Nigerian Exchange Rises 0.23% as Investors Mop up Bank Stocks

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 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

The commercial aviation industry is a highly complex space, where a large number of entities are involved in the delivery of travel products and services, which is sometimes manifested in a single product from a customer perspective. These actors are often collaborating and partnering to be able to co-deliver value and meet the expectation of customers. According to International Air Transport Association (IATA) statistics, from the moment passengers search online for an air ticket to the time they arrive at their destination, the airline is just one of around 26 business partners involved in the aviation chain. Would you board

By Dipo Olowookere The treasury bills market closed bullish yesterday after trading slightly bearish on Tuesday as a result of heighten political tension in the country. According to analysts at Zedcrest Research, activities at the market on Wednesday were largely focused on the shorter end of the curve with the longer end relatively quiet due to expectations of an OMO auction by the Central Bank of Nigeria (CBN) to counter excess inflows from N452 billion maturing OMO bills today. At the close of transactions, yields finished lower by 0.10 percent in tune with the relatively buoyant level of liquidity in

By Adedapo Adesanya Several Nigerian farmers’ groups have come together to call on the new administration of President Bola Tinubu to use the billions of Naira in savings from fuel subsidy removal to develop the nation’s agriculture sector. They proposed the disbursement of these funds through the National Agriculture Development Fund (NADF). The coalition’s position was contained in a statement signed by the President of the Young Farmers Network (YFN), Mr Abubakar Bamai, and a host of others on Thursday. The group stated that investing the subsidy funds in the agriculture sector would enhance productivity and end food insecurity in

By Adedapo Adesanya The Economic and Financial Crimes Commission (EFCC) lamented the increasing rate of Nigerian youths’ involvement in cybercrimes, saying that over 70 per cent of the country’s young people might soon become ex-convicts. This assertion was made by the Ilorin zonal commander of the anti-graft agency, Mr Usman Muktar, as he urged every stakeholder in the country to discourage the youth from internet fraud. Mr Muktar said young people were increasingly arrested and imprisoned for cybercrime. He urged parents to query their children’s sources of wealth. “When your children in school stop asking you for money, or start

By Dipo Olowookere A Nigerian start-up firm, RecyclePoints, has been listed among the 10 African finalists of the 2018 Zambezi Prize for Innovation in Financial Inclusion. The list was released by the Legatum Center for Development and Entrepreneurship at the Massachusetts Institute of Technology (MIT) in collaboration with the MasterCard Foundation. The shortlisted companies are jostling to win the $200,000 cash prize put on by ground by the competition established in 2015 to discover Africa’s most promising and innovative early-stage start-ups that promote and advance financial inclusion on the continent. Other selected companies are Apollo Agriculture (Kenya), Bidhaa Sasa (Kenya),

By Modupe Gbadeyanka GSM network providers in Nigeria have been directed to stop charging N20 from subscribers for the retrieval of the National Identification Number (NIN). On Tuesday, the federal government ordered the operators to block all mobile number not linked with the NIN from December 31, 2020. This prompted the four major players in the industry; MTN Nigeria, Airtel Nigeria, Glo and 9mobile to collaborate with the Nigerian Communications Commission (NCC) to create an Unstructured Supplementary Service Data (USSD) code to enable subscribers to retrieve their NIN without going to the office of the National Identity Management Commission (NIMC)

The realm of cryptocurrency exchanges is ever-expanding, with new platforms emerging, each with its unique features and functionalities. One such platform that has been gathering significant attention lately is Uphold. The Traders Union revealed the Uphold exchange review and highlighted the platform’s performance, strengths, and areas where it could improve. TU experts have mentioned the broker’s pros and cons and analyzed its features. What is Uphold Exchange? According to TU experts, Uphold ranks 128 among 199 companies featured in the TU rating. It is a high-risk cryptocurrency exchange platform that provides an extensive range of assets for trading, including crypto-crypto

By Dipo Olowookere Leading telecommunications company in Africa, MTN Group Limited, is considering selling off some of its majority stake in its Nigerian unit. The local arm of the telecom giant was listed on the Nigerian Stock Exchange (NSE) in May 2019 after years of back and forth with the domestic authorities after it was slammed with a huge fine for failing to disconnect some unregistered subscribers on its network. MTN wants to raise fresh capital to pay down debt and simplify a portfolio of telecom businesses that spreads across Africa and the Middle East, Bloomberg said in a report