NDEP, Friesland Depress NASD OTC Market by 0.97% Thursday

By Aduragbemi Omiyale An application and proprietary solution for micro, small and medium-sized enterprises (MSMEs) in Nigeria, known as Aleph Express, has been launched by Aleph Group. A statement from the firm explained that Aleph Express provides a platform for MSMEs to create and maintain a free e-commerce website, create a product catalogue, set local delivery options, manage, record and process orders while gaining meaningful insights to drive growth. The platform also provides one unified inbox that integrates WhatsApp, Messenger, and Instagram, to enable businesses to efficiently engage and sell – all in one place. In addition, Aleph Express provides

By Adedapo Adesanya Bitmama Incorporated, a crypto exchange company, has confirmed the acquisition of Payday, a virtual card service provider. According to reports, the chief executive of Bitmama, Mrs Ruth Iselema, has offered PayDay investors $1 million worth of equity in the crypto company at a $30 million valuation. The news comes barely nine months after Payday announced its $3 million seed round and three months after its exploration of sale options was confirmed. Facilitated through Bitmama’s cross-border payments product, Changera, the acquisition marks a pivotal shift from earlier speculations, including a potential acquisition by lead investor, Moniepoint. Changera is

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 Dipo Olowookere The Nigerian Stock Exchange (NSE) has warned investing community at the equity market to observe due diligence when trading in the securities of Thomas Wyatt, one of the companies listed on its trading platform. A notice to the investing public on Thursday and signed by the Head of Listings Regulation Department at the NSE, Mr Godstime Iwenekhai, explained that this warning followed the refusal of the organisation to adhere strictly to listing rules. He said Thomas Wyatt failed to file its third quarter unaudited financial statements (UFS) for the period ended December 31, 2019 at the due

By Dipo Olowookere One of the largest investment managers in the United States, Federated Investors, and the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, has announced an agreement to launch a sovereign energy trade-finance portfolio. The ITFC Sovereign Energy Fund (ISEF) will be sponsored and managed by ITFC with strategic input from Federated Investors (UK) LLP. The portfolio will be a private offering available to ITFC’s qualified investors across the Member Countries of the Organization of Islamic Cooperation (OIC) and ITFC’s global partners. It will invest primarily in energy-related trade finance, structured

Lagos will play host to some of the most prestigious teams for Africa’s premier polo competition – the 2020 Lagos International Polo Tournament.  Sponsored by leading African Financial Institution, Guaranty Trust Bank plc, the competition will feature 39 teams; the highest number till date. The teams will compete in four major cups; the Silver Cup, Open Cup, Low Cup, and Majekodunmi Cup. The finals of the Silver Cup and Open Cup will hold on Sunday 9th February 2020, while the finals of the Low Cup and Majekodunmi Cup hold on Sunday 16th February 2020. This year, the Lagos International Polo

By Investors Hub European stocks have gone into free fall on Friday after U.S. President Donald Trump escalated his trade war with China, citing a lack of progress in trade talks. Trump’s plan to impose a 10 percent tariff on $300 billion of Chinese imports beginning September 1 would extend tariffs to nearly all China’s imports into the United States. While the French CAC 40 Index has plummeted by 3 percent, the German DAX Index is down by 2.7 percent and the U.K.?s FTSE 100 Index is down by 2 percent. Specialty chemicals company Lanxess has tumbled after its second

By Dipo Olowookere MasterCard has announced its intention to help business owners in Nigeria go beyond cash transactions to accepting QR payments. In order to achieve this, the firm is working with Ecobank and Zenith Bank in its pilot scheme called the Masterpass QR bot. This initiative will use Facebook Messenger to provide technology to small businesses in Africa and Asia to drive affordable acceptance of electronic and mobile payments. The pilot in Nigeria is the beginning of a larger plan by the two companies to include more businesses into the digital economy. According to research done by The Fletcher

By Modupe Gbadeyanka Shareholders of Transcorp Plc have been told sleep with their two eyes closed before their investments in the company will continue to yield more returns. This assurance was given by the chief executive of Transcorp, Mr Valentine Ozigbo, while reacting to the release of the firm’s audited results for the year ended December 31, 2018. In the financial statements, Transcorp grew its profit after tax (PAT) to N20.6 billion in 2018 from N10.6 billion in the prior year, while the profit before tax (PBT) increased to N22.4 billion from N12.3bn in 2017, with the turnover rising by

By Adedapo Adesanya  Oil futures fell on the first day of the week on Monday, November 11, with speculations surrounding the US-China trade deal yielding pressures on prices. The oil market, which had found much of its recent gains on the premise that the first phase of the US-China trade negotiations would be complemented soon, worried investors at Monday’s session. As a result, Brent crude, the global benchmark, as at the time of this report on Monday night, was trading down 26 cents or 0.42 percent to settle at $62.25 per barrel. On the other hand, the US Crude, West