Business

Oyo Govt Provides Structured Security for Businesses to Thrive

Published

4 years ago

November 26, 2021

The Oyo State Government says it is leaving no stone unturned in providing a conducive business environment for businesses to thrive in the State, with the provision of credit facilities for Micro, Small and Medium Enterprises, Graduate loan scheme and other technical supports.

This disclosure was made by the Commissioner for Trade, Industry, Investment and Cooperatives, Barr. Olasunkanmi Olaleye while speaking at the Ibadan Business Festival, held at the Trans Amusement Park, Ibadan.

According to the commissioner who was represented by the Deputy Director Trade, Mr Olayinka Raimi, the Ministry being responsible for Trade and Investment in the State would be willing to offer necessary assistance to investors, young entrepreneurs and others in realizing their potential.

Olaleye stated that the State Government has provided structured security architecture for business men and investors to operate unhindered in the State, stressing further that the pillar of any meaningful development in any nation is security hence the ranking of Oyo State as one of the safest States in the Nation for transaction of business opportunities and growth.

The commissioner therefore commended the organizers of the program, Ibadan Business Hub, for coming up with such a program which is in line with the agenda of the present administration in the state in accelerating economic growth of the State.

Earlier in her address, the convener of the programme Mrs. Temitope Adelakun stated that Ibadan Business Hub is a one-stop platform that provides support for small and medium scale businesses in Ibadan and its environs to standardize and scale up their businesses.

Mrs. Adelakun stated that Ibadan Business Festival is an annual event that uses a mix of entertainment, talent hunt, networking, learning and collaborations to achieve an end goal of driving sales for registered vendors.

Business

CBN Sets POS Maximum Transactions In Fresh Guidelines

Published

1 day ago

October 8, 2025

Editor

The Central Bank of Nigeria has rolled out fresh guidelines for agent banking, known as Point of Sales, across the country.

The apex also in the guidelines pegged daily POS transactions at N1.2 million per agent and N100,000 per individual.

CBN disclosed this in a circular signed by its Director of the Payments System Management Department, Musa Jimoh.

The guidelines further mandate all financial institutions to publish the list of all their POS agents on their website and to display it in their branches.

CBN noted that the guidelines would take effect from April 1, 2026.

“The Guidelines aim to establish minimum standards for operating agent banking in Nigeria, enhancing agent banking to provide financial services and promoting financial inclusion, encouraging responsible market conduct and improving service quality in agent banking operations.

“This circular takes effect from the date of release, while the implementation of agent location and agent exclusivity shall be in effect from April 1, 2026.

“POS agents are restricted to a maximum of N1.2 million per day. Individual customers are limited to N100,000 in daily transactions.

“These limits are intended to curb misuse, enhance financial integrity, and protect consumers within the agent banking framework,” it stated.

Business

Naira Records First Appreciation Against US Dollar At Official Market

Published

1 day ago

October 8, 2025

Editor

The Naira recorded appreciation on Wednesday against the United States dollar at the official market, the first time in three days this week.

The Central Bank of Nigeria’s exchange rate data showed that the Naira strengthened to N 1,470.62 per dollar on Wednesday, up from N1,471.09 traded on Tuesday.

This means that the country’s currency firmed up slightly by N0.47 against the dollar on a day-to-day basis.

Monday and Tuesday, the Naira recorded negative sentiment at the official foreign exchange market.

However, at the black market, the Naira remained unchanged at N1,500 per dollar on Wednesday, the same rate exchanged on Tuesday.

The apex bank data indicated that the country’s external reserves, a determinant of the exchange rates, stood at $42.57 billion as of October 7, 2025.

Business

SEC Warns Nigerians Of AfriQuantumX Ponzi scheme

Published

1 day ago

October 8, 2025

Editor

Nigeria’s Securities and Exchange Commission (SEC) has named AfriQuatum, with a claimed worth of N76 billion, as a Ponzi scheme.

The regulator also urged the public to be cautious about investing with the firm.

SEC disclosed this in a recent statement.

According to the SEC, any person who places an investment or engages with the entity does so at his or her own risk, adding that its operations exhibit characteristics commonly associated with fraudulent Ponzi schemes.

“The attention of the Securities and Exchange Commission has been drawn to the activities of AfriQuantumX, which holds itself out as an investment platform trading on and selling cryptocurrency and stocks to investors in Nigeria.

“The Commission hereby informs the public that AfriQuantumX is not registered by the Commission either to solicit investments from the public or operate in any capacity within the Nigerian capital market,” SEC stated.