Northern Entrepreneurs Snub TEF $5,000 Business Grants

By Adedapo Adesanya All is not well with the Naira in the parallel market and the peer-to-peer (P2P) segments of the foreign exchange (FX) market in Nigeria, with its exchange rate against the Dollar nearing N1000. At the black market on Thursday, the Nigerian Naira depreciated against the US Dollar by N25 to sell at N995/$1 compared with the preceding session’s value of N970/$1. It was a similar story with the local currency in the P2P wing of the forex market as it lost N22 against the greenback yesterday to quote at N992/$1, in contrast to Wednesday’s exchange rate of

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has postponed the Monetary Policy Committee (MPC) meeting scheduled to hold next week. In a statement, the apex bank noted that the MPC meeting, which was supposed to take place on Monday, September 25 and Tuesday, September 26, 2023, has been postponed until further notice. This is coming less than a week after President Bola Tinubu nominated Mr Olayemi Michael Cardoso to take over the role from Mr Folashodun Shonubi, who is filling the role following the ousting of Mr Godwin Emefiele, who is currently held in the custody of the

By Bliss Okperan A foremost content reader, FeedSpot, has named Business Post Nigeria as one of the Top 25 Nigeria Personal Finance Blogs. In the list, Business Post was placed in the 8th position, ranking among other reputable online platforms serving readers with quality and educative business and financial news reports and articles. In the top 10, FeedSpot listed Nairametrics as number one, followed by UBA Group, Financial Nigeria Magazine, Investors King, Cowrywise Blog, Financial Watch, MakeMoney, Business Post Nigeria, Nigeria Galleria Blog, and Money Matters with Nimi. Other platforms listed were LagosMums, Financengr, Rosabon Financial Blog, Ohimai Consulting Blog,

By Adedapo Adesanya The duo of NASD Plc and Aradel Holdings Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.04 per cent on Thursday, September 21. The two price losers overpowered the sole price gainer, Central Securities Clearing Systems (CSCS) Plc, to drag down the NASD Unlisted Securities Index (NSI) by 0.34 points to 805.95 points from the 806.29 points it ended in the previous day, while the total value of the unlisted stock market was relatively flat at N1.139 trillion. At the trading day, NASD Plc shed N1.15 to end the session at N11.50 per unit versus the

By Investors Hub The major U.S. index futures are pointing to a higher opening on Tuesday following the long, holiday weekend. Stocks may benefit from buying interest generated by optimism about the outlook for the markets and the economy going into the new year. Trading activity may remain somewhat subdued, however, with a lack of major U.S. economic data keeping some traders on the sidelines. After moving modestly higher over the two previous sessions, stocks moved back to the downside during trading on Friday. The major averages slid into negative territory, although selling pressure was somewhat subdued. The major averages

By Modupe Gbadeyanka Loading operations have resumed at the depot of the Nigerian National Petroleum Corporation (NNPC) in Kano after the agency repaired vandalised pipelines in the region. At the flag-off of the resumption of loading operations on Monday, the Group Managing Director (GMD) of NNPC, Mr Maikanti Baru, appealed to residents of the state to ensure the facilities were not vandalised again. He said in 2016, NNPC spent more than N1.6 billion to repair the vandalised pipelines between Kaduna and Kano. The NNPC boss lamented that this money would have been used to provide “other essential services.” Mr Baru

By Adedapo Adesanya President Muhammadu Buhari has revealed that the new Nigerian National Petroleum Company (NNPC) Limited will guarantee energy security in the country. He made this disclosure on Tuesday when he unveiled the new company in Abuja. Mr Buhari, who was accompanied by the Senate President, Mr Ahmad Lawan; and Speaker of the House of Representatives, Mr Femi Gbajabiamila, among other dignitaries at the State House Conference Centre, said the new private company would also support sustainable growth across other sectors of the economy as it delivers energy to the world. “We are transforming our petroleum industry, to strengthen

By Dipo Olowookere Cyber bullying is one issue that has given internet users, especially those on social media platforms, sleepless nights. Some have committed suicide just because of being bullied on the internet, which has forced some governments to look into the issue. Just two months after Facebook CEO, Mr Mark Zuckerberg, travelled to Nigeria and Kenya to meet with developers, partners, and entrepreneurs, Chief Security Officer at Facebook, Mr Alex Stamos, gave a keynote address at the CyberXchange security conference in Lagos, Nigeria about the company’s approach to keeping people safe and making the internet more secure for everyone.

By Adedapo Adesanya The midweek trading session at the NASD Over-the-Counter (OTC) Securities Exchange closed flat with the two major market indicators staying at their previous levels. However, the volume of shares transacted by investors, the value of the trades as well as the number of deals executed during the session moved in different directions. Business Post reports that the market capitalisation ended yesterday at N499.24 billion, the same amount it settled on Tuesday, while the Unlisted Securities Index (USI) also remained unchanged at 694.89 points. However, the volume of securities transacted on Wednesday went down by 41.2 percent or

By Modupe Gbadeyanka According to the newly released Africa Risk-Reward Index developed by Control Risks and Oxford Economics, Kenya and Ethiopia may soon outshine Africa’s economic giants; Nigeria, South Africa and Egypt, in the competition for investments. It was only this month that Nigeria and South Africa exited recession, but rising security risks and political instability in Egypt, economic downturn and militancy in Nigeria and escalating political risks in South Africa led to doubts whether the balance between risks and opportunities in these markets is still favourable for businesses. In the report made available to Business Post, Senior Analyst for

By Modupe Gbadeyanka A Court of Appeal sitting in Benin City, Edo State has directed the Bank of Industry (BoI) to vacate the premises of Austin Laz and Company Limited. Justice Mudashiru Nasiru Oniyangi, in a judgment dated May 17, 2018, upturned the ruling of a lower court that gave the investment bank the authority to take over properties of the ice block machine maker. In 2011, Austin Laz and Company went to the BoI for a N120 million five-year loan to facilitate the setting up of a new production. Chief Executive Officer of the firm, Mr Austin Lazarus Asinmonye,

By Adedapo Adesanya The Japanese government has pledged to sustain its support for Nigeria especially in the health sector towards the development of the country. Mr Kikuta Yutaka, Japanese Ambassador to Nigeria said this on Sunday while speaking in Abuja. This he said followed the August 25 Declaration of Nigeria as a polio-free nation by the World Health Organisation (WHO). He said that the eradication of polio from the country followed collective efforts by the federal government and the international community. “I would like to congratulate all the relevant agencies and the people. However, I, also have to leave a