Happy Sunday esteem readers, welcome to this week’s Business Roundup. Here are the top highlights of events that happened during the week that you probably missed.
- Visa to acquire 20% stake in Interswitch ahead of IPO
- AMCON chief claims CBN and NDIC pushing for scrapping of agency
- Government charges N50 for multi-billion pipelines licences
- Disney joins the race to take down Netflix
Global payment group, Visa, has concluded plans to take up 20 percent stake in Nigeria’s Interswitch – a financial technology (fintech) company – ahead of its Initial Public Offering (IPO) at the London Stock Exchange (LSE) in the first quarter of 2020.
Ripples Nigeria reported that the deal will see Visa investing $20 million for 20 percent stake in return from Interswitch. With this, Visa will become the cornerstone investor in Interswitch. The report tells us more about the deal. Find out here.
The Asset Management Corporation of Nigeria, (AMCON), an agency acting as a stabilizing tool for the nation’s financial system may soon go into extinction if the push for its liquidation by the Central Bank of Nigeria (CBN), Nigerian Deposit Insurance Corporation (NDIC) and Ernst & Young sails through, its managing director has said.
In the report, Ahmed Kuru, AMCON’s Chief, who confirmed this at a recent forum, said the agency was already in talks with CBN, NDIC and Ernest &Young in a bid to resolve the differences between them. For smooth transition of possibilities, Ahmed Kuru has tabled some recommendations. Here is what the chief said.
Sixty-three years after the Oil Pipelines Act came into force, the country has continued to charge a meagre N50 for licences to operate pipeline networks worth $4.6 million, The Guardian reports.
We quoted the newspaper to have noted that the verification from the Department of Petroleum Resources (DPR) showed that over 85 per cent of the networks were in the hands of the private sector, while the rest, basically used to transport products, resided with the government. Click here to read other intriguing details in the report.
Multinational media and entertainment conglomerate, Walt Disney Company, on Tuesday launched its own online video stream/on-demand video platform –Disney+.
This launch is seeing Disney rival Netflix, Amazon, and Apple for the market share. Meanwhile, AT&T and Comcast are also bidding to enter the streaming market by next year, making the video streaming competition stiffer. Will Disney+ displace its competitors? Here is where to read up on its monthly subscription.
>>> On NSE ROUNDUP: >>> Banking stocks dominate trades as bourse closes week bullish
The Nigerian Stock Exchange (NSE) rounded up Friday’s trading sessions in positive territory, with the All-share Index growing by 0.03% to close at 26,851.68 basis points as the market maintained its N13.1 trillion market capitalization mark.
However, the market is down by 14.6% on a year to date basis. The top trades on the bourse today were totally dominated by banks as they traded in a sum of 336.8 million shares valued at N3.69 billion accounting for 66% of the total shares traded. Now, look at the top gainers and losers for the week.
Meanwhile, on our editorial Business Review segment;
On Tuesday, we examined the critical nature of Nigeria’s economic drivers, noting that the failing economy is as a result of these managers choice to walk backward into the future.
In the expository review, we disproved of the fact that the nation’s population was responsible for the drags and lags. Instead, we submitted that the widespread commonplace irregularities in practices, shallow insights resulting from expertise deficiency, and for the observed poor technology deployment both in the public and private sector, were responsible. Full review available here.
On Saturday, we published an interview featuring Ifede Kehinde Oluwaseyi of KennyD Collections where we discussed top marketing strategies to help businesses increase revenue during times of stiff market challenges.
Aside being a must-read for marketers, business owners and emerging entrepreneurs, it’s a mirror into the market realities of the Nigerian business ecosystem. Read up here.
Thank you for reading Ripples Nigeria. See you next week for another yet fresh serving of Business Roundup. And, don’t forget to stay here for the latest news and updates from around the globe. Happy Sunday and do have an eventful week ahead.