Business

For the second year in a row, Moniepoint Inc, has announced its listing in the sixth annual CB Insights’ Fintech 100 ranking (previously the Fintech 250), showcasing the 100 most promising private fintech companies of 2023. CB Insights is regarded by top industry analysts as the most trusted source for technology market insights. The Fintech 100 includes a mix of…

VFD Group Plc on Friday announced its listing on the main board of Nigerian Exchange Limited (NGX), the sustainable Exchange championing Africa’s growth. The official listing was celebrated with a Closing Gong ceremony and a Fact Behind the Listing Presentation, marking a key milestone in the company’s history. The listing of VFD Group’s shares has added over N45 billion to…

 Citing currency pressure, insecurity, and other challenges, the World Bank Group yesterday, revised its economic growth outlook for Nigeria in 2023, to 2.9 per cent, lower than its earlier projection of 3.3 per cent for the West African country. This was revealed in the multilateral institution’s latest ‘Africa Pulse,’ a regional macroeconomic outlook released yesterday, where it noted that Sub-Saharan…

EnterpriseNGR, a member-led, not-for-profit Professional Advocacy Group representing Nigeria’s Financial and Professional Services (FPS) Sector, held its Quarterly Members’ Night dinner, which was graciously hosted by Templars, one of its Founding Members. The dinner was attended by top executives from member organisations and prospects, providing a relaxed evening of exquisite wining, dining, networking, and discussions about EnterpriseNGR’s significant milestones. These…

Trading activities on the domestic equities market of the Nigerian Exchange Limited (NGX) on Tuesday closed negative, as price decline in MTN Nigeria Communications (MTNN) and 21 others pulled the market lower by N158 billion. The NGX All-Share Index (ASI) lost 288.69 basis points  or 0.43 per cent to close at 66,482.28 basis points. Also, market capitalisation declined by N158…

The local currency, Naira closes on Tuesday at N745.19 against the dollar at the Investors & Exporters foreign exchange (I & E FX) market after gaining 2.87per cent from N767.24 against the dollar it opened for trading. According to FMDQ Exchange, the dollar reached N819.90/$ and N700.00/$ high and low, respectively as investors and exporters trade with caution. According to…

British International Investment (BII), the UK’s Development Finance Institution (DFI) and impact investor, has announced a $60 million trade finance facility for Access Bank Plc in Nigeria and five of its pan-African subsidiaries. This will strengthen import and export capabilities amongst local businesses and plug the foreign currency supply gap. The programme deepens BII’s commitment to bolstering financing environments in…

 Trading activities in the domestic equities market yesterday gained N213 billion to start this week on a positive note, supported by investors’ demand for BUA Cement and 23 others. The All-Share Index (ASI) gained 388.83 points, representing a gain of 0.59 per cent to close at 66,770.97 points. Also, market capitalisation rose by N213 billion to close at N36.544 trillion.…

Following impressive recoveries from debtors and realisation of assets of banks in liquidation, the Nigeria Deposit Insurance Corporation (NDIC) has announced the declaration of N16.18 billion liquidation dividends to depositors, creditors, and shareholders of 20 banks in-liquidation. The Director, Communication & Public Affairs, NDIC, Bashir Nuhu in a statement on Monday said the Corporation has commenced verification and payment of…

Foreign reserves depreciated by $3.84billion in nine months of 2023 amid the Central Bank of Nigeria (CBN) foreign exchange intervention and slow growth in global oil prices. According to Westernpost investigation, Nigeria’s foreign exchange buffer stood at September 28, 2023 at $33.242billion from $37.083billion it closed in 2022. The CBN in its data revealed that foreign reserves closed August 31,…