Nigeria’s Foreign Reserves Hit $25b

By Adedapo Adesanya The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has cleared the air regarding recent reports on the transfer of funds to the Joint Tax Board (JTB) by the Federal Inland Revenue Service (FIRS) under the erstwhile chairman, Mr Muhammad Nami, for the tax reform committee. In a statement on Friday, he revealed that N5 billion was paid to the board to fund activities of the team set up by President Bola Tinubu, noting that “The committee’s budget includes provisions for a national Data for Tax project which the JTB had been

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 The Naira appreciated against the US Dollar in the Investors and Exporters (I&E), the Peer-to-Peer (P2P), and the black market arms of the foreign exchange (forex) market on Friday, September 29, as a turbulent third quarter ended. In the official segment, the local currency improved its value against the greenback by 2.6 per cent or N20.04 to close at N755.27/$1, in contrast to the preceding day’s N775.31/$1 amid a drop in the supply of FX into the system by 11.6 per cent or $16.73 million to $127.82 million from the $144.55 million published on Thursday. In the

Traders Union (TU) experts know that supply and demand rules control all markets. When traders trade, they usually use technical signals to find out if there is more supply or demand. In this guide, the analysts will delve into the world of supply and demand zones and explore their significance in trading. But before you dive in, it’s crucial to grasp the fundamentals. What you should know about supply and demand zones The guidance from TU’s analysts provides insight into the crucial aspects of demand and supply zone trading. It is important to understand these zones: Supply Zone – this

By Modupe Gbadeyanka As part of the ongoing campaign to enlighten consumers on their rights to better services, the Nigerian Communications Commission (NCC) says subscribers could stop unsolicited text messages if they send “STOP” to “2442”. In declaring 2017 as the year of Nigerian Telecom Consumer recently, Executive Vice Chairman (EVC) of NCC, Prof. Umar Garba Danbatta, said the year of the Consumer will focus on two key areas viz improving the Quality of Service; Protecting and educating the Consumer. To address the unsolicited calls received by consumers, the NCC has introduced the Do Not Disturb (DND) facility where consumers

By Adedapo Adesanya Fitch Ratings has upgraded Lagos State ratings from AA+ (nga) to AAA (nga) for its good standing in terms of its debt sustainability and resilience. This was disclosed by the state’s Commissioner for Finance, Mr Rabiu Olowo, who noted that the lifting of Lagos ratings to AAA reflects the state’s strength compared with national peers as well as its resilient operating performance during the COVID-19 pandemic. “I just wanted to say congratulations on the upgrade to AAA (nga). This is a fantastic achievement and an endorsement of all the good work going on in your department,” a

By Dipo Olowookere A new Group Chief Chief Finance Officer has been appointed for United Capital Plc, a financial and investment services company in Nigeria. He is Mr Shedrack Onakpoma, who replaced the former occupier of the same position, Mrs Odiri Oginni. Mr Oginni resigned her appointment as the Group CFO of United Capital, which forced the search for a new person. A statement issued by United Capital said Mr Onakpoma was chosen to take over the position with effect from Tuesday, January 15, 2019. No reason was given for the resignation of Mrs Oginni, but it is believed that

By Dipo Olowookere The Executive Secretary of Tertiary Education Trust Fund (TETFund), Mr Bichi Baffa, has been removed from office. Mr Baffa was sacked on Monday morning by President Muhammadu Buhari, putting an end to his reign at the agency. The sacked TETFund chief was appointed to the position on August 2, 2016. He had been an aide to the Minister of Education, Mr Adamu Adamu. Information reaching us indicated that Mr Baffa, after being booted out of office, has been replaced by Prof Elias Suleiman Bogoro. Details later

By Modupe Gbadeyanka Oil and Gas Companies that default in the deduction and remittance of one percent of the value of contracts they executed in the upstream sector of the oil and gas industry will henceforth be disqualified from participating in tenders for new contracts. This warning was given by the Nigerian Content Development and Monitoring Board (NCDMB) and also indicated plans to conduct a forensic audit of the industry to track and recover due payments on the Nigerian Content Development Fund (NCDF) held by some companies. The NCDF was established by Section 104 of the Nigerian Oil & Gas

By Dipo Olowookere Former Nigerian and Watford striker, Odion Ighalo, has joined Manchester United on a six-month loan deal from his Chinese club, Shanghai Shenhua. Ighalo, whose boyhood club is the Red Devils, scored a total of 39 goals when he played in 99 matches for Watford between 2014 and 2017 before his move to China to first play for Changchun Yatai in the Chinese Super League for two seasons and then to Shanghai Shenhua, netting 10 times in 19 games this season. With his loan move to Manchester United, Ighalo becomes the first Nigerian to play for the club,

By Dipo Olowookere In order to resolve its free float deficiency on the Nigerian Stock Exchange (NSE), the board of Medview Airline Plc has concluded plans to meet with its stockbroker. Business Post gathered that this is to enable the airline operator have consultations with its brokerage company on ways to meet up with the listing requirement. If the issue is not sorted out with the stock exchange, Medview Airline could have its shares delisted on the trading platform of the nation’s bourse, a development the shareholders may not be happy about. On Wednesday, July 31, 2019, the board of

By Adedoyin Giwa For tech companies playing in the e-commerce space, payment gateways are crucial to development and profitability. Many household names in the e-commerce space commenced operations relying on existing e-payment services in their checkout pages. As their businesses grow, they are conscious that by redirecting customers to the external payment page, they are effectively relinquishing control of their brand’s checkout experience. There’s also the issue of shopping cart abandonment. This is usually associated with checkout processes constituting a barrier in the way of customers making payment, which in turn makes online stores lose customers and potential sales. To