Naira Value Falls at Official Market Ahead Inauguration

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Investors and Exporters (I&E), the Peer-to-Peer (P2P), and the black market arms of the foreign exchange (forex) market on Friday, September 29, as a turbulent third quarter ended. In the official segment, the local currency improved its value against the greenback by 2.6 per cent or N20.04 to close at N755.27/$1, in contrast to the preceding day’s N775.31/$1 amid a drop in the supply of FX into the system by 11.6 per cent or $16.73 million to $127.82 million from the $144.55 million published on Thursday. In the

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.38 per cent on Friday, September 30, with N4.16 billion added to the value of the bourse, closing at N1.105 trillion compared with Thursday’s value of N1.101 trillion. The market witnessed the improvement a day after the shares of VFD Group were yanked off the trading platform, with the NASD Unlisted Securities Index (NSI) closing higher by 3.06 points to settle at 815.65 basis points versus the previous day’s 812.59 basis points. There were three gainers led by FrieslandCampina Wamco Nigeria Plc, which improved by N1.31 to close at

By Adedapo Adesanya  The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has vowed to down tools and shut down all oil field locations if demands following the acquisition of Nigerian Agip Oil Company (NAOC) are not met. Business Post had reported in September that Oando Plc had acquired a 100 per cent stake in the Nigerian subsidiary of Italian giant, Eni. However, the deal allegedly happened without management addressing the welfare and benefits of the workers and without due process. The development has led to several protests by members of PENGASSAN since the beginning of September 2023.

By Adedapo Adesanya Oil prices fell about 2 per cent on Monday as the US Dollar strengthened and traders took profits while the market remained concerned about rising crude supplies and pressure on demand from high-interest rates. Brent crude lost $1.49 or 1.6 per cent to finish at $90.71 a barrel while the US West Texas Intermediate crude (WTI) depreciated by $1.97 or 2.2 per cent to settle at $88.82 per barrel. Analysts said some traders took profits after crude prices rose nearly 30 per cent to 10-month highs in the third quarter, which wrapped up last week. Prices are

By Okechukwu Keshi Ukegbu Franklin D. Roosevelt aptly captures the collective responsibility of citizens in governance thus: “Let us never forget that government is ourselves and not an alien power over us. The ultimate rulers of our democracy are not a President and senators and congressmen and government officials, but the voters of this country”. After the May 29, the euphoria that greeted Gov. Okezie Ikpeazu’s second term victory will subside as the drummers will withdraw their drums, and the dancers will recede for work, which is the major essence of governance to assume the centre stage. The expectations in

According to statistics, Gen Z, the demographic group succeeding Millennials, is the most prevalent in Nigeria. One in every four Nigerians belongs to the Gen Z group and they tend to be more financially sophisticated than previous generations were at their age. This might be a result of growing in a recession and watching the financial mistakes made by previous generations. Recently, the COVID-19 pandemic has even made Gen-Zers more self-aware with money. Gen Z adults are the most aware of financial literacy. This is evident as seen in their adoption of technology in becoming savvy savers, their acceptance of digital banking

By Dipo Olowookere As a financial institution committed to wealth creation, Wema Bank Plc, pioneer of Africa’s first fully digital bank ALAT, has sponsored a number of small and medium scale businesses to a capacity-building training on building sustainable wealth which was organized by PwC in Lagos. The Nigerian economy is driven significantly by a vast number of SMEs. Research showed that as of October 2017, the country had in excess of 30 million small businesses operating within its borders. However, in the face of increased competition and heightened economic headwinds, the need to secure the right knowledge and expertise

By Dipo Olowookere Nigerian music star, Simi, has expressed her desire for up-and-coming female artists to gain fame without going through many hurdles. The singer said this while reacting to her selection as the Spotify EQUAL Africa music programme ambassador for July, joining the likes of Tiwa Savage, Ayra Starr, Asa, and FAVE. The mother of one stated that she has managed to stay on top of her game due to the hard work she has put into her music career but wants things to be easier for those coming after her. “Striving and thriving as a woman in a

The innovative use of technology in the delivery of financial services is eliciting a positive impact on businesses and customers’ experience in Nigeria. Aside from providing a cheaper, faster and user-friendly financial option for Nigerians, fintech solutions are driving financial inclusion, employment creation. With about 30% population of tech-savvy and smartphone-loving millennials, Nigeria is a huge market for fintech services. This generation of digital natives wants their financial transactions completed seamlessly. They crave prompt OTP and instant credit. Felix Elugbadebo, a legal practitioner and technology enthusiast in Lagos fits into this description.  Jumia fintech product avails him of the hassle

By Adedapo Adesanya Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari, has warned that the country could get into trouble if the price of crude oil at the international market sells at $22 per barrel. Speaking on Wednesday at a consultative roundtable meeting organised by the Central Bank of Nigeria (CBN) in Abuja, the oil expert said about 50 cargoes carrying the commodity have not found landing. “As at today with the Nigerian crude, we have 50 cargoes that have not found landing; it means the traders have purchased it but they don’t know how

By Dipo Olowookere It was a memorable day on Sunday, May 27, 2018 as some kids were hosted by Nigeria’s number one malt drink, Maltina, in commemoration of the Children’s Day celebrations. Maltina is the first locally produced malt drink in Nigeria and is fortified with vitamins and calcium for healthy families. On Children’s Day, Maltina, hosted hundreds of children and their parents in Lagos and Ibadan to a party, in line with the brand’s mission to nourish precious family moments and spread happiness. The families got to enjoy fun activities like face-painting, sack races, carousel rides, Tug of War,

By Dipo Olowookere It was a day of glory for foremost African financial institution, Access Bank Plc, when it emerged as Nigeria’s biggest winner at the 2016 EMEA Finance Banking Awards by leading financial publication EMEA Finance Magazine. At the event, Access Bank won in three categories awarded to financial institutions in the Pan-African region: the ‘CEO of the Year’, awarded to Access Bank’s Group Managing Director and CEO, Mr Herbert Wigwe; ‘Best Bank in Nigeria’ and ‘Corporate Social Responsibility’. Receiving the award on behalf of the bank at the annual African Banking Awards Dinner in London, United Kingdom, Mr