent to finish at 13.03 percent. Yield on the three-month increased by 0.69 percent to close at 11.42 percent, while yield on the six-month maturity rose by 0.21

By Modupe Gbadeyanka A veteran Yoruba Actor, Prince Adewale Adeyemo, has died, reports reaching us revealed. This is coming a few days after a renowned actor in the same industry, Murphy Afolabi, passed on after a domestic accident. It was gathered that Prince Adewale Adeyemo died after a brief illness. Recall that in 2021, the role interpreter was said to have had issues with his kidney, lung and liver. He cried to the public for assistance to raise funds for surgery. Confirming his death, another popular actor, Kunle Afod, disclosed that the actor breathed his last in the earlier hours

By Adedapo Adesanya Coronation Merchant Bank has announced plans to launch its podcast series on December 31, which will cover economic and market development trends. This was disclosed by Mr Banjo Adegbohungbe, the Managing Director/Chief Executive Officer, Coronation Merchant Bank, in a statement, explaining that the podcast series was part of the Coronation Conversations platform, an ongoing engagement medium, which includes blogs, thought leadership articles, videos and events. He said that it would feature thought leaders, industry experts, and leading professionals. Mr Adegbohungbe said the series would be launched across platforms such as the Coronation Merchant Bank website, www.coronationmb.com/podcast, Apple

By Aduragbemi Omiyale To strengthen its customers’ loyalty and engagement, a leading mobile communication services provider in Tunisia, Ooredoo, is deploying the MobiLytix Marketing Studio platform of Comviva. Both parties agreed to the use of MobiLytix to leverage real-time customer interaction data in conjunction with a rich unified customer profile to enable real-time, contextual digital experience across all customer touchpoints. Through this means, customers would be segmented across various categories and provided with an interactive best-fit offer leading to better value propositions and increased revenue. In addition, Comviva would provide its data science services with pre-built AI/ML models for faster