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Economy

Vitafoam Board Meets December 18

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Vitafoam Nigeria

By Dipo Olowookere

A meeting of the board of directors of Vitafoam Nigeria Plc is scheduled to take place on Tuesday, December 18, 2018, the Lagos-based firm has disclosed.

In a statement issued by its Legal Adviser, Mr ‘Lekan Sanni, it was stated that during the meeting, the board will consider and approve the audited financial statements for the year ended September 30, 2018.

“This is to inform the Nigerian Stock Exchange and the investing public that a meeting of the board of directors of Vitafoam Nigeria Plc is scheduled to take place on Tuesday, December 18, 2018.

“The meeting will amongst others, consider and approve the audited financial statements for the year ended September 30, 2018 and recommend dividend, if considered appropriate,” the statement said.

Also, Vitafoam announced entering a closed period from Tuesday, December 4, 2018 until 24 hours after the audited is released.

“In compliance with the listing rules of the NSE, the closed period for trading in the company’s securities will be from December 4, 2018 until 24 hours after the announcement of the audited group financial statements for the year ended September 30, 2018 to the NSE,” the firm said.

“Consequently, no director, employee, person discharging managerial responsibility, advisers and consultant of the company and their connected persons may directly or indirectly deal in the shares of the company during the closed period,” it added.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Economy

Dangote Refinery Crashes Diesel Price to N1,020 Per Litre

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diesel tax

By Dipo Olowookere

The price of Automotive Gas Oil (AGO), otherwise known as diesel, has been slashed by Dangote Petroleum Refinery and Petrochemicals by N55 to N1,020 per litre from N1,075 per litre.

A statement from the private refiner explained that this action was taken to better serve customers and Nigerians in general amid rising economic hardship in Nigeria.

This reduction in the price of the product follows the revelation by Development Economist and Public Policy Analyst, Prof Ken Ife, that the Dangote Petroleum Refinery sacrificed over N10 billion to ensure the availability of petrol at a uniform price across the country during the yuletide period.

He also praised the refinery for setting a new benchmark in Nigeria’s energy sector by unlocking vast opportunities for export revenue.

“What has actually happened is that the president has shifted the subsidy burden away from the public purse and onto the private sector.

“The equalisation fund, which was meant to cover the price differential and transportation costs, plays a crucial role.

“If petroleum is to be sold across the country at a set price, then transportation costs must be accounted for to ensure this is possible. That’s the purpose of equalisation.

“However, the equalisation fund is reported to owe around N80 billion to the marketers, and this issue is still under discussion,” the scholar said on Arise TV recently.

“During the Christmas season, which is traditionally the most challenging period, we often face shortages of petroleum, petrol hoarding, and arbitrary price hikes, all of which impact the cost of food.

“In response, during this last yuletide, the Dangote Group made the decision to absorb the costs. They equalised the price themselves, at a cost of over N10 billion. In doing so, they effectively absorbed the subsidy,” he added.

Since it began diesel production in January 2024, the refinery has reduced the price of diesel more than three times, from an initial N1,700 per litre to the current rate, thus providing much-needed relief to manufacturers and consumers alike.

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Economy

Customs Street Rises 0.65% as Investors Smile After N427bn Gain

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Customs Street Nigerian Stock Exchange

By Dipo Olowookere

The major performance indicator of the Nigerian Exchange (NGX) Limited, the All-Share Index (ASI), rebounded on Tuesday after it slipped a day earlier.

The benchmark index appreciated by 0.65 per cent or 683.65 points during the session to settle at 106,574.98 points compared with the previous day’s 105,891.33 points.

As for the market capitalisation, it maintained its upward movement with a 0.65 per cent or N427 billion growth to close at N66.496 trillion, in contrast to the preceding day’s N66.069 trillion.

Data obtained by Business Post showed that the industrial goods space improved by 2.40 per cent, the banking index gained 0.44 per cent, and the insurance counter soared by 0.19 per cent, while the consumer goods sector fell by 0.52 per cent, with the energy industry depreciating by 0.02 per cent.

Investor sentiment remained strong after the bourse closed with 40 price advancers and 25 price laggards, indicating a positive market breadth index.

Ellah Lakes jumped by 10.00 per cent to N3.63, Honeywell Flour surged by 9.93 per cent to N11.51, Eterna expanded by 9.93 per cent to N44.30, Academy Press improved by 9.70 per cent to N3.28, and Ikeja Hotel advanced by 9.31 per cent to N13.50.

However, International Energy Insurance declined by 9.78 per cent to N2.03, Eunisell crumbled by 9.74 per cent to N12.05, Sovereign Trust Insurance crashed by 9.02 per cent to N1.21, Guinea Insurance tumbled by 5.88 per cent to 80 Kobo, and Neimeth dipped by 5.03 per cent to N3.21.

The market participants bought and sold 478.6 million equities worth N11.8 billion in 15,561 deals yesterday versus the 567.3 million equities valued at N10.4 billion traded in 17,843 deals on Monday, representing a growth in the trading value by 13.46 per cent, and a decline in the trading volume and number of deals by 15.64 per cent and 12.79 per cent apiece.

Access Holdings topped the activity chart on Customs Street on Tuesday with 38.7 million shares sold for N1.1 billion, Transcorp transacted 35.2 million stocks worth N2.1 billion, Veritas Kapital exchanged 26.0 million equities for N30.6 million, AIICO Insurance 21.4 million stocks valued at N37.1 million, and Zenith Bank traded 20.8 million shares worth N1.1 billion.

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Economy

Raenest Receives $11m to Boost Cross-Border Transactions

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Raenest

By Adedapo Adesanya

Global multi-currency accounts platform, Raenest, has secured $11 million Series A investment as it plans to expand its cross-border money management for Africans.

The round was led by QED Investors, with participation from Norrsken22, alongside follow-on investment from Ventures Platform, P1 Ventures, and Seedstars. This equity-based capital injection brings Raenest’s total venture funding to $14.3 million.

The company will aim to deepen its operations in Nigeria, while also strengthening its Kenyan presence. The company also plans to enter the United States and Egypt this year, broadening its impact with Africans within the continent and outside the continent, and also attract top talent to support its growth.

According to a statement shared with Business Post, Raenest is set to expand its reach and strengthen its role in the growing cross-border payments industry, which is projected to reach $320 trillion by 2032.

“Africa remains one of the fastest-growing regions for global transactions. With the backing of global and early-stage investors, Raenest is well-positioned to deliver fast, transparent, and affordable financial tools that simplify cross-border money management.

“By scaling its infrastructure, deepening partnerships with global financial institutions and enhancing its multi-currency offerings, Raenest is enabling more African businesses and individuals to participate fully in the global economy,” the statement added.

Raenest holds licenses in Nigeria as an approved International Money Transfer Operator (IMTO) and in Canada as a Money Services Business (MSB) and is working to secure additional licenses in key jurisdictions.

The company will be banking on its strategic partnerships with leading banks in the US and UK, to ensure operational stability and reliability, and plans to use the funding to form additional collaborations with financial institutions worldwide.

The startup which was founded in 2022 by Mr Victor Alade, Mr Sodruldeen Mustapha, and Mr Richard Oyome, initially operated as an Employer of Record (EOR) before evolving into a platform that redefines global banking for Africans, helping businesses and freelancers receive international payments, convert between currencies, operate a multi-currency wallet, while managing transactions seamlessly.

The company claims it amassed over 700,000 individual customers, processed over $1 billion in payments, and currently serves over 300 businesses, including MoniePoint, Helium Health, Fez Delivery, and Matta.

Also, Raenest offers a consumer-focused product, Geegpay, which provides Africa’s gig economy, particularly freelancers, creators, remote workers, and solopreneurs, with efficient solutions for receiving payments from Upwork, Fiverr, Gusto, as well as other overseas platforms and clients while minimising fees.

Speaking on the announcement, Mr Alade, CEO of Raenest, said: “At Raenest, we are dedicated to addressing the barriers that hinder Africans from accessing seamless financial services. Our journey over the past two years has been shaped by innovation, collaboration, and a shared vision to build a sustainable, globally impactful business that bridges economic and digital divides.

“This funding, supported by new and existing investors who share our mission, provides the momentum to scale our solutions and expand our impact across the continent. We are excited to continue building solutions that connect Africa to the world and drive inclusive growth and prosperity.”

On his part, Mr Gbenga Ajayi, Partner and Head of Africa and the Middle East at QED Investors, added: “At QED, we’re thrilled to support Raenest as they redefine cross-border banking for Africans. Their commitment to financial inclusion, combined with a seamless user experience, positions Raenest as a game-changer in the region’s fintech landscape.

“We firmly believe that by bridging the gap between local and global markets, Raenest will unlock new opportunities for African entrepreneurs, freelancers and businesses, ultimately driving greater economic empowerment across the continent.”

Adding her bit, Ms Lexi Novitske, General Partner of Norrsken22, “Africa’s gig economy is growing at an impressive 20 per cent year-on-year, yet cross-border payment challenges persist for workers and businesses alike.

“Our investment in Raenest reflects our belief that they are unlocking new opportunities by transforming how Africa’s global workforce connects to the world economy.”

For Mr Kola Aina, Founder and General Partner at Ventures Platform, he emphasised their continued support saying, “As one of Raenest’s earliest backers, we have witnessed their exceptional growth, their consistent delivery of quality and reliable services to customers, and their ability to deliver meaningful impact in the financial services sector. Raenest’s unwavering commitment to Africa’s gig economy and businesses is evident at every stage of their journey, and we are thrilled to see them continue to scale while staying true to their bold vision.”

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