Nigeria’s Oil Minister Gets OPEC Appointment

By Modupe Gbadeyanka A firm established to help fix the global trade finance gap, Finverity, has disclosed that it is repositioning its brand and product offering for its next phase of growth. To achieve this, it has hired Mr Adam Ryan as its Chief Marketing Officer (CMO). He has been working with the leadership team at Finverity to build a brand and product suite that better reflects this purpose, as well as Finverity’s position at the leading edge of trade and SCF technology. Before now, Mr Ryan served as the CMO of Azimo, the global payments fintech, where he led

By Modupe Gbadeyanka About 170 of the 200 graduate trainees of Flutterwave (85 per cent) have been absorbed into the organisation as full-time employees after the completion of their programme. The leading payments technology firm in August 2022 launched its Graduate Trainee (GT) scheme to nurture young talents seeking clear career growth opportunities in technology. Some days ago, a graduation ceremony was held in Lagos to celebrate the end of the rigorous 12-month-long paid traineeship scheme. The participants were put through technical and soft skills and practical experiences. “We are excited that our aim of giving 200 extremely bright young

By Aduragbemi Omiyale Mr Farooq Oreagba has been chosen by the board of directors of NG Clearing Limited as the new Managing Director/chief executive, subject to the approval of the Securities and Exchange Commission (SEC). He is replacing Mr Tapas Das, who occupied the office for three years and demonstrated exceptional leadership and strategic vision, driving NG Clearing to a phenomenal historical achievement of clearing the first exchange-traded derivatives contracts in West Africa. Under his guidance, NG Clearing developed a world-class clearing and settlement system that has successfully integrated with the key exchanges in Nigeria’s financial markets. A statement issued

By Dipo Olowookere Trading on the floor of the Nigerian Stock Exchange (NSE) closed on a positive note on Tuesday after Monday’s decline. The local bourse finished 0.03 percent higher after the day’s session with the year-to-date loss ending at 15.93 percent. It was observed that the market was bubbling with life during trading, resulting in rise in the volume and value of equities transacted by investors. At the close of transactions, the volume of shares exchanged by investors increased by 181.30 percent at Tuesday’s session, while the value of stocks sold moved up by 44.10 percent. A total of

By Sodeinde Temidayo David The Nigerian Communications Commission (NCC) has alerted Nigerian telecom users of the existence of a new high-risk and extremely damaging malware called Flubot. The NCC’s Director of Public Affairs, Mr Ikechukwu Adinde, said the malware is like every other malicious software and program designed specifically to disrupt, damage, or gain unauthorized access to a computer system. “When Flubot infects a device, it can result in incalculable financial losses. Additionally, the malware creates a backdoor which grants access to the user’s device, thus enabling the invader or attacker to perform other criminal actions, including launching other variants

By Adedapo Adesanya  The Naira closed flat against the United States Dollar at most of the segments of the foreign exchange market on Friday, April 3, 2020. Business Post gathered from the Association of Bureaux De Change Operators of Nigeria (ABCON) that the Naira only depreciated against the greenback, Pound Sterling and the Euro at the Port Harcourt BDC market. The local currency lost N1 at the location against the Dollar to sell at N410/$1 compared with N409/$1 of the previous session. The Nigerian currency depreciated by N5 against both the Pound and the Euro to close at N500/€1 and

A move aimed at easing the impact of the lockdown and restricted movements as a result of the COVID-19 situation in Nigeria has been made by 9mobile. The leading telecoms service provider in the country has expressed its support for the launch free COVID-19 online screening and teleconsultation service for all Nigerians. This service is to be provided by Mobihealth international, an award-winning telemedicine provider. The free online COVID-19 teleconsultations and screening are limited to a daily cap on a first-come-first-served basis. Speaking in Lagos, the state with the highest number of confirmed cases so far in Nigeria, Executive Director,

By Adedapo Adesanya The Naira appreciated against the United States Dollar at the Investors and Exporters (I&E) window of the foreign exchange (forex) market on Wednesday by 50 Kob or 0.11 per cent to trade at N440.67/$1 compared with the previous day’s N441.17/$1. The appreciation was bolstered by the availability of FX during the session despite a spike in the value of transactions. FX trades worth $95.39 million were carried out in the midweek session compared with the previous day’s $73.66 million, indicating a decline of 29.5 per cent or $21.73 million. In the Peer-to-Peer (P2P) segment, the Nigerian currency

By Modupe Gbadeyanka The 9x Offer introduced by the innovative and customer-friendly telecommunications company, 9mobile, few months ago has been applauded by customers of the telco. The promo was put in place to reward subscribers with bonus airtime on their recharges for calls and data of N200 and above. For instance, a customer who recharges N200 will receive N1,800 bonus airtime, that is 9 times more value to make calls and browse online. Customers who are unable to recharge up to N200 will get 4x bonus airtime purchased. Since this promo commenced, subscribers of 9mobile have been basking in euphoria,

By Dipo Olowookere Founder of BUA Group, Mr Abdul Samad Rabiu, has disclosed that he plans to list his company on the floor of the Nigerian Stock Exchange (NSE). Mr Rabiu made this known while speaking with Channels Television on the sidelines of the just-concluded Africa CEO Forum held in Ivory Coast. In the interview, which was monitored in Lagos by Business Post, the Kano-born businessman said he would list the cement segment of BUA Group on the stock exchange as soon as the necessary parameters are met. According to him, “We are definitely going to list the cement business

**Urges Investors to Set up Refinery in A/Ibom By Dipo Olowookere Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mr Maikanti Kacalla Baru, has engaged investors on the need to establish a refinery in Akwa Ibom State. Speaking at a two-day PENGASSAN Triennial Retreat/Synergy workshop held in Uyo, Akwa-Ibom State, Mr Baru said the state was well-positioned geographically to have a refinery. According to him, “Investors have been coming to us and I have seen one that is quite promising. It is in this light that I encouraged these investors to come and see the state government