NASD OTC Exchange Records 0.03% Drop

By Dipo Olowookere Profit-taking persisted on the floor of the Nigerian Exchange (NGX) Limited, as investors refused to tone down their profit-taking activities. It was observed that the market is gradually entering panic mode due to macroeconomic instability in the country, especially with the exchange rate of the Naira to the Dollar going above N1,000 in the parallel market. A stockbroker with one of the leading brokerage firms in the country, who asked not to be named, said the local bourse was witnessing panic selling due to investors liquidating their shares for Dollars. “This trend will continue for a while

By Bliss Okperan A lady who reviewed a product of Erisco Foods Limited, Nagiko Tomato Mix, Mrs Chioma Egodi, has threatened to demand the sum of N500 million from the chief executive of the company, Mr Eric Umeofia, for violating her fundamental human rights. Mrs Egodi said she purchased the product at the market with the intention of using it to cook stew for her family. However, when she tasted it, according to her, it tasted too much sugar, prompting her to post about it on Facebook. It was reported that Erisco was not happy with the negative review. She

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 Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit asking the Federal High Court in Abuja to stop the federal government and the Minister of Information and Culture, Mr Lai Mohammed, from using unlawful directive to prevent television and radio stations in the country from using their Twitter. The National Broadcasting Corporation (NBC) had directed broadcast platforms to delete their Twitter accounts after the operations of the micro-blogging website were suspended for deleting a tweet of President Muhammadu Buhari. In the suit filed by SERAP, it said the directive to broadcasters was as a pretext

By Dipo Olowookere The value of the Naira to its United States counterpart, the Dollar, further depreciated to an all-time low of N810/$1 on Monday in the parallel market segment of the foreign exchange (FX) market. This was driven by the persistent demand for the Dollars as efforts are being made to convert the Naira to hard currencies after the Central Bank of Nigeria (CBN) announced the redesigning of the N200, N500, and N1000 notes. Those who had kept a huge sum of the local currency outside the banking system are trying hard to use the black market to change

By Dipo Olowookere The management of National Identity Management Commission (NIMC) has reacted to a media report which claimed nearly 29 million Nigerians were unhappy with the suspension of the national identity card to them by the agency. In a statement signed last Thursday by the Head of Corporate Communications Unit at NIMC, Mr Loveday Chika Ogbonna, stated that there was no iota of truth in the article titled ‘28.5m Nigerians Agonize Over Suspension Of Nat’l ID Card Issuance’ and published by Leadership newspaper on Sunday, April 1, 2018. According to the spokesman of NIMC, the issuance of cards to

By Modupe Gbadeyanka Janngo has announced successfully closing its first funding round, launching its Paris and Abidjan offices and unveiling its strategy of building digital ecosystems in Africa during Paris Tech for Good Summit and Viva Technology. This €1 million seed funding will enable Janngo launch and grow new digital platforms targeting African SMEs while creating tech-enabled jobs at scale for women and youth. According to founder and CEO of Janngo, Fatoumata Bâ, “With Janngo, we want to empower African SMEs, leveraging technology to improve access to market and business performance. We build turnkey solutions to support their growth, access

By Dipo Olowookere President Muhammadu Buhari on Monday afternoon had a telephone chat with President of the United States, Mr Donald Trump. Mr Buhari, who many Nigerians have not seen or heard from since he left the country for vacation and medical check-up on January 19, spoke from his present base in London with President Trump on telephone at his (Mr Trump) request. A statement by his spokesman, Mr Femi Adesina, on Monday evening explained that, “The conversation was cordial” and that “President Buhari congratulated Mr Trump on his election as President of the United States, and on his cabinet.”

By Dipo Olowookere China has agreed to support customs modernization project in Uganda with a grant worth $30 million, Uganda’s Ministry of Foreign Affairs has confirmed. In a statement issued and obtained by Business Post, the Foreign Affairs Ministry disclosed that the grant agreement was signed in the Chinese capital, Beijing on November 3, 2017 by Matia Kasaija, Minister of Finance, Planning and Economic Development; and Dr Qian Keming, Vice Minister of Commerce of the People’s Republic of China. The signing ceremony was witnessed by Dr Chrispus Kiyonga, Ambassador of Uganda; Mr Dicksons Kateshumbwa, Commissioner Customs (URA); and other senior

By Dipo Olowookere Five new startups, comprising one Nigerian and four South African, have been accepted into the Venture Scale programme, which is an initiative of Founders Factory Africa (FFA); backed by Standard Bank and Netcare as corporate investors. The five startups were formally inducted into the Venture Scale programme on Monday, February 3, 2020. All five startups have developed product offerings targeted at the FinTech or HealthTech sectors; and are set for an aggressive growth strategy, aided by the technical and operational expertise offered at FFA. The Venture Scale programme at FFA affords African startups the opportunity of rapid

By Dipo Olowookere The residents of Tsaunin Kura (Sabo GRA) in Kaduna State have appealed to the Speaker of the Kaduna State House of Assembly, Mr Yusuf Ibrahim Zailani, to fulfil the promise he made to them concerning the deplorable state of their roads. In 2020, precisely on Monday, November 30, 2020, Mr Zailani had assured residents of the area that he was going to facilitate the rehabilitation of the roads in the first quarter of 2021. He made this pledge when the late president of the Tsaunin Kura GRA Residents Association, Mr Silas Adamu, paid him a courtesy visit.