Nigeria’s Inflation Rises to 11.23% in August after 18th Consecutive Decline

By Bliss Okperan The exchange rate instability in the country is already giving small business owners sleepless nights and it threatens their investments. This concern was raised recently by the National Vice Chairman of the Nigerian Association of Small-Scale Industrialists, Mr Segun Kuti-George. He emphasised that business owners would have to increase their prices because of the unavoidable consequence of the current exchange rate crisis in Nigeria. According to him, if consumers are unable to meet up with the increase in the cost of goods and services, businesses would be forced to shut down their operations, which would, in turn,

By Adedapo Adesanya The new leadership of the Central Bank of Nigeria (CBN) signalled no confidence to traders and investors as the Naira was further dealt a heavy blow at the Investors and Exporters (I&E) and the Peer-to-Peer (P2P) arms of the foreign exchange (FX) market on Monday, September 25, though it maintained stability against the United States Dollar in the parallel market. In the official market, the Naira lost 3.41 per cent or N25.49 against the greenback to finish at N773.25/$1 compared with last Friday’s closing rate of N747.76/$1, as the value of forex transactions went down by 58.3

By Adedapo Adesanya A foreign oil company, Equinor ASA, has chosen a little-known Nigerian company, Chappal Energy, as the preferred buyer of its stake in one of the country’s largest deep-water oil fields, Agbami. According to a report by Bloomberg on Monday, the Norwegian energy giant is trying to sell its 20.2 per cent interest in the Agbami field – joining other international producers such as Shell Plc, Exxon Mobil Corporation and Eni SpA in looking to offload assets in Africa’s biggest crude producer, Nigeria. In January, Equinor launched the sale of its stake in an offshore Nigerian oilfield, joining

By Adedapo Adesanya Operatives of the National Drug Law Enforcement Agency (NDLEA) have apprehended one Mr Okeke Adolphus Anayochukwu with black liquid cocaine at the Nnamdi Azikiwe International Airport, Abuja. This was disclosed in a statement on Sunday by the Director of Media and Advocacy of the NDLEA, Mr Femi Babafemi. According to the statement, the 52-year-old father of four, who claimed to be a businessman, selling children’s wares, was arrested with 20.75 kilograms of the black liquid cocaine on Tuesday, March 15, upon his arrival at the Abuja airport onboard a Qatar Airways flight from Sao Paulo, Brazil through

By Dipo Olowookere Candidate of the opposition Peoples Democratic Party (PDP) in the just-concluded 2019 presidential election in Nigeria, Mr Atiku Abubakar, has vowed to challenge outcome of the exercise in a competent court of law. In a statement issued on Wednesday, the former Vice President of the country claimed the poll was marred by irregularities. As a result, the businessman said he was rejecting the declaration of President Muhammadu Buhari of the ruling All Progressives Congress (APC) as winner of the election by the Independent National Electoral Commission (INEC). Mr Abubakar, who thanked Nigerians for performing their civic responsibilities,

By Sodeinde Temidayo David Nigerian Financial technology startup, Prospa, has secured a total of $3.8 million in pre-seed funding round to offer small businesses banking and software services. This was made after the decision to combine both worlds of banking and business management tools for micro and small businesses. The round was led by investors which include venture capitals like global Founders Capital and Liquid 2 Ventures. Founders of global fintech like Mercury’s Immad Akhund, Karim Atiyeh of Ramp, and executives from Teachable, Square, Facebook and Nubank also participated in the round. Founded by Mr Frederik Obasi, Ms Chioma Ugo

I am delighted to be to be here with you today at this year’s Google for Nigeria event. Just couple weeks back, it was a special pleasure to be welcomed to the Googleplex by Google CEO, Sundar Pichai and his great management team. We all have very warm memories of that visit, and I am truly grateful for your kindness and warm hospitality. About three months ago, I spoke at an event at the Warwick University on the subject “The African Century.”  The substance of that speech was that this century is Africa’s century. Why? Because Africa will, for good

By Modupe Gbadeyanka A company has called on residents of Oyo State to keep their communities clean and imbibe healthy lifestyles, as health is wealth. The firm, Mottainai Recycling Limited, which was recently appointed as the waste consultant for the Oyo State government, emphasised the importance of a healthy lifestyle. “Healthy living is best achieved when we keep our communities and environment clean. At Mottainai Recycling, we are committed to ensuring this is our reality,” the Managing Director of the organisation, Mr Adey Adewuyi, said. While speaking during an inspection of waste evacuation by PSPs in the Ibadan metropolis on

By Modupe Gbadeyanka Over 3,000 secondary school students across Nigeria were recently taught healthy financial practices and skills by Keystone Bank Limited. This is part of the lender’s determination to promote financial literacy and early saving culture among children for them to have a secure future. It is also part of its activities to mark this year’s Global Money Week and the Financial Literacy Day set aside by the Central Bank of Nigeria (CBN) to deepen financial literacy in the country. This year’s event was themed Take Care of Yourself, Take Care of Your Money. To commemorate this year’s anniversary,

By Adedapo Adesanya The Department of Petroleum Resources (DPR) has debunked reports making the rounds that it has revoked the refining licences issued to 32 private companies. In a statement in Abuja on Tuesday, the Head of Public Affairs of the DPR, Mr Paul Osu, disclosed that the validation periods for the 32 refinery licences had simply elapsed, following the attainment of stipulated milestones as stated during their issuance. He explained that new licences would be issued for the refineries when the recipients apply for revalidation for migration to other milestones. He said: “Our attention has been drawn to a

**Condemns Madagali Market Blasts By Dipo Olowookere President Muhammadu Buhari has expressed his heartfelt condolences to the families of victims of the twin bomb blasts in the town of Madagali, Adamawa State which claimed some lives and injured several others on Friday. The President also condoled with the government and people of the state over the unfortunate incident, assuring them that they are not alone as the rest of nation mourns this grave loss with them. Speaking via a statement issued by his media aide, Mr Garba Shuhu, the President restated that “putting an end to this senseless loss of