Oil Spill: Dutch Court Orders Shell to Pay Nigerian Farmers

By Adedapo Adesanya The trio of Newrest Asl Plc, FrieslandCampina Wamco Nigeria Plc, and Acorn Petroleum Plc made the NASD Over-the-Counter (OTC) Securities Exchange appreciate by 0.14 per cent on Friday, December 1. The three gainers pressed down the 8 Kobo loss reported by UBN Property Plc, which closed the trading session at N1.52 per unit compared with the preceding day’s value of N1.60 per unit. During the trading day, Newrest Plc gained N1.46 to close at N16.10 per share compared with Thursday’s closing price of N14.64 per share, FrieslandCampina Wamco Plc moved up by 60 Kobo to end the

By Aduragbemi Omiyale An application and proprietary solution for micro, small and medium-sized enterprises (MSMEs) in Nigeria, known as Aleph Express, has been launched by Aleph Group. A statement from the firm explained that Aleph Express provides a platform for MSMEs to create and maintain a free e-commerce website, create a product catalogue, set local delivery options, manage, record and process orders while gaining meaningful insights to drive growth. The platform also provides one unified inbox that integrates WhatsApp, Messenger, and Instagram, to enable businesses to efficiently engage and sell – all in one place. In addition, Aleph Express provides

By Adedapo Adesanya Bitmama Incorporated, a crypto exchange company, has confirmed the acquisition of Payday, a virtual card service provider. According to reports, the chief executive of Bitmama, Mrs Ruth Iselema, has offered PayDay investors $1 million worth of equity in the crypto company at a $30 million valuation. The news comes barely nine months after Payday announced its $3 million seed round and three months after its exploration of sale options was confirmed. Facilitated through Bitmama’s cross-border payments product, Changera, the acquisition marks a pivotal shift from earlier speculations, including a potential acquisition by lead investor, Moniepoint. Changera is

By Adedapo Adesanya Schmidt Futures, in partnership with the Rhodes Trust, has announced that young Nigerians aged 15 to 17 (as of July 1, 2023) can apply for the 2023 Rise Challenge. The flagship programme of Schmidt Futures and the anchor of a broader $1 billion philanthropic commitment from Eric and Wendy Schmidt, find brilliant people who need opportunity and support them for life as they work to serve others. Rise will build a lifelong community of students, teachers, and institutions across sectors that aim to serve others. The programme, which identifies young people between the ages of 15 and

By Dipo Olowookere The stop rate for the one-year treasury bills was on Wednesday reduced to 2.80 per cent from 3.05 per cent during the primary market auction (PMA). The strong appetite for the tenor contributed to the reduction in the rate yesterday by the Central Bank of Nigeria (CBN), which conducted the exercise on behalf of the Nigerian government. Business Post reports that N86.4 billion worth of the 12-month maturity was auctioned at the session but the subscription level was exceedingly high, which made the apex bank to make the significant rate cut. According to details of the exercise,

By Modupe Gbadeyanka One of the leading brewery organisations in Nigeria, International Breweries Limited, has expressed its intention to form a merger with two other companies. This move, International Breweries explained, is part of its expansion plans, which would eventually benefit shareholders in terms of returns on their investments in the company. International Breweries listed the two firms it intends to merge with as Intafact Beverages Limited and Pabod Breweries Limited. A statement signed by the company’s Secretary, Muyiwa Ayojimi, noted that the three organisations have “agreed to explore a combination of the three businesses via a scheme of merger

By Modupe Gbadeyanka A 20-storey building located on Gerald Road, Ikoyi, Lagos State, has collapsed, reports reaching Business Post say. As at the time of filing this report, some officials of the Lagos State Emergency Management Agency (LASEMA) and other emergency responders, including the police, are at the scene of the incident. They are making efforts to rescue those believed to have been trapped under the rubble of the building under construction. It was gathered that the Commissioner for Special Duties and Intergovernmental Relations, Mr Tayo Bamgbose-Martins, as well as the Commissioner for Physical Planning and Urban Development, Mr Idris

By Dipo Olowookere Mr Mazen Mroue has been announced as the new Chief Operating Officer (COO) of MTN Nigeria, the largest telecoms company in the country. Mr Mroue is joining MTN Nigeria from MTN Irancell, where he had also served as COO since July 2014. Before then, he was at variously CEO of MTN Uganda and MTN Liberia in addition to which he served as a non-Executive Director of MTN Cyprus and held different Leadership roles at MTN Ghana. In his new role, he will provide leadership and direction to the commercial and technical functions of MTN Nigeria. He has

By Modupe Gbadeyanka Chairman of the Ibadan Zone Shareholders Association (IBZSA), Mr Akin Akinduro, has appealed to the Securities and Exchange Commission (SEC) to make it possible for shareholders to see the name of company paying dividends on their bank alerts. This was one of the requests made by Mr Akinduro during a one-day seminar organised by the group last week in Ibadan, Oyo State. At the event tagged Reducing the Incidence of Unclaimed Dividends Through e-Dividend Registration, the IBZSA chief also urged SEC to intensify activities to entice investors to embrace the e-dividend registration, suggesting that payment of fees

By Adedapo Adesanya The market capitalisation of the NASD Over-the-Counter (OTC) Securities Exchange plunged by 2.42 per cent or N15.05 billion on Monday, March 14, followed by a decline in the prices of FrieslandCampina WAMCO Nigeria Plc and Central Securities Clearing Systems (CSCS) Plc. The total value of securities on the platform reduced to N606.62 billion from N621.67 billion, while the NASD Unlisted Securities Index (NSI) decreased by 17.77 points to wrap the session at 716.39 points compared with 734.16 points recorded at the previous session. At the trading session, FrieslandCampina depreciated by N11.06 or 9.7 per cent to settle

By Adedapo Adesanya An opportunity has opened for private and Small and Medium Enterprise (SME) health providers in Nigeria to access credit facility to expand their operations. The loan, created through the Open Doors African Private Healthcare Initiative, is worth $30 million and it is for healthcare providers in Nigeria and four other high malaria burden African countries. It will specifically support healthcare providers in Nigeria, Ghana, Kenya, Tanzania and Uganda to continue offering essential health services, including malaria treatments, to more than five million Africans, especially during the COVID-19 pandemic. The facility was created by the Health Finance Coalition,