Nigerians to Pay Electricity Bill Via Banks

By Dipo Olowookere The domestic currency had a breather in the peer-to-peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, with its value strengthening against the Dollar at the two windows. This was supported by the ease in the forex demand pressure during the trading session, which had the official market, the Investors and Exporters (I&E) arm of the market, non-operational yesterday due to the public holiday observed in the country for Eid el Maulud. Many customers who may have needed FX for their transactions stayed back to enjoy the work-free day, easing off

By Adedapo Adesanya Trading activities resumed at the official segment of the foreign exchange (FX), with the Nigerian Naira returning to familiar territory after the Eid-el-Maulud break due to forex demand pressure. The nation’s currency depreciated against the US Dollar in the Investors and Exporters (I&E) arm of the market on Thursday, September 28, by 2.68 per cent or N20.23 to finish at N775.31/$1 compared with the preceding day’s value of N755.08/$1. It was observed that the domestic currency crumbled during the session due to FX demand caused by the break, with the spot market recording trades valued at $144.55

By Adedapo Adesanya VFD Group Plc has been officially delisted from the NASD Over-the-Counter (OTC) Securities Exchange months after the proprietary investment company revealed its intention to list its stocks on the Nigerian Exchange (NGX) Limited. The bourse on Thursday confirmed the development in a notice seen by Business Post. “Pursuant to the company’s request to delist from the NASD OTC Exchange, we wish to inform you that VFD Group PLC shares will be delisted with effect from the close of business (COB) today, Thursday, September 28, 2023,” the notice read. Last Friday, after three years of trading on the

By Adedapo Adesanya The oil market retreated on Thursday, as traders took profits after prices soared recently while the space worried that high interest rates may weigh on demand. During the trading session, Brent futures fell by $1.17 or 1.2 per cent to settle at $95.38 a barrel and the US West Texas Intermediate crude (WTI) declined by $1.97 or 2.1 per cent to close at $91.71 per barrel. The market had reached a 10-month high as some traders worried high oil prices would stoke inflation, encouraging the US Federal Reserve and other central banks to persist with rate hikes.

By Modupe Gbadeyanka An oil deal worth $530 million has been concluded between Nigerian firm, Shoreline, and European trading house, Vitol. With the agreement completed on Thursday, Vitol will make funds available to Shoreline to further develop OML 30 in Nigeria’s oil-rich Delta region as well as refinance existing debt. It will also give Shoreline the opportunity to finance an oilfield in exchange for access to some of the 50,000 barrels per day (bpd) of oil it produces. Chairman of Shoreline, Mr Kola Karim, explained that the agreement will enable his firm step up gross production to as much as

By Dipo Olowookere Leaders, innovators and investors from Africa, Europe and beyond are preparing to meet, network and do deals when the second edition of Invest in Data Center Africa Summit, which holds on June 7, 2017. Speakers from leading companies operating on both sides of the Mediterranean including Orange, Vodafone and Schneider Electric will gather at the event at the Datacloud Europe 2017 conference in the Grimaldi Forum, Monaco. “Africa is a growth story for the next decade,” commented Philip Low, Chairman, BroadGroup, the consulting company who research and produce Datacloud. “Attendees will be able to hear from and

By Aduragbemi Omiyale The Nigerian Idol Season 7 sponsored by Bigi is already creating tension as the voting for a spot on the Top 8 closes today, Thursday, April 7, 2022. Last week, Gerrard could not make it to the Top 9, bringing an end to his journey on the show and dashing his hopes of going home with the N100 million worth of prizes, including a recording deal from a label, a brand-new Sports Utility Vehicle [SUV], cash prizes, and other exciting gifts, the winner was promised. During the live show, Zadok, one of the contestants, thrilled the judges

By Aduragbemi Omiyale The 117 authorised dealing clerks (stockbrokers) inducted by the Nigerian Exchange (NGX) Limited on Tuesday, February 22, 2022, have been urged to always put the interest of the market first. This charge was given by the chief executive of the NGX, Mr Temi Popoola, at a ceremony held yesterday. He also urged the new stockbrokers drawn from 63 brokerage companies to uphold the highest level of ethics and responsibility as they are the face of the capital market. “I would like to congratulate all today’s inductees. We are indeed pleased to celebrate the successful dealing clerks who

By Adedapo Adesanya African cross-border payments startup, Chipper Cash, has raised a $100 million Series C led by a United States-based Venture Capital (VC) firm, SVB Capital. Founded by Messrs Ham Serunjogi and Maijid Moujaled in 2018, Chipper Cash offers mobile-based, no fee, Peer-to-Peer (P2P) cross-border payment services, across up to seven African countries — Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa and Kenya. The company is also present in the United Kingdom, the first country it has expanded to outside Africa. Business Post reports that with its latest round of funds, the organisation said it plans to introduce more

Starting a forex business is just as difficult and time-consuming as starting any other type of business. You need to decide on what you will provide, how you will make money, register your business, and everything in between. While it can be difficult and take anything from a couple of months to a few years to start, there are some key points you need to figure out as quickly as you can to ensure a smooth start and consistent growth. Solo Trading The first thing you will need to do is become a master of trading and strategy building. The

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) on Friday pledged its support for the newly-appointed Nigerian Ambassadors to attract Foreign Direct Investments (FDIs) from their respective countries of accreditation. The Director-General of the association, Ayoola Olukanni, after a three-day induction and training programme organised for the envoys in Abuja to ensure success in their assignment, stated that the relationship was necessary as it relates to the pursuit of economic diplomacy which is one of the foreign policy pillars of President Muhammadu Buhari’s administration. In a statement, the DG said, “NACCIMA is a veritable national chamber

By Dipo Olowookere Mr Kingsley Obiora has been confirmed by the Senate as the Deputy Governor of the Central Bank of Nigeria (CBN). Mr Obiora was nominated for the position by President Muhammadu Buhari two weeks ago. At the plenary on Thursday, Chairman of the Senate Committee on Banking, Insurance and other Financial Institutions, Mr Senator Sani Uba, submitted a report on the confirmation of the nominee to his colleagues and was seconded by ‪Senator Sandy Onor. Mr Uba said findings showed that the nominee was capable of being a Deputy Governor of the nation’s central bank, urging members of