Releaf Gets $4.2m to Improve Food Processing Technology

By Adedapo Adesanya The African Development Bank Group (AfDB) has revealed that a $1 billion facility would be used to provide insurance to more than 40 million farmers across the continent against severe impacts of climate change. Initially unveiled at the Africa Climate Summit held in Nairobi in September, the Africa Climate Risk Insurance Facility for Adaptation (ACRIFA) brings together governments, development agencies, the insurance sector and the private sector, said the president of the bank, Mr Akinwumi Adesina, while speaking during a side event at COP28 in Dubai. He said ACRIFA aims to mobilise $1 billion of concessionary financing,

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.18 per cent gain to open the week in positive territory on Monday, December 4, with the unlisted security index rising by 1.59 points to end the day at 862.40 points compared with last Friday’s closing value of 860.81 points. The improvement recorded by the bourse yesterday raised the value of the unlisted stock exchange by N2.5 billion to close at N1.169 trillion, in contrast to the preceding session’s N1.166 trillion. The gain posted by the bourse was driven by the N13.70 added to the share price of 11

By Modupe Gbadeyanka Taxpayers, including organisations and individuals, who are yet to pay their outstanding taxes, will not pay penalties and interests if they make the payments on or before December 31, 2023. This tax default forgiveness was given by the Federal Inland Revenue Service (FIRS), which explained that it created this window in “recognition of the challenges that many taxpayers have faced in settling their outstanding tax liabilities.” However, it stressed that if the full principal payment is not done before the deadline, defaulters would be forced to pay the outstanding tax liabilities. The Chairman of the FIRS, Mr

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 Dipo Olowookere Leader of the Indigenous People of Biafra (IPOB), Mr Nnamdi Kanu, was on Tuesday, October 17, 2017, not present in court at the resumption of his treason trial. Mr Kanu was expected to appear before Justice Binta Nyako of the Federal High Court sitting in Abuja for continuation of his trial after he was granted bail few months ago, but he was nowhere to be found. However, his fellow defendants were present at the court today as well as his surety, Senator Eyinaya Abaribe, urged the court to refund the N100 million bond he earlier agreed to

By Dipo Olowookere Transactions on the Nigerian Stock Exchange (NSE) continued to be bullish on Monday. By the time the market closed for the day, the main indices appreciated further by 1.38 percent. The market capitalisation increased by N179 billion to close at N13.199 trillion, while the All-Share Index (ASI) appreciated by 370.89 points to settle at 27,339.68 points. Gains posted by Dangote Cement boosted the overall market performance yesterday as stocks of the cement firm increased by N4 to finished at N146 per share. Flour Mills appreciated by N1.25 to settle at N21 per unit, NASCON rose by N1

By Dipo Olowookere No fewer than 321 indigent residents of Lagos State have been given the sum of N52.7 million to assist them in handling health challenges, multiple births and other unforeseen situations including road accidents and fire disasters. The money was released by the Lagos State government, through the Office of Civic Engagement. Special Adviser to the Governor on Civic Engagement, Mr Benjamin Adeyemi Olabinjo announced this during the week at the Bagauda Kaltho Press Centre, Alausa, Ikeja during the Year 2018 Ministerial Press Briefing of the Lagos State government in commemoration of the third anniversary of Governor Akinwunmi

By Aduragbemi Omiyale Two Nigerian companies have been given financial grants by YouTube Music to support African creative voices and boost the continent’s creative economy. The two firms given the support were Briteswan and iManage Africa Entertainment Limited and in addition, they will receive capacity development training and advisory. The assistance was given to the duo to help them scale up their initiatives to develop music creatives on the continent. This move is set to directly impact an estimated 300 participants in initiatives led by these organisations. Briteswan, through its The Audiogirl initiative, seeks to economically empower women by closing

By Modupe Gbadeyanka The board of FBN Holdings Plc will on Thursday, April 25, 2019, hold a crucial meeting, the company has disclosed. The main focus of the gathering is to look into the financial statements of the firm for the period ended March 31, 2019. According to a statement issued by the financial powerhouse, the board of directors of FBN Holdings will use the occasion to approve the first quarter earnings of the firm. “This is to inform the public and our stakeholders that the board of directors of FBN Holdings Plc will be meeting to consider the Q1

By Dipo Olowookere The Nigerian Exchange (NGX) Limited remained in the negative territory on Tuesday after it closed lower by 1.96 per cent when trading activities were wrapped up on the first trading session of the week. The decline was chiefly triggered by sell-offs in Airtel Africa and other stocks like GTCO, Access Holdings and others. Data obtained from the stock market showed that Airtel Africa shed 10.00 per cent to settle at N1,198.00, Royal Exchange declined by 9.09 per cent to 60 Kobo, Consolidated Hallmark Insurance also depreciated by 9.09 per cent to trade at 60 Kobo, Multiverse slumped

By Investors Hub European stocks are turning in a lackluster performance on the day, with traders not showing much interest in picking up stocks due to an absence of fresh triggers. Thanks to rising commodity prices, miners and energy stocks are doing fairly well, but the overall mood in the market is rather subdued. The German DAX Index is down by 0.1 percent, while the French CAC 40 Index is down by 0.2 percent. Meanwhile, the U.K. market is slightly higher, with resources stocks lifting the benchmark FTSE 100 Index up by 0.1 percent. The index reached a record intraday

By Adedapo Adesanya The Nigerian Naira further strengthened on the American Dollar at the Investors and Exporters (I&E) window of the foreign exchange (FX) market on Friday, August 11. Spurred by a strong supply, the local currency chalked up N40.72 or 5.2 per cent to close at N740.60/$1 compared with Thursday’s closing price of N781.34/$1. Business Post observed that during the trading session, participants bid the Naira to the Dollar as high as N799.90/$1 and as low as N738.00/$1, amid a 180 per cent or $105.81 million increase in the value of forex transactions to $164.60 million from the $58.79