We Are Prioritising Our Customers to Bolster Fintech Ecosystem—Interswitch

By Adedapo Adesanya Oil prices fell further on Thursday touching a six-month low, as investors worried about sluggish energy demand in the United States and China. Brent crude futures dropped 48 cents to $73.82 a barrel and the US West Texas Intermediate (WTI) crude futures fell by 33 cents to $69.05 per barrel, with both benchmarks posting their lowest prices since late June. Analysts noted that the largest global importer of oil, China, is shuttering its interests in crude and this has created pressure on prices. Chinese customs data showed that crude oil imports in November fell 9 per cent

By Adedapo Adesanya The Nigerian Naira weakened to a new low on the American Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, December 8, amid speculations that the Central Bank of Nigeria (CBN) has again devalued the local currency. In the previous trading session, there were reports that the exchange rate for clearing cargoes has been raised to N952/$1, sparking rumours that domestic currency would hit N1,000/$1 in the spot market. On the last trading session of the week, the Naira lost N255.98 or 30.4 per cent of its value on the greenback to trade at N1,099.05/$1

By Adedapo Adesanya The President of the Dangote Group, the owners of the Dangote Petroleum Refinery and Petrochemicals plant, Mr Aliko Dangote, has said that following the purchase of 1 million barrels of Agbami crude grade from Shell International Trading and Shipping Company Limited (STASCO), it will be looking to ramp up its production in coming months. The 650,000 barrels per day capacity refinery is not expected to hit full capacity until 2025, but with a gradual ramping, it is expected that it will begin with begin producing up to 370,000 barrels per day of diesel and jet fuel. “We

By Aduragbemi Omiyale One of the players in the personal healthcare and consumer goods sectors, PZ Cussons Nigeria Plc, has published a list of its shareholders with unclaimed dividends. Unclaimed dividends are cash rewards given to investors, mainly from the profits from the company’s operations, but are yet to be collected by the beneficiaries. This has been a major source of sleepless nights for the Securities and Exchange Commission (SEC), which is working to bring down the number of unclaimed dividends. It has been reported that the value of unclaimed dividends in the nation’s stock market is over N185 billion.

By Dipo Olowookere The management of UAC of Nigeria Plc has confirmed that no human casualty was recorded in the unfortunate inferno that razed part of its head office in Lagos on Thursday. Yesterday, fire gutted part of the massive building located in Marina, which destroyed some properties. It took efforts of fire fighters and some neighbouring companies to put out the fire, which started on the 10th floor of the building. In a statement signed by the Company Secretary/Legal Adviser, Mr Godwin Abimbola Samuel, UAC of Nigeria, a publicly quoted firm, however, did not state the cause of the

By Aduragbemi Omiyale The Chairperson and Managing Director of Volkswagen Group South Africa (VWSA), Ms Martina Biene, has been elected as the new president of the African Association of Automotive Manufacturers (AAAM). She was chosen to take over the leadership of the organisation, established in November 2015, from Mr Mike Whitfield, who has been president since July 2020. AAAM is the only African body focusing on the expansion and deepening of the automotive industry across the continent, by working with governments to shape policies that will attract investors to unlock the economic potential of the continent and align a global

By Ahmed Rahma Due to the alarming rate of protein deficiency in Nigeria, nutritionists have advised Nigerians to regularly consume soybeans, a protein-rich food source, to prevent malnutrition. Based on 2019 Nigeria Protein Deficiency Report, 51 per cent of Nigerians had a deficiency in protein intake because they could not afford adequate protein rich-foods. One of the panellists at a recent event, Mrs Josephine Chukwunweike, who is a nutritionist, submitted that the growth of children from age zero to five is dependent on diet and way of life and not solely on genetics. Recently, the Protein Challenge put together a

By Dipo Olowookere Customs Street in Lagos consolidated its gains on Wednesday after further rising by 0.61 percent at the close of transactions. This was helped by the buying interests witnessed in the financial stocks, which led to the insurance sector closing 2.77 percent higher, while the banking counter grew by 1.70 percent. Business Post reports that the consumer goods index appreciated by 0.82 percent, while the industrial goods sector improved by 0.37 percent. Only the oil and gas sector closed in the negative territory, losing 0.68 percent. For the benchmark index, the All-Share Index (ASI), it went up by

By Adedapo Adesanya A liquefied Natural Gas (LNG) production and distribution company, Greenville LNG Limited, has announced the installation of a state-of-the-art Compressed Natural Gas (CNG) facility in Kaduna state. In a statement on Monday, the Abuja-based company said the strategic initiative aims to provide a sustainable and environmentally friendly fueling solution for the transportation sector in Kaduna State. Once fully operational, the CNG facility will cater to a wide range of vehicles, including tricycles popularly known as Keke NAPEP, buses, and other small vehicles, offering them a cleaner and cost-effective alternative to traditional fossil fuels. “By embracing CNG as

By Modupe Gbadeyanka Interswitch has integrated Google Pay into its payment gateway platform, allowing merchants to store payment details on Google Wallet for seamless transactions. Utilizing Google Pay on the Interswitch platform ensures safer transactions fortified by advanced security measures, including industry-standard tokenization, where transactions utilize a virtual card number, adding an extra layer of protection against potential fraud. In cases of misplaced devices, users can quickly safeguard their information using the Find My Device function. The partnership with Google allows the acceptance of international cards on the IPG, positioning businesses to seamlessly cater to a broader international clientele. The

By Dipo Olowookere The federal government is asking for funds from low income earners in the country by auctioning the FGN savings bonds to them. The papers were created by the government through the Debt Management Office (DMO) to ensure those earning very low can partake in the development of the nation. In the past, low-income earners were allowed to purchase treasury bills from as low as N10,000, but the Central Bank of Nigeria (CBN), which normally sells the debt instrument, increased the lowest subscription amount to N50 million over three years ago. It was after this development that the

By Dipo Olowookere Experts in the financial sector in Nigeria have warned that the ongoing standoff between the presidency and the Senate over the confirmation of members of the Monetary Policy Committee (MPC) was already affecting confidence of investors in the nation’s economy. On Monday, the Central Bank of Nigeria (CBN) could not hold its MPC meeting as a result of the confirmation issue. The nominees sent to the upper parliament for confirmation by President Muhammadu Buhari were not attended to because the Senate said the executive arm of government must first remove Mr Ibrahim Magu as Acting Chairman of