Business News
NSE ends Friday on a negative note as MTN loses for the first time
The Nigerian Stock Exchange ended Friday’s trading session in negative territory. The All Share Index closed at 30, 881.29 basis points, down 1.89%.
Published
2 years agoon

The Nigerian Stock Exchange ended Friday’s trading session in negative territory as MTN Nigeria Plc makes top losers’ list since its NSE debut. The All Share Index closed at 30, 881.29 basis points, down 1.89%.
Year to date, the index is down 1.75%.
Top Gainers and Losers: Ecobank Transnational Inc was the best performing stock today. The stock gained 9.84% to close at N10.05. Fidson Healthcare Plc gained 9.78% to close at N5.05. Fidelity Bank Plc gained 9.70% to close at N1.81. Japaul Oil gained 8.33% to close at N0.26. Finally, ABC Transport rounds up the top gainers’ list with a 7.69% gain and a share price of N0.28.
On the flip side, Neimeth International Pharmaceuticals Plc was the worst performing stock, declining by 8.93% to close at N0.51. Consolidated Hallmark Insurance Plc fell by 8% to close at N0.23. Academy Press Plc rounds up the top three losers for the day. The stock shed 7.41% to close at N0.25.
Meanwhile, MTN Nigeria Plc makes a surprising debut on this top losers’ list for the first time since its NSE listing. The stock lost by 6.04% to close at a price of N140.
Finally, Nigerian Breweries Plc rounds up the top losers’ list by shedding 6.00% to close at a share price of N58.00.
Top Trades by Volume: Guaranty Bank Plc was the most actively traded stock today. 54 million shares valued at N1.7 billion were traded in 194 deals. United Bank of Africa Plc was next with 46.1 million shares valued at N262 million traded in 388 deals. FBN Holding Plc rounds up the top three most actively traded stocks today with 18.4 million shares valued at N129 million traded in 162 deals.
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Corporate deals
DEAL: Nigeria’s Cowrywise raises $3m pre-series A funding
Nigerian fintech startup, Cowrywise has raised $3m in pre-series A funding.
Published
16 mins agoon
January 28, 2021
Nigerian fintech startup Cowrywise has raised $3m pre-series A funding.
This funding round was led by Washington DC-based Quona Capital, with participation from Sahil Lavingia, Tsadik Foundation, and a syndicate of local and diaspora based Nigerian angels.
Founded by Razaq Ahmed and Edward Popoola in 2017, Cowrywise gives Nigerian’s access to a range of goal-oriented savings and investment products.
The Quona led investment brings Cowrywise’s total funding amount to $3.3 million since its 2017 launch.
The company first introduced savings on its platform, followed by mutual funds and they currently have 19 different mutual funds and at least 20% of the total mutual funds in the country are listed on its platform.
According to Ahmed, while Nigerian’s millennials may have high digital connection levels, they lack access to high-quality savings and investment products. Which is what Cowrywise is offering.
The startup has more than 220,000 users currently. According to the Techcrunch, there are only half a million Nigerians actively investing in mutual funds. When compared to the total number of active bank accounts in the country of more than 40 million, it is obvious Cowrywise still has room to grow in the $3 billion markets.
This new funding will be used to increase its customer base and also expand its product offerings, support more fund managers in Nigeria, and build its investment management structure.
What you should know
- Cowrywise, an app that helps you easily plan, save, and invest online with the strongest interest rates and investment returns is the first Nigerian startup to be backed by Quona Capital.
- In June 2018, Cowrywise closed an Angel round of $50,000 led by Microtraction. In August 2018, it raised a $120,000 seed round from Y Combinator and another seed round from Kairos by December of the same year.
- It received undisclosed funding from K-50 Ventures in April 2019, before receiving an $80,000 grant from UK-DFID backed accelerator, Catalyst Fund. A first for a Nigerian startup.
- In February 2020, Quona Capital led the $14 million series A round for Kenyan eCommerce Startup, Sokowatch.
- The company has also significantly invested in South African startups like Lulalend, Yoco, ZOONA, and ALLLIFE.
Tech News
Whatsapp to require biometric authentication for PC and web access
WhatsApp is adding a new biometric feature to confirm users’ identity when linking accounts to PC or the web.
Published
35 mins agoon
January 28, 2021
WhatsApp is adding a new biometric feature to confirm your identity when you want to link your WhatsApp account to a PC or the web.
The social media app is rolling out this new feature for its web and desktop apps, which will let people create an additional authentication layer using biometrics when they want to use WhatsApp on desktop or web.
Users will now have the option (not a requirement) to add in a biometric login, which uses either a fingerprint, face ID, or iris ID — depending on the device — on Android or iPhone, to add in the second layer of authentication.
When implemented, it will appear for users before a desktop or web version can be linked up with a mobile app account.
WhatsApp told TechCrunch that it is going to be adding in more features this year to bring the functionality of the two closer together. There are still big gaps: for example, you can’t make calls on the WhatsApp web version.
To be clear, the biometric service, which is being turned on globally, will be opt-in: users will need to go to their settings to turn on the feature, in the same way, that today they need to go into their settings to turn on biometric authentication for their mobile apps.
WhatsApp has added that it will not be able to access the biometric information that you will store in your device and that it is using the same standard biometric authentication APIs that other secure apps, like banking apps, use.
This new feature will work alongside another, which sends your phone notifications whenever somebody logs into your account on the web or a computer.
What you should know
- The company has been getting a lot of backlashes since it announced it will now share its users’ personal information, including phone numbers, IP addresses, contacts, and more with Facebook from February 8, 2021.
- WhatsApp’s new privacy policy forced many users to quit the app and to seek alternatives in Signal and Telegram
Economy & Politics
Nigeria, now 2nd most corrupt country in West Africa – Transparency International
Nigeria is now the second most corrupt country in W/Africa with Guinea-Bissau the only country more corrupt than Nigeria in the region.

Published
1 hour agoon
January 28, 2021
The Corruption Perception Index (CPI) 2020 report published by Transparency International indicates that Nigeria occupies the 149th position out of the 180 countries surveyed as well scored 25 out of 100 points.
With the current ranking, Nigeria is now the second most corrupt country in West Africa with Guinea-Bissau the only country more corrupt than Nigeria in the sub-region.
It can be recalled that in the 2019 report, Nigeria was ranked 146th out of the 180 countries surveyed, scoring 26 points out of 100 points.
What you should know
- The Corruption Perception Index (CPI) is an annual survey report published by Berlin-based Transparency International since 1995 which ranks countries by their perceived levels of public sector corruption, as determined by expert assessments and opinion surveys.
- The CPI scales zero (0) to 100, zero means “Highly Corrupt,” while 100 stands for “Very Clean”.
- Nigeria’s ranking on the corruption perception index has continued to drop in the last four years.
- With the current ranking, Nigeria is two steps worse off than she was in 2018 when she scored 27 points to place 144th out of 180 countries.
- Only 12 countries are perceived to be more corrupt than Nigeria in the whole of Africa. The countries are the Democratic Republic of Congo, Libya, Equatorial Guinea, Sudan, Somalia, Zimbabwe, Chad, Eritrea, Burundi, Congo, Guinea Bissau, and South Sudan.
- Somalia and South Sudan remain the most corrupt nations on earth, according to the CPI 2020 ranking.
- Denmark, New Zealand, Finland, Singapore, Germany, Sweden Switzerland, Norway, The Netherlands and Luxembourg are the least corrupt countries in the world.
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Olajide owolabi
May 24, 2019 at 9:12 pm
Fbn share traded was valued in millions not billions.
Teingo Inko-Tariah
May 24, 2019 at 10:36 pm
Oh so MTN is no longer leading? Interesting.