TradeDepot Raises $110m to Support 5 million SME Retailers

By Adedapo Adesanya The Naira started the first trading session in the last month of 2023 on a negative note after it depreciated against the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), which is the official FX window, by 11.4 per cent or N94.87 on Friday, December 1, closing at N927.19/$1, in contrast to Thursday’s exchange rate of N832.32/$1. The December rush for forex contributed to the weakening of the domestic currency in the spot market yesterday, as the supply of foreign currency could not meet what customers needed. Data showed that the value of FX transactions recorded

By Aduragbemi Omiyale The online stock trading platform of one of the leading brokerage firms in Nigeria, Morgan Capital Securities Limited, i-Trade, has experienced a technical glitch. This technical issue has made it difficult for its clients to carry out transactions on the popular platform. Morgan Capital’s i-Trade platform is popular among retail investors in the Nigerian capital market, especially those trading equities on the floor of the Nigerian Exchange (NGX) Limited, because of its lower fees. The company has already assured its customers that it was working to restore services, providing an alternative to them. “This is to inform

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 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 Modupe Gbadeyanka The 2018 Social Media Week (SMW), Lagos, scheduled to take place from February 26 through to March 2, 2018 has received the huge backing of First Bank of Nigeria Limited. The programme, which is Africa’s largest tech and digital media event, takes place at the Landmark Event Centre, Victoria Island, Lagos. The Social Media Week is a platform where business leaders, global thinkers, entrepreneurs, Fintech firms, and media entrepreneurs converge to brainstorm. To make it bigger and better, First Bank is sponsoring the event for the third time to facilitate the evolution of technology in Africa with

By Dipo Olowookere The Nigerian Stock Exchange (NSE) closed its midweek trading session bullish, recording a 0.14 growth, which was boosted by stocks across most sectors tracked. Business Post reports that apart from the industrial goods sector, which declined by 0.45 percent, every other sector appreciated, with the banking index rising by 1.79 percent, insurance index by 0.22 percent, consumer goods index by 1.27 percent and oil/gas index by 0.09 percent. The gains recorded by stocks in these sectors buoyed the 36.71 points rise in the All-Share Index (ASI) on Wednesday to 26,776.15 points from 26,739.44 points and the N17.7

By Dipo Olowookere It was a comeback for the bulls on the floor of the Nigerian Stock Exchange (NSE) on Wednesday for the first time this week. The market appreciated marginally yesterday by 0.06 per cent following some bargain hunting activities mostly on banking equities trading at low prices. However, it is not certain how long the bulls will reign on the market before the bears make another attack again to take their place. At the midweek session, the volume of transactions closed flat with 208.2 million units of shares, while the value increased by 66.37 per cent to N1.8

By Investors Hub European stocks have risen for the second straight day on Thursday as the yuan steadies after a week of turmoil and China reported unexpectedly strong export numbers for the month of July. While the French CAC 40 Index has jumped by 1.3 percent, the German DAX Index is up by 0.9 percent and the U.K.?s FTSE 100 Index is up by 0.3 percent. Zurich Insurance has moved sharply higher after the Swiss insurer said it is on track to surpass the targets it set itself for the full year. Staffing firm Adecco Group has also advanced after

By Ebitonye Akpodigha Wanted Boko Haram leader, Abubakar Shekau, has resurfaced in a new video posted on YouTube on Sunday, September 25, 2016. Mr Shekau said in the 40-minute video that he was still alive, rubbishing claims by the Nigerian military that he was killed during an airstrike. On August 23, the Nigerian Army had claimed that Mr Shekau had been fatally wounded in the shoulder during an air raid in which several commanders were killed. On September 13, 2016, the group released a video where it threatened to capture President Muhammadu Buhari. It also said it was ready to

By Dipo Olowookere Governor Abubakar Sani Bello of Niger State has approved the construction of six new fire fighting stations of global standard in some towns at a cost of N1 billion. The new fire stations were being constructed to mitigate the effect of fire outbreak in metropolitan towns in Niger State. Commissioner for Works and Infrastructural Development, Mr Abdulmalik Usman Cheche, announced the approval during his inspection of the Bida Fire Station which is under construction. The new stations would replace the old ones, some of which were built before the state was created in 1976. He said that

By FSDH Research There are huge opportunities in the Nigerian fixed income securities market for investors to create wealth. Investment in fixed income securities presents an opportunity for investors with a preference for low risk to generate regular income and reduce the volatility of the return on their investment portfolio. Fixed income instruments are used by governments and corporate organisations to borrow money from the investing public, to finance their activities either on a short-term or long-term basis. The issuers are the borrowers while the investors are the lenders. The issuers of the debt instruments promise to pay interest to

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange finished unchanged on Friday as investors practically stayed away from the market. Business Post reports that there was no price gainer or loser at the final trading session of the week at the unlisted securities market. At the close of transactions, the market capitalisation of the alternative securities exchange closed at N935.12 billion, while the NASD Unlisted Securities Index (NSI) closed at 711.66 basis points. However, the activity chart witnessed changes during the session as investors traded a total of 20,000 units of securities, in contrast to the 82,525 units of