Nigeria’s Exports to Japan Hit $922m

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  President Bola Tinubu has written to the House of Representatives seeking the approval for an $8.6 billion and €100 million external borrowing plan for critical infrastructure in areas such as power, roads, water, railway, and health. The President also forwarded the Federal Capital Territory (FCT) Supplementary Budget to the lower chamber for consideration. Meanwhile, the President will present the 2024 budget to the National Assembly on Wednesday. This was after the Federal Executive Council (FEC) approved a 2024 budget of N27.5 trillion. The approval followed the review of the Medium-Term Expenditure Framework (MTEF) earlier passed by the

By Adedapo Adesanya Brent crude benchmark dipped below $80 a barrel on Monday, precisely losing 60 cents of 0.7 per cent to trade at $79.98 a barrel as investors await this week’s meeting of the Organisation of the Petroleum Exporting Countries and their allies (OPEC+). The group is anticipated to maintain its ceiling on crude oil production by member countries into 2024. This affected the oil market, with the West Texas Intermediate (WTI) crude futures declining yesterday by 68 cents or 0.9 per cent to trade at $74.86 per barrel. Last week, the 23-man OPEC+ postponed its Sunday ministerial meeting

By Dipo Olowookere Shares of MeCure Industries appreciated by 60.73 per cent last week on the floor of the Nigerian Exchange (NGX) Limited as investors began to see value in the company. Business Post reports that in the week, the price of the stock closed at N9.21 per unit compared with the preceding week’s N5.73 per unit, leading the gainers’ chart of 59 members, higher than 54 of the preceding week. On its part, Multiverse rose by 60.06 per cent to N5.81, Unity Bank improved by 57.26 per cent to N1.84, Secure Electronic Technology jumped by 52.78 per cent to

By Dipo Olowookere Andersen Global continues its expansion in Africa through a Collaboration Agreement with Oliveira & Associados, a law firm based in Angola, founded by Formosa Oliveira in 2016. Andersen Global Chairman and Andersen Tax LLC CEO, Mark Vorsatz, commented, “The economy in Angola is one of the fastest growing in the world, and we are excited about adding this practice in a market that has a strong connection to Portugal and is strategic to our business in Portugal. Oliveira & Associados is an energetic and talented group, and with the addition of Isalcio Mahanjane e Associados in Mozambique

By Module Gbadeyanka An investment banker and co-founder of Bukka Hut, Mr Laolu Martins, has died. He was said to have kicked the bucket in the early hours of Wednesday. According to reports, Mr Martins has allegedly been battling depression and had made efforts to overcome it. His family, which confirmed his demise in a statement on Wednesday, asked for understanding and privacy as they mourn him. “We hereby solicit the support and understanding of everyone as the family grieves the loss of our beloved Laolu in our privacy. “Our kind request is that you support the family – wife,

By Modupe Gbadeyanka Chief Executive Officer of Guinness Nigeria, Mr Peter Ndegwa, has disclosed that an application for an approval for a share sale to raise 39.7 billion naira from the capital market has been sent to the Nigerian Stock Exchange (NSE). Mr Ndegwa told Reuters on Wednesday that, “Our expectation is that this rights issue will help mitigate the impact of increasing finance costs, optimise our balance sheet and improve the company’s financial flexibility.” He expressed optimism that the exercise would help Guinness Nigeria back to profitability in the long term. Guinness Nigeria is the local division of the

By Dipo Olowookere Former Secretary to the State Government (SSG) in Lagos State, Mr Tunji Bello, has been named in the 25-man list of commissioners and special advisers designates sent to the state house of assembly for confirmation. The nominees’ list was transmitted to the parliament on Sunday for ratification in fulfilment of Governor Babajide Sanwo-Olu’s election promise to accelerate his administration’s development agenda. A statement by the Governor’s Deputy Chief Press Secretary, Mr Gboyega Akosile, said Mr Sanwo-Olu carefully picked the nominees based on their cognate experience in their respective professions. According to him, the list contained names, who

By Adedapo Adesanya Marketing specialist and chief executive officer of A.M.D Consulting Group, an agency specializing in digital marketing, social media & customer acquisition, Mr Assil Dayri, has raised some concerns about Twitter’s outlook following the takeover by billionaire Elon Musk. After six months of back and forth, the Tesla and Space X CEO completed the purchase of Twitter, paying $44 billion for the acquisition. “Twitter users, advertisers, and its own employees have been watching closely for signs of what Musk will do in his first week as twitter owner.” Mr Dayri stated. Twitter has been accused in the past

Banks only build branches, or so the story goes. Except for Guaranty Trust Bank Plc; the foremost African financial institution, which has been at the forefront of several innovative products and services, recently completed and opened the first digital playground for children in Nigeria. Located in Lekki, Lagos State, the GTBank Play Centre is equipped with a wide range of interactive games that will give kids a fun and immersive digital experience whilst aiding their mental and intellectual development. Open from 10am to 3pm on weekdays, and 10am to 1pm on Saturdays, some of the features of the Play Centre

By Dipo Olowookere Nigerian stocks showed resilience at the exchange on Wednesday, rebounding by 0.98 per cent after being pinned down by the bears for two straight days due to profit-taking triggered by the recent FTSE Russell downgrade. During the midweek session, investors reacted to the positive earnings releases by UBA Plc and others. The tier-1 lender surprised the investing community with a 150 per cent rise in its interim dividend payout, tempting traders to mop up the company’s shares. This partly contributed to the growth recorded by the Nigerian Exchange (NGX) Limited yesterday, as the All-Share Index (ASI) closed

By Dipo Olowookere The sale of the FGN Savings Bonds for the month of September is ending on the noon of Friday, September 7, 2018. The exercise started on Monday and the Debt Management Office (DMO), which is conducting the sale on behalf of the federal government, is offering two maturities. According to the debt office, the 2-year paper is sold at 11.364 percent, while the 3-year bond is offered at 12.364 percent. Savings Bonds will have most of the features of the existing FGN Bond plus other features/benefits to the bondholder. It will also be backed by the full