Sage Summit Tour Targets Business Builders

By Dipo Olowookere Ellah Lakes Plc can now go ahead with its plans to raise fresh capital through a rights issue to shareholders, the Securities and Exchange Commission (SEC) has declared. In 2022, shareholders of the company authorised the board to source about N2.90 billion. The board later filed an application to the SEC to carry out the transaction. In an update on Wednesday, Ellah Lakes informed the investing community that the apex regulatory agency for the country’s capital market had approved its request. The firm, which operates in the agricultural sector, intends to get N2.90 billion from shareholders from

By Bliss Okperan A foremost content reader, FeedSpot, has named Business Post Nigeria as one of the Top 25 Nigeria Personal Finance Blogs. In the list, Business Post was placed in the 8th position, ranking among other reputable online platforms serving readers with quality and educative business and financial news reports and articles. In the top 10, FeedSpot listed Nairametrics as number one, followed by UBA Group, Financial Nigeria Magazine, Investors King, Cowrywise Blog, Financial Watch, MakeMoney, Business Post Nigeria, Nigeria Galleria Blog, and Money Matters with Nimi. Other platforms listed were LagosMums, Financengr, Rosabon Financial Blog, Ohimai Consulting Blog,

By Adedapo Adesanya The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that Nigeria saw a 65.7 per cent or N76.77 billion increase in earnings from the solid minerals sector in 2021 to N193.59 billion from the N116.82 billion achieved in 2020. This upward trajectory has been on for the past five years, according to a report from the agency. The Executive Secretary of NEITI, Mr Orji Ogbonnaya Orji, however, lamented that this is still abysmal considering the potential of the sector to the Nigerian economy. He said this while presenting the solid minerals sector report in Abuja, noting that

By Modupe Gbadeyanka Exporters of fresh fruits and vegetables are invited to apply for assistance to participate in the upcoming Fruit Logistica Asia 2017 trade exhibition, which will take place in Hong Kong from 6-8 September 2017. Companies which are interested in participating in this exhibition are encouraged to submit application forms to the Department of Trade and Industry (the dti) by 6 April 2017. The trade fair, which will be attended by exhibitors from over 120 countries around the world, is targeting producers of fresh fruit and vegetables, fresh-cut and convenience items, exotic products, organic produce, potatoes, dried fruit

By Adedapo Adesanya As part of its expansion plans, Nigerian health tech startup, Helium Health, has announced the acquisition of Meddy, a doctor booking platform in Qatar. With this deal, Meddy’s CEO, Mr Haris Aghadi, and the COO, Mr Abed Alkarim Khattab, will join Helium Health’s leadership team and the Qatar business would now be known as Helium Doc. This has been regarded as a rare partnership between West African startups and Middle Eastern startups. However, Mr Adegoke Olubusi, Helium Health’s CEO, revealed that the cultural similarity of the two teams was key in the transaction. “Beyond the actual product

By Jerome-Mario Chijioke Utomi It is pedestrian information that while Nigerians were waiting for the commencement of governance, President Bola Ahmed Tinubu, on the day of his inauguration, precisely on Monday, May 29, 2023, announced the removal of fuel subsidy without putting palliatives in place to assist ameliorate the harsh impact of such policy reversal. Also newsy is that before the dust raised by such a decision could settle, another was up, as the Federal Government again implemented a coordinated but thoughtless hike in fees paid by students of most of the tertiary institutions of higher learning in the country.

First City Monument Bank (FCMB) sustained new strengths in operations in the second quarter despite the challenges of the COVID-19 economic lockdown. The bank kept all the growth levers up from the closing levels in 2019. The addition of new strengths and retention of some key capabilities of the preceding year constitutes the operating advantage for the bank this year. It is maintaining the elevated revenue outlook seen in the first quarter, which is happening for the first time since 2017. Both interest and non-interest incomes are contributing to revenue improvement but non-interest earnings keep leading the way. Against a

By Modupe Gbadeyanka There are strong indications that the interbank interest rates at the money market will skyrocket this week as about N107 billion hit the market on Thursday via maturing treasury bills. According to analysts at Cowry Asset, during the week, the market will experience squeeze in financial system liquidity. They said the strain in the liquidity would occur as a result of an expected debt auctions worth N100 billion by the Debt Management Office (DMO) on Wednesday, where another 10-year and 30-year notes would be issued to investors. During trading last week, the Central Bank of Nigeria (CBN)

By Adedapo Adesanya Nigeria’s economy recorded a sharp drop in foreign investments in 2020 as investors’ commitments declined by 44.1 per cent to $16.7 billion from $29.9 billion in 2019. This is according to the investment announcements captured by the Nigeria Investment Promotion Council (NIPC). Analysis of the data released by the NIPC showed that investments declined in the first three quarters of the year. In the first quarter of the year, $4.8 billion was recorded compared to $12.7 billion in the same period of the preceding year, showing a 62 per cent decline. Similarly, in the second quarter of

By Adedapo Adesanya Oil prices edged higher on Tuesday on the projected healthier outlook of the United States economy, but bearish data on China’s crude imports and exports weighed. Brent crude futures gained 83 cents to settle at $86.17 a barrel, while the US West Texas Intermediate crude rose 98 cents to $82.92 per barrel. Both contracts had fallen by $2 earlier in the session, but prices reversed course after a monthly report from the US Energy Information Administration (EIA) projected gross domestic product growth to rise by 1.9 per cent in 2023, up from 1.5 per cent in a

By Adedapo Adesanya Business Post has gathered that although some Nigerian banks have started disbursing the old higher denominations of Naira notes, traders, artisans, and retailers, among others, have continued to reject them. Last Friday, the supreme court extended the validity of the old N200, N500, and N1,000 banknotes till December 31, 2023, upturning the February 10, 2023, deadline of the Central Bank of Nigeria (CBN). But investigation showed that some Nigerians are rejecting the old Naira notes, saying they will only collect the redesigned currency notes. A PoS attendant in the Ifako-Ijaiye area of Lagos identified simply as Ruth