Oyedele Clarifies Transfer of Funds for Tax Reform Committee

By Adedapo Adesanya  Nigeria’s economy, measured through its gross domestic product (GDP), witnessed a 2.54 per cent growth in the third quarter (Q3) of the year 2023. In a report published on Friday by the National Bureau of Statistics (NBS), the 2.54 per cent year-on-year growth in real terms in the third quarter of 2023 is higher than the 2.25 per cent recorded in the third quarter of 2022 and higher than the second quarter 2023 growth of 2.51 per cent. The bureau further said that the performance of the GDP in the third quarter of 2023 was driven mainly by

By Adedapo Adesanya The duo of Aradel Holdings Plc and 11 Plc landed the NASD Over-the-Counter (OTC) Securities Exchange in the green territory by 0.84 per cent on Monday, November 27. The two energy stocks overpowered losses posted by two other securities admitted to the alternative stock exchange, leaving the NASD Unlisted Security Index (NSI) closing higher by 7.22 points to 864.51 basis points from 857/29 points, as the market capitalisation of the exchange increased by N9.78 billion to N1.171 trillion from N1.162 trillion. Aradel Holdings Plc saw its share price continue to soar as it rose by N28.80 to

By Aduragbemi Omiyale The sum of N75 million has been disbursed to 15 small and medium-sized businesses (SMBs) in Nigeria to support their expansion drive. The funding package was given by Google’s Hustle Academy, with beneficiaries drawn from various industries, including agriculture, and fashion, among others. The 15 Nigerian small business owners were among the 5,300 entrepreneurs who graduated from the academy, designed by the tech giant to provide an avenue for participants to enhance their business skills and knowledge, and contribute to the growth of the continent’s economy. The recipients of the funding support are Ifeoma Augusta Anselem of

By Dipo Olowookere The Nigerian Exchange (NGX) Limited posted a 0.25 per cent growth at the close of trading activities on Friday, influenced by persistent bargain-hunting. Business Post reports that the market breadth index was positive yesterday after 33 stocks closed on the gainers’ chart and 21 equities ended on the losers’ table, indicating a strong investor. Secure Electronic Technology was the best-performing stock for the trading session as its value rose by 10.00 per cent to 55 Kobo, followed by MeCure, which gained 9.90 per cent to close at N9.21, Neimeth appreciated by 9.85 per cent to N2.23, Multiverse

By Modupe Gbadeyanka Pupils from Hilltop Grade International School, Lekki, Lagos were recently trained in financial literacy by Heritage Bank as part of activities to mark the bank’s Children Banking Month tagged ‘My Day as a Banker.’ The lecture took place at the corporate headquarters of the bank in Lagos. It was also organised in a bid to expose the citizenry to financial literacy at a very early age in life and participants were from the age bracket of five and seven years. The kids were put through the different services in the banking sector, from the Reception to the

By Modupe Gbadeyanka A source at the Central Bank of Nigeria (CBN) has informed Business Post that Mr Godwin Emefiele has not been removed as Governor of the nation’s apex bank as being speculated on social media. The source confided in our correspondent on Monday that the Delta State born banker has also not been asked by President Muhammadu Buhari to proceed on a terminal leave. The tenure of the former Zenith Bank chief is expected to expire in June 2019, but can be extended by another five years if the President desires. However, most of the past CBN Governors

By Adedapo Adesanya Lagos State Government has suspended all government activities and declared lockdown for three days in view of growing violence in the state. This was disclosed by Governor Babajide Sanwo-Olu in a live broadcast on Wednesday observed by Business Post. This is coming some hours after reports and images of armed uniformed men opening fire on #EndSARS protesters at the Lekki tollgate area of the state on Tuesday evening. He said, “Fellow Lagosians, in the sensitive mood and in the mood of the nation at this time, I have directed further that we have an immediate suspension of

By Modupe Gbadeyanka The major US index futures are pointing to a higher opening on Thursday following the lacklustre performance seen in the previous session. The markets may benefit from recent upward momentum, which has helped propel the major averages to new record highs. Buying interest may be somewhat subdued, however, as political uncertainty could keep some traders on the sidelines. Stocks showed a lack of direction throughout the trading session on Wednesday before ending the day little changed. Despite the choppy trading on the day, the Dow still managed to climb to another new record closing high. The major

By Adedapo Adesanya The National Bureau of Statistics (NBS) has said about 130 million Nigerians are poor and are living in poverty. In its 2022 Multidimensional Poverty Index Survey released in Abuja on Thursday, the NBS said the figure represents 63 per cent of the nation’s population. It added that the poverty index is mostly experienced in rural areas, especially in the north, with women and children being the most affected. The survey was conducted by the NBS, the National Social Safety-Nets Coordinating Office (NASSCO), the United Nations Development Programme (UNDP), the United Nations Children’s Fund (UNICEF), and the Oxford

By Adeniyi Ogunfowoke Bitcoin is a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. Bitcoin is now worth $4,317 and due to this, many are encouraging others to invest in the cryptocurrency. Nigerians are slowly embracing Bitcoin and in line with this, Jumia Travel, the leading online travel agency, shares things Nigerians must know before joining the Bitcoin train. More people are using Bitcoin Despite the fact that some Nigerians are struggling to accept Bitcoin, more people are

By Dipo Olowookere No fewer than 2,000 direct jobs are expected to be created in Rivers State by the time the Korean investors complete their agricultural projects in the state. Governor Nyesom Wike of Rivers State made this known when he received the investors at the Government House in Port Harcourt on Saturday, May 5, 2018. According to Mr Wike, his administration places premium on agriculture. He promised to always provide a friendly environment for businesses to thrive. The Governor stated that agriculture would be developed by the state government in liaison with private investors to create jobs across the

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has disclosed that it will retain the minimum loan-to-deposit ratio (LDR) for commercial and merchant banks in the country at 65 percent. However, it emphasised that there could be further alterations in the LDR as it deems appropriate, noting that would continue to monitor compliance and review market developments. The banking sector watchdog in Nigeria said in a statement by its Director of Banking Supervision, Mr Ahmad Abdullahi, on Tuesday that the policy has helped boost lending to the real sector of the economy, which had before now been starved of