Shareholders Okay CCNN, Kalambaina Merger

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 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 Modupe Gbadeyanka Strong inflationary pressures in November further negatively impacted companies in Nigeria, with new orders and output both falling as customers were either reluctant or unable to pay higher charges. Purchase prices rose at the fastest pace in almost two years amid exchange rate weakness and higher costs for fuel and materials. According to the latest Purchasing Managers’ Index (PMI) from Stanbic IBTC, business conditions remained under pressure, scoring 48.0 points last month compared with the 49.1 points it garnered in October 2023. Readings above 50.0 signal an improvement in business conditions, while readings below 50.0 show deterioration.

By Dipo Olowookere The last trading day of November 2023 on the floor of the Nigerian Exchange (NGX) Limited ended on a bullish note by 0.11 per cent on Thursday. Mild bargain-hunting in industrial goods equities like Lafarge Africa, supported by Airtel Africa, GTCO and other financial stocks left the market in the green territory at the close of business. Consequently, the All-Share Index (ASI) increased by 81.91 points to settle at 71,365.25 points compared with the preceding day’s 71,283.34 points, and the market capitalisation grew by N44 billion to N39.052 trillion from N39.008 trillion. Business Post reports that the

By Adedapo Adesanya The chief executive of Seplat Energy Plc, Mr Roger Brown, has expressed optimism that its deal with ExxonMobil for the purchase of the latter’s offshore shallow water business in Nigeria, which is valued at $1.3 billion, would be completed soon. Speaking on the sidelines of the Africa Oil Week in Cape Town, South Africa, he said, “We have very good relationships with the regulator and that is why it takes time and the NNPC (Nigerian National Petroleum Company) is a partner to us and we want to respect the partnership.” “Now, we are starting to get to

By Adedapo Adesanya The Naira depreciated against the American Dollar at the Peer-to-Peer (P2P), Investors and Exporters (I&E), and the unauthorised segment of the foreign exchange (forex) on Friday, October 28. This was made worse by the new policy of the Central Bank of Nigeria (CBN) of redesigning the Naira, which is making some people source Dollars to reduce losses. As a result, the Nigerian currency fell by N5 against the greenback to sell at N790/$1 compared with the previous day’s value of N785/$1, and at the parallel market, the domestic currency depreciated by N16 to trade at N785/$1 compared

By Dipo Olowookere From February 5-9, 2018, representatives from government, business, community, and the general public will all join together to positively impact the Nigerian economic landscape through the celebration of business networking and the role it plays in the growth and success of business in every part of the world. International Networking Week, occurring February 5- 9, 2018, is a week centred around helping businesses in every part of the world, including Nigeria, achieve growth and success through effective networking. An initiative of BNI, the world’s largest business networking organization, the Week presents an opportunity for networking groups, companies,

By Adedapo Adesanya A new study has revealed the most influential members of the England squad for the Qatar World Cup, with Marcus Rashford taking the top spot. The research, conducted by online casino comparison experts KingCasinoBonus.uk, and seen by Business Post. analysed marketing tools and the social media profiles of the England team to determine which England player was the most influential. Marcus Rashford took first place, earning up to a whopping £37,950 per sponsored Instagram post, thanks to his follower count of almost 13 million and an engagement rate of 3.28 per cent. The Manchester United forward has been

By Ashemiriogwa Emmanuel The Central Bank Of Nigeria (CBN) at the late hours of Thursday, September 30, 2021, postponed the planned unveiling of its digital currency, eNaira, on Friday, October 1, 2021. The eNaira website, which went live on Monday, September 27, 2021, ahead of the launch date, was also down and not accessible to users. According to the Director of Corporate Communications of the CBN, Mr Osita Nwanisobi, the launch was suspended as a result of the key events planned to commemorate the Independence Day celebration today. He said that the decision was taken to prevent the unveiling of

By Modupe Gbadeyanka One of the largest banks in Nigeria, Access Bank Plc, has continued to make huge investments in technology as part of its commitment to build the nation’s economy. Recently, the lender sponsored the 2020 edition of the Nigerian Fintech Week, an event put together to highlight how the sector can provide a solution to problems across different industries including health, agriculture and logistics. The Executive Director for Information Technology and Operations at Access Bank Plc, Mr Ade Bajomo, who spoke at the programme, informed participants that, “Access Bank is committed to positively impacting lives and building the

By Investors Hub The major U.S. index futures are pointing to a lower opening on Tuesday, with stocks likely to extend the pullback seen over the two previous sessions. Waning optimism about a near-term interest rate cut may continue to weigh on the markets following last Friday?s better than expected monthly jobs data. The Labor Department report showing much stronger than expected job growth in the month of June put a big dent in hopes the Federal Reserve will cut interest rates at its next meeting later this month. Nonetheless, upcoming Congressional testimony from Fed Chairman Jerome Powell may keep

By Dipo Olowookere A member on the board of Fidelity Bank Plc, Mr Charles Umolu, has mopped up some equities of the company at the stock market. Mr Umolu is a non-executive director of the financial institution and was in the past the Managing Director/Chief Executive Officer of Comet Merchant Bank Ltd. A disclosure from Fidelity Bank said the director acquired just over half a million units of the company’s stocks at the exchange on Wednesday, May 6, 2020. In the notice filed to the Nigerian Stock Exchange (NSE) on Thursday, May 7, 2020, the product of the Obafemi Awolowo