₦airaland Forum

When it comes to investing, there is no one-size-fits-all approach. Different investors have different risk tolerances and goals, so the best company for one investor may not be the best choice for another. Identifying good companies to invest in can be a complex process that requires careful research and analysis. However, there are some key factors that can help you identify a good company to invest in.

Financial perfo.......

https://ratecaptain.com/how-to-identify-the-key-factors-before-investing-in-a-company/

The President of Kenya recently announced to all citizens they should get rid of any U.S. Dollars they may be holding because they will become worth less within weeks.
William Kipchirchir Samoei Arap Ruto, Ph.D, CGH; is a Kenyan politician who is serving as the fifth and current president of Kenya since 13 September 2022.

Prior to becoming president, he served as the first deputy president of Kenya from 2013 to 2022.

Today, in a nationally televised speech in Kenya, Ruto said “Those of you who are holding dollars, you shortly might go into losses. So you better do what you have to do because this market......


https://ratecaptain.com/president-of-kenya-tells-citizens-to-get-rid-of-us-dollars/

The AFOS Foundation, a Germany-based autonomous and charitable organisation, says it is investing about 5.5 million euros as Intervention in Nigeria’s agriculture sector.

The Chief Executive Officer and Country Representative of the foundation, Mr Oladipupo Akoni, said this in a statement on Monday.

He was speaking at the first stakeholders roundtable in Lagos.

According to Akoni, the foundation was developed to support micro and small businesses and the rising middle class in developing and emerging nations.

“AFOS foundation has invested heavily towards development of the sector through capacity building.....

https://ratecaptain.com/german-foundation-commits-e5m-to-agriculture-intervention-in-nigeria/

Oando Plc says it has received an offer from Ocean and Oil Development Partners Limited (OODP), an investment company, to acquire the shares of all minority shareholders.

In a statement on Thursday, signed by Ayotola Jagun, chief compliance officer/company secretary, Oando said if the conditions of the transaction with OODP, its core investor, are satisfied, the company will become a private company.

Oando was listed as a public company on the Nigerian Stock Exchange — now Nigerian Exchange Limited (NGX) in February 1992. According to the statement, if the offer is completed, the oil firm will be delisted from NGX and Johannesburg Stock Exchange (JSE) and re-registered as a private company.

The organization said the transaction will be executed through a scheme of the arrangement, in accordance.....

https://ratecaptain.com/oando-to-become-private-firm-as-core-investor-offers-buyout-of-minority-shareholders/

The Asset Management Corporation of Nigeria (AMCON) has provided clarification to a recent court ruling on the receiver/manager appointment of Arik Air Limited.

In a statement issued on Sunday, Jude Nwauzor, head of corporate communication, AMCON said, the Lagos federal high court judgement on March 31, 2023, was in favour of AMCON’s appointment of the receiver/manager of Arik.

A receivership is a remedy available to secured creditors to recover amounts outstanding under a secured loan in the event the company defaults on its loan payments. A receiver is appointed in a shareholder ....

https://ratecaptain.com/amcon-clarifies-court-judgement-on-receivership-over-arik-air/

Federal Government’s borrowing from China has grown by 209.15% under the Major General Muhammadu Buhari (retd.) administration.

This is as total bilateral loans rose by 219.91% from $1.58bn as of June 2015 to $5.07bn as of December 2022. Total borrowing from China rose from $1.39bn to $4.29bn in the period under review

Available data from the Debt Management Office revealed that Chinese loans make up 84.73% of the total amount Nigeria owes to other countries of the world. The remaining 15.27% is spread across France, Japan, India, and Germany.

According to the DMO, loans from China are concessional loans with interest rates of 2.50% per annum, ......

https://ratecaptain.com/chinese-loans-rise-by-209-under-buhari-hit-4bn/

Elon Musk (Tesla), Emad Mostaque (Stability AI), Steve Wozniak (Apple), and other leaders in artificial intelligence have signed an open letter to pause giant AI experiments, citing risks to society and humanity.

This group of A.I. leaders has called for an “immediate pause for at least six months in the training of AI systems more powerful than GPT-4.” stating that “this pause should be public and verifiable.”

Elon Musk, one of the backers of this open letter, was a co-founder of OpenAI with Sam Altman and even donated....

https://ratecaptain.com/open-a-i-founders-cite-the-risks-of-artificial-intelligence-and-call-for-a-pause/

Nigeria’s public debt stock which includes external and domestic debt hit a new mark of N46.25 trillion in Q4 2022 from N44.06 trillion in Q3 2022.

This is according to the Nigeria Bureau of Statistics(NBS) which released its quarterly report titled “Nigerian Domestic & Foreign Debt Q4 202” on Friday

The report revealed that the nation’s public debt grew by 4.96% in Q4 2022, while
external debt stood at N18.70 trillion in the same quarter of 2022.

“However, the share....

https://ratecaptain.com/nigerias-public-debt-hits-n46-25trn-in-q4-2022-nbs/

Exactly... we actually need reformation in all sectors of the economy. For legit financial nd economic news you can visit that sight

UNIDO collaborates with stakeholders to implement waste to wealth project.
Oil Thief: Investigative panel submits report to NSA. FG holds gastronomy festival June 16, to market nation’s cuisines.

There were fears, weekend, as the price of Nigeria’s premium oil grade, Bonny Light, dropped to $73.87 per barrel, from $76.37, recorded last week, indicating a fall of 3%.
The Federal Government had benchmarked the 2023 budget at $75 per barrel and 1.8 million barrels per day, bpd, including condensate, which Nigeria has the capacity to produce between 300,000 and 400,000 barrels per day, bpd.

The drop in price that also affected other crudes, was attributed to the global economic slowdown, especially with some developed economies that buy commercial oil from Nigeria and other major oil nations.
Goldman Sachs , a research organization disclosed that based on the global economic slowdown, it would not be possible for oil to hit $100 per barrel this year, which it had earlier predicted.

Goldman Sachs noted that the current poor state of the global economy had already culminated in the collapse of two big banks in the United States.
The report, which now expects oil price to hover around ......

https://ratecaptain.com/budget-2023-fears-as-oil-price-drops-3-to-73-87-per-barrel/

The value of used vehicles imported into Nigeria decreased by 47 percent in 2022, to N325.05 billion from N617.48 billion in 2021.

This information was disclosed in the foreign trade data from the National Bureau of Statistics seen by RateCaptain.

NBS reports that used cars with diesel or semi-diesel engines cost N72.32 billion to import in the first quarter of 2022, N96.76 billion in the second, N90.77 billion in the third quarter, and N65.19 billion in the fourth quarter of last year, totaling.......

https://ratecaptain.com/value-of-tokunbo-cars-drops-by-47-in-2022-nbs/

The Special Investigative Panel on Oil Theft and Losses in Nigeria, has submitted its report to the National Security Adviser (NSA), retired Maj.-Gen. Babagana Monguno, in Abuja.

RateCaptain reports that the NSA had on Dec. 6, 2022, inaugurated the investigative panel with extensive terms of reference to investigate all aspects of crude oil theft and losses in all its ramifications.

The Head, Strategic Communication, Office of the National Security Adviser (ONSA), Mr Zakari Usman, in a statement on Tuesday, said the report was submitted on Monday.

While submitting the report, the Chairman of the panel, retired Maj.-Gen. Barry Ndiomu, said the.....

https://ratecaptain.com/oil-thief-investigative-panel-submits-report-to-nsa/

Binance, the world’s largest crypto exchange, has recently announced that spot trading on its platform has been temporarily suspended.

This news was disseminated in a tweet by Binance on Friday.

The company stated that they are aware of an issue impacting spot trading, which is why all such trades have been suspended while they work to resolve the problem as soon as possible. They also said that an update would be shared shortly with more information about what caused this disruption and when normal operations can resume.

In its words, “...
https://ratecaptain.com/binance-temporarily-suspends-spot-trading-on-its-platform/

The report of fraud and forgeries in Nigerian banks during the third quarter of 2022 revealed that mobile banking fraud has the highest ranking, accounting for N2.67 billion loss, which is 27.75%, and was followed by computer and web fraud at N2.62 billion. This resulted in an increase in fraudulent withdrawals, which were at 22.64%, accounting for an N2.18 billion loss. This alarming rate could be attributed largely to technological advancements that have made it easier than ever before for criminals to access banking channels such as ATMs, mobile banking apps, POS terminals, and bank branches via various devices, which have resulted in 112 cases being reported compared with 73 cases just one quarter prior.

The total sum reported as involved in these fraudulent activities increased slightly by 9.50% to N9.62 billion...

https://ratecaptain.com/mobile-banking-frauds-amount-to-n2-67-billion-loss-fitc/

The exchange rate between the naira and the US dollar traded for an average of N745/$1 on Wednesday, March 22, 2023, indicating a stable trend as compared to the N745/$1 recorded in the previous trading session.

This is according to information provided by parallel market dealers to RateCaptain

Similarly, the exchange rate at the cryptocurrency P2P exchange remained stable on Wednesday to trade at a minimum of N745/$1, which was the same as recorded in the previous trading session.

The Investors and Exporters window closed at N462/$1 on Tuesday, March 21, 2023, representing a 0.01% depreciation compared to...

https://ratecaptain.com/naira-remains-stable-at-n745-in-the-parallel-market/

The Global System for Mobile Telecommunications Association (GSMA) disclosed in “The Mobile Economy 2023 Report” that 5G is expected to benefit the global economy by more than $950 billion in 2030, or more than 15% of the overall economic impact of mobile.

According to the GSMA, much of this will materialize in developed regions, including East Asia and the Pacific, North America, and Europe, which are expected to see strong growth in the ..

https://ratecaptain.com/5g-will-add-almost-1-trillion-to-the-global-economy-in-2030-gsma/

The Central Bank of Nigeria’s monetary policy committee unanimously raised the monetary policy rate to 18%.

This information was disclosed by the 290th MPC press briefing by the CBN Governor, Mr. Godwin Emefiele.

Addressing journalists at the end of the two-day meeting in Abuja, Mr Emefiele, said the committee voted to keep the asymmetric corridor at +100 and -500 basis points around the MPR.

Analysts in the country had predicted the Central Bank of Nigeria and the MPC may not raise the lending rates at the end of the Monetary Policy Committee.

However, the governor stated the slight increase is to mitigate the effect of inflation and other economic issues.

The MPR has been on the rise ....

https://ratecaptain.com/cbn-raised-the-monetary-policy-rate-to-18/

Chipper Cash, one of Africa’s more prominent fintech companies, and unicorns allegedly considered selling the company or seeking new investors.

This information was disclosed in a report published by Bloomberg on Wednesday.


This news comes after Chipper Cash laid off more than 150 employees since December 2022 and may face a drop in valuation if it raises money this year.

In response to these claims, Chipper Cash released an official statement saying that they have received various M&A proposals from different parties that...

https://ratecaptain.com/chipper-cash-allegedly-reported-considering-selling-its-company/

The Federal Executive Council (FEC) has approved 2.8 billion naira for the procurement of software for the National Population Commission to conduct a national census in May 2023.

The minister of information and culture, Lai Mohammed, disclosed this information on Wednesday.
According to Lai Mohammed, the 2023 population and housing census, earlier scheduled for March 29, has been shifted to May 2023 after the approval of 2.8 billion naira by the FEC council.

He explained that the decision was...
https://ratecaptain.com/fec-approves-n2-8-billion-for-the-conduct-of-the-national-census/

Nigeria’s headline inflation rate rose to 21.91% in February 2023, compared to January 2023’s rate of 21.82%.

This information was disclosed on the national bureau of Statistics’ official website.

The February 2023 inflation rate showed an increase of 0.09% points when compared to the January 2023 headline inflation rate. Similarly, on a year-on-year basis, the headline inflation rate was 6.21% points higher compared to the rate recorded in February 2022, which was 15.70%. This shows that the headline inflation rate (on a year-on-year basis) increased in February 2023 when compared to the same month in the preceding year of February 2022.

According to the NBS, the main contributors to this rise were bread and cereal at.....

https://ratecaptain.com/breaking-nigerias-headline-inflation-grows-to-21-91/

Vice President Yemi Osinbajo recently announced that Nigeria’s technology ecosystem accounts for almost 30% of Africa’s funded ventures, with no fewer than 180 startups.

Osinbajo said this at the official inauguration of the Investment in Digital and Creative Enterprises (iDICE) Programme and unveiling of the iDICE logo on Tuesday at the State House Banquet Hall.

According to the vice president, the iDICE is a government initiative to promote innovation and ....

https://ratecaptain.com/nigerias-tech-ecosystem-accounts-for-30-of-africas-funded-ventures-osinbajo/

RateCaptain
Home Tech News
Tech companies adopt cost-cutting strategies as investment slows down
Rate Captain by Rate Captain March 13, 2023 Reading Time: 2 mins read
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Federal Government to intensify the use of technology to fight crimes.
Tech companies are being forced to rethink their strategies as investment in technology products and services has slowed dramatically in the early months of 2023. Cost-cutting measures have become a priority for many firms, as has returning excess cash to shareholders through share buybacks.

Now that investment is slowing down, tech companies must look at reducing costs if they are going to remain profitable or increase earnings per share (EPS). Bigger firms likely can reduce their spending without affecting performance, while smaller ones will need significant capital investments before they reach scale and become profitable.

Companies like Meta have shifted their focus from growth alone towards efficiency during earnings calls, an indication that profitability has taken precedence over the growth-at-all-costs mentality that was so prevalent before the slowdown in investment began last year. Mark Zuckerberg reportedly used the word ‘efficiency’ more than 90 times.
For the past decade, tech investors have been primarily .....

https://ratecaptain.com/tech-companies-adopt-cost-cutting-strategies-as-investment-slows-down/

Dr. Sotunsa is a consultant obstetrician and gynecologist, missionary, and ordained pastor of the Seventh-day Adventist Church who commenced ministry in 1991. He is one of the founding fathers of Babcock University Teaching Hospital, Ilishan-Remo, Ogun State, Nigeria. His passion is helping young people realize their vision. He had conducted medical outreaches in all the geopolitical zones of Nigeria. He is a fellow of the West African College of Surgeons with a Master’s in Public Health and Business Administration.

Dr. Sotunsa is the co-founder and CEO of the Global Vision Support International Foundation (GVSIF). GVSIF is a faith-based non-governmental organization whose goal is to provide free healthcare services to people who cannot afford medical services all around the world. GVSIF’s main goal is to make every soul count by helping everyone discover a purpose in life, generate a personal vision, and achieve the vision in the fear of God and love for humanity.

Ratecaptain analyst had a conversation with Prof. Sotunsa to learn the principles he used to achieve so much in his foundation and what kept the vision going even though there were challenges in taking the first step.
“There were a lot of challenges when starting out, like accommodations, transportation, .....
https://ratecaptain.com/ceo-secret-meet-prof-john-sotunsa-ceo-of-gvsif/

President Muhammadu Buhari has assured the Iranian Vice President of the readiness of Nigeria to strengthen existing relations with the Islamic Republic.

President Buhari said this during a courtesy call on him by the Iranian Vice President, Mohsen Mansouri, on the sidelines of the United Nations Summit taking place in Doha, the capital city of the State of Qatar

According to the president, “I have interacted with Iranians over many years, especially when I was the petroleum minister, and I understand the country and its people.”

“I therefore ....
https://ratecaptain.com/buhari-moves-to-strengthen-nigerias-relation-with-iran/

International Women’s Day is an important day that celebrates the social, economic, and political achievements of women around the world. It also serves to recognize the struggles that women have faced throughout history in order to gain equal rights and recognition.

Nigeria is home to some of the most inspiring women in the world. From entrepreneurs, activists, and politicians to scientists and educators, Nigerian women have made huge strides in advancing their country’s development. These inspiring figures have been an integral part of Nigeria’s growth over the past decades, paving a path for future generations to follow.
These are some of the most inspiring women in Nigeria.

Ngozi Okonjo-Iweala

Ngozi Okonjo-Iweala is Director General of the World Trade Organization (WTO). She has served two terms as Nigeria’s finance minister under....

https://ratecaptain.com/international-womens-day-celebrating-inspiring-minds/

Videoconferencing platform Zoom has sacked its president, Greg Tomb, a former Google executive.

Mr. Tomb’s contract was abruptly terminated “without cause”, according to the company in a regulatory filing.
The businessman had taken up the role in June 2022 and had been active on earnings calls and overseeing the company’s sales.

A spokesperson for Zoom said, “the tech firm isn’t looking for a replacement.”

Mr. Tomb reported directly to Chief Executive Officer Eric Yuan, who started Zoom in 2011 and was at the helm as the company became ...
https://ratecaptain.com/zoom-president-greg-tomb-sacked-without-cause/

Many Nigerians have expressed relief and happiness at the Supreme Court’s final judgment to make old notes legal tender until December 31, 2023. While there are many who are pleased with this decision, others remain skeptical about its effectiveness in light of the Central Bank of Nigeria’s (CBN) having overlooked previous court decisions. On social media platforms such as Twitter, Ratecaptain has gathered comments from citizens regarding their thoughts on the judgment.

Ubah Jeremiah tweeted, “After all the unnecessary hardship that the Naira redesign policy has caused Nigerians, policymakers need to consider the impact of their decisions on citizens’ daily lives.” Hopefully, this judgment will make POS people to be reasonable
A PO analyst tweeted, “apparently, the Supreme Court waited to see who would win the election before ruling on this case. They needed to play it safe to save their job. Let’s all get ready to hold the Supreme Court accountable on Obi’s suit.”

Ndukwe Anyaogu tweeted, “Who is fooling who in this country? I just think the masses will totally reject this judgment. Honestly, we need to take a.....
https://ratecaptain.com/nigerians-react-to-the-supreme-courts-final-cash-judgement/

The Supreme Court on Friday ordered that old N200, N500, N1,000 notes remain in circulation till December 31, 2023.

The apex court also nullified the Federal Government’s naira redesign olicy, declaring it as an affront to the 1999 Constitution

Confusion deepens as the uncertainty of the old naira deadline persists.
The Supreme Court on Friday ordered that old N200, N500, N1,000 notes remain in circulation till December 31, 2023.

The apex court also nullified the Federal Government’s naira redesign olicy, declaring it as an affront to the 1999 Constitution.

justice Emmanuel Agim, who read the lead judgement, held that the preliminary objections by the defendants (the Attorney General of the Federation, Bayelsa and Edo states) are dismissed as the court has the jurisdiction to entertain the suit.

Citing Section 23(2)1 of the constitution, the court held that the dispute between the federation and states, must involve law or facts.

The apex court further held that President Muhammadu Buhari in his broadcast, admitted that the policy is flawed with a lot of challenges.

The court said the policy has led to some people engaging in trade by barter in this modern age, in .....
https://ratecaptain.com/breaking-supreme-court-orders-old-n200-n500-n1000-notes-to-remains-in-circulation-till-dec-31/

The Independent National Commission (INEC) announced Mr. Ahmed Bola Tinubu as the president elect of the just concluded general elections on March 1, 2023. Even if much controversy has been set around the legitimacy of the result, it is worth reviewing the Tinubu agenda for the economic sector of Nigeria, which will enable Nigerians to know what to expect in the next four years.

In October 2020, the newly elected president, Mr. Ahmed Bola Tinubu, released an 80-page policy document that highlights an eight-point agenda for the country as a plan to support his political ambitions. His top priorities for action plans were national security, manufacturing, agriculture, and education.
Part of the manifesto reads, “A Tinubu administration will build a Nigeria, especially for our youth, where sufficient jobs with decent wages create a better life. He stated that the way he hoped to achieve this was by implementing policies that will train and build capacity among Nigeria’s large and youthful population” that will enable them to offer outsourcing services just as India has done in terms of tech. His common saying is, “I will transform the so-called Yahoo Boy into a tech guru.” He also promised to embolden and support our young people and women by harnessing emerging sectors such as the digital economy, entertainment and culture, tourism, and others to build the Nigeria of tomorrow today.

In agriculture, Tinubu promises to assist farmers through an enlightened agricultural policy that promotes productivity and assures decent incomes so that farmers can support their families and feed the nation in order to....

https://ratecaptain.com/bola-tinubus-proposed-plans-for-nigeria/

Netflix has reduced subscription charges in over 30 countries across Asia, Europe, Latin America, sub-Saharan Africa, and the Middle East.

Netflix announced the decision on February 23, 2023, as it seeks to attract more subscribers in the middle of the stringent competition
Netflix had in recent times reduced prices in India and some parts of South-East Asia following a decline in growth; Thursday’s decision only affects countries that account for a small fraction of its customer base.

Subscription rates have been lowered in Yemen, Jordan, Libya.....

https://ratecaptain.com/netflix-slits-subscription-prices-in-more-than-30-countries/

Estonia-based ride-hailing platform Bolt has laid off 17 out of its 70 employees in Nigeria, with sources suggesting that the move affected mostly junior and mid-senior members of the operations team, including city managers.

This information was disclosed by a close source to Bolt, who spoke to reporters on Tuesday.

According to the statement, “Bolt had to terminate work contracts with 17 of its employees in Nigeria due to a strategy initiated to improve our operational processes in the country. ” “This was certainly not an easy decision to make, and we completely understand the frustration of the affected employees.”

The layoffs happened despite a recent promise of job security from the company’s CEO, Markus Villig. One employee who spoke to the press on the condition of anonymity stated that there have been some restructuring talks making the rounds internally since last year. According to the employees, management later confirmed this when it informed them of a possible restructuring that would most likely result in internal team reshuffling and....
https://ratecaptain.com/bolt-lays-off-17-employees-in-nigeria/

Leading ride-hailing platform Bolt has announced a collaboration with Flance, an employee benefits company, to provide Bolt drivers in Nigeria with access to discounted healthcare plans. Through this collaboration, Bolt driver partners can take advantage of Flance’s innovative technology and access high-quality, affordable healthcare services.

This information was disclosed by Ireoluwa Obatoki, Regional Manager for West and North Africa at Bolt, in an interview with reporters on Monday
The collaboration includes preventive care services such as regular checkups and screenings; telemedicine consultations for medical advice without having to leave their homes; and a network of trusted healthcare providers at reduced rates. All these measures are designed so that independent workers can stay healthy without breaking the bank or sacrificing quality care. The drivers will also receive exclusive discounts ...

https://ratecaptain.com/bolt-to-provide-nigerian-drivers-with-healthcare/