Business143 Videos

South African rand firmer, eyes on U.S.-Iran tensions

South Africa’s rand firmed in early trade on Tuesday as emerging markets drew relief from the absence of any immediate escalation in tensions other than sabre-rattling between Iran and the United States. By 0600 GMT, the rand traded at 14.1900 per dollar, 0.15% stronger than its previous close. In the absence of local catalysts, the […]

‘Capital market has opened many securities options for stockbrokers’

With the Lagos Commodities and Futures Exchange (LCFE) expected to commence operations soon, as a pan-African Exchange among others, the Chairman, Association of Securities Dealing Houses of Nigeria (ASHON), Patrick Ezeagu has said the capital market has opened up multiple options for securities dealers in Nigeria. According to him, recent transformation in FMDQ that enabled […]

Refund to bank customers stand at N76.7bn, $20.9m – CBN

The Central Bank of Nigeria (CBN) says the worth of money refund to bank customers as at Nov. 30 stood at N76.75 billion and 20.90 million dollars. Mr Kofo-Abdulsalam Alada, the Director, Consumer Protection Department (CPD) of CBN, said this at a workshop for business editors and members of the Finance Correspondents Association of Nigeria […]

Nigeria named among highest new users of bitcoin

Nigerians usage of bitcoin has continued to rise despite warnings by the Central Bank of Nigeria that digital currencies are not legal tender. The Chartered Institute of Bankers of Nigeria disclosed this in its release on ‘The Nigerian Banker’, in its December 2019 edition. Part of its report on digital currencies read, “The CBN has […]

Oil rises as OPEC weighs deeper output cuts

Oil prices edged higher on Thursday ahead of an OPEC meeting where members are expected to agree on deeper output cuts in an effort to prop up prices and prevent a glut next year. Sources told Reuters that OPEC was seeking to increase production cuts by the group and its allies by Russia by more […]

More hurdles for economy as OPEC, stakeholders meet

Economists and other stakeholders in the oil and gas sector yesterday predicted a bumpy road for Nigeria’s N146.96 trillion economy, insisting that prevailing realities at the international oil market could worsen the nation’s fiscal outlook, especially the implementation of the N10.33 trillion 2020 budget. They also raised the alarm over another slip into recession and […]

Banks earned N180m to deposit N546b with CBN

The nation’s Deposit Money Banks (DMBs) opted to deposit a whopping N545.71 billion in the tills of the Central Bank of Nigeria (CBN) than deploying them in the economic segments of the country, earning just N180 million in the month of October 2019. The development, which confirms deep-seated apathy against the country’s business environment by […]

N253.6b capital flight upsets stock market stakeholders

The current volatility witnessed in the nation’s stock market is partly due to the delisting of 36 firms valued at N253.6 billion from the daily official list of the Nigerian Stock Exchange (NSE) in the last four years. The delisting, which occurred from 2015 to date, implies a direct loss of a similar value to […]

Afreximbank disburses $15 billion for intra-African trade

The African Export-Import Bank (Afreximbank), said it has already disbursed $15 billion out of the $25 billion it committed in support of intra-African trade, under its current five-year strategic plan. The region’s multilateral financial institution devoted to financing and promoting intra- and extra-African trade, owned by African governments, private and institutional investors, and non-African investors, […]

‘Why bill to criminalise estimated billing may not work’

Some stakeholders in the power sector, yesterday, expressed serious worry over a bill at the National Assembly aiming to criminalise estimated billing of electricity consumers by distribution companies, stressing that the proposed law will not work. The industry players, who insisted that the bill was not the right way to go, stated that the sector […]

British Steel to be rescued by Chinese firm in £70m deal

British Steel is set to announce a rescue deal with China’s Jingye Group, which could safeguard up to 4,000 jobs in the UK. Jingye Group has agreed in principle to buy British Steel for £70m. It is understood that the government will help in the form of loan guarantees and other financial support. British Steel […]

Weighting reasons, gains of border closure

No nation across the world has left its borders open for inflow of goods and services. Even in the so-called free economy, mostly practiced in theories and textbooks, there is always a record of inflow and outflow. This means that the goods and services must follow the proper channel within the bounds of a sovereignty. […]

Alibaba sets eyes on $15 bn Hong Kong listing

Chinese online retail titan Alibaba is hoping to raise up to $15 billion in a Hong Kong IPO, a report said Friday, which would be the city’s biggest listing for nine years. The share sale by Asia’s biggest company would also come as Hong Kong authorities battle months of sometimes violent protests that have dented […]

Experts want monitoring of debtors over rising NPL

The rise in bank’s Non-Performing Loan (NPL) ratio due to huge exposure to some sectors, has become a source of worry to financial experts, as they urge financial institutions to adopt proactive risk management measure. For them, a system whereby the behavior of the borrower is monitored closely to ascertain changes that are likely to […]

Nigeria moves 15 spots up on Ease of Doing Business Index

Nigeria has moved up by 15 places to 131 on the World Bank’s Ease of Doing Business ranking. Africa’s most populous country was ranked 146th in the previous year. The report is an annual publication that measures business regulations across 190 countries. In its latest study, World Bank ranked Nigeria in the top 10 economies […]

Pound flat as Johnson’s Brexit bid fails

The pound clawed back earlier losses Wednesday in Asia after Boris Johnson’s failure to push through his Brexit deal fuelled fresh uncertainty, while regional equities ticked lower as investors took a step back after recent gains. With everything quiet on the China-US trade talks, attention was on Westminster where Britain’s prime minister finally got MPs […]

South Africa’s rand flat against a subdued dollar

South Africa’s rand was flat against the dollar on Monday, holding around the gains made in the previous session. The rand stood at 14.770 versus the greenback by 0639 GMT, at par with Friday’s overnight close in New York. “There are no significant data releases today and the rand is holding firm, well below the […]

IMF recommends unified exchange rate for Nigeria

The International Monetary Fund has advised the Central Bank of Nigeria to unify the country’s exchange rate system in order to avoid situations where public and private sector decisions are distorted due to uncertainties. It also said there was a need for the government to come up with measures to boost the non-oil revenue in […]

Emefiele cautions rice millers against price hike over border closure

Following unprecedented increase in the prices of locally-produced rice as a result of border closure, Governor, Central Bank of Nigeria (CBN), Godwin Emefiele, has appealed to rice millers, merchants and distributors to refrain from such acts, saying it’s very unpatriotic.Emefiele, who met with members of the Rice Millers Association of Nigeria (RIMAN), merchants and distributors […]

Pound rallies as EU’s Barnier fans Brexit deal hopes

The pound rallied Tuesday after the European Union’s top Brexit negotiator flagged the possibility of a divorce deal this week, reviving hopes Britain could avoid crashing out of the bloc. With the exit deadline on October 31, Michel Barnier’s comments reinforced hopes for an eventual agreement between the two sides and came after reports said […]

Dollar steady, yuan firms as U.S.-China trade talks spur caution

The dollar found support on Tuesday while investors awaited the outcome from crucial Sino-U.S. trade talks in Washington, with many staying cautious as neither side has shown signs of giving ground at the negotiations. The Chinese yuan firmed in onshore and offshore trade as Chinese financial markets reopened after a week-long holiday. The Australian and […]

Nigeria rallies behind ICAO on single air travel market agenda

The Federal Government, yesterday, rallied behind the international civil aviation community on the Single African Air Transport Market (SAATM) agenda for the continent. The Minister of Aviation, Hadi Sirika, at the 40th Assembly of the International Civil Aviation Organisation (ICAO) in Montreal, Canada, said the regional liberalisation efforts of African states could be used as […]

CBN sanctions four banks over delay in customers’ enquiries

The Central Bank of Nigeria and Financial Reporting Council of Nigeria sanctioned four commercial banks between January and June for various infractions, our correspondent has learnt. It was learnt that the apex bank imposed a number of sanctions on the banks for failure to comply with its Know-Your-Customers guidelines and in the anti-money laundering requirement. […]

Operators deplore N221 billion loss in telecoms industry

Players in the Value Added Service (VAS) segment of Nigeria’s telecommunications market have decried the adverse impact of the ‘Do-Not-Disturb’ (DND) activation on their operations nationwide. According to the operators, under the aegis of Wireless Application Service Providers Association of Nigeria (WASPAN), activities of the DND had cost them N221 billion in the last two […]

Controversy over Reps move against CBN cashless policy

The House of Representatives yesterday ordered the Central Bank of Nigeria (CBN) to suspend the cashless policy on bank deposits, the implementation of which began on Wednesday this week. Adopting a motion under matters of urgent national importance sponsored by Mr. Ben Kalu at the plenary presided over by the Speaker, Femi Gbajabiamila, yesterday, the […]

CBN raises momentum in cash-less Nigeria project

The race for the national roll-out of cash-less policy in the country has gained additional momentum, as the Central Bank of Nigeria (CBN), yesterday, gave an Approvals-in-Principle (AIP) to three Payment Service Banks (PSBs). This immediately followed the circular to all banks in the country on the full implementation of the cash-less policy effective March […]

Mobile network operators’ assets in Nigeria hit N1.95 trillion

Total assets base of mobile operators in Nigeria increased by 130 per cent between 2017, and 2018, hitting N1.95 trillion last year, from N847.97 billion.These assets include all facilities that make communications seamless in Nigeria, like the base transceiver stations, fibre cables, network operation centre, data centres, among others. According to the 2018 Subscribers/Network Data […]

Xenophobia: MTN shuts Lagos office as police guard premises

Following series of attacks on its premises by angry mobs and protesters in some parts of the country, MTN Nigeria has shut its outlet on Ogunnusi Road, Ojodu, Lagos, while armed policemen were also deployed to man the premises. MTN, a South African telecoms company, is the biggest mobile telecommunication network provider in Nigeria, with […]

Eni reports huge oil, gas find in Nigeria

Italian oil major Eni said Wednesday that Nigerian subsidiary Agip has found lots of gas and oil in an onshore facility in the Niger delta, raising potential output in Africa’s leading oil exporter. The Eni-operated NAOC, which is majority-owned by the Nigerian National Petroleum Corporation (NNPC), with minority stakes held by Oando and Eni, made […]

Manufacturers want government to revisit industrial, backward integration policies

Local manufacturers in the country have charged the new Minister of Industry, Trade and Investment, Adeniyi Adebayo, to formulate a comprehensive industrialisation policy that would prioritize developmental efforts towards driving backward integration programmes and create linkages for various value chains in the manufacturing industry. Indeed, the local producers noted that the association would work with […]

FG to overhaul refineries for three years to drive local production

To achieve its 2023 target of ensuring local refineries operate optimally, the Federal Government has said it has begun the overhauling of the facilities, commencing with the Port Harcourt refinery. Giving itself a three-year deadline, the Nigerian National Petroleum Corporation (NNPC), said it plans to review operations of the refineries, support condensate plants, and open […]

CBN’s CNY1.2b interventions and forex developments

The week-long visit of President Muhammadu Buhari to the People’s Republic of China between April 11 and 15, 2016, was alongside the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, in a last push to secure a three-year Bilateral Currency Swap Agreement worth CNY15 billion (N720 Billion), among other things. On June 6, […]

African air traffic soars by 11.7% amid global demand surge

Air traffic demand in Nigeria and other African countries improved by 11.7 per cent in June as part of the global upsurge of 5.0 per cent compared to June 2018.The International Air Transport Association’s (IATA) global passenger traffic results for June 2019 showed a steady improvement from 5.1 per cent in May. Capacity rose 7.7 […]

Buhari tells CBN gov to stop providing FX for food

Nigeria’s President Muhammadu Buhari has told the central bank to stop providing funding for food imports, his spokesman said in a statement on Tuesday, a move that has raised questions about the bank’s independence. Nigeria, which has Africa’s biggest economy, is the continent’s top oil producer and relies on crude sales for around 90% of […]

NCC to decommission 693 abandoned telecoms masts

The Nigerian Communications Commission (NCC) may decommission about 693 telecoms masts alleged to have been abandoned in several parts of the country. NCC however, gave owners of the mast 90-days to rehabilitate, commence usage or dismantle and remove the masts/towers from the relevant locations. Though the Commission was not forthcoming about the operators that are […]

SON seizes N38 million substandard cooking gas cylinders

The Standards Organisation of Nigeria (SON), has seized a 40-foot container stocked with substandard liquefied petroleum gas (LPG) also known as cooking gas cylinders worth over N38 million. The Director-General, SON, Osita Aboloma, said the cylinders failed to meet the safety requirements, and as such, pose a threat to human lives and property in the […]

Investments in Fintechs in Nigeria, SSA hit $357 million

Over the last 12 to 18 months, Sub-Saharan Africa (SSA) has emerged one of the fastest growing financial technology (Fintech) hubs in the world in terms of investments, albeit from a low base. Investment in African fintechs nearly quadrupled in 2018 to $357 million, with startups in Kenya, Nigeria and South Africa accounting for the […]

InfraCos to access N65b broadband subsidy

Infrastructure Companies (infraCos) expected to drive broadband penetration in Nigeria would have access to the N65 billion subsidies over the next four-years. However, it was gathered that InfraCos that will access the subsidy are required to meet some set milestones, as compiled by the Nigerian Communications Commission (NCC), even as it seeks to get approval […]

Oxfam urges criminalisation of illicit financial flows enablers

Oxfam, a confederation of 20 independent charitable organizations focusing on the alleviation of global poverty, has called on the National Assembly to enact a law that would totally criminalize actions of banks, auditors, accountants, and lawyers that facilitate illicit financial flows from Nigeria. It also urged the lawmakers to not only introduce cutting edge technology […]

Textile industry can create 2 million jobs, save $4bn, says CBN

To reposition the Nigerian economy and make it self-reliant, the Governor, Central Bank of Nigeria (CBN), Godwin Emefiele, has rallied stakeholders’ support for the textile and garment industry, saying it is capable of creating over two million jobs if fully harnessed. In addition to the high employment generation capacity, Emefiele also noted that as one […]

SON seizes N38m substandard aluminium roofing sheets

The Standards Organisation of Nigeria (SON) has seized sub-standard aluminium roofing sheets worth over N38 million in a move to ensure that only goods that conform to the Nigerian Industrial Standards (NIS), are allowed in the market. The Director, Inspectorate and Compliance, SON, Obiora Manafa, at an enforcement exercise in Ogba area of Lagos, explained […]

Why fiscal policy support is needed now, by FSDH

The Central Bank of Nigeria (CBN) may be reaching the limit of its monetary policy tools in stimulating the economy. This is especially so if the fiscal complements are not immediately activated, particularly, in ensuring security, facilitating the movement of agricultural produce and the seamless export of available stock of commodities. A research by FSDH […]

ECOWAS finance ministers inch closer to single currency

West African finance ministers and central bank governors agreed on technical issues surrounding the creation of a single currency for the Economic Community of West African States next year. “At a ministerial level, we’ve established a roadmap” for the establishment of a new currency, Ivory Coast Finance Minister Adama Kone told reporters Tuesday after the […]

Nigeria’s inflation rate hits 11.40% in May —NBS

The National Bureau of Statistics, says the Consumer Price Index which measured inflation increased to 11.40 per cent (year-on-year) in May from 11.37 per cent recorded in April. The NBS made this known in its “CPI and Inflation Report’’ for May released in Abuja on Monday on its website. The bureau said the figure was […]

CBN quashes talk of change to exchange rate policy

cbnNigeria’s central bank said it made no change to its naira policies, after a revision on its website led some analysts to speculate that it was ending a system of multiple exchange rates. “Nothing has changed in Nigeria’s exchange-rate structure,” and the naira’s value continues to be determined by trading in the Investors’ & Exporters’ […]

SEC suspends Oando Plc’s AGM

Following the ex-parte order of the Federal High Court, Ikoyi Lagos in suit no: FHC/L/CS/910/19, in Mr. Jubril Adewale Tinubu and Anor V Securities and Exchange Commission (SEC) and Anor, the commission has announced the suspension of Oando Plc’s Annual General Meeting (AGM) slated for Tuesday June 11, 2019 till further notice. According to SEC, […]

AMCON, Justice Dimgba fine-tune recovery of N5tr outstanding debt

As the noose on bad debtors tightens under the latest enforcement strategy, Justice Nnamdi Dimgba of the Federal High Court, Asaba, at the weekend, re-echoed the fact that the task to strengthen the Asset Management Corporation of Nigeria (AMCON’s) recovery drive remains a national concern and a huge burden to the judiciary and the country […]

Aviation unions suspend strike, reopen NCAA offices

The offices of the Nigerian Civil Aviation Authority (NCAA) were on Friday reopened for operations following the suspension of the two-day strike by aviation unions. The News Agency of Nigeria (NAN) reports that the unions are: Air Transport Services Senior Staff Association of Nigeria (ATSSSAN) and the National Union of Air Transport Employees (NUATE). Others […]

Nigeria loses $1b to corrupt MSMEs development programmes

Latest report by the Sustainable Entrepreneurship and Economic Development Initiative (SEEDi), has revealed that Nigeria has lost over $1 billion to corruption-related Medium Small and Medium Enterprises (MSMEs) programmes in four years. The report said the amount exceeds Nigeria’s capital expenditure on health and education combined for the period covering 2014 to 2018. Based on […]

Osinbajo extends 50 per cent registration fee for businesses

Vice President Yemi Osinbajo has directed the Corporate Affairs Commission (CAC) to further extend the registration of business names at N5, 000 by 90 days from May 13 (today) to August 13, 2019. This is to give Micro, Small and Medium Scale Enterprises (MSMEs) that could not register their businesses in the first and second […]

Finally, SEC receives MTN application to list shares on nation’s bourse

South African telecommunications firm, MTN, yesterday moved closer to the planned listing of its shares on the Nigerian Stock Exchange (NSE), by formally submitting an application to that effect with the Securities and Exchange Commission (SEC). Confirming the submission of application, SEC said it has received an application from MTN requesting for registration of their […]

Total enters $8.8 bln deal with Occidental for Anadarko’s Africa assets

French energy major Total said on Sunday it had reached a binding agreement with Occidental to acquire Anadarko assets in Algeria, Ghana, Mozambique and South Africa for a consideration of $8.8 billion. The firm said the transaction was contingent upon Occidental entering into and completing its proposed acquisition of Anadarko and approval of relevant authorities. […]

Huawei jumps ahead of Apple in tough smartphone market

China-based Huawei outsold Apple’s iPhones in the first quarter of this year, seizing the California company’s second place spot in a tightening smartphone market dominated by Samsung, a tracker said Tuesday. A total of 310.8 million smartphones were shipped globally during the first three months of this year in a 6.6 percent decline from the […]

Oil minister, Saudi Aramco discuss investment options

Nigerian Oil Minister Emmanuel Kachikwu and the president of Saudi Aramco have discussed investment options in the mid and downstream sector, Nigeria’s petroleum ministry said on Wednesday in a tweet. Aramco is expanding downstream operations such as refining and petrochemicals production as part of its drive to become the world’s largest integrated energy firm. Nigeria […]

South African rand falls as U.S. data bolsters dollar

South Africa’s rand slipped to a three-week low in early trade on Wednesday as robust U.S. economic data supported the dollar. At 0640 GMT, the rand traded at 14.3725 per dollar, 0.82 percent weaker than its New York close on Tuesday. The currency was trading at its weakest levels since April 1. The market’s appetite […]

BMW to buy cobalt direct from Australia, Morocco for EV batteries

German carmaker BMW will buy cobalt, a key component for electric vehicle (EV) batteries, directly from mines in Australia and Morocco to ensure they are not produced by child labour, an executive said on Tuesday. The announcement came as the London Metal Exchange (LME) launched an initiative under which it could ban or delist brands […]

NCC declares 63.2 per cent SIM registrations invalid

Telephone subscribers are once again thrown into pandemonium, as the Nigerian Communications Commission (NCC), yesterday, declared about 63.2 per cent of the Subscriber Identification Modules (SIM) cards data information processed by the Mobile Network Operators (MNOs) in the country as invalid. Invalid, in the sense that data collected are beset with some irregularities such as […]

Tanzania eyes 10,000 MW power generation capacity by 2025

Tanzania aims to have six times its current power generation capacity by 2025 through investment in thermal and renewable energy, deputy energy minister Subira Mgalu told parliament on Tuesday. The East African country boasts reserves of over 57 trillion cubic feet (tcf) of natural gas, but faces periodic power shortages. Investors have long complained that […]

Investors shun bank shares despite N720 billion profit

Though the combined profit, in excess of N720 billion, of the five top-tier banks on the Nigerian Stock Exchange (NSE) has remained strong, investors are showing apathy towards banking stocks. The five banks, which are Zenith, Guaranty Trust Bank, FBN Holdings, United Bank for Africa and Access Bank, are currently trading at a value described […]

Tunisia reaches an agreement with IMF on fifth review of loan

The International Monetary Fund (IMF) said on Wednesday it had reached a staff-level agreement with Tunisia on the fifth review of a loan. The agreement will allow Tunisia to benefit from a disbursement of $247 million following the Executive Board’s review that is expected to take place by early June this year. Tunisia struck a […]

Banks’ soaring profits and customers’ losses, ignorance

Banking industry’s profit has become a manifest of tale of mixed fortunes. While the nation’s Deposit Money Banks regale with huge numbers in the harvest of earnings, their customers are losses and deprivations, mostly facilitated by low-level financial literacy. Indeed, a combined numbers of five top-flight financial institutions, among others, in the country- Access Bank, […]

Zimbabwe reaches agreement with IMF on economic reform programme

Zimbabwe has reached agreement with the International Monetary Fund (IMF) on a programme of economic policies and structural reforms that could pave the way to the crisis-hit country re-engaging with international financial institutions. Suffering from decades of decline and hyperinflation, Zimbabwe has not been able to borrow from international lenders since 1999, when it started […]

OPEC sees tighter 2019 market as Nigeria, others defy cuts

Organisation of the Petroleum Exporting Countries (OPEC), has forecast a much tighter market in 2019, and has seen its production fall significantly this year, led by curbs to Saudi Arabian output along with dramatic, involuntary declines from sanctions-hit Venezuela. Last month, total OPEC-14 preliminary crude oil production averaged 30.02 million barrels per day (mb/d), a […]

Ethiopia inflation up to 11.2 pct in year to March

Ethiopian inflation rose to 11.2 percent in the year to March, the statistics bureau said on Saturday. Year-on-year inflation was 10.9 percent in February. The rise was mainly due to an increase in the price of cereals in the food basket, and non-food items such as house rent, fuel such as charcoal and wood, and […]

South African rand retreats from 5-week high

South Africa’s rand weakened in early trade on Monday, retreating from a five-week best hit in the previous session, as currency traders looked for direction from U.S.-China trade talks and updates on Brexit. At 0640 GMT, the rand traded at 14.1300 per dollar, 0.28 percent weaker than its New York close on Friday. The currency […]

Global e-commerce sales surge to $29 trillion

Global e-commerce sales grew by 13 per cent in 2017, hitting an estimated $29 trillion, according to the latest numbers released by the United Nations Conference on Trade and Development (UNCTAD). The report noted that a similar surge was seen in the number of online shoppers, which jumped by 12 per cent and stood at […]

FG mulls new incentives to attract local, foreign capital

Efforts to attract both local and foreign capital into the country may get added boost, as the federal government has assured that it is providing enough policy incentives this year. The Minister for Finance, Zainab Ahmed, who disclosed this at the First Bank anniversary lecture, in Lagos on Tuesday, expressed worry on the level of […]

Reactions trail Central Bank of Nigeria’s rates cut

Reactions have continued to trail Tuesday’s reduction of Monetary Policy Rate (MPR) to 13.5 per cent by the Central Bank of Nigeria (CBN) after holding at 14 per cent for 32 months. Addressing journalists after its Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, CBN Governor Godwin Emefiele, explained that the cut was meant […]

CBN tweaks 32-month-old policy rate, opts for growth

The Central Bank of Nigeria (CBN) yesterday took local and international investors by surprise, cutting the 32-month-old Monetary Policy Rate (MPR) by 0.5 per cent to 13.5 per cent. The new economic direction for the next two months has already been seen as growth and investment inducer, notwithstanding the size. It is capable of creating […]

South Africa’s rand slips as global risk rally slows

South Africa’s rand slipped on Tuesday, surrendering the previous session’s scant gains as the dollar steadied from a sell-off triggered by fears the United States economy is heading for recession. The rand was 0.07 percent weaker at 14.3200 per dollar at 0645 GMT, compared to a close of 14.3100 overnight in New York. On Monday, […]

‘VAT increase will pressure stock price, reduce patronage’

Capital market experts have faulted the proposed upward review of Value Added Tax (VAT), saying its implementation would further depress stocks’ price and increase transactions cost in the bourse. Already every purchase or sale of shares by stockbrokers to investors attracts five per cent VAT as commission on the Nigerian Stock Exchange (NSE). Operators, who […]

AMCON seeks reintroduction of Failed Bank Act

Worried by the resurgence of huge toxic loans in the banking sector, the Managing Director/Chief Executive Officer, Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Lawan Kuru, yesterday, in Lagos, called on the financial regulators to revisit the Failed Bank Act, to make bankers accountable for their actions. He equally urged banks to immediately strengthen […]

MTN IPO to be executed in two phases amid row with FG

The long-awaited listing of the shares of South Africa-based, mobile network provider, MTN, will now be executed in two phases for better value, which will commence at the end of the second quarter or at the latest early third quarter.The phased listing, which will not be as big and extensive as initially anticipated, is to […]

IMF moves against early retirement in developing nations

The International Monetary Fund (IMF), has warned developing nations to be wary of early retirement and attendant effect on the economy. This is as IMF has projected at least two per cent rise in the global Gross Domestic Product (GDP) of cost of public pensions by 2050. According to the world monetary body, many emerging […]

South Africa central bank still sees 2019 growth at 1.7 pct

South Africa’s central bank still expects the economy to grow by 1.7 percent this year and 2 percent in 2020, governor Lesetja Kganyago said on Wednesday after the latest fourth-quarter data showed an annualised growth of 0.8 percent. Kganyago said rising fuel and electricity prices posed a domestic risk to the inflation outlook, while the […]

NSE set to list 30-year FGN Eurobond

The Nigerian Stock Exchange (NSE), will on Thursday, March 7, list 5 tranches of the Federal Government (FGN) Eurobond. They include; 7.143%, 12-Year, $1.25billion FGN Eurobond; 7.696%, 20-Year, $1.25billion FGN Eurobond; 7.625%, 7-Year, $1.118billion FGN Eurobond; 8.747%, 12-Year, $1billion FGN Eurobond; and 9.248%, 30-Year, $750million Eurobond under the auspices of Nigeria’s newly established Global Medium […]

FG boosts financial inclusion with TraderMoni

With over 23 million Nigerians financially excluded, the introduction of TraderMoni by the Federal Government in conjunction with Bank of Industry could not have come at a better time. According to a 2018 World Bank report, 6% of Nigerian adults use a mobile money account; this is small compared to 21% in sub-Saharan Africa overall. […]

CBN governor restricts forex for textile products

Central Bank of Nigeria (CBN) Governor Godwin Emefiele yesterday described as wicked his alleged removal from office. He insisted that he had not received any memo from the presidency directing him to leave. Emefiele debunked the rumour yesterday in Abuja at a stakeholders’ meeting with textile manufacturers and cotton farmers where he announced the inclusion […]

Nigerian, Canadian firms in N7.2b telecoms infrastructure deal

Nigerian firm, Pan African Towers (PAT) Limited, has entered into a N7.2 billion ($20 million) telecoms infrastructure investments deal with Canadian firm, Watt Renewable Corporation. Under the terms, Watt Renewable will provide alternative energy solutions like solar and other renewable to all towers owned and managed by PAT in Nigeria, to help the latter reduce […]