Economy
Ringier Launches Business Insider Sub Saharan Africa
By Modupe Gbadeyanka
Ringier Africa Digital Publishing (RADP) has further expanded its news and media portfolio with the launch of Business Insider, the renowned digital news brand for the global business community, for Sub Saharan Africa.
The digital edition leads with an exclusive interview with Mr Tony Elumelu, who the newly launched editorial team for Business Insider Sub Saharan Africa met with at the World Economic Forum (WEF) in Davos.
Mr Elumelu, recognised as one of the continent’s most dynamic business leaders and philanthropists, is Chairman of the Board of Heirs Holdings, the United Bank for Africa and Transcorp, and is the founder of the Tony Elumelu Foundation.
The lead interview will explore Mr Elumelu’s personal insight into the current economic climate in Nigeria, the Government’s Forex policies and the important role entrepreneurialism plays on the continent.
Business Insider Sub Saharan Africa will be operated by RADP under its Pulse new media brand. It will cover business news, enterprise, finance, politics, and technology from across the continent and beyond.
The digital outlet will debut on existing Pulse platforms, in West Africa on January 23, with more to come soon.
The Africa-focussed business title has secured an impressive roster of leading and authoritative African commentators, including Bright Simons, Ethel Cofie and Herman Chinery Hesse.
In addition to business and lifestyle stories from the continent, Business Insider Sub Saharan Africa will feature news highlights from around the world.
Business Insider, which is part of the Axel Springer family, is the largest business news site in the US and one of the fastest-growing news brands in the world.
The company pioneered a style of business coverage that offers the news its readers and viewers need to know in a format that is digital-native: real-time, social, and mobile.
Collectively, the Business Insider network of sites reaches well over 100 million unique monthly visitors across all platforms. RADP and its Pulse brand is Africa’s leading Pan-African digital content publisher, which includes Men’s Health, and Women’s Health in West Africa.
Ringier Africa & Asia CEO, Robin Lingg says: “With the launch of Business Insider Sub Saharan Africa, we are giving African leaders a trustworthy, informed and reliable voice and platform. Africa is one of the world’s most buoyant and innovative emerging markets. Such a time in the continent’s history necessitates the savvy, sharp and analytical news commentary that is Business Insider’s hallmark. We are looking to make a significant impact in the continent’s business narrative by bringing smart, straightforward news to the African marketplace, with commentary from political heavyweights and African leaders & business innovators, whose collective insight will be instrumental in telling the African business story from inside.”
Ringier Africa GM, Leonard Stiegeler says: “RADP and Pulse have an unparalleled reputation for quality content in various fields across many digital and social platforms. We believe Business Insider will complement our coverage for our audience in Africa, whose reach now numbers in the millions. We are happy to add quality business journalism that faithfully reflects and records what’s happening within and outside the continent’s business sector”.
Said Henry Blodget, Global Editor-in-Chief and CEO of Business Insider: “We’re thrilled to launch our 15th version of Business Insider in Africa – an incredibly exciting and fast-growing market. Ringier has a deep understanding of the digital space and is the ideal partner to help us bring to Sub Saharan Africa Business Insider’s unique voice and attitude.”
By Adedapo Adesanya
Market bellwethers, Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc, lifted the NASD Over-the-Counter (OTC) Securities Exchange by 2.08 per cent on Monday, August 3.
CSCS Plc, the Nigerian securities depository company, gained N10.00 to close at N112.00 per share compared with the previous session’s N102.00 per share, and FrieslandCampina Wamco Nigeria Plc advanced by N4.71 to quote at N152.64 per unit versus last Friday’s N147.93 per unit.
As a result, the NASD Security Index (NSI) added 92.14 points to finish at 4,523.85 points compared with the preceding session’s 4,431.71 points, and the market capitalisation appreciated by N55.31 billion to N2.715 trillion from N2.659 trillion.
Business Post reports that the price of MRS Oil Plc crashed during the trading day by N12.00 to N120.00 per share from N132.00 per share, and UBN Property Plc dipped by 3 Kobo to N1.90 per unit from N1.93 per unit.
Trading data showed that the volume of securities exchanged rose by 113.1 per cent to 1.5 million units from 690,990 units, and the number of deals climbed by 19.2 per cent to 31 deals from 26 deals, while the value of securities slid by 13.1 per cent to N65.2 million from N75.0 million.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 76.8 million units traded for N5.5 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) has introduced a 1.5 per cent stamp duty on eligible virtual asset transactions, with the tax deducted directly from the cryptocurrency purchased before it is credited to the buyer’s wallet.
According to the new guidelines issued on Monday, anyone buying Bitcoin (BTC), USDT or other cryptocurrencies in Nigeria will receive fewer digital assets due to the deduction.
This requires registered crypto exchanges and other Virtual Asset Service Providers (VASPs) to withhold the levy in the digital asset being traded and remit it to the government, marking Nigeria’s most comprehensive move yet to bring cryptocurrency transactions into the country’s tax net.
Unlike traditional taxes deducted from a customer’s bank account, the 1.5 per cent charge will be taken from the cryptocurrency itself, meaning buyers will receive less Bitcoin, USDT or other tokens than they paid for.
The tax body stated that “income tax deducted at source and stamp duty shall be remitted to the service in the originating token of the transaction.”
Besides the new stamp duty, the guidelines also clarify how income tax, Value Added Tax (VAT) and other tax obligations will apply to virtual asset activities such as trading, staking, mining and other crypto-related transactions.
To illustrate the new rule, the tax authority said a buyer who pays N1 million for one Bitcoin will receive only 0.985 BTC after 0.015 BTC is deducted as stamp duty and remitted to the government. When that Bitcoin is later sold, the next buyer will also have 1.5 per cent deducted from the cryptocurrency credited to their wallet.
The NRS said the guidelines are intended to provide clarity for taxpayers, crypto exchanges, peer-to-peer (P2P) marketplace operators, financial institutions, tax consultants and all participants in Nigeria’s virtual asset ecosystem.
According to the guidelines, the 1.5 per cent duty applies to eligible virtual asset transactions facilitated through registered exchanges and other recognised intermediaries. Where a cryptocurrency is used to complete a transaction that already attracts stamp duty under the law, the applicable duty on the underlying instrument will also be payable.
For crypto users, the implication is higher transaction costs, as eligible purchases will attract the 1.5 per cent stamp duty, while VAT on exchange service fees and income tax on taxable gains may also apply, depending on the nature of the transaction.
By Adedapo Adesanya
The Naira opened the week on a positive note, as it appreciated against the US Dollar by N3.39 or 0.25 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, August 3, to N1,364.83/$1 from N1,368.22/$1 last Friday.
However, it suffered a marginal decline against the Pound Sterling in the official market during the session by 10 Kobo to close at N1,837.89/£1 compared with the preceding session’s N1,837.79/£1, and lost 6 Kobo on the Euro to sell at N1,573.93/€1, in contrast to the previous trading day’s N1,573.87/€1.
At the black market segment, the Nigerian currency traded flat against the Dollar yesterday at N1,405/$1, and at the GTBank forex counter, it was unchanged at N1,374/$1.
Interbank FX transactions increased sharply as market makers’ activities raised total Dollar volume exchanged to $137.048 million, more than 132 per cent above $58.990 million in turnover at the previous close. The surge in turnover was driven by increased deals at the NFEM window. The central bank reported that deal count at the interbank FX window rose to 138 from 67 on Friday.
As for the cryptocurrency market, major tokens advanced despite ongoing uncertainty around unresolved Coldcard wallet sweeps that have drained hundreds of Bitcoin (BTC), while traders are watching whether bitcoin can hold above $63,000 through the US session. BTC rose by 1.70 per cent to $63,765.88.
Bitcoin treasury firm Strategy disclosed Monday it sold 1,638 bitcoin for about $105 million between July 27 and Aug. 2, its third sale of 2026, per an SEC filing.
Also, an attacker has moved about 1,816 bitcoins, or roughly $114 million, from more than 5,200 addresses since July 30 in a fourth wave of sweeps targeting BTC in Coldcard-generated addresses.
Cardano (ADA) appreciated by 6.7 per cent to $0.1959, Binance Coin (BNB) gained 1.5 per cent to sell for $590.82, Solana (SOL) jumped by 1.3 per cent to $73.72, TRON (TRX) soared by 0.9 per cent to $0.3286, Dogecoin (DOGE) also grew by 0.9 per cent to $0.0703, Ripple (XRP) advanced by 0.5 per cent to $1.07, and Ethereum (ETH) rose by 0.4 per cent to $1,863.33, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
