Nigeria’s GDP Grows by 3.11% in Q1, What Next?

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 Dipo Olowookere No fewer than 15 Nigerian Small and Medium-sized Businesses (SMBs) will share the N75 million set aside by a tech giant, Google, in the 2023 edition of Hustle Academy Fund. The initiative was introduced in 2022 to provide equity-free funds to small business owners to scale up their operations and support entrepreneurial growth in Nigeria. Entries for the exercise opened on Thursday, September 28 and will close on Thursday, October 12, 2023, and to be eligible, businesses must be Nigerian-founded, operating within Nigeria for 1-5 years, and have a clear and scalable business plan. They should have

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 Aduragbemi Omiyale The Vice President, Mr Kashim Shettima, has said Nigeria is in dire need of foreign direct investment (FDI) more than ever before, tasking domestic and foreign investors to make Nigeria their investment hub because efforts are being made to formulate business-friendly policies. Mr Shettima, while speaking when he hosted the management of First Surat Group, as well as top management of MTN Nigeria at the presidential villa in Abuja, charged MTN Nigeria to facilitate and spearhead digital mobile money and digital education. He assured that President Bola Tinubu was willing to partner with various stakeholders in the

By Dipo Olowookere Transactions on the floor of the Nigerian Exchange (NGX) Limited closed bullish on Thursday with a 0.85 per cent growth inspired by Oando, which appreciated by 10.00 per cent. The company led the price gainers’ chart of 23 members yesterday after its share price closed at N5.17 compared with the preceding day’s N4.70. Investors started to acquire the stock after the board informed the market of the reason behind the delay in filing its outstanding financial statements. Academy Press gained 9.73 per cent to close at N1.24, SCOA Nigeria rose by 9.62 per cent to N1.14, Lasaco

By Modupe Gbadeyanka An exclusive mobile advertising partnership deal has been signed between BBM and Eskimi DSP, a global programmatic platform. The deal, according to a statement issued last week, covers Nigeria and it would enable brands and advertisers to reach and engage with mobile audiences on both Android and iOS across Nigeria using the combined market-leading, mobile first solutions of Eskimi and BBM. BBM’s wide range of native ad units, including video advertising opportunities offer brands specific demographics and geographic targeting capabilities, drive viral awareness and promote direct purchase actions without leaving the app. “BBM works with best-in-breed partners

By Adedapo Adesanya  Hindenburg Research has published an investigative report claiming that Nigerian financial technology company, Tingo Group has committed multiple scams across its verticals and has also fabricated its financials. Hindenburg Research, a short seller based in Manhattan, published a detailed investigation into the fintech and agri-fintech group owned by Mr Dozy Mmobuosi, claiming that that company is a scam with “fabricated” financials. According to the fintech’s website, Tingo has operations in Africa, Southeast Asia, and the Middle East and subsidiaries such as TingoMobile, TingoPay, and a food division. Tingo, based in New Jersey, is listed on the Nasdaq

By Dipo Olowookere Minister of Information and Culture, Alhaji Lai Mohammed, said the Federal Government has demonstrated that it has the political will to drive sustainable tourism in the country. Speaking at a panel of African Ministers of Tourism, who met on the sidelines of the UN Conference on Climate Change in Marrakech, Morocco, on Thursday, the Minister said, however, that for tourism to be sustainable, it must first be put on a sound footing. “We have a rich diversity in our culture and tourism sector. We have so much that the world wants to see. We have stories that

By Dipo Olowookere After calls from different quarters, President Muhammadu Buhari has finally decided to address the nation on Thursday, October 22, 2020, by 7pm. The country has been boiling for almost two weeks following protests by youths who asked the government to put an end to a police unit known as Special Anti-Robbery Squad (SARS) and police brutality. The protest, which had remained peaceful, went south a few days ago after the government was accused of sponsoring thugs to disrupt the demonstrators. On Tuesday night, some military personnel went to the Lekki area of Lagos, where the protest had

By Modupe Gbadeyanka Three caretaker committee chairmen in Rivers State have been sacked by the state Governor, Mr Nyesom Wike. The three affected persons are Mrs Goodnews Ozioma Amadi of Obio/Akpor Local Government Area, Mr Bishop Best of Ikwerre Local Government Area and that of Port Harcourt City Local Government Area of the state. According to a statement issued by the Special Assistant to the Rivers State Governor on Electronic Media, Simeon Nwakaudu, the sack of the three local council bosses takes immediate effect. They were shown thrown out from office for allegedly collecting illegal taxes and revenues from companies

By Dipo Olowookere Profit-taking in some large-cap stocks in Nigeria weakened the Nigerian Exchange (NGX) Limited by 0.44 per cent on Monday. Business Post reports that sell-off in equities like GTBank, Stanbic IBTC, Lafarge Africa, BUA Cement, MTN Nigeria and nine others contributed to the downfall of the market yesterday. Apart from the energy sector, which improved by 0.21 per cent, every other sector closed bearish with the industrial goods index down by 0.66 per cent, banking down by 0.59 per cent, insurance sector down by 0.29 per cent and consumer goods counter down by 0.09 per cent. At the

By Dipo Olowookere Terra Kulture arena on Victoria Island, Lagos will again come alive during this Sallah period as lovers of stage plays will be entertained with Prof Wole Soyinka’s ‘Death and the King’s Horseman’. The play ‘Death and the King’s Horseman’, which is set in ancient Oyo town, describes Nigeria during the Second World War, when Nigeria was still a British colony where after the king’s death, his horseman commenced the traditional ritual that will ensure the smooth transition of the late king to the world beyond as the British colonial officer intervenes. As an effect, the harmonious co-existence