Economy
Phillips Consulting Rebrands for Better Services
By Modupe Gbadeyanka
Foremost indigenous management consulting firm, Phillips Consulting, has undergone a change to serve its clients better and effectively.
At the October edition of the Nigeria South Africa Chambers of Commerce breakfast meeting at Eko Hotel & Suites, Victoria Island, Lagos on Wednesday, the company unveiled its new brand identity.
Also, chairman of the Phillips Consulting group, Mr Foluso Phillips, presented to the business community the new Managing Director of the firm, Mr Robert Taiwo, who has been overseeing its affairs since the beginning of the year.
Speaking on the change of logo by the firm, Mr Taiwo explained that “we wanted to refresh our brand, whilst not taking it away from the strong name reputation we have built over the years.
“Mr Phillips also wanted to create an identity that would begin to separate him from the institution he has built by de-emphasising his name and changing the name to PCL, which also created the flexibility to do more exciting things beyond the label of consulting.”
The MD, since taking the reign of leadership, has designed and managed the transformation initiatives taking place at Phillips Consulting and revised the firm’s strategy for the future.
He further explained that the new major service offerings of the firm will be in Strategy and Operations Transformation, Digital and Technology Consulting and People Transformation.
“At Phillips Consulting, we are inspired by the challenge of transformation and passionate about the power of people. We have a people focused approach to driving organisational transformation and have been doing this since the inception of the firm. Now we are going to take it to another level,” Mr Taiwo added.
Whilst Mr Phillips has rapidly stepped down from the operational activities of the firm, he will continue to see to the internal development of the company’s consultants and focus on executive capacity building and mentoring.
Mr Phillips commented that “we are quite excited at this new phase in the life of our 26 year old firm. It is personally refreshing for me, to see my vision of building a sustainable institution to outlive us all, becoming a reality.
“With Rob at the helm of affairs and his redefinition of the firm as personified by a simple but refreshed brand image, I feel that a new generation is being truly born at Phillips Consulting. I believe there are exciting times ahead for us and our innumerable clients”
Business Post reports that Mr Taiwo is a qualified lawyer with an MBA in Strategy and Change Management from Warwick Business School.
He started his career in Investment Banking spending 7 years at Commerzbank AG in the City of London. Thereafter, Robert moved to Capgemini Consulting to help build their Financial Services business in the UK.
As a consultant, he led numerous high-profile assignments for FTSE 100 companies, leading multinationals and the British Government.
Mr Taiwo has consulted for HSBC, Bank of Ireland, British Petroleum, SAB Miller, British American Tobacco, Her Majesty’s Revenue & Customs, Department for Works & Pensions, The UK Cabinet Office, The Lagos State Government, The Commonwealth Secretariat, Diageo (Guiness Nigeria) amongst others.
Phillips Consulting is a 26 years old indigenous management consulting firm, founded by Mr Foluso Phillips during the era of the new generation banks. He launched and propagated the philosophy and concept of Total Quality Management to the Nigerian Business community.
It was also during this period that Foluso Phillips led the first delegation and a series thereafter of business and corporate leaders to South Africa on various business, education and executive missions.
Phillip Consulting was one of the first Nigerian companies to set up shop in South Africa, after the country’s free elections in 1994. Since then, the firm has been involved in numerous initiatives between the two countries.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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