Renewed Trade Concerns May Lead to Pullback on Wall Street

By Modupe Gbadeyanka Business owners in Lagos have been assured of more incentives by the state governor, Mr Babajide Sanwo-Olu, who added that this is part of his administration’s commitment to reforms aimed at improving the ease of doing business and enhancing investment opportunities. Speaking at the commissioning of the newly-built wet hair production factory of Godrej Nigeria Limited, the Governor said his government would continue to pursue actions that would eliminate red tapes and regulatory impediments hindering the growth of businesses in the state, thereby demonstrating his willingness for continued collaboration with the private sector to improve the livelihood

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 Adedapo Adesanya A milk-producing company, FrieslandCampina Wamco Nigeria, helped the NASD Over-the-Counter (OTC) Securities Exchange return to the green territory by 0.54 per cent on Wednesday, November 29. The firm improved its value by N3.50 in the midweek session to settle at N73.50 per share compared with the previous day’s closing price of N70.00 per share. It suppressed the 10 Kobo decline posted by Central Securities Clearing System (CSCS) Plc, which ended lower at N17.00 per unit versus Tuesday’s value of N17.10 per unit. Consequently, the market capitalisation of the alternative stock exchange went up by N6.28 billion to

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigeria Autonomous Foreign Exchange Market (NAFEM) and the unregulated Peer-to-Peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, November 29 as President Bola Tinubu reiterated his administration’s promise to meet its obligations. Speaking during the presentation of his administration’s N27.50 trillion 2024 budget proposal to the joint session of the 10th National Assembly on Wednesday, Mr Tinubu said, “Despite the challenges, we continue to meet our obligations.” In the official NAFEM segment of the market, the value of the local currency went

By Philani Mzila In the startup universe, one of the most valuable (if not the most valuable) finite resources you have at your disposal as a founder is equity. This is because startups generally don’t have the capital to scale in the market or products developed significantly enough to leverage to fund ongoing enterprise growth. This makes your startup’s capitalisation table (cap table)  an integral representation of how your venture is funded from an equity perspective (including convertible notes, warrants, and equity ownership grants). The cap table represents how much of a claim each party has on the value created

By Dipo Olowookere The volume of transactions on the floor of the Nigerian Exchange (NGX) Limited declined significantly last week due to the closure of the market for two days to mark Eid-el Kabir on Monday and Tuesday. This led to the trading of 504.322 million shares worth N7.517 billion in 12,393 deals compared with the 822.404 million shares valued at N10.366 billion traded a week earlier in 20,643 deals. The trio of GTCO, Caverton and UBA accounted for 164.202 million shares worth N1.859 billion in 1,937 deals, contributing 32.56 per cent and 24.73 per cent to the total trading

By Modupe Gbadeyanka The management of MBA Trading and Capital Investment Limited, also known as MBA Forex, has attributed its failure to return the funds invested in the country to its owners to the actions taken by the Central Bank of Nigeria (CBN). The firm, which is involved in foreign exchange (forex) trading and investment in capital investment, said the banking sector regulator in Nigeria “suspended any dealings in our [bank] accounts.” According to the chief executive of the organisation, Mr Maxwell Odum, “All other payment gateways we normally use for the easy payout of funds have also blacklisted.” He

By Dipo Olowookere Six Senators have been appointed to look into the request by President Muhammadu Buhari to obtained a loan of about N4.2 trillion through the issuance of promissory notes and bonds to settle local debts. The President had in a letter to the Senate said “the promissory note and bond issuance program has become imperative toclear obligations, which in clude unpaid obligations to pensioners, salaries and promotional arrears of civil servants; obligation to petroleum marketers; contractors and suppliers debt. “Other issues for which the loan is being sought according to the President, are unpaid power bills and obligation

By Adedapo Adesanya  The last trading day of week closed at the foreign exchange market on Friday, September 20, 2019 with the Naira depreciating against the US Dollar at both the Interbank and the Investors and Exporters (I&E) segments of the market. According to data gathered from the FMDQ by Business Post, the local currency traded at N362.39 against the American Dollar at the Investors window yesterday compared with the N362.26/$ it traded the previous trading day. This indicates a 13 Kobo or 0.06 percent drop for the Naira at the I&E segment against the US Dollar. This depreciation recorded

By Adedapo Adesanya  General Electric has used its forum to highlight and drive the importance of integrity for business operations in Sub-Saharan Africa. This happened as it hosted a compliance dialogue summit in Lagos with key business stakeholders as part of its efforts to highlight the importance of operating with integrity. The engaging sessions, which were held under the theme, A Better World: Resolving Ethical business Challenges, brought together key stakeholders, including customers, consultants, legal experts, and regulatory agencies, to collectively identify the opportunities and address the challenges to fundamental ethical issues in business practice. Speaking at the event, Mr

By Omoshola Deji Osun State is presently Nigeria’s political fireworks capital. The incumbent All Progressives Congress (APC) and the winning Peoples’ Democratic Party (PDP) are in a fierce battle for the control of the state after the September 22 governorship election ended inconclusive. The PDP is determined to maintain its lead while the APC has vowed to overturn it. PDP’s Ademola Adeleke garnered 254,698 votes, which puts him in a 353 vote lead against APC’s Gboyega Oyetola who accrued 254,345 votes. Candidate of the Social Democratic Party (SDP), Iyiola Omisore earned 128,049 votes to come third. You would recall that

By Adedapo Adesanya The federal government has inaugurated an ultra-modern industrial shoe-making hub equipped with modern technology at Nkwelle, Anambra State with aim of boosting the country’s non-oil sector. The unveiling was done by the Vice President, Mr Yemi Osinbajo, on Tuesday at Ezunaka Village in Anambra, describing the complex as a “one-stop-shop digital leather and industrial hub”. He said the shoe factory has the capacity to produce shoes that would compare favourably with those produced in Europe. According to the VP, the project represents the nerve centre of the Micro Small and Medium Scale Enterprises in Nigeria. He said