NGX Admits $4bn Eurobond for Trading at Secondary Market

By Adedapo Adesanya The federal government has set plans in motion to raise $200 million from philanthropic individuals and organisations as part of efforts to create jobs and support Micro, Small, and Medium Enterprises (MSMEs) in Nigeria. Nigeria is home to over 36.9 million MSMEs, comprising 96.7 per cent of all businesses in Nigeria. According to data, 67 per cent of these businesses are youth-owned. MSMEs contribute over 45 per cent to the country’s gross domestic product (GDP), with 98.8 per cent of them in the micro cadre. They account for nearly 90 per cent of the jobs in the

By Adedapo Adesanya The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has admitted that the country recorded a revenue drop of $1.4 billion between 2015 and 2019 after imposing foreign exchange (FX) restrictions for import of 43 items over eight years. The apex bank governor made this known on Friday while delivering his keynote address at the 58th Annual Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos. The apex bank head, during the preparation of his monetary policy thrust, cited available data saying, “Studies have shown that during the period when the

By Bliss Okperan, Adedapo Adesanya  The cost of cooking a pot of jollof rice, one of the most consumed foods daily in Nigeria, has surged by 37.4 per cent, according to research carried out by Business Post. Using market data and the most recent food price watch by the National Bureau of Statistics (NBS), major food items in making the delicacy, including rice, groundnut oil, tomatoes, and onions, among others have recorded a massive increase within the past year, making it hard for the average Nigerian to survive. According to NBS, 1 kilogram of Rice cost N757.06 in 2023 as

By Aduragbemi Omiyale The sum of N75 million has been disbursed to 15 small and medium-sized businesses (SMBs) in Nigeria to support their expansion drive. The funding package was given by Google’s Hustle Academy, with beneficiaries drawn from various industries, including agriculture, and fashion, among others. The 15 Nigerian small business owners were among the 5,300 entrepreneurs who graduated from the academy, designed by the tech giant to provide an avenue for participants to enhance their business skills and knowledge, and contribute to the growth of the continent’s economy. The recipients of the funding support are Ifeoma Augusta Anselem of

By Adedapo Adesanya The Lekki Concession Company (LCC) has disclosed that over N2.5 billion has been lost to the closure of the popular Lekki Tollgate. The facility was shut down after the October 20, 2020, incident where some peaceful #EndSARS protesters were allegedly shot by the military. The concessionaire of the Lekki Tollgate, through its Managing Director, Mr Yomi Omomuwasan, while addressing journalists on Monday, said efforts are still ongoing to determine the extent of losses incurred as a result of the halt to its operations. He said this is one of the reasons the management is pushing for the

By Dipo Olowookere Pan-African financial institution, United Bank for Africa (UBA) Plc, has announced the appointment of four prominent personalities to its board. One of them is the former First Lady of Ekiti State, Mrs Angela Adebayo. A statement issued by the lender said the appointment of Mrs Adebayo as well as Ms Angela Aneke, Mr Abdulqadir Jeli Bello and Mr Isaac Olukayode Fasola are subject to the approval of the Central Bank of Nigeria (CBN). It was disclosed that the appointments follow the retirement of Mrs Rose Okwechime, Mr Adekunle Olumide, Mr Ja’afaru Paki and Mr Yahaya Zekeri, with

By Adedapo Adesanya Prices of food in the globe remained unchanged in September 2023, according to measuring indices by the United Nations’ Food and Agriculture Organisation (FAO). The FAO Food Price Index (FFPI) averaged 121.5 points in the month under review, almost unchanged from its value in August, as declines in the price indices of vegetable oils, dairy and meat had offset increases in the sugar and cereal price indices. At this level, the index stood 14.6 points (10.7 per cent) below its corresponding level a year ago and 38.3 points (24.0 per cent) from the all-time high reached in

By Adedapo Adesanya Justice Inyang Ekwo of the Federal High Court Abuja has threatened to issue a warrant of arrest on the suspended Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, over his failure to appear in court to explain the circumstances surrounding the $53 million judgement debt arising from the Pars Club refund. Justice Ekwo, who ordered Mr Emefiele to appear on the next adjourned date, said he was minded to exercise restraint in the proceeding to give the ex-CBN boss an opportunity to explain himself. The development occurred following an intervention by the counsel to the

By Ahmed Rahma The application of the United Kingdom visa has been made easier for Nigerians following the launch of the PTE Secure English Language Test (SELT) by Pearson. The world’s learning company launched this platform at a virtual event held in Nigeria on Wednesday, November 25, 2020. The PTE SELT has the approval of the UK Home Office and is used for UK Visas & Immigration (UKVI) purposes. The SVP for English Assessment at Pearson, Ms Freya Thomas Monk, explained that “these tests offer a fast, fair and convenient choice for anyone who wishes to work, study or come to

By Dipo Olowookere Thousands of children with mild to moderate disabilities in Ghana now have greater access to mainstream schools thanks to a recently established Inclusive Education Policy. UNICEF, with funding support from USAID, is working with the Ghanaian Government through the Ghana Education Service to support 20 districts in the implementation of Inclusive Education. “It is encouraging to see that all children especially those with special needs now have a chance to learn in an inclusive environment,” said Susan Namondo Ngongi, UNICEF representative in Ghana. Today’s announcement comes as UNICEF and USAID jointly hand over essential assistive devices and

By Modupe Gbadeyanka The commitment of the to provide the nation with a wide range of demographic data for planning purposes received a boost as the Board of the Commission at its 150th Ordinary Meeting of 28th October 2015 approved the inclusion of marriages and divorces in its Civil Registration and Vital Statistics (CRVS) programme. The Commission also approved the proposed statutory marriage and divorce registration forms as instruments to be used for the registration of the two events. The registration of marriages and divorces will facilitate the transition of the vital registration programme of the Commission to civil registration