Unproductive Economy Caused Nigeria’s Recession—Adeosun

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.18 per cent gain to open the week in positive territory on Monday, December 4, with the unlisted security index rising by 1.59 points to end the day at 862.40 points compared with last Friday’s closing value of 860.81 points. The improvement recorded by the bourse yesterday raised the value of the unlisted stock exchange by N2.5 billion to close at N1.169 trillion, in contrast to the preceding session’s N1.166 trillion. The gain posted by the bourse was driven by the N13.70 added to the share price of 11

By Dipo Olowookere The Nigerian Exchange (NGX) Limited quickly returned to the green territory after chalking up 0.43 per cent on Tuesday as a result of buying activities in some financial and industrial goods equities. The high demand for some large-cap stocks at the exchange influenced the rebound recorded during the session, ahead of the forthcoming earnings season. Business Post reports that the industrial goods index appreciated by 1.94 per cent, the banking space grew by 1.45 per cent, and the consumer goods sector improved by 0.08 per cent, while the insurance space depreciated by 0.17 per cent, with the

By Dipo Olowookere The online stock trading platform of Morgan Capital Securities Limited, iTrade, is now back online. The iTrade service went offline on Monday due to a technical glitch, which the company confirmed has been resolved, allowing its numerous clients to buy and sell shares and other securities without hassle. “Thank you for your patience and understanding. “This is to inform you that the trading platform (iTrade) is now fully up and running to enable you to trade seamlessly. “Our sincere apologies for any inconvenience caused as a result of this,” a statement from the company, which was sighted

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 FrieslandCampina WAMCO Nigeria Plc overpowered three price gainers at the NASD Over-the-Counter OTC Securities Exchange on Monday to leave the unlisted securities market bloodied by 0.43 per cent. The loss recorded by the milk maker ensured that the NASD unlisted security index (NSI) further depleted by 3.26 points yesterday to 749.04 points from 752.30 points recorded at the previous session. It also caused the market capitalisation of the exchange to reduce by N2.27 billion to N532.43 billion from N534.70 billion it closed last Friday. Business Post reports that Friesland lost 2.7 per cent or N3.23 during the

There are now more options to improve or expand existing apps due to the rapid advancement of computer science and communication technology. The current developments have opened up fresh trading avenues. Trades are placed using a computer program that follows a predetermined set of instructions (an algorithm). This kind of trading is also known as automated, black-box trading, or algo-trading. Profits may be generated at a pace and frequency inconceivable for a human trader to achieve in principle. Just because it’s computer-driven doesn’t imply no one is involved. As a result of automated trading, human involvement has been shifted to

By Dipo Olowookere Worried by the state of education in the northern part of Nigeria, a non-profit organization known as Teach for Nigeria (TFN) has taken it upon itself to change the narrative. In order to achieve this, the organisation has partnered with the Kaduna State government to place teachers in high-need primary schools across the state. Through this collaboration, TFN has mobilized 88 fellows, who are currently serving as full-time teachers across 22 public primary schools in Kaduna State. Teach for Nigeria kicked off its operations in 2017 in Lagos and Ogun State before expanding to Kaduna State in

By Aduragbemi Omiyale A tier-I financial institution in Nigeria, Access Bank Plc, has informed its customers that they would no longer have access to $4,000 per quarter for personal travel allowance (PTA) and business travel allowance (BTA), as this has been reduced to $4,000 per year. In a notice sent out last week, the lender disclosed that this new allocation would be given to applicants twice per year as long as they fulfil some requirements, including applying for foreign exchange (FX) requests within 14 days of the travel date. Nigerian banks have had to reduce forex allocation because of a

By Modupe Gbadeyanka The management of Orange has opened two very large-capacity IP and IPX Points of Presence (PoP) in South Africa. The facilities, which are located in Cape Town and Johannesburg, South Africa are operational from today and will enhance Internet and mobile connectivity in the region by offering faster connection speeds and improved reliability for wholesale customers. IP and IPX Points of Presence are part of the technical infrastructure equipment necessary to enable local operators to access the Internet & mobile services through an interconnection point with long-distance networks. By offering access to an IP and IPX PoP

By Modupe Gbadeyanka CobalTech Mining Inc has announced the acquisition of additional strategically located properties around its Duncan Kerr Project in the heart of the Cobalt Camp, Ontario. This new property increases by 8-fold the total area of prospective ground under ColbalTech’s control which now totals 264 hectares including 9 historical past producing mines. Located in the Cobalt Camp, this new property is adjacent to the Company’s Duncan Kerr Property. The new acquisition was host to the historic Drummond, Conisil, Hargraves, Belmont, Silver Cross, Campbell-Crowford, Juno, Airgiod and Silver Bird mines that had an estimated total output of 4.55 million

By Adedapo Adesanya Crude oil prices dropped on Wednesday despite the Energy Information Administration (EIA) reporting a 7.4 million-barrel draw in crude inventories in the United States for the week to June 11. Brent crude traded at $74.16 per barrel, losing 22 cents or o.3 per cent while the United States West Texas Intermediate (WTI) fell 0.26 per cent or 24 cents to trade at $71.93 per barrel. The drop in stockpiles beat analysts’ expectation of a draw of 3 million barrels for last week as demand for oil and fuels rebounds and driving season begins for millions of Americans