Total Nigeria Records N537m Loss Despite Earning N2bn Subsidy Fund

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 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 Modupe Gbadeyanka Business owners in Lagos have been assured of more incentives by the state governor, Mr Babajide Sanwo-Olu, who added that this is part of his administration’s commitment to reforms aimed at improving the ease of doing business and enhancing investment opportunities. Speaking at the commissioning of the newly-built wet hair production factory of Godrej Nigeria Limited, the Governor said his government would continue to pursue actions that would eliminate red tapes and regulatory impediments hindering the growth of businesses in the state, thereby demonstrating his willingness for continued collaboration with the private sector to improve the livelihood

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 Adedapo Adesanya The Lagos Chamber of Commerce and Industry (LCCI) has called on the federal government to save the Nigerian courier industry by taking away some provisions in the recently published regulatory guidelines, which were introduced by the Nigerian Postal Services (NIPOST). The chamber stated that the federal government should remove certain provisions in the courier guidelines, one of which required operators of courier and logistics services to contribute two per cent of their annual revenue to the postal fund. The fund had been put in place for postal development and delivery of postal services in rural and underserved

By Modupe Gbadeyanka In order to make its customers enjoy the festive season and have unfettered access to the internet, one of the leading telecommunications services providers in the country, Airtel Nigeria, has reduced the prices of its Wi-Fi devices. The GSM network provider in a statement on Monday said the new exciting offers on its Home BroadBand (HBB) devices, including MiFIs, Routers and the ODU Smartbox, will re-ignite the sparkle of the Yuletide season. The company explained that the offer, which will last through the Yuletide season, is aimed at giving Airtel customers the opportunity to achieve more with

By Ahmed Rahma If the African Continental Free Trade Area (AfCFTA) is to succeed as expected, then the financial services industry must be allowed to play a pivotal role. This was the submission of the Managing Director of Ecobank Nigeria, Mr Patrick Akinwuntan, who said banks and other players in the sector have the ability to facilitate the liberalisation process. According to him, the industry will be responsible for facilitating transactions, mobilising savings, allocating capital funds and monitoring managers so that the funds allocated will be utilised as envisaged, as well as managing risks. “Nigeria banks have strong capital and

By Modupe Gbadeyanka FBN Holdings Plc has disclosed that it would no longer be able to file its audited financial statements for the year ended December 31, 2016 by March 31, 2017 as required under the rules of the Nigeria Stock Exchange (NSE). In a notice to the NSE, the firm explained that the delay in filing its results was caused purely by the peculiarity of FBNH’s Group structure. It explained further that the FBNH has subsidiary companies operating in the Banking and Insurance sectors as well as the Capital market, all with a common financial year end of December

By Dipo Olowookere Governor of the Bank of Nigeria (CBN), Mr Godwin Emefiele, has disclosed that the country’s fourth largest telecommunication firm, 9Mobile, which recently changed its name from Etisalat Nigeria, has continued to wax stronger despite the initial fears nursed by some people when its former parent company, Etisalat Group, pulled out of the business. While addressing journalists on Tuesday in Abuja, the apex bank chief said contrary to opinion, 9Mobile recorded a growth in revenue last month. He described the intervention of the CBN and the Nigerian Communications Commission (NCC) as necessary, saying it has been “positive.” “The

By Dipo Olowookere President Muhammadu Buhari has been commended for retaining Mr Godwin Emefiele as Governor of the Central Bank of Nigeria (CBN) for another 5-year term. Making this commendation was the Association of Bureau De Change Operators of Nigeria (ABCON). In a statement issued on Friday, President of ABCON, Mr Aminu Gwadabe, pointed out that the reappointment of Mr Emefiele will sustain stability in the foreign exchange market. “The reappointment of Mr Godwin Emefiele is a good foundation to continuous foreign exchange market stability. “The ABCON Executives and entire members nationwide congratulate the CBN Governor on his reappointment,” Mr

By Modupe Gbadeyanka Leading independent PR Measurement and Evaluation Agency in Nigeria, P+ Measurement Services, has partnered with SSPI to sensitize and raise awareness about the need to reduce the number of suicide victims in Nigeria using the #SayNoToSuicide Campaign theme. The campaign will be activated through the Smart Suicide Prevention Initiative (SSPI) with the Measurement and Evaluation agency releasing personalized creatives to drive engagement on social media. Lead Consultant at P+ Measurement Services, Mr Philip Odiakose, stated that, “Partnering with the SSPI, a long-time leader in the field of mental health care, is critically important and will allow us

By Modupe Gbadeyanka Managing Director of the International Monetary Fund (IMF), Ms Christine Lagarde, will visit the Central African Republic (CAR), Uganda, and Mauritius during January 24 – February 1, 2017. During her visit, Ms Lagarde will meet with senior government officials, the private sector, CSOs, members of parliament, women leaders, and students It was gathered that she will deliver keynote speeches in each country, including at a conference on cross border banking and regulatory reforms in Mauritius.