Transactions on the Nigerian Stock Exchange (NSE) rebounded on Wednesday by N50 billion, halting two consecutive days bearish trend due to sustained bargain-hunting in insurance stocks. The News Agency of Nigeria (NAN) reports that the market capitalisation which opened at N21.474 trillion inched higher by N50 billion or 0.23 per cent to close at N21.524 trillion. Also, the All-Share Index increased by 96.09 points or 0.23 per cent to close at 41,147.72 against 41,051.63 points...
Kano Investment and Diaspora, in partnership with the Foreign Commonwealth Development ((LINKS) and Manufacturers Association of Nigeria (MAN) have secured an N10 billion intervention fund from the Central Bank of Nigeria (CBN) to revive companies impacted by the Covid-19 pandemic. Speaking at the sensitization meeting on Kano Turnaround Project, on Monday, in Kano, the Director-General of KanInvest & Diaspora, Hajiya Hama Ali, said the programme, which was designed to revive companies that had been affected...
During the police brutality protests in Nigeria in October, bitcoin saved the day when the government shut out protesters from using local payment platforms for collecting donations to support it. The young, tech-savvy protesters quickly switched to using bitcoin, and in about a week bitcoin accounted for around 40% of the nearly $400,000 raised. It was just one high-profile example of how young Nigerians increasingly use bitcoin to navigate a complicated and restrictive banking and monetary...
The Federal Government has solicited the support and contributions of Nigerians in the Diaspora on the implementation of the country’s vision 2025. Mr Clement Agba, the Minister of State for Finance, Budget and National Planning said this on Monday in Abuja during the webinar meeting with Nigerians in the Diaspora. He said that the country had been implementing the Economic Recovery and Growth Plan (ERGP) 2017 to 2020 and Nigeria Vision 20:2020 (NV20:2020) as its...
Stripe has announced its acquisition of Pastack, a start up in Lagos, Nigeria. The company provided similar service with Stripe. The company offers a quick way to integrate payments services into an online or offline transaction by way of an API (It has also been referred to in the past as “the stripe of Africa.” Currently, Pastack has about 600,000 customers, which included small businesses, large corporates, fintech, education institutions and online betting companies. The...
Zamfara government says it has started its gold reserve to reduce dependence on federal allocations. The state Commissioner for Finance, Alhaji Rabiu Garba, told journalists in Gusau on Tuesday that, although, there was a federal government ban on mining activities in the country, “the state government was able to purchase the commodity from licensed miners. “At the moment, we have a pure gold reserve of over 30 kilos and as time goes by, we will...
By Ibrahim Abdul’Aziz, Regional Correspondent In a renewed commitment to modernize agriculture and make farming business lucrative a group of young entrepreneurs has invested N30 million in 15 rural communities in Adamawa State. The young entrepreneurs under a firm, Tannep Prime Concept disclosed the development during a seminar organized in Yola with the theme: Securing the Future with Agriculture, Maximizing Profit and Mitigating Losses. The head of operations of the firm, who is also a...
As CBN holds its 275th quarterly Monetary Policy Committee (MPC) meeting on Monday, a Financial expert, Mr Okechukwu Unegbe called for a reduction of lending rates by banks to encourage investment. Unegbe, who is a Past President of Chattered Institute of Bankers of Nigeria (CIBN) made the call in an interview with News Agency of Nigeria (NAN) in Abuja. He suggested that the lending rate should be reviewed downwards from its present rate of about...
…Pardons payment defaulters from 2017 to 2019 The Lagos State Government, today, made several changes to the 2018 Land Use Law which generated lots of controversies in the last administration. The government cancelled 2018 Land Use Charge Law, reverted to pre-2018 land use charges but maintained the 2018 valuation, according to the Nation In a press conference, the Commissioner for Finance, Dr Rabiu Olowo said that defaulters of land use payment from 2017 to 2019...
The Federal Executive Council has approved the establishment of the Nigerian Youth Investment Fund (NYIF) to the tune of N75 billion. The NYIF, which will operate as a youth bank, will create a financial support base for innovative youths aged 18 to 26. Minister of Youth and Sports Development, Mr Sunday Dare disclosed this to State House Correspondents on Wednesday after a Federal Executive Council (FEC) meeting, nothing that youths with ideas and innovation can...
