All the latest news from Investing Port https://www.investingport.com Nigerian based HR solution company WorkFlowsHR start their operation as the go to company for all Human Resources tools and they are now taking on companies that wants to simplify their HR processes. The most critical part of running a business or a cooperation is hiring talents and retaining them, then the training part and the full-on boarding process. A process that can take months without the right tool. WorkflowHR has a lot to offer in simplifying this process, the company has developed a robust software tool that will automate human resources management and will end up saving companies a lot of money. To pay salary alone can take a lot of time if the business owner has to do a bank transfer to each employee, then manage employee’s medical plans, employment benefit and so on. Advantage of using WorkFlowsHr solution · Recruiting· Retention· Success· Productivity· Time management· Easy to use payroll tools· And other tracking tools that helps the organization to be more efficient.· Arranging interviews· Coordination the hiring process· Onboarding and offboarding WorkFlowsHr’s platform also serves as digital portal for saving, accessing and processing company related information. It also helps companies to manage their attendance tracking. The Nigeria paged HR company is based in Lagos but they operate]]> Wed, 26 Jun 2024 22:52:17 EST https://www.investingport.com/workflowshr-rolls-out-human-resource-solution-tools-in-nigeria/ https://www.investingport.com/workflowshr-rolls-out-human-resource-solution-tools-in-nigeria/ Market Rally on Fed Optimism:The S&P 500 surged 0.85% to close above 5,400 for the first time.The Nasdaq Composite climbed 1.53%, reaching a new record high.The Dow Jones Industrial Average slightly dipped by 0.09%.Investors were buoyed by the Federal Reserve's acknowledgment of "modest further progress" toward its 2% inflation target, despite no change in interest rates.Federal Reserve and CPI Insights:The Federal Reserve indicated only one rate cut is expected before the end of the year, a reduction from the three cuts projected in March.The key interest rate remains unchanged at 5.25%-5.5%.The consumer price index (CPI) for May showed no increase month-over-month but a 3.3% rise year-over-year.Fed Chair Jerome Powell emphasized ongoing caution, stating that current conditions don't justify loosening policy.Broadcom's Strong Performance and Stock Split:Broadcom exceeded earnings expectations for its second fiscal quarter and raised its annual sales forecast.The company announced a 10-for-1 stock split, effective July 15, causing a 13% jump in premarket trading.Broadcom's AI product sales significantly contributed, with $3.1 billion in revenue for the quarter.Sony Acquires Alamo Drafthouse:Sony Pictures acquired the dine-in movie theater chain Alamo Drafthouse, marking the first major studio purchase of a theater chain since a 2020 rule change.Alamo Drafthouse, the seventh-largest chain in North America, emerged from Chapter 11 bankruptcy in 2021 with private equity backing.GameStop Trading Volatility:GameStop shares experienced a significant sell-off, coinciding with high trading volume in call options associated with Keith Gill, known as "Roaring Kitty."Speculation arises whether Gill is behind the sell-off, as he last disclosed his position on Monday.With 93,266 call contracts traded, questions remain about Gill's ability to exercise these options set to expire on June 21.GameStop’s annual meeting is scheduled for Thursday morning, adding to the trading activity.]]> Thu, 13 Jun 2024 23:14:08 EST https://www.investingport.com/key-market-updates-before-the-opening-bell/ https://www.investingport.com/key-market-updates-before-the-opening-bell/ Raoring kitty is live and you can watch it here. ]]> Fri, 07 Jun 2024 12:34:04 EST https://www.investingport.com/roaring-kitty-schedules-youtube-livestream-on-youtube/ https://www.investingport.com/roaring-kitty-schedules-youtube-livestream-on-youtube/ Brass Banking acquisition lead by Paystack and Piggyvest is the newest development in the Nigeria startup world today. The company is into business banking and the difficulty of running such business in Nigeria is probably the reason for accepting the acquisition offer. They are in a cash-hole, they want to stay in business, they tried to raise money and all but they had to sell. They will now be part of Paystack and co. “We’re excited to act as new stewards for Brass’ mission: to enable entrepreneurship for Africans, making it more frictionless, and successful,” the investors told TechCabal in an email.check below to read more. Two people familiar with the company’s finances claim there was a ₦2 billion hole in Brass’s balance sheet. The same people said the company’s leadership could not account for how the money was spent. “Like many businesses, Brass faced headwinds within the last few months given the difficult business environment,” the investors said in response to questions about those liabilities. “With a healthy investment of new capital, Brass is in an incredible position to deliver a world-class financial operations stack for businesses in Africa.”TC ]]> Tue, 28 May 2024 12:01:13 EST https://www.investingport.com/brass-banking-nigeria-acquired-by-paystack-and-co/ https://www.investingport.com/brass-banking-nigeria-acquired-by-paystack-and-co/ Nigeria’s economy grew by 2.98 percent year-on-year in real terms in the first quarter of 2024, according to the National Bureau of Statistics. This growth rate is higher than the 2.31 percent recorded in Q1 2023 but lower than the 3.46 percent in Q4 2023.The GDP performance was primarily driven by the services sector, which grew by 4.32 percent and contributed 58.04 percent to the overall GDP. The agriculture sector grew by 0.18 percent, improving from a decline of -0.90 percent in Q1 2023. The industry sector saw growth of 2.19 percent, up from 0.31 percent in Q1 2023.Analysts had predicted faster economic growth due to an expansion in the Purchasing Managers’ Index (PMI) and a lack of economic strain compared to Q1 2023. Bolade Agboola, an energy and consumer growth analyst at ChapelHill Denham, noted improvements in oil production as a positive factor for Q1 2024 economic output]]> Fri, 24 May 2024 09:49:45 EST https://www.investingport.com/nigerias-s-gdp-rises-298-in-q1-on-services-sector-growth/ https://www.investingport.com/nigerias-s-gdp-rises-298-in-q1-on-services-sector-growth/ Dangote Sugar Plc has disclosed its plans to issue Commercial Papers (CPs) in several tranches to raise N50 billion.The company intends to raise N50 billion in its two most recent offerings, Series 4 and 5, at 25% for nine months and 23% for six months.The offer will close on May 22, 2024, and settle on May 23. It opened on May 16, 2024.Dangote Sugar Refinery is Sub-Saharan Africa’s largest sugar refinery, with a combined installed refining capacity of 1.49 MMT per annum. The company plans to produce an additional 1.5 million metric tonnes of refined sugar from locally grown sugarcane in the medium term. With its backward integration plan, it is well on its way to becoming a major global integrated sugar producer.In Series 1, 2, and 3, Dangote Sugar Refinery has raised approximately N99.01 billion since its N150 billion commercial paper issuance program was accepted to FMDQ on February 9.In Series 1, N39.39 billion worth of CPs were reported to have been issued at a discount rate of 17.08% and a tenor of 266 days. For Series 2, N6.15 billion CPs were issued at a 19.81% discount rate and a tenor of 184 days. In Series 3, N53.47 billion worth of the CPs were issued at 21.30% and a tenor of 254 days.The private sector was forced to raise rates on its debt instruments following the initial 600 basis point hike in benchmark interest rates by the Cardoso-led Monetary Policy Committee to 24.75%.Since then, investor demand for government securities has been very strong, with treasury bill true yields reaching as high as 27% and currently averaging 26%.Stop rates on the FGN Savings Bonds are more than 19%.Additionally, it led Nigerian banks to raise their lending rates, which increased the servicing costs for customers who already had loan facilities with the banks.Interest rates on investment instruments have been increased by the Monetary Policy Committee's to 150 basis point increase in rates today, bringing them to 26.25%.Oladipo Samuel, a senior portfolio manager at Lead Asset Management Limited, expressed worries regarding how businesses would be affected by the increase in federal government rates. According to him, companies need to offer their instruments at a rate more competitive than the current average of 19% for federal government instruments to draw in investors.It was also reported that VFD Group also declared last week that it planned to raise N6 billion with a 30% yield.]]> Thu, 23 May 2024 10:54:59 EST https://www.investingport.com/dangote-sugar-plc-plans-n50-billion-commercial-papers-issuance/ https://www.investingport.com/dangote-sugar-plc-plans-n50-billion-commercial-papers-issuance/ One way you can build income is by making a suitable investment. Thanks to technology, investing is closer to our doorsteps than in the past, when if you didn’t go to traditional banks, you wouldn’t know much about investing.Because of this, there has been an increase in digital platforms, allowing Nigerians to invest right from the comfort of their homes. One of those investment platforms in Nigeria is Chaka Investment, which we will shed more light on in this article. With the Chaka investment platform, you can start your investment journey in just a few steps. What Is the Chaka Investment Platform All About?Chaka is an investment platform in Nigeria, also known as one of Nigeria’s renowned investment platforms. This platform gives you access to a wide range of stocks and ETFs from more than 4,000 local and international companies.The company started in 2019 as a privately owned digital investment platform that allows you to invest as little as $1,000 or $10 in stocks. Chaka has partnered with many broking and stock firms in Nigeria and the United States to facilitate stock investments.This technology solutions company wants to make it easier for African individuals and businesses to access wealth management opportunities and digital investments without boundaries. What Services Does Chaka provide?The Chaka investment platform offers the following unique features:1. SmartInvestYou can put your entire investment portfolio on the Chaka platform by using the SmartInvest feature. Using this feature, the platform will automatically build an investment portfolio based on your risk tolerance and goals.2. ChakaStocksThe ChakaStocks option lets you purchase, trade, and own stocks from over 40 countries, including the US and the UK.Additionally, the Chaka platform allows you to access over 4000 ETFs and stocks on the NASDAQ, the New York Stock Exchange, and the Nigerian Stock Exchange.How Do I Register on Chaka?If you want to register on this investment platform, follow the steps listed below:1. Install the Chaka app on your phone. You can download this from the iPhone App Store or the Google Play Store.2. Register on the investment platform by entering your basic information.3. Lastly, verify the details you entered. Once you complete this step, your account is set.You can also register through Chaka’s official website, www.chaka.com. Just visit their site, tap the menu, and click the “Start Investing” toolbar. Is Chaka Investment Safe to Invest In?It is safe to make investments on the Chaka platform, yes. It is properly approved and governed by the relevant authorities. This platform uses AES-level encryption to encrypt and protect all user traffic, ensuring user security. Your transaction and personal information are guaranteed to remain private thanks to the strong security offered by the AES-level encryption between your phone and the Chaka servers.Steps to Begin Investing in Chaka?To begin investing on the Chaka platform, follow these steps: 1. Create an account on the mobile app2. Next, fund your Chaka digital wallet3. Build your portfolio by investing in stocksWhen you use SmartInvest, Chaka automatically creates a portfolio tailored to your needs. What Requirements Do I Need to Open a Chaka Account?Here is the information you have to provide if you want to create a Chaka wallet and start investing: 1. Your complete name, contact number, and email address 2. Bank verification number (BVN)3. A valid IDWhat Is the Minimum Amount to Invest in the Chaka Platform?You can invest as little as $10 or N1000 in Chaka as an investor. Visit the Chaka FAQ section to learn more about the costs associated with using this platform.How Much is the Investment Returns On the Chaka Platform?Your returns on investment on their platform are not under the control of Chaka. It functions similarly to a digital stock broker by acting as a go-between for you and stocks and ETFs worldwide. The performance of the stocks you purchase is what essentially determines your ROI.Can You Lose Money by Investing With Chaka?There is always an underlying risk when making investments. You will lose money if the stocks you buy depreciate because there is no 100% assurance that they will perform well.How to Contact Chaka for Any Issue?Here are the ways to reach out to the Chaka investment platform:Address: 6, Osborne Road, Ikoyi, Lagos, Nigeria Phone Number: 07011204586Email Address: [email protected]: www.chaka.com]]> Thu, 23 May 2024 08:45:04 EST https://www.investingport.com/chaka-investment-and-everything-you-need-to-know/ https://www.investingport.com/chaka-investment-and-everything-you-need-to-know/ Investing with Pillow Fund is one way to increase your savings and investments. With the advancement of fintech, traditional banking has loosened its grip, as you must not show up in a bank before you can invest or grow your portfolio. You can navigate secured investment apps and plan for the future in the comfort of your home.Many investment apps are out there that encourage both young and old to become rugged investors by apportioning some of their savings for the future. Today, we will be looking at one of those investment platforms said to be tested and trusted. With the proper information and management, Pillow Fund can make you wealthy. This article will discuss the Pillow Fund and how you can navigate its system to seamlessly transition into becoming the person you wish to be.What is Pillow Fund?Pillow Fund is an investment management platform established in 2021. It was founded by Arindam Roy, Kartik Mishra, and Rajath KM.The platform aims to offer investors digital asset management and assist them in getting good returns on their investments over time. Pillow Fund has been said to be one of the best platforms for high-yielding returns when investing in crypto. In addition, they also tutor you on the best areas to grow your investment quickly.Pillow Fund motivates its investors to save their digital assets in USD-backed cryptocurrencies from the comfort of a mobile application. This ensures that despite the devaluation of the naira, their assets remain intact and increase.In Nigeria and Africa, Pillow Fund has registered its feet as one of the biggest asset management platforms on the continent. With its goals backed by legitimate proof, it will do even better in the future in liberating millions from poverty.So far, the platform has 100,000 users across 60+ nations worldwide. According to the CEO's speech about their insight into Nigeria (a giant of Africa), the firm seeks to create an enabling environment for Nigerians to rise in investment by leveraging the current trend of cryptocurrencies. A look at what the CEO said below."Pillow truly aspires to reward a culture of savings and financial discipline in Nigeria, where young, hardworking, ambitious Nigerians can take control of their finances, achieve their life goals, and work towards financial freedom. And we're creating a suite of high-quality, secure, & transparent financial products that will grant our users access to global economic opportunities and let them take control of their finances", according to Arindam Roy, CEO of Pillow.How Does Pillow Fund Work?Pillow Fund is a digital asset management platform that assists users in earning high-yielding returns on their assets when they sign up to its system and make an investment. When you save with Pillow Fund, the next step is to Invest, after which you earn returns. It's that simple.Their interest rate is very encouraging, as users can earn up to 14% or more when they invest per annum in their deposits. The interest rate cuts across other savings schedules. It's good to look more into the length of time you want to invest your funds.Pillow Fund returns by investing your funds into the best blue-chip Defi protocols on blockchain networks. The platform also has a dedicated research team of experts and advisors who examine 500+ protocols across 10+ chains. With their eyes on the market, they discover the best and safest protocols to invest users' savings.How To Get Started With Pillow FundInvesting in Pillow Fund is very easy with the following steps detailed below:Collect all your national documents and ensure you have a working email address you will use when signing up. Once sorted out, you must sign up on the app with your email address.Move on to complete your KYC. Next, you make your first deposit, which should not be less than N1,000. As a new investor, you can also start investing and stand a chance to earn daily and up to 14% interest per annum. You can also invest in other products or assets offered by the platform.How to Download the Pillow Fund Mobile AppThe Pillow Fund mobile app is designed to give investors a clear path to all the products and services rendered by Pillow that are available.To download the Pillow Fund mobile app, you have to:Type “Pillow” in your Google Play Store and click on search.The Pillow app has a feather-like logo, which is easy to identify. It is in white and black color.Next, you hit the download button, so it will save on your phone.After some minutes, the Pillow app will appear on your phone. Here, you can easily sign up or sign in to your account and enjoy their services.How To Withdraw Funds From Pillow Wallet To Your WalletThe steps below will guide you on withdrawing funds from the Pillow wallet. Let’s look at the steps below.You need to select the caseNext, you enter the address and amount of funds you want to withdraw. Click on ” withdraw.”After this, you will be sent an OTP, which you will be expected to confirm the withdrawal with the OTP sent to your registered email address.Ways to Contact PillowSupport: [email protected]: https://www.pillow.fund/ng]]> Thu, 23 May 2024 02:53:49 EST https://www.investingport.com/how-to-invest-in-pillow-fund-in-2024-made-easy/ https://www.investingport.com/how-to-invest-in-pillow-fund-in-2024-made-easy/ Transcorp Power Plc revealed on Monday this week that its 2023 financial year's revenue increased from N142.1 billion to N90.3 billion, 57.3% from the corresponding year, which finished at N90.3 billion in 2022.Transcorp Power's Profit Before Tax (PBT) increased by 84.4% to N52.8 billion from the corresponding year, which finished at N28.6 billion in 2022, while the company's operating profit rose to N64.63 billion from N35.87 billion the year before.The company also announced that, in addition to its present 650 megawatts of power generation capacity, it intended to increase it to an additional 250 megawatts by December.Speaking at Transcorp Power Plc's 11th Annual General Meeting (AGM), which is said to be the first since the company went public in March, Chairman Mr. Emmanuel Nnorom, the head, stated that the results showed the company's resilience in the face of shifting market dynamics.Related News:JUST IN: Transcorp Power List on Nigerian Stock ExchangeTranscorp Power Plc Aims to Generate 740MW by the End of 2024Transcorp Power Plc Gains Momentum on NGX Days After Its ReleaseThe company's shareholders also praised its professionalism and dedication to increasing shareholder value. They approved N23.46 billion in dividends for the year under review or N3.13 kobo per share. Nnorom emphasised the company's achievements from the previous year and gave investors confidence that it would continue to maintain its outstanding financial performance and improve the lives of Nigerians. He said, “Last year’s strong performance is a testament to the resilience of our business strategies, underpinned by a culture of strong corporate governance. We know that with our strategy and the dedication of our team, we will continue to deliver exceptional value to all stakeholders.”Mr. Peter Ikenga, Managing Director/Chief Executive of Transcorp Power, also attributed the company's success to the methodical implementation of its strategies and conscious focus on improving operational efficiency.He said the company’s focus was to ensure that all the power generated in the plant is evacuated, pointing out that it is working with the Transmission Company of Nigeria (TCN) in this regard.He said, “We will continue to work with all the stakeholders within the power value chain to improve the power supply to all Nigerians. Today is our first AGM since we listed on the floor of the NGX, and it’s truly an exciting day for us, and we are very happy. You were in the hall, and you heard the commendations from shareholders; their support was quite encouraging, and their energy was palpable.“My team and I are poised to do greater things than the things we achieved in 2023. And so, to our shareholders, the trajectory you see over the past five years – consistent growth in revenues, profitability – we will continue to sustain that trajectory and even surpass last year’s performance.”He added, “We already have programs in place and are recovering additional capacity. By the end of this month, we hope to add an additional 125 megawatts to our existing capacity, and by the end of the year, we hope to add another 125 megawatts to make it a total of 250 megawatts.“The investments are already ongoing and the execution is ongoing. We have our team working day and night to make sure we meet the objectives we’ve set for ourselves in 2024.”However, Transcorp Power received special praise from one of the company's shareholders, Mrs. Bisi Bakare, for consistently exceeding shareholder expectations.She said, “I am very satisfied with Transcorp Power’s performance. It demonstrates their commitment to creating value for us shareholders, which is what we are all here for.”The company’s social responsibility activities were also commended at the AGM. They have contributed to the country’s sustainable development, particularly in education, community development, and environmental sustainability.]]> Wed, 22 May 2024 11:31:29 EST https://www.investingport.com/transcorp-power-plc-generates-n1421-billion-in-2023-fy/ https://www.investingport.com/transcorp-power-plc-generates-n1421-billion-in-2023-fy/ Nigeria is one of Africa's biggest and most active stock markets. Due to its population, many investors from this region and beyond can choose from various strategies to grow their wealth and diversify their investments. However, even when this is encouraged, many still find it challenging, especially new investors who have yet to properly understand the Nigerian stock market, especially if they lack the knowledge, skills, and resources to navigate it successfully.To make investing a goal for many, Trove has introduced its micro-investment platform, where Nigerians can invest in local and foreign stocks, bonds, ETFs, and more with as little as N1,000 or $10. Trove investment app also offers access to real-time data, sophisticated tools, and educational materials to assist investors in making wise decisions and reaching their financial objectives.In this article, we will examine how to invest in Trove. We will explain the steps in using Trove to invest in the Nigerian stock market and discuss some advantages and disadvantages. Step-by-Step Process to Invest in the Nigerian Stock Market With TroveInvesting in the Nigerian stock market with Trove is very easy and convenient. Here are the steps you need to follow:To sign up, visit https://app.trovefinance.com/sign-up/NVI2QX. Alternatively, you can download the Trove app and create an account from the Google Play Store or the Apple App Store. Next, you must provide your BVN, address verification, bank information, and personal information to finish the KYC process. The approval process could take up to 24 hours or longer.You can fund your Trove account by transferring money from your bank or debit card or by linking both. Depending on the currency you wish to invest in, you can fund your account with US dollars or Naira.The Trove app allows you to search for or browse securities that interest you. You can invest in US, Chinese, and Nigerian stocks, bonds, and ETFs.After deciding which security to purchase, enter the desired purchase amount. You can also specify a market or limit price for your order.Pay the necessary fees and confirm your order. Trove charges a 1% commission for overseas securities and 0.5% for Nigerian securities. Depending on the security and market, additional fees, such as SEC fees, VAT, and stamp duty, may apply.Using the Trove app, track the performance of your portfolio and keep an eye on market changes. To help you advance your understanding and proficiency in investing, you can also access various tools and resources, including news, analysis, charts, and learning portals. When you are ready to pull out of the market or take profits, sell your securities. You can also place a take profit or stop loss order to protect your investment or lock in your profits. Anytime you want, you can take money out of your bank account.Advantages of Investing in the Nigerian Stock Market with TroveInvesting in the Nigerian stock market with Trove has many advantages, such as:You can diversify your portfolio across various markets, sectors, and asset classes and access domestic and international securities.You can begin investing with as little as N1,000 ($10) and use affordable, clear fees.Make wise and well-informed investment decisions by utilising the power of technology and data.Learning from the community and experts can increase your confidence and financial literacy.You can reach your long-term financial objectives, including saving for a major purchase, retirement, or education.Disadvantages of Investing in the Nigerian Stock Market With TroveInvesting in the Nigerian stock market with Trove has many disadvantages, such as:If the market performs worse than you anticipated or if the business you invested in underperforms or files for bankruptcy, you might lose money.If you invest in overseas securities, you might be exposed to currency risk, as fluctuations in exchange rates could impact your profits.Investing in securities that are difficult to trade or have low volume puts you at risk of being unable to sell them quickly or for a good price.If the government or regulators alter laws or regulations that impact the market or the securities you invested in, you might be exposed to regulatory risk.]]> Wed, 22 May 2024 08:06:38 EST https://www.investingport.com/how-to-use-the-trove-investment-app-effectively-in-2024/ https://www.investingport.com/how-to-use-the-trove-investment-app-effectively-in-2024/