Recession: ACCI Wants Improved Fiscal, Monetary Measures

By Bliss Okperan A lady who reviewed a product of Erisco Foods Limited, Nagiko Tomato Mix, Mrs Chioma Egodi, has threatened to demand the sum of N500 million from the chief executive of the company, Mr Eric Umeofia, for violating her fundamental human rights. Mrs Egodi said she purchased the product at the market with the intention of using it to cook stew for her family. However, when she tasted it, according to her, it tasted too much sugar, prompting her to post about it on Facebook. It was reported that Erisco was not happy with the negative review. She

By Dipo Olowookere No fewer than 15 Nigerian Small and Medium-sized Businesses (SMBs) will share the N75 million set aside by a tech giant, Google, in the 2023 edition of Hustle Academy Fund. The initiative was introduced in 2022 to provide equity-free funds to small business owners to scale up their operations and support entrepreneurial growth in Nigeria. Entries for the exercise opened on Thursday, September 28 and will close on Thursday, October 12, 2023, and to be eligible, businesses must be Nigerian-founded, operating within Nigeria for 1-5 years, and have a clear and scalable business plan. They should have

By Aduragbemi Omiyale The Vice President, Mr Kashim Shettima, has said Nigeria is in dire need of foreign direct investment (FDI) more than ever before, tasking domestic and foreign investors to make Nigeria their investment hub because efforts are being made to formulate business-friendly policies. Mr Shettima, while speaking when he hosted the management of First Surat Group, as well as top management of MTN Nigeria at the presidential villa in Abuja, charged MTN Nigeria to facilitate and spearhead digital mobile money and digital education. He assured that President Bola Tinubu was willing to partner with various stakeholders in the

By Kestér Kenn Klomegâh Kazakhstan, one of the Russian neighbours and former Soviet republics, opens its doors to a broader external expansion. Given its geographical location and combined with current political reforms aimed at transforming its economy from the Soviet system to a more modernized system infused with a western culture of life, President Kassym-Jomart Tokayev has chosen multi-vector policies. Reforms began to be implemented after the election of Kassym-Jomart Tokayev in June 2019. Tokayev has consistently advocated for more openness and improving necessary conditions for attracting foreign business and investors to participate in the various economic sectors, including the

By Modupe Gbadeyanka Directives have been given to the Nigeria Police and the Army to ensure the clash in Southern Kaduna is brought to an abrupt end. A statement issued by Senior Special Assistant to the President on Media and Publicity, Mr Garba Shehu said the security operatives have been told establish their posts in the region. President Muhammadu Buhari was quoted to have given instructions for decisive measures aimed at bringing an end to the recurring acts of violence and destruction in the Southern part of Kaduna State. Also, the National Emergency Management Agency (NEMA) has been ordered to

By Dipo Olowookere The Central Bank of Nigeria (CBN) on Tuesday announced the retention of the benchmark interest rate at 13.5 percent. Governor of the CBN, Mr Godwin Emefiele, made the announcement this afternoon in Abuja after the end of the two-day Monetary Policy Committee (MPC) meeting, which started on Monday. Mr Emefiele explained that the Monetary Policy Rate (MPR) rate was unanimously left unchanged by the committee in order to monitor the recent steps taken by the apex bank. Last Monday, the apex bank announced the release of N50 billion intervention fund to support the economy. Two days later,

By Adedapo Adesanya The bulls took over the floor of the NASD Over-the-Counter (OTC) Securities Exchange on Monday as the market got off a positive start. At the end of the day’s trading, the NASD unlisted securities index (NSI) grew by 0.89 per cent or 6.33 per cent from 712.54 points to 718.87 points. Also, the market capitalisation of the bourse increased by 0.89 per cent or N4.65 billion to N528.06 billion from the preceding N523.41 billion. However, the trading volume yesterday was in red as it reduced by 74.1 per cent. This was because investors transacted 27,450 units of

By Aduragbemi Omiyale Barely two weeks after some terrorists kidnapped students and staff of the Government Science School, Kagara, Niger State, another set of secondary school students have been abducted by bandits. In the wee hours of Friday, February 26, 2021, some gunmen raided a government secondary school in Jangebe, Zamfara State, and went away with many children. According to the Nigerian Television Authority (NTA), the hoodlums were specifically at the Government Girls Secondary School, Jangebe in Talata Mafara Local Government Area of Zamfara State. However, the exact number of students abducted by the terrorists could not be ascertained. In

By Dipo Olowookere For the umpteenth time, the Central Bank of Nigeria (CBN) has refused to shift ground to raise stop rates of treasury bills sold to investors via secondary market. At the OMO auction yesterday, which the apex bank conducted to control the volume of liquidity in the financial system, rates were left as they were in the previous exercise. Market players reacted to the refusal of the central bank to offer higher rate by staying away from the exercise. Of the N130 billion worth of the OMO bills auctioned by the CBN on Friday, it only received subscriptions

By Adedapo Adesanya Nigerian startup, Get It Done Now, a mobile fintech e-commerce platform where a user can access services and get loans and insurance, is expanding to Spain after strong early growth. According to Disrupt Africa, as a one-stop-shop nature of the platform, offering access to both services and financial products, Get It Done Now has more than 5,000 users, with over $2 million in loan requests. Speaking to the platform, the co-founder, Mr Alberto Rodriguez, said the service is aimed at the African population so they can obtain secure and safe services, both physical and digital. “Closing the

By Dipo Olowookere Chairman of United Bank for Africa (UBA) Plc, Mr Tony Elumelu, has increased his stake in the pan-African financial institution. The serial entrepreneur recently purchased additional 62.6 million shares of the company at the Nigerian Stock Exchange (NSE). According to a notice of share dealing by an insider released by the lender, Mr Elumelu acquired the new stocks through one of the firms he has interests in, Heirs Holdings Limited. The Delta State-born former banker bought the additional equities at an average price of N6.20 per unit in three tranches, the statement said. In the disclosure, UBA