Business457 Videos

DPR says 2020 marginal oilfield bid still on

The Department of Petroleum Resources (DPR) says the bid round process for its 57 marginal oilfields in the country is still ongoing. Mr Paul Osu, Head, Public Affairs, DPR, told the News Agency of Nigeria (NAN) on Friday in Lagos that the bidding process has not been completed. “The 2020 marginal oilfield bid round process […]

Brisk Capital to empower five small businesses

At least five small businesses have been mapped out to benefit from a $500 largesse from the Chief Executive Officer of Brisk Capital, Mr. Dominic Joshua, to boost their respective businesses. The gesture is part of the investment expert’s philanthropic efforts to help emerging businesses stay afloat. Mr. Joshua announced the empowerment programme this week […]

CBN releases framework for N75bn youth investment fund

The Central Bank of Nigeria (CBN) has released guidelines for the implementation of the proposed N75 billion Nigeria Youth Investment Fund (NYIF). CBN, in a statement by its Development Finance Department, stated that the fund was a built-in strategy to effectively respond to the challenge of youth employment in Nigeria. The Fund, an initiative of […]

Access Bank announces N50 billion interest-free loan for businesses

Following the impact of the Covid-19 pandemic, coupled with the hijacked #EndSARS protests that led to the looting and destruction of businesses that has thrown Nigerians and business owners into debts. Leading financial institution in Nigeria, Access Bank Nigeria Plc. has announced N50 billion in support of Nigerians through interest-free loans and grants to support […]

Airlines resume, seek release of N27 billion bailout

Local airlines, yesterday, resumed skeletal services following last week’s disruption by the EndSARS protests and the attendant curfew imposed by the Lagos State government. The demonstrations, which had forced some foreign operators to suspend flights, resulted in grounding of operations by indigenous carriers amid absence of travellers and riots in Nigeria’s economic capital. But yesterday, […]

Equities defy nationwide protest as index rises by 0.86 percent

The Nigerian Stock Exchange (NSE) defied five consecutive days of a nationwide protest to close the week in an upbeat last week. The All-share index (ASI), and market capitalisation appreciated by 0.86 per cent to close the week at 28,659.45 and N14.980 trillion respectively, even as investors await the Q3 earning scorecards. All other indices […]

Geely Auto to invest $54 million in development of healthy cars

First healthy and intelligent car by Geely As Exclusive Partner of Geely Automotive in Nigeria, Mikano brings us great news of Geely Automotive innovative steps towards development of “healthy, intelligent vehicles” by earmarking 54 million Dollars of funding to it; as a furthering of the fight against Coronavirus. The move not only adds a new […]

Stock market index loses N1 billion as blue-chip stocks decline

Following price losses suffered by some blue-chip companies, transactions on the Nigerian Stock Exchange (NSE) declined marginally yesterday with the all-share index (ASI) depreciating marginally by 0.007 percent. It closed at 28,344.04 as against the 28,344.33 it opened with. The market capitalization also fell by N1 billion. Reacting to market performance, analysts at Vetiva Capital […]

Renowned author unveils private equity book on October 21

A renowned author and a Senior Advocate of Nigeria, Professor Fabian Ajogwu has concluded plans to unveil a book titled, ‘The law and practice of private equity’. The book examines the concept of private equity and highlights its significance as an alternative financing model that helps to bridge the funding gaps for businesses and companies. […]

Service providers outside GSM operators, ISPs generate N449b in 2019

• Employ 1,996 Nigerians, 59 expatriates Service providers, including Internet service providers (ISPs), and fixed wired players generated N18.6 billion more in 2019 than their 2018 collective earnings. Specifically, the players, excluding GSM operators, generated N449.1 billion in 2019 against N430.5 billion earned a year before. The 2019 Subscriber/Network Data report by the Nigerian Communications […]

Nigeria’s headline inflation hits 13.71%

Nigeria’s inflation rate rose to 13.71 percent as of September, the consumer price index (CPI) released by the National Bureau of Statistics (NBS) today shows. The CPI measures the average change over time in the prices of goods and services consumed by people. The figure is 0.49 percent points higher than the 13.22 percent year-on-year […]

OPEC raises 2020 demand forecast over China’s recovery

The Organization of the Petroleum Exporting Countries (OPEC), has raised its global oil demand forecast for 2020 by 60,000 barrels per day (b/d) from last month to 90.29 million b/d in October, as it sees an improvement in China’s demand for most oil products except for jet fuel. “China so far appears to be the […]

Ex-NAGAFF president sues for peace among clearing agents

A former President, National Association of Government Approved Freight Forwarders (NAGAFF), Eugene Nweke, has urged the Board of Council for Regulation of Freight Forwarding in Nigeria (CRFFN), to intervene in the ongoing administrative brawl in the Association of Nigeria Licensed Customs Agents (ANLCA). Nweke, who expressed disappointment at the attack on the ANLCA Secretariat, where […]

IFC, Union Bank partner to boost access to trade finance in Nigeria

The International Finance Corporation (IFC), a member of the World Bank Group, has partnered with Union Bank Plc to boost access to finance for local business and increase international trade for Nigeria. According to the organisations, the financial guarantee facility would help ease the impact of the COVID-19 pandemic on the country’s economy. The $40 […]

Customs generates N13.11 billion from Onne Port

• Terminal operators bemoan delay in construction of port access roads The Nigeria Customs Service (NCS), Area II Command, Onne Port, Rivers State, said it generated over N13.11 billion for the month of September. Meanwhile, the Seaport Terminal Operators Association of Nigeria (STOAN), has bemoaned the slow pace of work on the Marine Beach Bridge, […]

Income volatility, Q3 earnings lift NSE index further by 5.30%

Profit-taking towards the end of the week, the crash in money market rates, and investors repositioning ahead of the Q3 corporate earnings season triggered increased buying interests on the equities sector of the Nigerian Stock Exchange (NSE). At the close of transactions last week, the All-Share Index (ASI), and market capitalisation appreciated by 5.30% to […]

Leverage agriculture to boost foreign exchange earnings, NBCC president advises

President of the Nigerian-Belgium Chamber of Commerce (NBCC), Timi Austen-Peters, has said that the potential in the agriculture sector can bail the country out of the perennial foreign exchange (FOREX) crisis if the value chains are developed to enhance its export value. Austen-Peters stated this at a webinar hosted by the chamber and Agricultural Fresh […]

Diesel, the king of fuels in India, is making way for petrol

For decades, diesel has underpinned India’s economic growth and the fortunes of its refiners, but the pandemic has caused the nation’s most consumed fuel to lose some of its luster. Since Covid-19-lockdowns have eased across India, diesel consumption has trailed the rebound in gasoline with trucks remaining idle amid a softer economy. Motor fuel use, […]

OPS wants Ehingbeti summit to focus on infrastructural development, job creation

As Lagos sets the pace for the next decade with its Ehingbeti economic summit, the organised private sector (OPS) has stressed the need for government to focus on infrastructural development, job creation, among other social issues. The OPS also advised that the government should invest in technology while enabling entrepreneurial youth domiciled in the state […]

Nigeria can earn $12m annually from minerals, says Chamber

• Seeks NEPZA cooperation for minerals export processing zones The Nigeria Chamber of Mines (NCOM), has revealed that the country can earn as much as $12million yearly from the Solid Minerals sector if properly harnessed and developed. “I wish to observe that Nigeria is blessed with different categories of solid /industrial minerals such as kaolin, […]

Belgium explores areas of economic cooperation with Nigeria

The Belgian Embassy is currently exploring new areas of cooperation, to expand the existing bilateral relations between the European country and Nigeria. The new Belgian Ambassador to Nigeria, Daniel Bertrand, disclosed this when he spoke with The Guardian about his plans during a visit to Lagos. Bertrand, during the four-day visit, paid a courtesy call […]

African refiners seek financial solutions, infrastructure upgrade

African Refiners & Distributors Association (ARA), has stressed the urgent need for countries on the continent to finance downstream projects, especially refineries, as part of measures to ensure cleaner air, and mitigate premature death. With continuous importation of dirty fuels into the continent while refineries are yet to meet required standards, the World Health Organisation […]

Renewed profit-taking halts market rally as index loses N143b

Barely 24 hours after experiencing its highest climb in many months to N15 trillion mark on Tuesday, renewed profit-taking by investors at the Nigerian Stock Exchange (NSE), made the bears regain control on equity transactions, thereby reversing the 14 days of consecutive bull runs as market capitalisation shed N143 billion. Yesterday, the All Share Index […]

‘Non-tariff barriers could slow down AfCFTA if not addressed

• Africa’s economy could gain $20 billion from NTBs removal Africa is on the verge of becoming the world’s largest free trade area with the launch of the African Continental Free Trade Area (AfCFTA). If not addressed, non-tariff barriers (NTBs) could slow down this effort. Although the negative impact of NTBs on intra-regional trade had […]

SON DG targets quality local production, reduced red tapes

The newly appointed Director-General and Chief Executive of the Standards Organisation of Nigeria, Farouk Salim has stated that efforts would be geared towards reducing red tapes and stimulating the production of quality goods locally for self-sufficiency. Salim took over the baton of leadership from the former DG, Osita Aboloma. Sharing his vision for the organisation, […]

Negative fixed income returns, bellwethers push NSE index by 2.53%

As ASI erases year-to-date losses As declining returns across fixed-income assets continue to buoy investors’ appetite in bellwether stocks, the All-share index (ASI), erased its year-to-date losses on Friday, appreciating by 2.53 per cent to close at 26,986.77 per cent last week. This is despite the one-day holiday declared by the Federal Government on Thursday, […]

Economic downturn scuttling insurance industry recapitalisation

One of the major problems currently facing underwriting businesses is their inability to raise their capital base to meet the proposed requirement. This is becoming a source of worry for many industry stakeholders. Although the Coronavirus outbreak is flattening, the pandemic has set the global economy spiraling, with recovery in some countries predicted to remain […]

‘FG aggressively developing gas-to-power infrastructure, exploration’

The Group Managing Director, Nigeria National Petroleum Corporation (NNPC), Mele Kyari, has said the Federal Government is aggressively pursuing other gas development initiatives to improve Nigeria’s current utilization of alternative fuels as well as stimulating gas demand and power generation in the country. Kyari, at the virtual Businessday Future of Energy Summit, also said the […]

NSE’s capitalisation hits N14tr mark amid sustained bulls run

The Nigerian Stock Exchange (NSE) market capitalisation closed trading for the month of September at N14 trillion, yesterday, amid sustained bargain hunting activity. The All-Share Index (ASI), rose 201.80 absolute points, a 0.76 per cent growth to close at 26,813.76 points. Similarly, the overall market capitalisation gained N117 billion, or 0.84 per cent to close […]

DisCos classify customers for service delivery

• As operator disclaims redundancy at Kainji, Jebba plants Eko Electricity Distribution Company (EKEDC) has grouped its customers into five service bands depicting the quantity and quality of supply they receive while assuring consumers that the newly-introduced Service Reflective Tariff (SRT), is for the growth of the electricity ecosystem in Nigeria. This was disclosed in […]

Shareholders urge government to improve downstream oil sector efficiency

Shareholders of Total Plc have stressed the need for the government to improve the efficiency of the downstream oil sector by reviewing its policies and regulations to grow the companies and attract more investment. The shareholders, who spoke at the company’s 42nd Annual General Meeting (AGM), held in Lagos, said despite the claims that deregulation […]

FG to disburse N300m MSMEs Survival Fund to mark 60th anniversary

Government has concluded arrangements to share about N300million under the National Medium, Small and Micro Enterprises (MSMEs) Survival Funds scheme to about 333,000 artisans and transporters, as part of measures to commemorate Nigeria’s 60th Independence anniversary on October 1st. The government named target beneficiaries of the scheme include mechanics, taxi drivers, hairdressers, keke NAPEP riders, […]

90% of port transactions will be done online by March 2021, says Bello

How much has coronavirus pandemic affected Nigerian port operations and what lessons have we learnt? We are still gathering the data, but there would be deep reduction in throughput because of disruption in international supply chain. The government revenue will suffer. Of course, the issue of the pandemic compounded the traffic situation going by the […]

How monetary, fiscal managers can cooperate to cushion impact of recession

At negative 6.1% gross domestic product (GDP), economic managers have a lot of work to do to save the country from the greatest recession ever. The very high rate of contraction caught everyone by surprise and points to another quarter of negative growth to confirm the economy is in recession. Already, the economy is suffering […]

‘Nigeria has potential for over a million vehicles a year’

The automotive industry has revved up to a higher gear in Africa, with South Africa and Morocco currently the only significant participants in the global automotive supply chains. What is your Association doing to ensure other African countries come on board? Morocco and South Africa are really industrial automotive countries; our work in AAAM is […]

Civil Aviation Authority pledges to fight aeropolitics

•Clarifies on impounded aircraft in Dubai Nigerian Civil Aviation Authority (NCAA) has pledged to support local airlines in fighting repressive rules occasioned by feisty aeropolitics in the global aviation industry. The apex regulatory body, however, urged local carriers to properly involve NCAA in their international expansions, and promptly report foreign airlines working against Nigerian interest. […]

Uncle Ben’s rice gets rebrand after racial stereotyping criticism

Uncle Ben’s rice is getting a new name and new branding after it came under heavy criticism for promoting racial stereotypes. The line of rice products will now be called “Ben’s Original” and the logo of an elderly African American man wearing a bow tie will be dropped from the packaging. Parent firm Mars Inc […]

Dangote Cement pays over N1 trillion dividends in seven years

Dangote Cement has paid its shareholders over N1trillion as dividends in the past seven years, as part of efforts to grow the Nigerian economy. A breakdown of the seven-year dividend payment gleaned from the company’s financial statements indicated that N51.1 billion was paid in 2013, N119.3 billion in 2014, N102.2 billion in 2015, N136.3 billion […]

Expert seeks pragmatic, tech approach to power challenges

The Nigerian Electricity Regulatory Commission (NERC) has stated that consumers will not pay for meters in the new guidelines, as it will be added to the electricity tariffs. The Commissioner, Finance and Management Services, NERC, Nathan Shatti, also explained that customers, who had paid for meters would be compensated by a refund. However, stakeholders in […]

Nigeria to end fertilizer importation by 2023

Citing the over 33 fertiliser blending plants across the country, currently producing about five million metric tonnes (MT) of fertilizer annually, with many more underway, the Minister of Agriculture, Sabo Nanono, has expressed optimism that Nigeria would have no business importing fertiliser by 2023. According to him, the Food and Agriculture Organisation (FAO), estimates that […]

Oil weakens after unexpected U.S. crude inventory rise

Oil edged lower on Wednesday trading below $42 a barrel, pressured by a report that U.S. crude inventories unexpectedly rose and as growing numbers of coronavirus cases around the world raised concern of stalling demand. The American Petroleum Institute, an industry group, said crude inventories rose by 691,000 barrels rather than falling as analysts forecast. […]

Neste and Shell to increase supply of sustainable aviation fuel

Finnish biofuel producer and oil refiner Neste said on Wednesday it had signed an agreement with Shell Aviation to significantly increase the supply and availability of sustainable aviation fuel. “It brings together Neste’s expertise in the production and supply of renewable diesel and SAF (sustainable aviation fuel) with Shell Aviation’s world-class credentials in supplying and […]

FG restates commitment to renewable energy intervention

The Minister of Power, Saleh Mamman, has re-affirmed his ministry’s commitment to driving renewable energy in Nigeria. According to the minister, renewable energy is one of the ministry’s focal points to drive power supply in the country even as it plans to integrate renewable energy through the Paris Agreement and the Vision 30:30:30 to deliver […]

NBS: kerosene price rose by 3.28% in August

The National Bureau of Statistics (NBS) has said the average price per litre paid by consumers for household kerosene increased by 3.28 per cent month-on-month and by 7.41 per cent year-on-year to N346.53 in August from N335.54 the previous month. According to its report entitled: “National Household Kerosene Price Watch – August 2020,” states with […]

Rivers, Shell inaugurate CDB for Assa North Gas project

The Rivers State Government and Shell Petroleum Development Company of Nigeria Limited (SPDC), in Port Harcourt, inaugurated the Egi/Igburu Cluster Development Board (CDB), for pipeline communities to SPDC’s Assa North Gas project. The project has a capacity for 300 million standard cubic feet of gas per day, and the potential to be one of the […]

Ayade seeks review, removal of Solid Minerals Act from exclusive list

Cross River State Governor, Senator Ben Ayade, has called for urgent review of the Solid Minerals Act of 2007. The Act places the exploration and exploitation of solid minerals in the Exclusive Legislative list, which Ayade said is an obnoxious policy not good for the host communities. Ayade, was quoted in a statement to have […]

Using insurance as tool to take Nigerians out of poverty

Financial inclusion, particularly at the grassroots, has been described as a veritable tool for bringing people out of poverty. It will ensure that factors that make them vulnerable to risks are taken care of through proper risk management. The former Vice-Chancellor, Enugu State University, Anike Okechukwu, at the Education Seminar of the Chartered Insurance Institute […]

Oil rises after OPEC warn members to stick to quotas

Oil prices rose for a fourth day in a row on Friday, putting crude on track for a weekly gain of about 10 per cent, after Saudi Arabia pressed allies to stick to production quotas and banks, including Goldman Sachs, predicted a supply deficit. Brent crude was up 18 cents at $43.48 a barrel by […]

Military destroys illegal refineries, recovers stolen crude

The Defence Headquarters says military has intensified its aggressive fight against crude oil theft, pipeline vandalism, bunkering, economic saboteurs and other criminal activities in the country. The Coordinator, Defence Media Operations, Maj.-Gen. John Enenche, said this while giving weekly update on the operations of Armed Forces of Nigeria on Friday in Abuja. Enenche said that […]

Fed Govt to review Treasury forms

The Office of the Accountant-General of the Federation (OAGF) has commenced a comprehensive review of treasury forms and other accounting source documents in use in all Federal Ministries, Department and Agencies (MDAs). The review is to issue officially approved forms bearing treasury numbers for use in all MDAs to ensure uniformity. A statement from the […]

X-raying planned fixing of refineries

Will Nigeria’s refineries ever come back life and be able to perform at full capacity? The Nigerian National Petroleum Corporation (NNPC) says it is a dream that will come to fruition in a few years. ROBERT EGBE examines the state of the refineries on which over $396 million was spent between 2013 and 2015 with […]

NAHCO acquires N500 million ground handling equipment

Nigerian Aviation Handling Company (NAHCO) Plc has acquired another set of ground support equipment valued at about half a billion naira. The investment is part of the N3.6 billion equipment proposed in 2019 for injection into the company to aid facility upgrades and enhanced service delivery. The new delivery is the first of two sets […]

Manufacturing may witness Q3 contraction as demand slows

Although the Purchasing Managers’ Index (PMI) for August 2020, rose to 48.5 points, against 44.9 points in July, economic activities in the manufacturing sector still remain in slow recovery and may fuel a third-quarter contraction by the end of September. With manufacturers still unable to access foreign exchange for importation of needed raw materials and […]

World Bank targets green, resilient economic growth in Africa

The World Bank Group yesterday released the Next Generation Africa Climate Business Plan (NG-ACBP), which sets out a blueprint to help Sub-Saharan African (SSA) economies achieve a low carbon, and climate-resilient outcomes. The Plan calls for countries to seize the opportunity to scale-up climate resilience to grow their economies and reduce poverty, intensify efforts to […]

NNPC begins rehabilitation of refineries

The Nigerian National Petroleum Corporation (NNPC) has audited the government’s ailing refineries and mobilised funds and technical resources to restore them to full operating capacity within the shortest possible time to crash fuel prices and guarantee energy security. The move has been applauded by industry experts and consumers, especially now that the government has discarded […]

kerosene price rose by 3.28% in August

The National Bureau of Statistics (NBS) has said the average price per litre paid by consumers for household kerosene increased by 3.28 per cent month-on-month and by 7.41 per cent year-on-year to N346.53 in August from N335.54 the previous month. According to its report entitled: “National Household Kerosene Price Watch – August 2020,” states with […]

Ekiti State gets NEPZA nod to establish agro economic zone

Ekiti State has been given the approval to establish a knowledge-based and agriculture special economic zone by the Nigeria Export Processing Zones Authority (NEPZA). The move is aimed at better harnessing the State’s comparative advantage in the areas of scholarship and agriculture, making it the first service-oriented zone in Nigeria. Ekiti State Governor, Dr. Kayode […]

Air travellers stranded as carrier abandons operation

• NCAA intervenes in Arik, unions’ crisis Scores of passengers were stranded at the Murtala Muhammed Airport (MMA), Lagos, Monday, when their carrier, Azman Air, allegedly abandoned the scheduled flight for charter operation. Several of the travellers said they were not informed of the cancellation, although a few others said they got information about the […]

‘Dangote refinery will sell petrol at international price’

THE Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has said when Dangote Refinery kicks off next year, it may not significantly reduce the price of petrol because the refinery will be selling at the international price. Mrs Ahmed said this is because the refinery is located at the Export Processing Zone in […]

‘How Nigeria can fast-track transition to digital economy’

Some stakeholders in the financial technology sector have highlighted ways to will enable the sustainable transition of Nigeria’s economy from cash-based and manual activities to a digital economy. While the country had put in place a cashless policy anchored by the Central Bank of Nigeria (CBN), the Federal Government had declared as a priority a […]

‘How Nigeria can fast track move from cash, manual economy’

Some stakeholders in the financial technology sector have highlighted leeway that will enable the sustainable transition of Nigeria’s economy from cash-based and manual activities to a digital economy. While the country had in place a cashless policy anchored by the Central Bank of Nigeria (CBN), the Federal Government had declared as a priority a move […]

‘SEC will regulate crypto-token that qualifies as securities transactions’

The Security and Exchange Commission (SEC) has proposed a legal framework that will regulate Crypto-token or crypto-coin investments when the character of the investments qualifies as securities transactions. According to SEC, the proposed regulation was aimed at promoting market efficiency and transparency and not impede the nascent technology. The apex capital market regulator insisted that […]

TikTok rejects Microsoft offer, Oracle sole remaining bidder

American tech giant Microsoft said Sunday its offer to buy TikTok was rejected, leaving Oracle as the sole remaining bidder ahead of the imminent deadline for the Chinese-owned video app to sell or shut down its US operations. TikTok is at the center of a diplomatic storm between Washington and Beijing, and President Donald Trump […]

Index plunges by 0.05% amid dividend declarations

. Analysts blame CBN CRR debits on banks, others Despite the dividend declarations expected to support market uptrend, equity transactions declined for three consecutive sessions last week, causing the All-share index, and market capitalisation to fall by 0.05 per cent to close the week at 25,591.95 and N13.351 trillion, respectively. All other indices finished lower […]

Assessing group life insurance viability in NNPC

The House of Representatives is currently investigating the insurances of the Nigerian National Petroleum Corporation (NNPC), and a few Ministries, Departments and Agencies (MDAs), to evaluate the insurance portfolios of NNPC to know the viability of the allegation levelled against it. The lawmakers, a month ago, said it will carry out an investigation into $179 […]

Nigeria, Korea to deepen cooperation in shipping

Nigeria and South Korea have agreed to intensify their collaboration in trade and shipping development. This was disclosed in Lagos, during a meeting between the Director-General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Bashir Jamoh, and Consul General, Embassy of the Republic of Korea in Nigeria, Kim In-Taek. Both countries have maintained good maritime […]

Marketers hopeful deregulation, gas policies will bolster refining activities

Nigeria can develop into the refining hub for West and Central Africa, therefore becoming a net exporter of refined products following the Federal Government’s new policies on alternative energy, total deregulation, liberalization of the petroleum downstream sector, and the coming on stream of new modular refineries, Major Oil Marketers Association of Nigeria (MOMAN), has said. […]

NIMASA key in stopping Nigeria’s oil dependence – Diri

Says country’s future lies in maritime development Governor of Bayelsa State, Senator Duoye Diri, has revealed that the Nigerian Maritime Administration and Safety Agency (NIMASA) is key in efforts to wean Nigeria from its dependence on crude oil. Diri who stated this on Monday in Lagos, when he paid a courtesy visit to the headquarters […]

Profit-taking drags stock indices further by N38 billion

Profit-taking continued to take a toll on the equities sector of the Nigerian Stock Exchange (NSE), extending negative sentiment to three consecutive trading days, causing market capitalisation to slide further by N38 billion. Yesterday, the All-Share Index (ASI) decreased by 72.41 absolute points, or 0.28 per cent to close at 25,424.91 points. Similarly, the overall […]

Onne Customs to dismantle bottlenecks, says no room for compromise

The new Controller of the Nigeria Customs Service (NSC), Area II Command, Onne, Rivers State, Comptroller Auwal Mohammed, has vowed to dismantle all bottlenecks and block revenue leakages to ensure smooth delivery of the Federal Government’s mandate in the sector. Mohammed, who spoke during a meeting with stakeholders and the outgoing controller, Comptroller Galadima Saidu, […]

Pantami projects 21 per cent digital economy by 2021

The Minister of Communication and Digital Economy, Dr Isa Pantami, has projected that Nigeria’s economy would go 21 per cent digital by 2021, as digitalisation is becoming the most adopted economy globally. According to him, the advent of the COVID-19 pandemic brought to light the importance of the digital economy in the growth of any […]

Africa has 60m farms, says report

There are 60 million farms in Africa, the Africa Agriculture Status Report (AASR) unveiled at the ongoing virtual African Green Revolution Forum (AGRF) Kigali, Rwanda, has revealed. This is coming on the heels of Food and Agriculture Organisation(FAO) prediction that the agricultural market in Africa will reach $1 trillion by 2030. This year’s AASR focuses […]

Korea tasks FG on National eGovernment Master Plan

The Country Director, Korea International Cooperation Agency in Nigeria, Woochan Chang, has tasked the Federal Government to proactively implement the National eGovernment Master Plan, to ensure digital transformation of the Nigerian economy. Chang noted that the National eGovernment Master Plan is not just about the roadmap, but that its actual implementation will lead to the […]

Honeywell, Chams, others lead stock market N12b losses

Transactions on the Nigerian Stock Exchange (NSE), reopened on a downturn yesterday, following price losses suffered by most blue-chip stocks, especially Honeywell Flour Mills, and Chams, causing market capitalisation to depreciate by N12 billion. At the close of trading Monday, the All Share Index (ASI) shed 23.41 points or 0.09 per cent to 25,582.23 points. […]

Electricity consumers insist new tariff ill-timed

The implementation of a new tariff by the electricity distribution companies (DisCos) across Nigeria, has stoked a controversy with the operators, as consumers refuse to accept the increment, calling for its reversal. The 11 DisCos had rolled out an electricity tariff template to implement a new service reflective tariff, which will see some consumers pay […]

FG increases efforts to grow insurance premium to N1 trillion

You took over as Acting Commissioner for Insurance in August 2019, before you were formerly confirmed as substantive Commissioner. During this period, you moved fast with getting activities started. Can you give us an idea of some of these activities and what you hoped to achieve with them? We are far behind schedule, so we […]

Bank harps on need for strong savings culture, introduce new product

Polaris Bank has launched ‘Polaris Target Savings Account’ to help Nigerians imbibe healthy savings culture as a means to building a strong financial base. The Bank in a statement released at the weekend quoting its Group Head, Products & Market Development, Mrs Adebimpe Ihekuna said “The savings culture is gradually going into extinction as people […]

Investors repositioning for interim dividend pay out

•Analysts predict gloomy outlook amid higher fuel, electricity prices, inflation •As banks lift NSE index by 1.17 percent Investors are currently repositioning for interim dividend-paying banking stocks, as the half-year (H1) scorecards continued to spur transactions on the equities sector of the Nigeria Stock Exchange (NSE), in which the market witnessed five consecutive bull runs […]

IFC discloses $39m fund for Nigeria’s plastics, recycling industry

The International Finance Corporation (IFC), has announced a $39 million financing package to build a Continuous Polymerisation PET Resin plant in Ogun State, which would source over 20 percent of its raw materials from local waste plastics, thereby strengthening Nigeria’s recycling and manufacturing sectors. The financing package includes a $24 million senior ‘A’ loan from […]

‘CBN’s directive on Forms M will dampen economic growth’

The recent directive by the Central Bank of Nigeria (CBN) to all authorised dealers on Forms “M” has the potential to frustrate the on-going efforts of the Federal Government to return the economy to growth, Organised Private Sector (OPS), has warned. It also warned that the directive has potential to an economic downturn already being […]

Cautious optimism as Nigeria tackles aeropolitics

Call it a child of necessity and you would not be wrong. The Federal Government recently hinted on a tit-for-tat work plan for the aviation sector, to pay back countries that were lately ‘unfriendly’ with Nigerian carriers. It was the first time of admitting that something is wrong with the air trade relations. Not many […]

FIRS targets N446b from Stamp Duties

The Finance Act 2020 came with a big bang and promises for economic revival through improved business activities and growth. But it also came with a big cut on government’s tax revenue. The Finance Act is expected to slash 60 per cent tax revenue to government as companies with less than N25 million annual turnover […]

NSE suspends six companies

The Nigerian Stock Exchange (NSE) has suspended trading in six companies over their inability to comply with corporate governance rules and best practices that mandate them to submit their financial statements within a specified period. The suspended companies included FTN Cocoa Processors Plc, Medview Airline Plc, Niger Insurance Plc, R.T. Briscoe (Nigeria) Plc, Union Dicon […]

Ooni seeks legislation, funding for African medicine

Ooni of Ife, Oba Adeyeye Enitan Ogunwusi has called on the Federal, state governments and lawmakers to provide legislation, policy and funding to promote African Traditional Medicine. A statement by the National Agency for Food and Drug Administration and Control (NAFDAC) explained that Oba Ogunwusi made the appeal in Lagos at the launch of the […]

Nigeria spends N148b on refineries

PPPRA mum over September petrol price Loading suspended at depots Nigeria spent N148 billion in the last 13 months on three refineries but produced less than 40,000 metric tons of crude oil, a June report published by Nigerian National Petroleum Corporation (NNPC) has shown. It attributed the operational shortfall to the ongoing rehabilitation of the […]

Firm sues NBC for allegedly delving into unauthorized matters

Flykite Production Limited, a private limited liability company, which deals in broadcast contents, has sued the National Broadcasting Commission (NBC) at the federal high court, Lagos for allegedly delving into matters, which it has neither the authority nor the competence for. Matters such as regulation and control of commercial contracts to prevent monopoly, abuse of […]

How foreign shipping lines milk Nigerians dry with arbitrary charge

Nigeria consumers may need to prepare to bear the brunt of consistent arbitrary charges on imported goods, as the freight forwarders, importers and clearing agents bleed under an extorting regime by the foreign shipping lines and terminal operators. The situation, according to stakeholders may worsen the rising inflation rate in the country, if urgent actions […]

NLPGA kicks as PPPRA imposes administrative charge on LPG

The Association argued that imposing the administrative charge would be counter-productive, especially now that the government has taken deliberate steps to boost gas development, including LPG in Nigeria. NLPGA, had, in response to a memo titled, “Pronouncement of Administrative Levy on LPG Operations Effective September 1, 2020,” insisted that PPPRA has no administrative role whatsoever […]

‘Accumulation of raw material inventories fuelled by forex scarcity’

With the Central Bank of Nigeria (CBN) deploying several measures to curb abuses in the foreign exchange (forex) market and unify the rates amid scarcity, operators in the real sector have described the move as fuelling stockpiling of raw materials. According to the operators, there is high degree of uncertainty which fuels speculation; there is […]

CBN sets capital rules for mobile money licences

THE Central Bank of Nigeria (CBN) said it will grant more licences for payment service banks (PSBs) but set a minimum capital base of N5billion which could deter telecoms firms and some other potential new entrants to the digital financial services sector. The apex bank, in a circular on Monday, said telecom firms, banking agents, […]

Brent hits five-month high at $46

OIL prices rose on Monday with Brent topping $46.50 reaching its highest level in over five months. Strong crude demand from China has been one of the most important drivers in the ongoing recovery in oil markets, and in contrast to what many analysts expected, Chinese demand continued to be remarkably robust in July and […]

NNPC spends N5.34b on fuel subsidy

THE Nigeria National Petroleum Corporation (NNPC) said it recorded a N5.34 billion cost for fuel in June, months after it changed its pricing method in an effort to eliminate subsidies. NNPC outlined the “under recovery” bill in its June monthly statement, a term used to reference money lost through fuel sales. NNPC spokesman Kennie Obateru […]

Zoom shares soar as earnings rocket

Zoom shares soared on Monday after the video-meeting service reported that quarterly revenue rocketed as its ranks of users more than quadrupled. The Silicon Valley-based company that has become a popular way to work, learn or socialize during the pandemic said it made a profit of $186 million on revenue of $663.5 million in the […]

AMCON seeks NASS support in N5 trillion debt recovery

• Plans moratorium for deserving obligors As its debt portfolio continues to rise, the Asset Management Corporation of Nigeria (AMCON) has called on the National Assembly to support its efforts in recovering the debt of over N5 trillion from obligors. According to the Corporation, the 9th Senate could pile pressure on some of the obligors […]

Panic sale weighs on dollar as BDC window reopens

What appears like a gradual easing of the naira started at the weekend as the parallel market operators started dumping dollars ahead of the resumption of sale of foreign exchange (FX) to Bureau De Change (BDC) operators. As of Saturday afternoon when The Guardian monitored the Lagos market, the dollar was exchanging for between N466 […]

NSE defies GDP contraction, as earnings scorecards push index by 0.35%

Transactions at the Nigerian Stock Exchange (NSE) defied the impact of the recently-published 2020 second quarter (Q2) report of 6.1 per cent gross domestic product (GDP) contraction to close the week on a positive note, as the 2019 full-year corporate scorecards and ongoing half-year earnings reporting season with dividend pay-out continue to support the bull […]

Insurers deploy premium payment channels to new work order

To cope with the challenges posed by the outbreak of the coronavirus especially in Nigeria, operators in the insurance industry are beginning to upgrade their digital capabilities and platforms to effectively serve customers, through various payment channels. With the federal and some state governments entrenching physical and social distancing rules to limit human physical contacts […]

‘How businesses can check NPLs, organisational incompetence’

The lack of executive competence, especially in the banking industry and among many businesses, account for the bulk of Non-Performing Loans (NPLs) in Nigeria. It has also raised the mortality rate of new and legacy firms, stakeholders have said. According to the Lead Consultant, Executive Intervention Consult (EIC), Leke Olufade, most organisations are struggling to […]

Government targets 2021 for dual fuel engine, backward integration

To increase autogas adoption and domestic consumption of the commodity for industrial and everyday use, the Federal Government is developing a backward integration policy that will aid the initial importation of dual fuel engines and domestic manufacturing policy via an executive order effective January 2021. Under the policy, the Government, through its parastatals, will present […]
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