Five African Countries Get $140m from OPEC Development Fund

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has written to the World Bank to suspend issuing loans to Nigeria’s 36 states over allegations of mismanaging public funds which may include loans obtained from the institution. In the letter dated November 25, 2023, the group specifically wants the bank’s President, Mr Ajay Banga, “to promptly, transparently and effectively conduct an investigation into the spending of loans and other facilities by the country’s 36 state governors and to suspend any loans and funding if there is relevant admissible evidence of mismanagement or diversion of public funds by any of

By Adedapo Adesanya Fils has launched a platform to help global businesses turn intent into action when integrating sustainable values into the core of digital payments. The new innovation paves the way for trust and safety in carbon markets, bringing together buyers with capital, and suppliers with high-integrity carbon credits, at the rate and scale required to rebalance the planet.  Designed as a holistic, enterprise-grade B2B2C product offering, Fils leverages the power of leading technologies for its end-to-end infrastructure to transform various industries, including financial services, hospitality, and e-commerce. This makes it easier for businesses to act on the core

By Aduragbemi Omiyale The Oyo State government has maintained that its decision to register all commercial motorcycle and tricycle riders in the state was to promote public safety and not for any other purpose. The Commissioner for Information and Civic Orientation, Mr Dotun Oyelade, said this during a one-day sensitisation meeting with Okada and Keke riders in Ibadan. He explained that the meeting became necessary following a recent state security council meeting, noting that the exercise will help in the documentation of riders in the state. The Commissioner called for sustained cooperation between motorcycle and tricycle riders and the state

By Bliss Okperan The Tincan Island Port (TCIP) Command of the Nigeria Customs Service (NCS) has created a mobile application to automate its bond and license unit, Transire. At the unveiling of the app on Thursday, the Customs Area Controller, Comptroller Dera Nnadi, said the need to automate the Bond and License Unit had become imperative for administrative and procedural ease of doing business in the command. Speaking at a sensitization program on the automation process, Mr Nnadi informed participants that the application was developed by Superintendent of Customs Samuel Bello, to reduce the volumes of documents being deployed in

By Dipo Olowookere The Nigerian Exchange (NGX) Limited further appreciated by 1.07 per cent on Thursday on the back of buying pressure on Dangote Cement, MRS Oil, Unity Bank and others. MRS Oil topped the gainers’ chart yesterday with an appreciation of 9.83 per cent to N12.85, Courteville grew by 8.70 per cent to 50 Kobo, Unity Bank improved by 8.33 per cent to 52 Kobo, Dangote Cement expanded by 7.77 per cent to N238.50, and Mutual Benefits increased by 3.70 per cent to 28 Kobo. Conversely, Julius Berger ended the session on top of the losers’ table after its

By Modupe Gbadeyanka Concerned about the numerous challenges being faced by market women desiring access to credit in Nigeria, Sterling Bank Plc, through its ‘One Woman’ proposition, has launched a new initiative called the ‘Market Women Quick Cash’ to resolve the issue. The bank has expressed confidence in the new initiative in making those problems in accessing credit facility become a thing of the past. The new idea, Business Post learnt, is in partnership with Afrigrant, a non-governmental organization (NGO) and it is expected to promote women empowerment and capacity building. Our correspondent gathered that the scheme was designed to

By Adedapo Adesanya The Federation of International Football Association (FIFA) has decided to lift the suspension that was imposed on the All India Football Federation (AIFF) due to undue third-party influence. This means that the FIFA U-17 Women’s World Cup 2022 scheduled to take place on October 11-30, 2022 will be held in India. The decision was taken after FIFA received confirmation that the mandate of the committee of administrators that was set up to assume the powers of the AIFF Executive Committee had been terminated and that the AIFF administration had regained full control of the AIFF’s daily affairs.

Leading real estate company, Propertymart Real Estate Investment Limited, has again demonstrated its love for residents of its host community. The firm, few weeks ago, carried out a public sensitization awareness on COVID-19 in its immediate community of Shangisha and environs. As part of its efforts to mitigate the negative impact of the COVID–19 pandemic on homes in the neighbourhood, the company shared foodstuff to well over 220 households. Representatives of Propertymart also visited the palace of the Oba of Shangisha, Oba Jamiu Adetola Ajibola Lawal and left food items with him. Nobody was left out of the palliative, as

By Modupe Gbadeyanka Thursday, July 13, 2017, has been fixed by the management of Cutic Plc for a meeting its board of directors. A statement signed by the Company Secretary, Ijeoma Oduonye, disclosed that the meeting is scheduled to take place in Nnewi, Anambra State. “Notice is hereby given that the 135th meeting of the board of directors of Cutix Plc will be held on Thursday 13, 2017, in the boardroom at 17, Osita Onyejianya Street, Anuka, Otolo, Nnewi by 10:30am,” the statement said. According to Oduonye, during the meeting, the board will consider and approve the firm’s financial statements.”

By Dipo Olowookere Executive Director, Market Operations and Technology at the Nigerian Stock Exchange (NSE), Mr Ade Bajomo; as well as his counterpart in charge of Capital Markets at the NSE, Mr Haruna Jalo-Waziri, have resigned from the stock market regulator. Mr Jalo-Waziri resigned from the NSE effective October 31, 2017 to assume his new role as the Chief Executive Officer of CSCS Plc. On the part of Mr Bajomo, he is leaving the NSE from December 31, 2017 to pursue other challenges. During his time at the NSE, Mr Jalo-Waziri made significant contributions to NSE’s revenue growth and had

By Dipo Olowookere The positive turnaround at Lafarge Africa lately seems to have been sustained going by the financial statements of the company for 2020 half-year released on Friday. In the period ended June 30, 2020, the cement firm, which increased its turnover, embarked on some cost management strategies that supported the growth of its net profit. According to the results, Lafarge Africa generated N120.5 billion as revenue in H1 2020 in contrast to N117.9 billion reported in H1 2019. In the period also, the cost of sales increased marginally to N78.8 billion from N78.4 billion, while the gross profit

By Adedapo Adesanya KongaPay said it plans to increase its active subscriber base to over three million by 2022, data released by the company has shown. The mobile money platform, the leading provider of digital services for e-commerce shoppers in Nigeria, is one of the thriving subsidiaries within the Konga Group, Nigeria’s e-commerce giant. Feelers from within the company indicate that KongaPay was recently repositioned to take a greater share of the payments market in Nigeria, a development that has seen the platform taking the fintech space by storm. The move has seen KongaPay – which has witnessed an astronomical