SEC Begins Process to Teach Capital Market Studies in Schools

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 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 The sale of the FGN Savings Bonds for the month of September is ending on the noon of Friday, September 7, 2018. The exercise started on Monday and the Debt Management Office (DMO), which is conducting the sale on behalf of the federal government, is offering two maturities. According to the debt office, the 2-year paper is sold at 11.364 percent, while the 3-year bond is offered at 12.364 percent. Savings Bonds will have most of the features of the existing FGN Bond plus other features/benefits to the bondholder. It will also be backed by the full

By Adedapo Adesanya The Naira depreciated against the Dollar at the different segments of the foreign exchange (FX) market on Thursday, February 2. The forex market came under pressure as customers continue to scamper for both local and foreign currencies following moves by the Central Bank of Nigeria (CBN) to mop up cash in the country, turning the tempo on the local currency. This led to losses in the value of the domestic currency against the US Dollar at the Peer-to-Peer (P2P), parallel market, and the Investors and Exporters (I&E) windows of the forex market. In the P2P market, the

By Sodeinde Temidayo David A group of rubber producers in Nigeria has called for a massive investment in the rubber industry because it has the potential to propel economic growth. They described the sector as white gold, though it presently needs attention and investment, especially from the federal government. The National President of the National Rubber Producers, Processors and Marketers Association of Nigeria (NARPPMAN), Mr Peter Igbinosun, stressed that the rubber subsector was in need of more funds for the development and growth of the segment. Speaking at the 2021 national rubber conference of the association themed Industrialisation of the

By Adedapo Adesanya The exchange rate of the Naira to the US Dollar was in favour of the latter on Monday at the Investors and Exporters (I&E) window of the foreign exchange (forex) market amid a rise in demand for FX during the trading session. According to data obtained by Business Post from FMDQ Securities Exchange, the value of forex transactions in the official FX market in Nigeria stood at $132.77 million, 37.1 per cent or $35.96 million higher than the $96.81 million recorded in the preceding session. Its inability to soak this significant FX demand pressure weakened the local

By Modupe Gbadeyanka The management of SunTrust Bank has refuted claims that it owes some members of staff of the National Assembly. Earlier this week, some legislative aides staged a protest at the National Assembly complex in Abuja, claiming the lender has refused to pay them their salaries, leading to the death of one Mr Hassan Abiodun, an aide to the Deputy Speaker, Mr Yusuf Suleiman. But addressing newsmen yesterday over the matter, the bank, through its Executive Director in charge of Finance and Risk Management, Mr Usman Abdulqadir, said there was no truth in the claims. Speaking with journalists

By Modupe Gbadeyanka The acting Commissioner for Agriculture in Lagos State, Ms Abisola Olusanya, has said more than 350,000 tonnes of coconut are produced in Nigeria annually. The Commissioner made this disclosure on Wednesday at the Year 2020 Coconut Day Celebration organised by the Lagos State Coconut Development Authority at Lagos Farm Centre, Agege. She said of this figure, which she said was still below what the likes of the Philippines, Malaysia and other Asian countries produce yearly, the contribution of Lagos State is over 70 per cent. “I believe Nigeria as a whole produces over 350,000 tonnes of coconut

By Dipo Olowookere The market capitalisation of the Nigerian Stock Exchange (NSE) further depreciated on Thursday by N16 billion to N12.846 trillion from N12.862 trillion. It was observed that the decision of investors to take profit especially in financial stocks deepened yesterday’s loss by 0.12 percent. Consequently, the All-Share Index (ASI) decreased by 29.82 points to settle at 24,625.17 points as against the previous 24,654.99 points. According to data from the exchange, the activity chart was mixed with 1.46 percent rise in the number of deals and 31.16 percent and 15.24 percent decline in the volume and value of trades

By Modupe Gbadeyanka Senior Special Assistant to President Muhammadu Buhari on Job creation, Mr Afolabi Imoukhuede, has revealed that no fewer than 753,307 applications have been received from graduate job seekers in the country for the available 300,000 slots in the N-Power job scheme of the Federal Government. By 11:30pm on Tuesday, June 13, 2017, the N-Power portal was open for entries for one month, but as at Sunday, June 18, 2017, over 700,000 persons had submitted their applications, hoping to be among those to receive the N30,000 monthly stipend. Mr Imoukhuede, in his breakdown of the entries, informed journalists