Tether Replaces Commercial Paper in USDT Reserves with T-Bills

By Aduragbemi Omiyale The Vice President, Mr Kashim Shettima, has said Nigeria is in dire need of foreign direct investment (FDI) more than ever before, tasking domestic and foreign investors to make Nigeria their investment hub because efforts are being made to formulate business-friendly policies. Mr Shettima, while speaking when he hosted the management of First Surat Group, as well as top management of MTN Nigeria at the presidential villa in Abuja, charged MTN Nigeria to facilitate and spearhead digital mobile money and digital education. He assured that President Bola Tinubu was willing to partner with various stakeholders in the

By Dipo Olowookere Profit-taking persisted at the Nigerian Exchange (NGX) Limited on Thursday, with Customs Street going down by 0.31 per cent on its return from a midweek break. The market closed its doors to traders on Wednesday due to the public holiday declared by the federal government to mark Eid-el Maulud, the birthday of Prophet Mohammed. Business Post reports that market participants did not take their minds off the pressing issues affecting the Nigerian economy, especially rising inflation, energy costs and the foreign exchange (FX) crisis. As a result, they liquidated their shares, leading to a negative market breadth

For maritime businesses, the stakes are high, and the seas can be unpredictable. Whether you own a shipping fleet, operate a fishing company, or oversee marine logistics, safeguarding your assets with the right marine insurance is prudent. It’s also essential for the sustainability of your enterprise. Here are some tips for how to find the best marine insurance provider. By following these strategic steps, you can ensure your business remains afloat, even in the face of unforeseen challenges. 1. Assess Your Maritime Needs The first crucial step towards securing the ideal marine insurance provider is a comprehensive assessment of your

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.38 per cent on Friday, September 30, with N4.16 billion added to the value of the bourse, closing at N1.105 trillion compared with Thursday’s value of N1.101 trillion. The market witnessed the improvement a day after the shares of VFD Group were yanked off the trading platform, with the NASD Unlisted Securities Index (NSI) closing higher by 3.06 points to settle at 815.65 basis points versus the previous day’s 812.59 basis points. There were three gainers led by FrieslandCampina Wamco Nigeria Plc, which improved by N1.31 to close at

By Modupe Gbadeyanka A $2 billion (about N636 billion) investment deal has been completed between a Chinese conglomerate, China Polaris, and the Oyo State government. The deal, Business Post learnt, is for the establishment of a free trade zone for the manufacturing of automotive products, solar power generation, among others. Governor of the state, Mr Abiola Ajimobi, disclosed on Tuesday during the turning of the sod to herald the construction work for the project, tagged Polaris-Pacesetter Free Trade Zone, located along the Lagos-Ibadan Expressway, Ibadan, expressed optimism that the project, which occupies a thousand hectares of land, would be ‘the new

By Adedapo Adesanya The federal government has said that the country is on the path to achieving its energy transition plan. The country requires $410 billion with $10 billion per annum to address the nation’s energy constraint and policy flexibility as well as achieve Nigeria’s transition plan by 2060. Speaking at the 7th Meeting of the National Council on Hydrocarbons, themed Roadmap and Strategic Option Towards Achieving Energy Transition in Nigeria, the Minister of State for Petroleum Resources, Mr Timipre Sylva, said Nigeria was committed to achieving carbon neutrality, ending energy poverty by lifting 100 million people out of poverty

By Dipo Olowookere The federal government has taken steps to bridge the huge supply deficit in onions consumed in the country by training farmers, marketers and others in the value chain. On Tuesday, May 25 and Wednesday, May 26, 2021, a two-day training was held in Kano for those in the sector to update them on the latest in the management, production and storage of onions. Welcoming the participants at the workshop, the Permanent Secretary in the Federal Ministry of Agriculture and Rural Development, Mr Ernest Afolabi Umakhihe, represented by Mrs Adeshola Theresa, the Assistant Chief Agric Officer, Horticulture Division,

By Jerome-Mario Utomi There was a report by ONE Campaign, an international organisation that keeps track of progress on Millennium Development Goals (MDGs) and development financing in Africa, submitted May 29, 2013, to the African Development Bank (AfDB), during the bank’s annual general meeting in Marrakech, Morocco. The report, among other concerns, accused Nigeria and the Democratic Republic of Congo (DRC) of dragging the continent backwards, as a result of the two countries inability to spend 15 per cent of their budget as agreed by the African Union, for the health and education sectors, unlike countries which have made progress.

By Adedapo Adesanya The Department of Petroleum Resources (DPR) has assured stakeholders in the downstream of the oil sector that value would be created for them. The Director of DPR, Mr Sarki Auwalu, said the federal government was already making efforts to upgrade the sector to meet up with the global standard. At a virtual meeting with the members of the Major Oil Marketers Association of Nigeria (MOMAN) on Wednesday, the energy expert noted that the downstream has the capacity to improve revenue from the oil and gas sector, increase contribution to Gross Domestic Product (GDP) and create massive employment.

By Adedapo Adesanya, Ahmed Rahma The Naira further weakened against the US Dollar by 0.13 per cent or 50 kobo at the Investors and Exporters (I&E) window of the foreign exchange (FX) market on Wednesday. During the midweek trading session, the Nigerian currency traded at N395.50/$1 in contrast to N395/$1 it traded at the preceding day. It was observed that the shortage of FX contributed to the decline suffered by the local currency as the demand reduced by 26.6 per cent or $18.66 million to N52.59 million from the previous day’s N71.25 million. But at the parallel market, the value

As part of its efforts towards bolstering customer experience, Enyo Retail and Supply, leading fuels retailing company in Nigeria has introduced its secure, automated fleet & fuel management solution – Velox. The product which offers customers the ability to control their fuel and energy purchases is in line with the company’s objective of leveraging technology to revolutionize Nigeria’s downstream sector. Velox is a wallet-based payment solution accessible to corporates and individuals through a dedicated card or sticker and is specifically designed to bring ease, transparency and control of purchases within Enyo’s products and services portfolio. Tailored to fit each customer’s

By Dipo Olowookere The listing of MTN Nigeria Communications Plc shares on the Nigerian Stock Exchange (NSE) is presently under the investigation of the Economic and Financial Crimes Commission (EFCC). Business Post gathered that operatives of the agency were yesterday at the head office of the telecommunications office located in the Falomo area of Lagos State to ask some questions pertaining the process, which has raised eyebrows lately. MTN Nigeria listed its shares on the nation’s bourse last Thursday, but the stocks have not been readily available to retail investors, spurring insinuations that the holders were hoarding the priced asset