NASD Exchange Records First Gain in December, Rises 0.99%

By Dipo Olowookere Profit-taking persisted at the Nigerian Exchange (NGX) Limited on Thursday, with Customs Street going down by 0.31 per cent on its return from a midweek break. The market closed its doors to traders on Wednesday due to the public holiday declared by the federal government to mark Eid-el Maulud, the birthday of Prophet Mohammed. Business Post reports that market participants did not take their minds off the pressing issues affecting the Nigerian economy, especially rising inflation, energy costs and the foreign exchange (FX) crisis. As a result, they liquidated their shares, leading to a negative market breadth

By Adedapo Adesanya The Federation Account Allocation Committee (FAAC) has shared a total of N1.1 trillion from the revenue generated by the nation in August 2023 for September to enable the three tiers of government; the federal government, states, and local government councils, to have funds to pay salaries and others. The allocation of the funds was confirmed by the Office of the Accountant General of the Federation on Friday following FAAC’s September 2023 meeting. According to a statement by the OAGF’s Director of Press and Public Relations, Mr Bawa Mokwa, there was “N1100.101 billion (N1.1 trillion) total distributable revenue.”

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 prices of Brent futures and the US West Texas Intermediate (WTI) futures went down by about 1 per cent on Friday, due to macroeconomic concerns and sustained profit-taking. Data showed that Brent fell by 7 cents to $95.31 per barrel and WTI depreciated by 92 cents to $90.97. Prices rose about 30 per cent in the third quarter of the year helped by the production cuts by the Organisation of the Petroleum Exporting Countries and allies (OPEC+). This action squeezed global crude supply. Brent was about 2.2 per cent in the week and 27 per cent

By Timi Olubiyi, PhD Sachets dominate the retail industry, particularly the Fast-Moving Consumer Goods (FMCG), in many parts of Africa but more significantly in Nigeria, where the population is high and there is a huge demand for consumer goods. Therefore, sachet products or single-serve packs, as they are normally called in the FMCG industry, are dominating the retail landscape and they are products that can be consumed at once or ready for single usage. In colloquial terms, the model is referred to “sachetisation” which is known to have kicked off in Nigeria in the ’90s with the making of smaller

Georgia’s state senate has refused to pass legislation legalizing and regulating sports betting within its borders. The defeat of Senate Bill 57 is one of several efforts to legalize sports betting for Georgians in recent times in the midst of the fight against illegal gambling. Despite the opposition of some parties within the state, the proposed legislation to legalize sports betting in Atlanta has the support of various business groups and professional sports teams. Opponents of the Bill Senate Bill 57 was defeated by a vote of 37-19 in the Senate. The bill would have required the state lottery to

By Dipo Olowookere One of the top rating agencies in the world, S&P Global Ratings, has announced affirming its ‘B-‘ long-term and ‘B’ short-term issuer credit ratings on Nigeria-based tier-two lender, Fidelity Bank Plc with a stable outlook. In a statement issued last Friday and obtained by Business Post, the rating company said it was also affirming its ‘ngBB+/ngB’ Nigeria national scale ratings on the bank. S&P explained that the affirmation reflects its view that the bank will display relatively moderate earnings compared with the sector average, as demonstrated in 2017, and relatively stable asset quality amid a slow economic

By Dipo Olowookere Kaspersky Lab has come top of the tests in 2016, with a series of “best in class” awards for its endpoint security and small business products in the latest round of reviews by independent IT security institute, AV-TEST. The certifications are testament to Kaspersky Lab’s unique HuMachine approach to counter cybersecurity threats, which blends the work of humans and machine learning for innovative automated malware detection systems. AV-TEST accolades have been awarded to: Kaspersky Endpoint Security for Business, for Best Protection and Best Usability; and Kaspersky Small Office Security for Best Protection, Best Performance and Best Usability.

By Modupe Gbadeyanka The International Press Centre (IPC) has asked organisers of political campaigns in the country to ensure adequate security is provided for all, especially journalists covering them. The group made this appeal in reaction to the violence that broke out on Tuesday during the flag off of the governorship rally of the All Progressives Congress (APC) in Lagos State, where three newsmen covering the event sustained injuries. According to news reports, among those that were affected by the unwelcome activities of gun wielding elements were the group political editor of The Nation Newspaper, Emmanuel Oladesu; NewsTelegraph correspondent, Temitope

By Modupe Gbadeyanka In the month of July 2021, Nigeria’s private sector sustained its expansion by growing to 54.4 points from 53.6 points recorded in June 2021. This is according to the Purchasing Managers’ Index (PMI) of Stanbic IBTC Bank Nigeria. The growth showed an 18-month high despite strong demand conditions. This run of expansion started in July 2020, according to the lender. Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration. In the period under review, the sector witnessed quicker upticks in output, new orders, purchases and employment

By Mpaka Numbere Peace is a phenomenon that arguably no human can stay without. It remains a fact that no meaningful development can take place in an atmosphere of rancour. According to the Webster dictionary, peace is “a state of tranquillity or quiet: such as freedom from civil disturbance, a state of security or order within a community provided for by law or custom.” Governors are known to be the chief security officers of their state and accordingly saddled with the responsibility of providing safety and security of lives and properties to denizens of such states they govern. Plateau state

By Adeniyi Ogunfowoke A fantastic business remains an idea if pragmatic steps are not taken to bring it to fruition. A huge complaint, drawback or excuse many give is that there is no money to fund the start-up or business idea. Unfortunately, many of these million naira ideas have died because of lack of funding. Jumia Travel, the leading online travel agency, agrees that funding is a major factor in business. However, it should not prevent you from going ahead. As a Nigerian, there are ways you can raise capital for your business. Read on to discover these ways. Savings