Trouble for Nigeria as Oil Hits $56 Per Barrel, Below $57 Benchmark

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 Nigerian Naira opened the week stronger on the American Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, December 4 as pressure eased amid continued foreign exchange (FX) liquidity squeeze in the market. In the official market, the Naira appreciated against the greenback by 9.6 per cent or N89.42 to settle at N837.77/$1 compared with last Friday’s closing price of N927.19/$1. Also, the Naira gained N172.53 against the Pound Sterling in the NAFEM segment of the market during the session to close at N1,031.57/£1 versus last Friday’s rate of N1,204.10/£1 and against the Euro,

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 Dipo Olowookere The Nigerian Exchange (NGX) Limited commenced the first trading session in December 2023 on a bullish note, with a marginal growth of 0.08 per cent. Sustained buying pressure kept Nigerian stocks in the positive territory, extending the dominance of the bulls on Customs Street, though the turnover waned. Business Post observed that investors cherry-picked equities in the banking and the energy sectors during the session, leaving them rising by 1.14 per cent and 0.05 per cent, respectively. However, the insurance counter lost 1.10 per cent, the consumer goods index depreciated by 0.08 per cent, and the industrial

By Modupe Gbadeyanka Chief Executive Officer of Diamond Bank Plc, Mr Uzoma Dozie, has revealed that the sale of the company’s subsidiary in the United Kingdom would be finalised in the fourth quarter of 2018. Mr Dozie made this disclosure while reacting to the third quarter financial statements of Diamond Bank released last week. According to the bank executive, this and other actions to be taken by the lender should lead the firm to profitability in the fourth quarter. “As we move into the final quarter of the year, we expect headwinds to continue driven by emerging situations in developed

By Modupe Gbadeyanka Business Post has learnt that banks in Nigeria are having problems resulting from scarcity of small Naira denominations. This, we gathered, is as a result of an embargo placed of the printing of small Naira denominations by the Central Bank of Nigeria (CBN) for about a year now. Quoting sources at the apex bank, the News Agency of Nigeria (NAN) said the suspension was caused by Nigeria’s prevailing economic recession. Normally, the CBN prints the N5, N10, N20 and N50 notes abroad and awards contract for this, but it has not done this lately. Another reason for

By Dipo Olowookere Local equities rebounded by 0.34 per cent on Wednesday on the back of buying pressure on a few energy stocks and others at the Nigerian Exchange (NGX) Limited. According to data from the bourse, the bullish stance was attained despite profit-taking activities in the banking space amid plans by the Central Bank of Nigeria (CBN) to recapitalise the industry, leaving the market breadth index negative. This was because the number of price losers was more than the price gainers at 39 and 19 apiece, indicating a weak investor sentiment. Business Post reports that the energy counter grew

On Monday, April 18th, crypto newcomer Mushe Token (XMU) opened its presale to rave reviews from enthusiasts and analysts alike. The start of the presale marked the beginning of a 77-day journey to launch that any crypto buyer, novice or pro, will want to be a part of. The tokens launched at an introductory price of $0.005 which due to the early demand on day one has already seen a rise of over 180% at the time of writing to 0.014. The early success of XMU looks like it will continue throughout the presale, which will favour early investors as

By Modupe Gbadeyanka Monday was good for the Nigerian Naira at the interbank market as it appreciated against the US dollar. The Naira gained 0.5 percent to trade at N307.25 to the Dollar against the N308.69 it exchanged last Friday. The currency’s appreciation comes as investors await the decision of the Monetary Policy Committee on the state of the economy. However, at the parallel market, the Naira remained at N425 against the Dollar like it did last week. It was the same at the Bureau de Change segment of the market, where the Naira closed at 422 to a Dollar.

By Modupe Gbadeyanka Minister of Labour and Employment, Mr Chris Ngige, has disclosed that discussions with the striking members of the Academic Staff Union of Universities (ASUU) were still ongoing and that both parties would meet next week for continuation. Mr Ngige made this clarification to dispel speculations of uncertainty over talks between the Federal Government and union. Speaking in a statement issued by the Deputy Director Press, Ministry of Labour and Employment, Mr Samuel Olowookere, the Minister said as the chief conciliator of industrial disputes in the country and the Minister of Education, whose Ministry is the employer of

By Modupe Gbadeyanka The sum of N941 million has been paid to not less than 228 retirees by the Lagos State government for the month of November. Speaking at the 33rd Retirement Benefit Bond Presentation ceremony held recently at Ikeja, the Director-General of Lagos State Pension Commission (LASPEC), Mrs Folashade Onanuga, explained that the present administration has from August 2015 to date paid the total sum of N22 billion as accrued pension rights to 5,027 retirees under the Contributory Pension Scheme. Mrs Onanuga explained further that 228 retirees paid for November were from the Mainstream Civil Service, Local Governments, State

By Adedapo Adesanya The Iranian government has moved to woo Nigeria for more partnerships that will strengthen the relationship between both countries. The Iranian Foreign Minister, Hossein Amirabdollahian, expressed this view in a phone conversation with Nigeria’s Minister of Foreign Affairs, Mr Geoffrey Onyeama. During the chat, both state officials exchanged views on the latest state of bilateral relations between Iran and Nigeria as well as international developments. The Iranian foreign minister said half a century of relations between the two countries is a great and solid capital for the development of political, economic, and cultural relations between Iran and