How Effective was Nigeria’s Response to COVID-19?

By Thando Sibanda It’s all too easy to think of startup founders as young, vigorous and touched with immortality. But the sector is full of stories of founders dying before their time. Such deaths are always tragic but can be even more so when there isn’t a clear plan in place. Without that plan, conflicts can quickly arise between the family of the deceased, investors, business partners, and other interested parties. Often, the source of this conflict is the founder being subject to a “deemed offer” or “deemed sale” clause. This clause leads to an automatic forced sale of the

By Gorata Ogotseng Ask most entrepreneurs what their biggest challenge is and there’s a good chance they’ll list access to investment and funding among them. That’s particularly true in many of Africa’s biggest entrepreneurial markets too. In a survey released by the Entrepreneurs’ Organisation (EO) South Africa earlier this year, for instance, nearly half of South African entrepreneurs said they don’t get enough funding from the public or private sectors. Another survey released by East Africa Com, meanwhile, saw 59% of East African entrepreneurs list a lack of access to investors as a significant business barrier. Similarly, a 2021EFInA report

By Badr Jafar Over 70,000 individuals from around the world are about to converge on Dubai to participate in COP28. In the lead-up, the UAE’s COP28 Presidency has made no secret of its ambition to make this the most inclusive and consequential COP ever. While much of that effort has elevated historically underrepresented communities, and rightly so, a lesser-known determination of the COP28 Presidency is about transforming how the COP process engages with the private sector. From 1-2 December this year, COP28 will feature the biggest gathering of business and philanthropy devoted to solving climate change in history, at the

By Dipo Olowookere The board of Red Star Express Plc has recommended the payment of N324 million to shareholders of the company as a dividend for the financial year ended March 31, 2020. The cash reward, amounting to 35 kobo per unit, would be paid to those whose names appear in the register of members as at the close of business on September 18, 2020, a disclosure from the organisation stated. Thereafter, the register of shareholders will be closed from September 21 to 25, 2020, it added, noting that on October 15, 2020, the dividends will be paid electronically to

By Dipo Olowookere Last week, the local currency closed flat against the greenback at the parallel market and the Bureau De Change segments at N362/$ and N360/$ respectively on sustained special intervention by Central Bank of Nigeria (CBN). Also, the Naira/Dollar rate remained unchanged at the interbank foreign exchange market at N330/$ amid weekly injections by the apex bank of $210 million into the foreign exchange market. A breakdown of the injection showed that $100 million was allocated to Wholesale (SMIS), $55 million was allocated to Small and Medium Scale Enterprises and $55 million was sold for invisibles. However, at

By Dipo Olowookere Renowned rating agency, Moody’s Investors Service, has warned that Access Bank may experience negative pressures on its capital and asset risk metrics as a result of its merger with Diamond Bank Plc. This disclosure was made in a statement issued recently, where it announced that it was placing the ratings of the Nigerian lender under review for downgrade. Moody’s said it was looking to lower the B2 long-term local currency deposit rating of Access Bank as well as its B3 long-term foreign currency deposit rating, its b2 Baseline Credit Assessment (BCA) and Adjusted BCA, its B1 long-term

By Investors Hub The major U.S. index futures are currently pointing to a lower opening on Friday following the upward move seen for five consecutive sessions. Profit taking may contribute to initial weakness on Wall Street along with concerns about the ongoing government shutdown and skepticism about a potential trade deal between the U.S. and China. Stocks managed to recover from an early downward move on Thursday, however, as recent upward momentum helped the major averages extend their recent winning streak. Early trading may be impacted by reaction to a report from the Labor Department showing a slight drop in consumer prices

By Dipo Olowookere Minister of Sports, Mr Solomon Dalung, has reacted to media reports that he said the Federal Government was not expecting the Super Falcons to win the just-concluded African Women Cup Of Nations (AWCON) held in Yaoundé, Cameroon. “Don’t forget that nobody even knew the team will emerge victorious. “If we were confident they will emerge victorious, all the federation would have done is to plan for process of participation and entitlement. “It is already established in sports tradition, when you win this is what you are entitled to. “The situation is highly unfortunate and I don’t like

By Dipo Olowookere A total of 3.5 million units of Seplat shares owned by Chairman of the energy firm, Mr Ambrosie Bryant Chukwueloka (ABC) Orjiako, have been handed over to another investor. Business Post gathered that the divested equities were from the 29.8 million shares indirectly held by the oil magnate, which were registered in the name of Vitol Energy Limited. These stocks were held for the benefit of Shebah Petroleum Development Company Limited, a company owned by Mr Orjiako and members of his family. Before the recent sale, Mr Orjiako controlled 16.15 million ordinary shares of Seplat held directly

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By Adedapo Adesanya The market capitalisation of the NASD Over-the-Counter (OTC) Securities Exchange dropped N1.76 billion or 0.33 per cent on Thursday to N532.22 billion from N533.98 billion it previously closed. The decline was influenced by the poor performance in the equities of FrieslandCampina WAMCO Nigeria Plc, one of the market’s bellwethers. The company’s stocks dropped N1.81 or 1.31 per cent to close at N138.19 per unit compared with the previous N140 per unit. The decline weakened the NASD Unlisted Security Index (NSI) by 0.33 per cent or 2.4 points to close at 724.53 points as against 726.93 points recorded