Reps to Probe SEC Boss’ N105m Severance Pay Mess

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 Nigerian Shippers’ Council (NSC) has expressed its readiness to partner with the Lekki Deep Seaport by promoting the seamless movement of cargo and the efficiency of the nation’s ports. The NSC Executive Secretary, Mr Pius Akutah, gave the assurance when the Managing Director, Lekki Port LFTZ Enterprise Limited (LPLEL) – promoters of Lekki Deep Seaport, Mr Du Ruogang, led the port’s management on a courtesy visit to the NSC in Lagos. Mr Akutah, who commended the Lekki Deep Seaport management for the visit, said the council would partner with the port in areas that would boost

By Adedapo Adesanya The Naira started the first trading session in the last month of 2023 on a negative note after it depreciated against the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), which is the official FX window, by 11.4 per cent or N94.87 on Friday, December 1, closing at N927.19/$1, in contrast to Thursday’s exchange rate of N832.32/$1. The December rush for forex contributed to the weakening of the domestic currency in the spot market yesterday, as the supply of foreign currency could not meet what customers needed. Data showed that the value of FX transactions recorded

By Aduragbemi Omiyale The online stock trading platform of one of the leading brokerage firms in Nigeria, Morgan Capital Securities Limited, i-Trade, has experienced a technical glitch. This technical issue has made it difficult for its clients to carry out transactions on the popular platform. Morgan Capital’s i-Trade platform is popular among retail investors in the Nigerian capital market, especially those trading equities on the floor of the Nigerian Exchange (NGX) Limited, because of its lower fees. The company has already assured its customers that it was working to restore services, providing an alternative to them. “This is to inform

By Dipo Olowookere A Memorandum of Understanding (MoU) to enhance liaison and cooperation in the fields of export, import, investment, business information and other commerce-orientated activities has been sealed by the Johannesburg Chamber of Commerce and Industry and the China Council for the Promotion of International Trade. The agreement, for the benefit of members of both organisations, was signed this week at the SA-China Zhejiang Trade and Investment Symposium in Sandton. The main objective of the symposium was to bring together South African businesspeople and their counterparts from China, with the aim of establishing long-lasting and mutually beneficial trade and

By Adedapo Adesanya The Abdul Samad Rabiu Africa (ASR Africa) initiative has announced the appointment of consummate International Development and Monitoring and Evaluation (M&E) expert, Mr Ubon Udoh, as its pioneer Managing Director/Chief Executive effective immediately. The ASR Africa Initiative, which is the brainchild of industrialist and philanthropist, Mr Abdul Samad Rabiu, was recently set up with an annual pledge of $100 million dedicated to health, education and social development issues within the African continent. Out of this, Nigeria will benefit $50 million yearly and the rest of Africa, $50 million, in what is the largest private philanthropic giving of

By Investors Hub Asian stocks reversed early gains to end mixed on Tuesday as investors digested news of a terrorist attack in Manchester, England, and fresh revelations provided additional evidence that the White House actively sought to undermine the FBI investigation into Russia. At least twenty-two people were killed and around 50 others injured in a suicide attack at an Ariana Grande concert late Monday in Manchester, police have said. Separately, the Washington Post reported that U.S. President Donald Trump urged two senior intelligence officials in March to publicly deny any evidence of collusion between his campaign and Russia. Chinese

By Dipo Olowookere As part of determination to enhance investors’ participation in the nation’s capital market, the Nigerian Stock Exchange (NSE) has concluded plans to launch what is called the X-Mobile application. This dynamic and user-friendly mobile app would be unveiled at the 2019 NSE Market Data Workshop taking place on Wednesday, September 11, 2019, at Harbour Point, Victoria Island, Lagos. X-Mobile is designed to provide market participants, especially retail investors, convenient, faster and real-time access to the exchange’s activities. It features market snapshots, stock prices, market analytics, financial news, dealing members directory and trade simulation. With X-Mobile, users can

Nigeria’s leading Business and Economic Newspaper, BusinessDay in collaboration with the Nigerian Stock Exchange (NSE) has honoured Airtel Nigeria for its contributions to the economy and for creating employment opportunities across the country. In a colourful ceremony held last Friday at the Eko Hotel & Suites, Publisher and Chief Executive Officer of BusinessDay, Mr Frank Aigbogun; and the Chief Executive Officer of NSE, Mr Oscar Onyema, presented the award to Mr Segun Ogunsanya, the MD/CEO of Airtel Nigeria. In a citation in honour of Airtel, the organizers said “BusinessDay particularly identifies with Airtel Nigeria for its role in driving economic

By Kenneth Horsfall What is an NFT? An NFT is a non-fungible token (NFT), a non-interchangeable unit of data stored on a blockchain, a form of digital ledger that can be sold and traded. Types of NFT data units may be associated with digital files such as photos, videos, and audio because each token is uniquely identifiable, NFTs differ from blockchain cryptocurrencies, such as Bitcoin. NFT ledgers claim to provide a public certificate of authenticity or proof of ownership, but the legal rights conveyed by an NFT can be uncertain. NFTs do not restrict the sharing or copying of the

By Adedapo Adesanya Oil prices closed higher on Tuesday, with the Brent crude rising by 20 cents or 0.16 per cent to trade at $79.10 per barrel and the West Texas Intermediate (WTI) crude growing by 5 cents or 0.04 per cent to sell at $76.02 per barrel. The prices were lifted as a result of high aggregated production disruptions in Nigeria, Ecuador, and Libya amid the rapid spread of the Omicron coronavirus variant. The three oil producers declared forces majeures this month on part of their oil production because of maintenance issues and oilfield shutdowns, causing supply shortages at

By Adedapo Adesanya Nigerian startup, Pivo, is moving to provide an all-in-one financial services platform for small and medium enterprises (SMEs) in the supply chain sector, offering them access to banking, lending and insurance solutions. Pivo is set to do this through its three main products: Pivo Capital, its flagship product, which gives SMEs access to loans worth as much as $50,000; Pivo Finance, which offers customers access to a digital-only banking solution; and Pivo Plus, which offers access to insurance, corporate compliance and tax regulation support. In an interview with Disrupt Africa, the co-founder of the company, Ms Ijeoma