CBN Sticks Script, NATO Summit in Focus

By Nathaniel Nyika Small and medium-sized enterprises (SMEs) are the beating heart of Africa’s economies. According to the World Economic Forum, as engines of growth, SMEs are responsible for around 80% of the continent’s employment, ultimately helping to reduce poverty and income inequality, enabling the establishment of a new middle class and driving demand for new goods and services. That’s why creating an enabling environment for SMEs to access finance will enhance their ability to not only contribute to Africa’s labour force but also facilitate the continent’s development and economic growth while driving the innovation needed to help solve the

By Philani Mzila The past 12 months have seen a significant decline in venture capital (VC) funding in Africa. The total amount raised declined by almost 40% between July 2022 and June 2023 compared to the same period between 2021 and 2022. This sharp decline is particularly evident in the “Big Four” markets of Nigeria, Egypt, South Africa, and Kenya, with funding contracting by as much as 77% in some. Due to these challenging market conditions, numerous startups are nearing the end of their financial runway and are struggling to secure further investment. Founders in this situation usually face three

By Philip Odiakose In today’s rapidly evolving digital landscape, effective public relations strategies are more critical than ever for maintaining a strong brand presence and reputation. One indispensable tool that PR agencies can offer to clients is media monitoring and intelligence. This sophisticated resource empowers businesses to stay ahead of their competition, adapt swiftly to changing trends, and make data-driven decisions. In this article, we delve into the art of pitching media monitoring and intelligence services to clients, showcasing the value it brings to the table. Understanding the Basics Before diving into the pitch, it’s essential to have a clear

By Jerome-Mario Utomi Wikipedia, the world information horsepower, defined Social Responsibility as an ethical framework in which individuals or corporations are accountable for fulfilling their civic duty and taking actions that benefit society. Viewed from a simpler prism, it means that individuals and companies must act in the best interests of their environment and society as a whole. The above subject (Social Responsibility) recently came flooding after listening to the news report that Ewuru Education Incentive Programme Organizers, a voluntary, non-governmental, non-political organisation, on September 12, 2023, donated hundreds of thousands of learning materials to Uweifo Primary School, Ewuru, Ika

By Modupe Gbadeyanka Heavy losses recorded by Mobil and Dangote Cement at the equity market on the second trading day of the year (Wednesday) plunged the Nigerian index into the red territory. The Nigerian Stock Exchange (NSE), which marginally closed yesterday by 0.06 percent, slumped today by 0.20 percent. Business Post reports that Mobil shed N17.80k of its share value today to settle at N176.80k, while Dangote Cement fell by N7 to close at N223 per share. Other top price losers on Wednesday were Presco, which depreciated by N2 to finish at N66.50k per share; Cadbury, which declined by 65k

By Modupe Gbadeyanka An agreement to restructure the final tranche of payment of $7.6 million for the OPL 310 License due on or before Saturday, May 2, 2020 has been reached between LEKOIL and Optimum Petroleum Development Company. Optimum is the operator of the OPL 310 License and due to the present coronavirus pandemic, which has brought businesses down across the globe, especially those in the oil and gas sector, the restructuring of the payment became necessary. Observers said this partnership between LEKOIL and Optimum is a demonstration of the rare synergy and progress that is possible if indigenous companies

By Dipo Olowookere A new mobile phone maker has entered into the Nigerian market, promising to offer quality products in the Africa’s largest economy. Lava Technologies, a company from India, assured that its smartphones will meet the needs of Nigerians at pocket friendly prices. According to the firm, it hopes to capture about 20 percent market share in the phone business by the year 2020, saying it has the capabilities to achieve this goal. Lava Technologies said as part of its efforts to take over the African market, it is introducing its “Z” and “Iris” series smartphones and “Champion” series

By Adedapo Adesanya Previous gains were erased at the oil market on Friday as major benchmark crudes fell into the bearish territory as demand concerns raised by surging coronavirus cases in the United States and Europe overshadowed the prospect of an extension to current supply cuts. The Brent crude went south by 78 cents or 1.84 per cent to $41.70 per barrel while the United States’ West Texas Intermediate (WTI) crude fell by 86 cents or 2.12 per cent to close at $39.78 per barrel. Prices had briefly moved higher at the previous session when the alliance involving oil producers

By Dipo Olowookere Not too long ago, the board of International Breweries announced that it plans to raise about N165 billion from its existing shareholders through rights issue. According to board, proceeds from the exercise would be wholly used to refinance part of the N245 billion debts the brewery giant incurred from five local and foreign lending institutions; Citibank N.A, Zenith Bank, Standard Chartered Bank Nigeria, Stanbic IBTC and Rand Merchant Bank Nigeria. Analysts at Meristem Research said if this exercise is 100 percent successful, the company’s debt burden should significantly reduce by 66 percent to about N81.90 billion, with

By Modupe Gbaeyanka Nigerian pop star, Mr Oladapo Daniel Oyebanjo, otherwise known as D’Banj, has finally regained his freedom from the custody of the Independent Corrupt Practices Commission (ICPC). The musician was detained by the anti-corruption agency on Tuesday after earlier failing to honour invitations to him to explain allegations that he diverted funds meant for the payment of beneficiaries of a social investment programme of the federal government, N-Power. The initiative was launched on June 8, 2016, by President Muhammadu Buhari to address the issues of youth unemployment and empowerment and help increase social development. It was alleged that

By Dipo Olowookere The board of First City Monument Bank (FCMB) Plc has disclosed that the financial institution’s financial statements for the third quarter of 2018 would not be ready as expected this month. A notice by the lender to the Nigerian Stock Exchange (NSE) today disclosed that the results should be released on or before Thursday, November 29, 2018. Explaining the rationale behind the delay, the board said, “This is due to the commencement of the interim audit of the company’s commercial banking subsidiary, First City Monument Bank Limited, for the period ended September 30, 2018.” Companies listed on