In a resounding victory for the Nigerian economy, the Nigerian Stock Exchange (NGX) All-Share Index experienced an impressive ascent, surging by 29.52% to culminate at 66,382.14 index points in the third quarter of 2023. This remarkable surge catapulted the market to a 15-year high, riding on the coattails of robust positive sentiments. Factors Fueling the … Read more
In a recent development, Nigerian fintech company Payday is reportedly in discussions with potential buyers for the sale of the company. This move comes just six months after Payday successfully secured $3 million in a seed funding round, indicating a significant shift in the company’s strategy. Moniepoint’s Interest and Past Connections Moniepoint, which previously led … Read more
Flutterwave, the leading Nigerian fintech company, is making significant strides in expanding its presence in Kenya. With big plans and promising prospects, the company aims to invest a substantial $50 million in the Kenyan market. Let’s dive into the details: Setting the Stage in Kenya Going Global Preparations in Full Swing Resilience Amid Challenges African … Read more
Technology vendor Ericsson is optimistic that the deployment of 5G technology will have a transformative impact on Nigeria’s tech startup ecosystem, fostering increased innovation and digital growth. This sentiment was shared by Hassam Kandeel, Vice President at Ericsson Middle East and Africa, during Ericsson’s leadership visit to Nigeria. The company aims to strengthen its collaboration … Read more
Legal practitioner Mr Maxwell Opara has filed a defamation lawsuit seeking N10 billion in damages against Twitter, now known as ‘X’, and the Department of State Services (DSS) in Nigeria. The lawsuit, filed at the FCT High Court, names Twitter Nigeria Limited, the Director-General of the DSS, the State Security Service, and the Attorney-General of … Read more
The World Bank’s recent Food Security Update for July 2023 has sent ripples of concern through Nigeria as it highlights a troubling trend: prices of key agricultural products, exports, and cereals have surged by 6%, 4%, and a staggering 10% respectively. Even more unsettling, the prices of Maize and Wheat have skyrocketed, concluding July at … Read more
As the fiscal year progresses, companies listed on the Nigerian Stock Exchange (NSE) are gearing up to propose dividend payments to their valued shareholders. These proposed dividends, recommended by the respective boards of directors, are not only a reflection of a company’s financial performance but also a crucial factor influencing shareholder returns and share prices. … Read more
In a monumental shift within Nigeria’s business landscape, Dangote Cement has dethroned telecommunications giant MTN Nigeria to claim the title of the country’s most valuable company. The impressive feat comes as Dangote Cement achieves a valuation of N5.99 trillion ($7.9 billion), marking a 24% surge compared to the previous month. This seismic shift has sent … Read more
Recent financial reports released by Nigeria’s leading publicly traded corporations reveal a disconcerting trend: the weakening naira is taking a toll on profits despite escalating revenues. Since June, when the new administration led by President Tinubu prompted the central bank to halt the maintenance of an artificially high exchange rate, the naira has witnessed a … Read more