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Economy

Palm oil business wins N2m startup fund

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Kernelincs Resources, an Abia-based palm processing and packaging startup, has won N2 million equity-free funding for the best pitching at the 2019 Nigeria Startup Day for South East.

Mr Daniel Chinagozi, Founder of Innovation Growth Hub, which co-organised the event,  announced the result at a press briefing on Thursday in Aba.

The first runner-up is Honey Empire which specialises on honey production and packaging while the second runner-up is GreenBox Africa, which produces  cheap solar power generators.

Chinagozi said the programme – the second – had over 543 startups applying, with screening reducing  the number to the 330 enlisted to receive free business advice.

He said that Kernelincs Resources pitching was promising.

He said that the startup would receive N1.5 million in a week’s time and the remaining N500,000 after three-month mentoring.

The organiser said other nine sucessful contestants would  receive N1 million equity-free funding in two tranches: the first N500, 000 in August and the remaining N500, 000 after three months’ mentoring.

According to him,  the pitching was part of a three-month business incubation programme to upgrade the knowledge and skills of young entrepreneurs to enable them to succeed.

Mr Kingsley Amajuoyi, the Proprietor of the winning startup, said that he began planning to bring hygenic and safe oil palm production and packaging when his father died from a sickness connected to unhealthy food.

“I am speechless, I am so excited. I wish that my father were alive to see this happen; I am very grateful to God.

“I dedicate this to my father because losing him woke me up to the responsibility of helping people to consume healthy foods, and I am glad to be doing that.

”In the next couple of months, you will see us in shops around Nigeria, and we aim to expand into other products,” he said.

Mr Mishack Obioha, the Executive Director, Venture Platform Foundation, a subsidiary of Innovation Hub, said the company believed African entrepreneurs would solve the continent’s problems and facilitate its development.

He said that the belief spurred the company to design different programmes to support emerging entrepreneurs.

He listed Startup Incubation as one of the programmes.

According to Obioha, the company  is carrying out the programme in partnership with Federal Government.

“Through this programme, we are incubating 110 companies, we are also supporting another 330 companies, making it 440 companies to be supported by  the Startup Nigeria Programme,” he said.

He said that the winners emerged on merit, noting  that the winning startups were promising.

Ms Ezinne Uzoije, a Manager in Inovation Hub, said that managing startups had been interesting.

She hoped that the emerging companies would solve Africa’s problems.

Economy

CBN injects $297.92 into secondary market

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The Central Bank of Nigeria (CBN), has injected  297.92 million dollars into the retail Secondary Market Intervention Sales (SMIS).

The bank’s Director, Corporate Communications Department, Mr Isaac Okorafor made this known in a statement in Abuja on Friday.

Okarafor disclosed that CBN also injected CNY21.2million in the spot and short-tenured forwards segment of the inter-bank foreign market.

According to him, the United States dollars-denominated transactions are to meet requests in the agricultural and raw materials sectors, while those in Chinese Yuan are for Renminbi-denominated Letters of Credit.

The director reiterated that the bank’s management was satisfied with the continued stability in the foreign exchange market.

He assured that the CBN remained committed to meeting  foreign exchange needs of all sectors of the economy.

Meanwhile, N358 was exchanged to a dollar, while CNY1 exchanged at N46 at the Bureau De Change (BDC) segment of the foreign exchange market on Friday.

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Economy

No electricity tariff increase has been approved yet —— NERC

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The Nigerian Electricity Regulatory Commission (NERC), says no tariff increase has been approved by the commission yet.

In a statement, Mr Usman Arabi, NERC’s General Manager, Public Affairs, however,  in a statement on Friday in Abuja said it was still consulting with stakeholders.

He said that the commission  wished to notify the public that no tariff increase had been approved by the commission contrary to the impression in some quarters.

“However, the commission in the discharge of its statutory responsibilities enshrined under the  Electric Power Sector Reform (EPSR) Act, shall continue to undertake periodic reviews of electricity tariffs in accordance with prevailing tariff methodology.

`In all instances of such reviews and rule-making, the commission shall widely consult stakeholders and final decision shall be  taken with  due regard of all contributions,” he said. .

Arabi said that the commission wished to provide guidance that the minor review implemented by the commission was a retrospective adjustment of the tariff regime released in 2015

He said that this was to account for changes in macroeconomic indices for 2016, 2017 and 2018, “thus providing certainty about revenue shortfall that may have arisen due to the differential between tariffs approved by the regulator and actual end-user tariffs,” he said

 

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NSE: Market indices upbeat, up by 0.62%

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Trading on the Nigerian Stock Exchange (NSE), for the third consecutive days, maintained a bullish trend to close the week upbeat.

The Nigeria News Agency reports that the crucial market indices on Friday appreciated further with a growth of 0.62 per cent.

Specifically, the market capitalisation of listed equities inched N33 billion or 0.62 per cent to N13.524 trillion from N13.441 trillion achieved on Thursday.

Also, the All-Share Index rose by 170.51 points or 0.62 per cent to close at 27, 800.17 points against 27,629.66 posted on Thursday.

An analysis of the price movement table shows that Nestle led the gainers’ table, growing by N10 to close at N1, 230 per share.

Unilever followed with a gain of N2.45 to close at N29.45, Guaranty Trust Bank gained 90k to close at N27.90 per share.

Forte Oil improved by 66k to close at N16, while C & I Leasing also added 60k to close N7.30 per share.

Conversely, Dangote Cement Industry recorded the highest loss to lead the losers’ table, declining by 50k to close at N166.50 per share.

Continental Reinsurance trailed with a loss of 10k to close at N1.50, while Dangote Sugar Refinery was down by 10k to close at N1.30 per share.

Triple Gee lost 7k to close at 63k, while Unity Bank declined by 6k to close at 63k per share.

Similarly, the volume of shares traded closed higher with a total of 1.24 billion shares valued at N3.29 billion in 3,644 deals.

This was in contrast with 272.60 million shares worth N4.49 billion exchanged in 3,425 deals on Thursday.

Sovereign Trust Insurance Plc was the most active stock, trading 900.02 million shares valued at N216 million.

FBN Holding followed with an account of 80.12 million shares worth N401.08 million, while Courtville traded 55.07 million shares valued at N12.11 million.

Access Bank sold 36.42 million shares worth N236.89 million, while Transcorp exchanged 34.56 million shares valued at N36.94 million.

JNC/GOK

Edited by Olagoke Olatoye

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Economy

Multiple subscriptions: SEC regularises over 3.4bn shares

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Economy

FMDQ’s transition to full exchange will create competition – SEC

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