Nigerian Bourse Sheds 2.31% as YtD Gain Nears Negative Territory

By Adedapo Adesanya Some Nigerians have expressed anger over the upward review in the foreign exchange (FX) rate, a move that could see imported goods and by extension, domestic products record surge in prices at a time when the country is battling a high cost of living. The federal government, through the Central Bank of Nigeria (CBN), has hiked the duties payable on imported goods at Nigerian ports. Business Post gathered that the upward review of prices showed the US Dollar equivalent had been put at N951.941/$1 while for the Euro, the rate was pegged at N1,030.762/€1 and the Pound

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has cautioned Nigerians to be wary of fake Naira notes currently in circulation, vowing to prosecute those engaged in the illicit acts. The apex bank in a release signed by Mrs Hakama Sidi Ali, the acting Director of Corporate Communications, said the counterfeit notes have been spread by some individuals for transactions in food markets and other places where commerce takes place across the country, noting that this is a punishable offence. “The attention of the Central Bank of Nigeria (CBN) has been drawn to the circulation of counterfeit banknotes, especially

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 1.6 per cent appreciation on Friday, December 8, as investors gained about N19.12 billion to push the valuation of the unlisted bourse to N1.202 trillion from the N1.182 trillion it closed in the preceding session. This achievement was influenced by the gains recorded by the trio of Aradel Holdings Plc, FrieslandCampina Wamco Nigeria Plc, and Central Securities Clearing System (CSCS) Plc. Data showed that Aradel Holdings Plc improved its value by N30 to settle at N900.00 per unit compared with the previous day’s N870.00 per unit, FrieslandCampina Wamco Nigeria

By Adeniyi Ogunfowoke Customers are the core of any business. There is no way your entrepreneurial business can survive if you don’t keep or maintain a steady stream of customers. However, attracting new customers is important and maybe more complex for small businesses. In recognition of this, Jumia Travel shares 5 tips on how to attract new customers to your small business. Provide excellent service Quality and sterling service is the only way to ensure that customers always return. You should always have at the back of your mind that poor services will never help you grow your business. So,

By Adedapo Adesanya The Lagos Chamber of Commerce and Industry (LCCI) has urged the federal government to borrow from cheaper sources to reduce the burden of debt servicing and take a decisive step toward removing fuel subsidies. This was contained in a statement by its Director-General, Dr Chinyere Almona, titled The Nigerian Economy at 62: The Need for Big Decisions, on Saturday to commemorate the country’s independence day celebration. This is as it decried the progressive decline in Nigeria’s oil revenue and called on the federal government to tackle the menace of oil theft and pipeline vandalism with a sterner

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 Modupe Gbadeyanka A deal for the construction of the 100th hotel in Africa by Hilton has been signed and it would be located in the Sandton, the financial capital of South Africa. The Hampton by Hilton Hotel would be a 158-guest room operated by Indalo Hotels & Leisure subsidiary, a level one Black Economic Empowerment (BEE) third party operating company of Afrirent Pty, which signed the franchise agreement. Construction is scheduled to begin at the site on Grayston Drive in early 2020 with first guests set to be welcomed by mid-2021, the company said in a statement on Monday.

By Modupe Gbadeyanka The federal government has promised to clear the arrears on the consequential adjustment on the minimum wage of members of the Senior Staff Association of Nigerian Universities (SSANU) and Non-Academic Staff Union of Educational and Associated Institutions (NASU) by end of October. A statement issued on Friday by the Deputy Director/Head of Press and Public Relations in the Ministry of Labour and Employment, Mr Charles Akpan, said this pledge was made during a meeting between the national government and the Joint Action Committee (JAC) of the two unions. It was stated that the meeting was called to

By Dipo Olowookere Business Post has got list of the biggest stockbroking companies operating in the country. These firms in the local capital market help investors execute transactions in the space. The list was obtained from their year-to-date performance as compiled by the Nigerian Stock Exchange (NSE). The list comprises the performances of the brokerage firms by volume and value of transactions they executed from January 2019 to May 2019 as earlier indicated. During the first five months of this year, the nation’s 10 biggest stockbroking firms contributed 55.31 percent to the total volume of transactions recorded in the period

By Dipo Olowookere One of the insurance icons in Nigeria, Leadway Assurance Plc, has been recognised as one of the great places to work in the country. The company’s position as one of Nigeria’s most valuable and employee-sensitive organisations was cemented at the 2020 edition of the Best Workplaces award ceremony organised by the Great Place to Work Institute (GPTW). At the event, which had other notable firms rewarded, Leadway Assurance was declared the winner of the Silver category of the awards ceremony instituted in Nigeria in 2012 by GPTW, a global research and consulting firm best known for producing

By Dipo Olowookere A few days ago, there were reports in a section of the media that the Chairman of United Bank for Africa (UBA) Plc, Mr Tony Elumelu, was allegedly involved in a N41 billion fraud, with respect to the defunct Nigeria Telecommunication Company (NITEL). According to the reports, Mr Elumelu was indicted for the alleged scam alongside some of the principal officers of the financial institution. But in a statement, the lender said the reports were “untrue, misleading, malicious, libellous and should be disregarded in its entirety. In the statement signed by the company secretary, Bili Odum, UBA