Touch and Pay Technologies, the number one NFC & transport payments processor in Nigeria is officially announcing the launch of TAP Interstate (TAPIS). This service allows commuters to board interstate buses at any of the designated BRT terminals at Yaba, Ojota & Ewu(Mafoluku). TAPIS is a timely alternative for traveling interstate between Lagos – Abeokuta – Ibadan. They say time is money and no one appreciates waiting for so long at the park for a full bus before leaving for their destination. With TAPIS, the time of travelers is highly valued and they will no longer waste a minute waiting…
Author: Temitope N.
Apple said it has discovered two serious security flaws in iPhones, iPads, and Macs, which could potentially allow attackers to take complete control of devices. The company disclosed that the phones affected by the flaws include all iPhone 6s models and later, iPad Pro (all models), iPad Air 2 and iPad 5th generation and later, iPad mini 4 and later, and iPod touch (7th generation). To address this, Apple has released emergency security updates and advised the users of the devices to update their software to avoid attacks. Apple in a security update said the WebKit bug could be exploited if a…
Nigeria’s B2B e-commerce company, Omnibiz, said it has closed a $15 million pre-Series A round comprising $5 million in equity and $10 million in debt. Omnibiz said it will use the funding to double down on winning the loyalty of retail customers and driving their retention. The company also plans to begin its regional expansion this month into cities it cited during its seed raise last year: Abidjan, Takoradi, Kumasi, and Accra. The funding was led by Timon Capital. Other VC firms such as Ventures Platform, Lofty Inc, Chapel Hill Denham, Chandaria Capital, and Musha Ventures also participated. Some of these investors took part…
Neveah Limited, a commodity trading company dealing in the export of solid minerals and agricultural products, has announced the completion of its Series 5 Commercial Paper Issuance. The issuance was subscribed to by investors including asset managers and trustees. In addition, the issuance received the approval of FMDQ Securities Exchange Limited. According to the company in a statement, the successful completion of the Series 5 Commercial Paper Issuance affirms Neveah’s strategic objective to evolve into a leading dealer and exporter of world-class quality solid minerals and agro-commodities to its clients while ensuring a transparent business approach. The Chief Executive Officer,…
Mutual Benefits Assurance Plc has posted a profit of N3.5 billion profit after tax for the half year of 2022, a significant jump from the loss record of N1.98 billion loss reported in the same period of last year. According to the financial report by the company, the increase in profit follows a significant rise in the premium income reported by the insurer. This is as inflation continues to witness a tremendous rise during the period, hovering at a double-digit figure. The report shows that the gross premium written and the gross premium income – from the life and non-life…
The total transactions done by domestic investors on the floor of the Nigerian Exchange Limited (NGX) grew by N1.490 trillion as against N273.16 billion recorded by foreign investors in the first seven months of 2022. According to the Domestic and Foreign Portfolio Investment (FPI) July 2022 report which captured these transactions as well as trading figures from market operators, domestic transactions stood at N1.465 trillion in the first seven months of 2021 while foreign transactions stood at N435 billion in the same period. This meant that total domestic transactions on the NGX grew by 1.70% while foreign transactions dropped by…
FBN Holdings Plc has approved the appointment of Samson Oyewale Ariyibi and Patrick Iyamabo as executive directors of the company. According to a disclosure signed by Adewale Arogundade, acting company secretary, Samson will serve as the Executive Director, Investment Management and Oversight of FBN Holdings Plc, while Patrick will lead as the Executive Director, Chief Financial Officer of its flagship subsidiary, FirstBank of Nigeria Limited. The company however stated that that appointment is subject to approval by the Central Bank of Nigeria as well as the shareholders at the next annual general meeting of the company. Samson Oyewale Ariyibi is…
The Nigeria Governors Forum (NGF) has disagreed with Abubakar Malami, the Attorney-General of the Federation and Minister of Justice on the payment of consultants for the Paris Club refund, calling such payments illegal. The NGF revealed this in a statement by its chairman, Gov. Kayode Fayemi, to State House correspondents on Wednesday after its meeting at State House Banquet Hall, Abuja, according to NAN. This comes after Malami told newsmen that the governors’ forum agreed on the engagement of consultants to provide certain services for them relating to the recovery of the Paris Club. The NGF stated that it extensively…
The Lagos State Government has said it will test run its Blue Rail Line train service project in December 2022. This was disclosed by Governor Babajide Sanwo-Olu on Wednesday in Marina, at the launch of the last track beam (T-beam) for the blue line rail mass transit project, according to NAN. He added that the T-Beam of the blue line would be formally complete before December, after which the test run would start. Governor Sanwo-Olu stated that his administration is committed to ensuring the project is completed in time, as the two trains bought in China for the project will…
The Nigeria Inter-Bank Settlement System (NIBSS) has revealed that bank customers in Nigeria transferred a total of N9.2 trillion over mobile devices between January and July this year. The 7 months data just released showed a surge in the usage of mobile for financial transactions as the value of deals over the platform has surpassed N8 trillion recorded in the full year 2021. Year on year, the NIBSS data showed that the value of mobile transactions has grown by 155% in the 7 months of this year compared to the N3.6 trillion recorded in the same period last year. According…
Nigeria’s leading consumer goods companies earned a whopping sum of N504.7196 billion as revenue in the half year of 2022, outperforming their earnings in the corresponding period of 2021 of N126.08 billion. The companies are Dangote Sugar Plc, Nascon Plc, Unilever Plc, Nestle Plc, and Cadbury Nigeria Plc. According to the information contained in the half-year financial statements of these companies and compiled by Nairametrics research, the companies’ revenues rose by 33.3% compared to half the year 2021. The revenue growth recorded by the companies is remarkable, considering economic disruptions in the global economy occasioned by the ripple effect on…
Nigeria’s consumer price index (CPI), which measures the level of inflation in the country has risen by 170.2% under President Muhammadu Buhari’s administration, between June 2015 and July 2022. This is according to data tracked and analyzed by Nairalytics – the Research arm of Nairametrics. Recall that the president was sworn into office as the 15th President of the federation on Friday, 29 May 2015, following the presidential general election held, a position which he has occupied since then. During the period, Nigeria’s consumer price index rose from 171.6 index points recorded in May 2015 to 463.6 points in July…
The organization in its empirical survey across the 36 states of the federation expressed displeasure over certain state governments’ refusal to pay the monthly salaries accruable to civil service workers in their states as and when due. BudgIT, a civic-tech organization on advocacy for transparency and accountability in Nigeria’s public finance, has revealed that at least 12 states owe their workers at least one month’s salary as of July 28, 2022. BudgIT conducted this empirical survey to spotlight and identify state governments that have consistently failed to meet the essential requirement of governance and employee compensation, thereby subjecting their workers…
Consequently, the Nigerian stock market closed negative amidst buy-interests and sell-offs as bears dominated proceedings for the sixth consecutive day. The All-share Index (ASI) depreciated by 2.25% to close at 49,350.71 index points as against 50,489.73 index points the previous day. In the same vein, the overall market Capitalization declined by N614 billion or 2.25% to close at N26.618 trillion as against N27.232 trillion the previous day. Market breadth closed negative with 16 losers against 12 gainers as Cornerstone Insurance Plc led the losers with 9.33% while NEM Insurance Plc led the few gainers with 10%. Market Indices NGX ASI: 49,350.71…
Positive sentiment witnessed on shares of some blue-chip firms quoted on the Nigerian Exchange (NGX), Wednesday, has resulted in shareholders of Dangote Cement Plc recouping the N409 billion it lost the previous day’s trading session. Checks by Nairametrics showed that the cement firm gained by 9.96% to N265 per share from N241 the previous day adding exactly N409 billion it had lost the previous day (Tuesday, August 9) to the market capitalization. Further analysis showed Dangote Cement closed the day at N265 per share and N4.515 trillion in market capitalization on the Nigerian Stock Exchange (NGX) as against N241 per share and N4.106 trillion in market…
Norrenberger Advisory Partners Limited (NAPL) has taken over the operation of International Energy Insurance Plc (IEI) after it obtained the approval of the National Insurance Commission (NAICOM) to acquire 100% equity holding in the company. In a disclosure by IEI, the development will enable Norrenberger to expand and strengthen its business model to improve its solutions and service distribution to clients across Nigeria. While the company has obtained the final approval of the NGX for the lock acquisition of 50.6% equity, it has commenced the process for the approval of the Nigerian Security and Exchange Commission for the mandatory take-over…
Popularly referred to as the ‘Human ATM’, Firstmonie Agents are empowered to reduce the reliance on over-the-counter transactions while providing convenient, personalized services. Amongst the services carried out by the Agents include; Account Opening, Cash Deposit, Airtime Purchase, Bills Payment, Withdrawals, and Money Transfer. Expressing his appreciation to the Firstmonie Agents, the CEO, FirstBank, Adesola Adeduntan, said: “Since the relaunch of our Agent Banking scheme in 2018, our Firstmonie Agents have played a vital role in bridging the financial inclusion gap in the country, as many more people have been able to undertake various financial and business transactions in cost-effective ways,…
Polaris Bank has refuted a report that claimed that the Central Bank of Nigeria was about to sell the bank to Auwal Lawan Abdullahi for N40 billion. The bank made the disclosure in response to media reports about an alleged secret acquisition of Polaris Bank. The statement by the bank said that such speculative publication was a deliberate intention to create panic and as such, should be disregarded. According to a recent media report, CBN Governor, Godwin Emefiele has secured presidential authority to proceed with the transaction, and a public announcement is about to follow. A son-in-law of Ibrahim Babangida…
Nigerian banks’ credit to the private sector rose to N26.8 trillion as of June 2022 the highest on record. This is according to provisional data from the Central Bank of Nigeria. Commercial banks also known as deposit money banks lent out a total of N26.8 trillion as of June 2022 up from the N24.378 trillion lent out to the private sector as of December 2021, representing a 10.15% growth in 6 months. Deposit Money bank lending to the private sector was N21.89 trillion as of June 2021 thus adding N5 trillion in loan growth in one year. Nigeria’s central bank has over the last 5 years pursued an aggressive…
The Federal Government through the Finance Ministry is expected within the next 60 days to send a final commitment application to the American Export-Import Bank to fund a solar project in Nigeria, for Nigeria’s Niger Delta Power Holding Co. This was disclosed by Bloomberg on Monday evening after an email from Adam Cortese, chief executive officer of United States-based Sun Africa. Nigeria’s Ministry of Finance will seek credit from the US Export-Import Bank to fund a solar power project being developed by Sun Africa LLC, a renewable energy provider. The solar project would be developed for Niger Delta Power Holding…