Nigerian Naira Tumbles Against Dollar at Midweek

By Adedapo Adesanya A 0.54 per cent growth was recorded by the NASD Over-the-Counter (OTC) Securities Exchange on Monday, September 25, after the duo of FrieslandCampina WAMCO Nigeria Plc and Central Securities Clearing System (CSCS) Plc witnessed improvements in the share prices. The milk producer gained N1.39 during the session to end at N73.59 per unit compared with last Friday’s value of N72.20 per unit, while the Nigerian depository company grew by 70 Kobo to sell at N18.20 per share versus N17.50 per share. At the close of transactions, the total value of the unlisted securities market jumped by N6.21

By Adedapo Adesanya Foreign trading and investment firm, Risevest, has acquired Chaka, a digital trading platform. According to Techcabal, which first broke the news, the deal, which was for an undisclosed sum, will see both entities operate as different products, though the capitalisation table of the acquiree will be updated in due course. Speaking on this, Mr Tosin Osinbodu, Chaka’s founder, said, “I’m excited about how Chaka’s product will evolve and how we’re going to learn from the Risevest team.” “With booming growth in many nations around the world, investors can now own a stake in the growth of other

By Adedapo Adesanya Ultrasonic sensing technology company, Fluenta, has completed work on the Dangote Refinery in Nigeria, Africa’s biggest oil refinery, installing 18 ultrasonic flare gas meters on large pipelines around the plant. This company is using its technology to aid Nigeria’s flare gas reduction efforts and with Dangote Refinery set to begin operations soon, according to its management recently, this could be a step to fix inaccurate measurements of gas flaring. Nigeria currently imports refined petroleum products for its use, even though it is Africa’s biggest oil producer and with Dangote Refinery, the world’s largest single-train refinery capable of

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange weakened by 0.30 per cent on Tuesday, September 26 after Central Securities Clearing System (CSCS) Plc witnessed a decline in its closing price. This brought down the value of the unlisted securities market by N3.50 billion to end at N1.146 trillion versus the N1.149 trillion it ended a day earlier, as the NASD Unlisted Securities Index (NSI) dropped 2.48 points to end at 810.87 points compared with the previous day’s 813.35 points. The share price of CSCS Plc declined by 70 Kobo yesterday to settle at N17.50 per share, in contrast

More than 400 delegates from 120 countries met at Nova SBE Campus, Cascais, turning Portugal into a global hub for start-ups and digital innovators on the subject of “Purpose driven digital Innovation.” About 82 international jury members have selected 9 Global Champions 2019 from the 45 WSA winners 2018, awarded by the City of Cascais, the Republic of Austria and UN-representatives at the festive Gala on March 13 at the WSA Global Congress in Cascais. Many people are suffering because they don’t have a chance to health treatment or have access to information, while the industrialised society lacks the integrity

By Adedapo Adesanya The trio of 11 Plc, Central Securities Clearing Systems (CSCS) Plc and FrieslandCampina WAMCO Nigeria Plc dragged the NASD Over-the-Counter (OTC) Securities Exchange back to the bearish zone on Tuesday, August 17 with a 1.1 per cent fall. At the market, 11 Plc, an oil and gas company, depreciated by N10 or 4.6 per cent to close at N220 per share compared with N230 per share it finished on Monday. On its part, Friesland lost N1.99 or 1.7 per cent to settle at N120.25 per unit in contrast to its previous closing value of N122.24 per unit,

By Modupe Gbadeyanka The board of Dynacor Gold Mines has approved the initiation of quarterly cash dividends to its shareholders, the first cash dividend in the company’s history. The dividend of CAD$0.01 per common share, is payable on October 1, 2018 to shareholders of record on September 20, 2018. Dynacor is one of the largest ore purchasing processors in Peru. With its new ore processing facility operating at near full capacity, the Corporation is forecasting 2018 to be its best year on record. Dynacor’s stable business model is proven to withstand the volatility of the gold price. The Corporation is

**Explains How Deal Started By Modupe Gbadeyanka American equity firm, Milost Global Inc, has terminated its deal with Unity Bank Plc after a media report in Nigeria claimed the transaction was fraudulent. The New York-based private equity firm lamented that its effort to help grow the Nigerian economy through genuine investment were rubbished by those who were bent on tarnishing its image in the Africa’s largest economy. However, the firm, in a statement issued on Monday afternoon, said despite this, it would continue to do business in Nigeria. Kim Freeman, Managing Partner & CEO of Milost, stated that, “Milost will

By Dipo Olowookere The Central Bank of Nigeria (CBN) has unveiled regulations for the payment of bills in the country, explaining that the move was to document the minimum standards that must be complied with for the processing of bill payment transactions. In a circular released on its website at the weekend, the apex also stressed that the regulation is also to identify stakeholders in bill payment system space, ensure achievement of the vision of a ‘nationally utilized and international recognized’ payments system in Nigeria as well as to ensure adequate protection for the stakeholders in the bill payment system

By Adedapo Adesanya The Naira regained a part of its lost ground to the United States Dollar on Wednesday in the Investors and Exporters (I&E) and the Peer-2-Peer (P2P) segments of the foreign exchange (FX) market on Wednesday, July 5, but shed weight in the parallel market as it continues to find its balance following recent moves to stabilise the rates. In the official I&E segment of the market, the domestic currency gained N26.13 or 3.4 per cent to sell at N742.31/$1 compared with the previous day’s value of N768.44/$1. It was observed that the spot market is still battling

By Adedapo Adesanya A total of 117 young entrepreneurs from the Niger Delta have graduated from the Shell Nigeria LiveWIRE programme and have been awarded a N48 million grant to either establish or expand their businesses. This brings to 7,913 the total number of beneficiaries of the youth enterprise development programme since its inception in 2003. Speaking at the graduation ceremony, Shell’s Country Head of Corporate Relations, Mr Igo Weli, restated the commitment of SPDC to the development of Niger Delta youths and providing them alternative livelihood opportunities through LiveWIRE and other empowerment programmes in the wider social investment portfolio

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