Business246 Videos

Naira to depreciate further as demand gap widens

The Central Bank of Nigeria (CBN) may be forced to further retract its defence and depreciate the naira as the apex bank increased the bid price for foreign exchange at its Secondary Market Intervention Sales (SMIS) window by 5.56 per cent to N380.00/$. Most analysts at the weekend agreed that the apex bank was in […]

Airport concession model splits stakeholders

Experts and unions in the aviation sector have disagreed on what model government should adopt in the proposed concession of Lagos, Abuja, Port Harcourt and Kano airports. The Ministry of Aviation is pursuing full concession of the four airports to private entities utilising parameters endorsed by the Infrastructure Concession Regulatory Commission (ICRC). The Ministry of […]

FCMB Group eyes 96% stake in AIICO Pensions

FCMB Group has notified the Nigerian Stock Exchange that its pensions arm, FCMB Pensions Limited, is to acquire 96 per cent of AIICO Pensions Limited. FCMB Pensions has since grown its assets under management (AUM) to N325 billion with 350,000 customers as at March, this year, while that of AIICO Pensions is estimated at N126 […]

BUA Cement to establish three million tonnes plant in Adamawa

BUA Cement plans to establish a three-million metric tonne cement plant and 50 megawatts power plant in Guyuk and Lamurde local governments of Adamawa State. Chairman, BUA Group, Alhaji Abdul Samad Rabiu, stated the readiness of the group when he led the management of BUA Cement on a courtesy visit to the Adamawa State Governor, […]

Arik, Aero, Dana, others begin Lagos-Abuja flights Wednesday

Life back at airports NCAA warns against breach of protocol Nigeria’s airspace will roar back to life on Wednesday as six domestic carriers are set to resume flights after more than three months the Federal Government shut down all airports to prevent Coronavirus spread. The airlines are Arik Air, AeroContractors, Air Peace, DANA Air, AZMAN […]

Sanni leads Nigeria, Tanzania’s cassava project team

Prof. Lateef Oladimeji Sanni has been appointed the Project Manager of the Building an Economically Sustainable, Integrated Cassava Seed System Phase II (BASICS II). BASICS II aims to transform the cassava seed sector by promoting the breeding and dissemination of improved varieties, thereby creating a community of seed entrepreneurs across the cassava value chain. The […]

Group sues agency chiefs for mismanaged, unremitted N289 billion

• Urges police, EFCC, ICPC collaboration to recover funds The Centre for Social Justice (CSJ), has sued some heads of Federal Government agencies and commissions for alleged mismanagement and non-remittance of cumulative N289 billion by 17 organisations, which contravenes some provisions of the Finance Circular of November 11, 2011, on internally generated revenues (IGR). According […]

Union Bank restates commitments to sustainability

Union Bank of Nigeria (UBN) Plc has restated its commitments to sustainable business practices as it released its 2019 Citizenship, Sustainability, and Innovation (CSI) report – an annual report outlining the bank’s social and environmental investments during the year. The report gives a detailed, year-long account of responsible business practices, innovation, and community impact. The […]

AMCON takes over Pan Ocean assets over N240 billion debt

The Federal High Court, presided over by Justice A.M. Liman, in the suit between the Asset Management Corporation of Nigeria (AMCON) vs Everest Nominees Limited, and Dr. Bolaji Ogundare, a subsidiary of Pan Ocean Group, has ordered AMCON and its assignee to take over all the assets of the companies. Lagos-based oil and gas businessman, […]

‘How to make digital economy viable’

Minister of Communications and Digital Economy, Dr. Ali Isa Pantami, has said that the coronavirus pandemic has brought the viability of the digital economy to the fore. He said the digital economy offers Nigeria an opportunity to diversify. According to him, the national policy on the digital economy has eight critical pillars, including digital literacy, […]

‘How border closure aided local raw materials utilisation’

Utilization of Local Raw-materials in the manufacturing sector increased marginally in the second half (H2) of 2019, attributable to the closure of the country’s land borders by the Federal Government during the period, the Manufacturers Association of Nigeria (MAN), has said. According to MAN in its data for the second half of 2019, local sourcing […]

Local production suffers contraction, fuels unemployment concerns

Affirming the Bretton Woods institutions’ concerns about recession, the latest Purchasing Managers’ Index (PMI) for the manufacturing sector has continued to reflect the sector’s weaknesses as regards production, new orders, and employment levels. According to the latest data released by the Central Bank of Nigeria (CBN), manufacturing in the month of June stood at 41.1 […]

AMCON takes over Pan Ocean assets over N240 billion debt

Firm condemns action The Federal High Court, presided over by Justice A.M. Liman, in the suit between the Asset Management Corporation of Nigeria (AMCON) vs Everest Nominees Limited, and Dr. Bolaji Ogundare, a subsidiary of Pan Ocean Group, has ordered AMCON and its assignee to take over all the assets of the companies. Lagos-based oil […]

How new safety protocol changed air travel dynamics

For a long time, air travel was regaled as the safest, yet the fastest mode of modern transportation. As a business that hinges money on time, it was possible for travellers to be airborne within an hour of leaving their homes be at their destination. Air travel made it possible for a lot of business […]

NNPC may continue as major importer of petroleum products

The Major Oil Marketers Association of Nigeria (MOMAN) has said that the NNPC may continue as the major importer of petroleum products, due to foreign exchange constraints by its members. Mr Tunji Oyebanji, Chairman, MOMAN, told the News Agency of Nigeria (NAN) in Lagos on Thursday that the difficulties in sourcing for forex by marketers […]

Peterside steps down as Cadbury chairman

Leading investment banker, Mr Atedo Peterside has stepped down as Chairman of Cadbury Nigeria Plc. He resigned on personal ground to pursue other interests. Peterside led the food and beverage company through a period of steady recovery and growth, marking his last Annual General Meeting (AGM) last week with distribution of N912 million as cash […]

COVID-19: African exporters to lose $2.4 billion

African exporters may lose more than $2.4 billion as a result of factory shutdowns in China, the European Union (EU) and United States, the International Trade Centre’s (ITC’s) SME Competitiveness Outlook has predicted. The bulk of this loss, more than 70 per cent, the report said, is caused by the temporary disruption of the supply-chain […]

Access Bank in panic mode

In a quick attempt to kick start a damage control, Access Bank is launching code *901*911#. The USSD code allows customers deactivate their USSD profile once their mobile devices get lost or stolen. This self-service enables users to deactivate their accounts using any alternative phone number, giving account holders full autonomy to safeguard their funds […]

Group acquires 96% stake in AIICO Pensions

FCMB Group said it has notified the Nigerian Stock Exchange (NSE) that its pensions arm, FCMB Pensions Limited, has entered into an agreement to acquire 96 percent of AIICO Pensions Limited. This is part of a deliberate strategy to grow the Group’s investment management portfolio, and build on the inherent synergies between this and banking. […]

Nigeria, others face $44 billion financing gaps despite huge loans

Still struggling to deal with the impact of the coronavirus on their economies, the International Monetary Fund (IMF), has said Nigeria and other countries in the sub-Saharan African (SSA) region would need additional financing needs of over $110 billion. Of this $110 billion and approved loans, the IMF insisted that the countries still have $44 […]

Access Bank to refund stamp duty deductions after outcry

Access Bank on Sunday said it will refund its stamp duty deductions made from the account of its customers after a social media outcry on Saturday. Stamp duty deductions apply to all credit received into current and savings accounts in respect to electronic transfer and teller deposits of N10, 000 and above. The money is […]

‘Over-subscription of N150b Sukuk confirms NSE’S absorptive capacity’

Stockbrokers at the Nigerian Stock Exchange (NSE), have described the recent oversubscription of the Sukuk Ijarsh, as a confirmation of the market’s absorptive capacity, urging the Federal Government to float more fixed income securities to finance infrastructure deficit. Recently, the Federal Government floated an N150 billion Sukuk Ijarah, a financial instrument for ethical investors that […]

FG intensifies airports’ upgrade for resumption

FAAN, NAMA, AIB relocate headquarters to Abuja In a last-minute push to get the airports ready, the Federal Government has rallied resources to get five airports ready for proposed local flights’ resumption. The preparation, currently being executed by the Federal Airports Authority of Nigeria (FAAN), is to speed up the Lagos, Abuja, Port Harcourt, Kano, […]

How to attain medicine security, self-sufficiency, by PMG-MAN

*Kicks against blanket waiver for importation of essential drugs that local manufacturers have developed excessive capacity to produce Local manufacturers of medicines under the aegis of the Pharmaceutical Manufacturers Group of the Manufacturers Association of Nigeria (PMG-MAN) have unveiled how Nigeria can attain medicine security and national self-sufficiency. Executive Secretary, PMG-MAN, Frank Muonemeh, during a […]

How we plan to solve power sector challenges, by Mamman

Says sack, appointments necessary for growth Minister of Power Sale Mamman, yesterday, told The Guardian that the challenges in the power sector were surmountable, stressing that a holistic approach is being deployed to tackle the bottlenecks. While there have been discordant voices over recent moves by the Minister, especially the sack of heads of key […]

Oil production threatened by non-compliance to COVID-19 protocols

Nigeria’s ability to meet its monthly oil production quota and revenue target may become hampered if rising cases of coronavirus in offshore oil fields are not addressed. With the country suffering huge revenue losses from decline in oil prices since March, and inability to sell its crude during the lockdown, there are fears that production […]

Sudan pins hopes on Berlin donor meeting as economy nears collapse

With Sudan’s economy at risk of freefall, hammered by inflation exceeding 100% and plagued by shortages of bread, fuel and medicine, the government is pinning its hopes on a conference of potential donors in Berlin this week. The crisis has been compounded by the coronavirus pandemic, which has diverted the resources of many donors, and […]

Angel investors to drive new funding for healthcare

Mr. Aigboje Aig-Imoukhuede and the Private Sector Health Alliance of Nigeria (PSHAN) have unveiled a new initiative geared towards significantly improving the healthcare at the grassroots. The innovative strategy, in furtherance of a vision from an earlier stakeholders’ roundtable, entails delivering one Primary Healthcare Centre (PHC) in each of Nigeria’s 774 Local Government Areas (LGAs) […]

FBN Holdings gets award

FBN Holdings Plc has won the Best Corporate Governance in Nigeria Award by the World Finance. World Finance is renowned for its coverage and analysis of the global financial services industry, international business, and the global economy. FBN Holdings is winning thie award for the second consecutive year for its strong corporate governance practices and […]

Stock investors lose N21bn amid selling pressure

The nation’s stock market, on Thursday, pared most of the gain recorded the previous day as investors sold off shares. The market breadth closed negative as nine firms, led by C&I Leasing Plc, emerged gainers, compared to 10 losers, led by Fidson Healthcare Plc. The Nigerian Stock Exchange All-Share Index dipped 39.48 basis points or […]

New operator targets Nigeria’s $80 billion telecoms market

A new telecommunications operator is poised to enter Nigeria’s $80 billion telecoms industry as the fifth largest firm. Specifically, Orange, the largest telecommunications operator in France, says it is making plans to expand its operations to Nigeria, and South Africa. Orange Chief Executive Officer (CEO), Stéphane Richard, told Les Echos newspaper that the company believes […]

Recession: CBN unveils plans for non-interest loan in ABP, others

To avert another round of recession in the country, the Central Bank of Nigeria (CBN), has unveiled plans for a framework for the integration of non-interest window in all its intervention programmes, particularly the Anchor Borrowers’ Programme (ABP) and the Targeted Credit Facility (TCF). The Bank also plans to fund the value chains of nine […]

FG, States, LGs share ₦547.309bn for May 2020

The Federation Accounts Allocation Committee (FAAC) has shared ₦547.309 billion to the three tiers of government as federation allocation for May, 2020. From this amount, inclusive of VAT, Exchange Gain and Excess Bank Charges recovered, the Federal Government received N219.799 billon, States N152.436 billion while the Local Government councils got N114.095 billion. Oil producing states […]

Group moves against relocation of NIMASA’s floating dry dock

As the bickering continues over the location of the Nigerian Maritime Administration and Safety Agency (NIMSA’s), floating dry dock, the Maritime Industry Advocacy Initiative (MAIN), has said the facility is a national asset that should serve the entire populace and not a particular region. Executive Director, MAIN, Sesan Onilemo, in a statement, said the recent […]

Global FDI projected to plunge 40% below $1 trillion in 2020

Global foreign direct investment (FDI) flows are projected to decrease by up to 40 per cent in 2020, from their 2019 value of $1.54 trillion, according to United Nations Conference on Trade and Development’s (UNCTAD’s) World Investment Report 2020. The projected decrease is expected to bring FDI below $1 trillion for the first time since […]

Nigeria’s collective investment funds rise to N1.32tr

Total net asset of collective investment schemes and funds in Nigeria has risen to N1.322 trillion, according to latest records provided by Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC). Latest reports on collective investment schemes (CIS) obtained at the weekend by The Nation indicated that the net asset value (NAV) of registered […]

CWG partners Clari5 to curb financial crime

CWG Plc has entered into strategic partnership with Clari5 to help African banks combat enterprise fraud and money laundering. Quoted on the Nigerian Stock Exchange (NSE), CWG is a leading Nigerian information and communication technology company. Clari5 is a global leader in financial crime risk management systems. With 200 million accounts at a single site, […]

Fed Govt’s N150b Sukuk records N669.12b subscription

Nigeria’s N150 billion third sovereign Sukuk issuance recorded oversubscription of N519.12 billion, sustaining a trend of oversubscription that started with the maiden issuance 2017. The Debt Management Office (DMO), which oversees debt issuance by the Federal Government, at the weekend indicated that the N150 billion Sukuk recorded overwhelming subscriptions from individual and institutional investors, with […]

Importers ‘lose N15tr to pandemic’ in Lagos ports

Millions of cargoes are currently wasting away at Lagos seaports owing to poor road infrastructure, bureaucratic processes, and unfavourable government policies. Investigations by The Guardian revealed that many of the cargoes are now incurring high demurrage after enjoying three rent-free days from the time of discharge. The stockpile of containers is also causing serious congestion […]

Cargo evacuation by rail resumes at Lagos port

To rescue trapped cargoes and ensure seamless evacuation of containers, the Nigerian Shippers’ Council (NSC), has resumed rail operations to APM Terminal, in Lagos Port. The Executive Secretary, NSC, Hassan Bello, said the revival of rail evacuation would help decongest the terminal and allow export cargoes trapped at various private garages and port corridors access […]

Mike Pompeo criticises HSBC for backing Hong Kong security law

US Secretary of State Mike Pompeo has criticised banking giant HSBC for supporting China’s move to impose new security legislation in Hong Kong. Mr Pompeo also said the US stood with its allies against China’s “coercive bully tactics”. The Trump administration has repeatedly attacked Beijing for what it says is an attempt to end Hong […]

Confusion over bid rounds for 57 oil fields

About 57 marginal fields being auctioned by the Federal Government, may end up in the wrong hands or remain underdeveloped unless the country overhauls its legal framework and sets the right terms that would offer projected value from the oilfields. Many of the industry players who spoke with The Guardian feared that the country’s obsolete […]

AFDB injects $10billion to cushion COVID-19 impact on agriculture

The African Development Bank (AFDB), has provided about $10billion to implement strategic roadmap of projects and programmes of immediate and longer term measures to tackle nutrition and food crisis situation in the Continent. This is part of the measures to assist Nigeria and other African countries mitigate impacts of COVID-19 pandemic on the agriculture sector. […]

Samsung: Court rejects Lee Jae-yong arrest warrant request

A court has denied an arrest warrant request for Samsung heir Lee Jae-yong, after he was accused of accounting fraud and stock manipulation. The ruling provides at least temporary relief for the de facto head of the South Korean conglomerate. But Mr Lee isn’t completely in the clear yet as prosecutors said they will continue […]

UK to start post-Brexit trade talks with Japan

The UK and Japan are set to begin talks on Tuesday aimed at reaching agreement on a post-Brexit trade deal. The negotiations come as London and Tokyo work towards replacing the agreement Britain currently has with Japan through the European Union. Without a new deal by 1 January 2021 the two countries will default to […]

GenCos loss N122.79b in five months to capacity challenges

Nothing less than N122.79 billion has been lost by Nigeria’s power generation companies (GenCos) between January to May this year. Pioneer Executive Secretary of the Association of Power Generation Companies, Dr. Joy Ogaji, said while available capacity generation stood at 8,286.62 megawatts in May, average generation was 4,146.79 MW while stranded generation remained at 4,140 […]

Ocean shipping shrinks as pandemic pummels retailers

The $1 trillion container shipping industry is in a slowdown. Literally. Some shipping lines, whose retail customers are being hammered by the coronavirus pandemic, are reducing sailing speeds and taking longer routes around Africa, avoiding Suez canal passage fees, according to the companies and ship-tracking specialists. Many are also cutting down the number of voyages […]

Global airlines add flights; U.S. carriers target the great outdoors

Airlines from America to Australia are ramping up flights in June and July, boosting hopes for a pickup in tourist traffic even as bigger-spending business and global travel remains sluggish during the ongoing pandemic. American Airlines (AAL.O) and United Airlines (UAL.O) each announced more flights to key U.S. business and leisure destinations where national parks […]

GenCos loss N122.79b in five months to capacity challenges

Nothing less than N122.79 billion has been lost by Nigeria’s power generation companies (GenCos) between January to May this year. Pioneer Executive Secretary of the Association of Power Generation Companies, Dr. Joy Ogaji, said while available capacity generation stood at 8,286.62 megawatts in May, average generation was 4,146.79 MW while stranded generation remained at 4,140 […]

Government moves for $10 oil production cost

Loses 2.9 million barrels in two months Though Nigeria’s cost of oil production is currently above $20 per barrel, the Nigerian National Petroleum Corporation (NNPC) yesterday said efforts were ongoing to crash the fee to $10. The corporation’s Group Managing Director, Mele Kyari, in a report in Abuja, stated that the operating cost across the […]

Global leaders chart path to Africa’s economic recovery post-COVID-19

• Urge government, private sector collaboration • Seek speedy implementation of AFCFTA, micro-health insurance • Afreximbank releases $200m for fertilisers, grains supply across Africa With over 60 per cent of the African population living below the poverty line, and the Coronavirus (COVID-19) pandemic posing an existential threat to Africa’s economic growth, global leaders have convened […]

Telecoms body lists challenges of rural connectivity

• Urges telcos to upgrade 2G network sites to 3G/4G, invest in alternative power United Nation’s arm in charge of global telecommunications, the International Telecommunications Union (ITU), is worried that rural and remote areas of many countries worldwide continue to be sparsely covered in terms of broadband connectivity. ITU said major challenges for rural and […]

150,000 seafarers sign virtual global petition on crew stagnation

There is an ongoing global petition aiming to draw the attention of the general public to the problems of over 150,000 seafarers that cannot leave or cannot join ship crews due to the coronavirus (COVID-19) pandemic. The initiative is from the International Maritime Organisation (IMO) Goodwill Maritime Ambassador for Bulgaria Capt. Andriyan Evtimov. The purpose […]

Investors torn between debt, forex market as naira weakens

The impact of the plunge in oil price in the last two months may have spread across asset classes in Nigeria, forcing investors to widen portfolio on the bond market, sell stocks and buy dollars to hedge their funds as naira becomes weaker. With warnings of imminent recession, the parallel market has continued to witness […]

World airlines issue safety guidelines for restart

World airlines have proposed new safety guidelines to governments toward re-starting passenger flights amid the coronavirus crisis.The airlines, under the aegis of International Air Transport Association (IATA), Wednesday, said the aviation-friendly guidelines aim to provide the confidence that governments would need to enable the re-opening of borders to passenger travel, and the confidence that travellers […]

Oil price hits $35

Energy experts in Nigeria are uncertain of the sustainability of current increase in the prices of crude oil, as Brent rose to $35.14 per barrel, while Bonny Light traded for $33.92 gaining about $4.11. While the other grades of Nigeria’s crude – Brass River, and Qua Iboe stood at $35.20, some experts urged the Federal […]

How illegal mining is sabotaging economy

The Minster of Mines and Steel Development, Olamilekan Adegbite, blew the whistle on some “powerful and influential” Nigerians recently during a briefing in Abuja. What was the story? According to Adegbite, these economic saboteurs – that’s what they are – have been putting pressure on the Federal Government to free Chinese nationals arrested for illegal […]

Kia to customers: we’re back

Kia Motors Nigeria has informed customers that service centres and showrooms are opening their doors again under strict adherence to the government’s and health experts’ directives for business operations as the COVID-19 lockdown eases in phases. Because of the cautious and conscious business operations and guidelines, Kia will commence after-sales service to our customers. Kia […]

Row over demurrage, costs hampers cargo services

The vigorous controversy is brewing between customs agents at the cargo terminal of the Murtala Muhammed International Airport (MMIA), and their handling companies over demurrage incurred during the recent lockdown. While the ground handling companies – Nigerian Aviation Handling Company (NAHCO) Plc, and the Skyway Aviation Handling Company (SAHCO) Plc, have directed all agents to […]

Mobolaji Balogun retires from Lafarge Africa as chairman

Lafarge Africa on Friday announced the retirement of Mr Mobolaji Balogun as the chairman of the company effective June 4. The company said this in a statement by Mrs Folashade Ambrose-Medebem, Director, Communications, Public Affairs and Sustainable Development, posted on the Nigerian Stock Exchange (NSE) website. It said Balogun had notified the Board of Directors […]

Bank of England warns of sharpest recession on record

The Bank of England has warned that the UK economy is heading towards its sharpest recession on record. The impact of coronavirus meant the economy would shrink 14% this year, based on the lockdown being relaxed in June. Scenarios drawn up by the Bank to illustrate the economic impact said Covid-19 was “dramatically reducing jobs […]

Investors’ fortunes rise further by N375 billion

Following sustained bargain hunting in most bluechip stocks, transactions on the equities sector of the Nigerian Stock Exchange (NSE) continued upbeat, causing market capitalisation to increase further by N375 billion. Yesterday, the All-Share Index (ASI) increased by 719.45 absolute points, representing a growth of 3.12 per cent to close at 23,809.31 points. Similarly, the overall […]

Revolutionising tax for Nigeria’s sustainable growth

The Federal Inland Revenue Service (FIRS), is currently implementing small businesses-friendly tax policy that temporary exempts operators with annual turnover of N25 million and below from charging Valued Added Tax (VAT), while deploying technology to ensure continued quality service delivery to taxpayers across every segment of the economy. Helen Oji examines the impact of the […]

‘Cargo to save local airlines amid global slump, crises’

Local airlines have been urged to shift focus to air cargo operations to enhance the chances of survival during the current restriction in passenger services and the difficult recovery that lies ahead. Industry experts said the airlines could follow the pragmatic examples of carriers like Lufthansa, Air Canada, and Kenya Airways that are deploying passenger […]

Nigeria hopes for $15 price rebound from oil cut deal

lNigeria said Friday that a “historic” agreement between major oil producers to cut output by 10 million barrels per day, if it goes forward, could boost prices by $15. Oil cartel OPEC announced the agreement after marathon talks aimed at halting a price war between key players Saudi Arabia and Russia that has sent crude […]

FG to maintain narrow fuel price band as OPEC+ deepens cuts

With concerns raised about the ability of petroleum marketers to adjust their pump price under the month pricing template, the Nigerian National Petroleum Corporation (NNPC) has said government would maintain a narrow price band to afford operators to adjust in the transition period. Besides, the NNPC noted that it would no longer be involved in […]

Nigeria’s debt stock may hit N30tr with new loans

If Nigeria succeeds in borrowing the proposed $6.9bn from international lenders including the World Bank, the African Development Bank and the Islamic Development bank to help counteract the impact of coronavirus on the economy, the country’s debt stock may hit N30 trillion before the end of 2020. Finance Minister Zainab Ahmed had on Monday, said […]

Federal government affirms deregulation, says no resort to fuel subsidy

The Federal Government yesterday, affirmed its resolve to deregulate the downstream sector, stating that the country would no longer resort to subsidy or under-recovery if oil prices regain momentum. If the government follows through the plan, Nigerians would begin to pay cost-reflective rates for petrol, using PPPRA’s monthly guide to NNPC and marketers on the […]

Airlines to burn $61 billion cash reserve in Q2

Worst-hit by the coronavirus disease pandemic, global airlines have been estimated to burn through $61 billion of their cash reserves during the second quarter ending 30 June 2020. The International Air Transport Association (IATA) in a new analysis released yesterday also posted a quarterly net loss of $39 billion. This analysis is based on the […]

South Africa lockdown squeezes global chrome supply

Samancor Chrome, one of the world’s biggest ferrochrome producers, has declared force majeure because of South Africa’s 21-day coronavirus lockdown, removing further supply from global chrome markets. South Africa ordered all underground mines and furnaces be put on care and maintenance status from midnight on March 26 as part of its measures to contain the […]

Terminal operators seek relocation of Apapa tank farms

In the wake of the recent explosion in Abule Ado area of Lagos, the Chairman, Seaport Terminal Operators Association of Nigeria (STOAN), Princess Vicky Haastrup, has urged the Federal Government to relocate the petroleum depots, otherwise called tank farms, from Apapa. Speaking against the backdrop of the March 15 explosion at Abule Ado, which claimed […]

Investors lose N2.3tr as pandemic takes toll on stock market

Uncertainty in the domestic and global economy, triggered by the devastating effect of the raging COVID- 19 crisis have continued to hit hard on the equities sector of the Nigerian Stock Exchange (NSE), even as investors’ lose N2.3 trillion in one month Specifically, market capitalisation of listed equities, which opened the month of March at […]

After Covid-19 donations, banks commence stamp duty collections

Days after announcing its donation of over five billion Naira, the equivalent of $14 million, through its foundation to catalyse a comprehensive pan-African response to the fight against the coronavirus (COVID-19) global pandemic, the United Bank for Africa Plc (UBA) has disclosed that a stamp duty charge will apply on all customers’ Savings account. According […]

Sit-at-home subscribers pressure telecom operators for tariffs slash

Telecommunications subscribers have pressured mobile network operators (MNOs) to initiate slash in prices of data, voice and all other telecoms services across the country. This, according to them, has become necessary following the Federal Government’s Sit-At-Home policy. They stressed that since most people will be working from home, and at the same time not get […]

Aero suspends flights services for 2 weeks over COVID-19

Aero Contractors on Tuesday announced the suspension of all its flight services for two weeks to support the Federal Government effort to stop the Coronavirus pandemic from spreading further. Capt. Ado Sanusi, the Chief Executive Officer of the airline made the disclosure in a statement on Tuesday in Lagos. Sanusi said that the suspension, which […]

Amazon in Good Position to Outperform Benchmark S&P 500 Index

First we had the FAANGs – Facebook, Apple, Amazon, Netflix, and Google. With Facebook and Netflix out of favor and Microsoft returning to good graces, we now have MAGA. Not the MAGA promoted by President Trump, but Microsoft, Apple, Google, Amazon. Amid the broader stock market sell-off, these four tech giants aren’t doing so well, […]

Upside-Down World of Negative Rates Is Coming for U.S. Savers

Mattresses full of money, getting paid to take out a mortgage, surging demand for safe-deposit boxes — these are some of the ideas people have about what happens when interest rates turn negative. Just a few months ago, such scenes — at least in the U.S. — seemed unthinkable. But with Treasury yields tumbling and […]

Wall Street Pros Panic Over Coronavirus While Mom and Pop Buy

If you’re one of those people — a pundit, investor or active manager — who’s been bracing for passive investing and exchange-traded funds to blow up the stock market, well, there’s some bad news for you. But first, let’s recall some warnings about passive investing: Index funds are Marxist or communist Or socialist Passive investing […]

Boeing Stock Dives To 4-Year Low As Federal Aid Sought

Boeing (BA) is asking the Trump administration for short-term relief for the company and the entire aviation industry as the coronavirus grounds air travel, according to multiple reports. Boeing stock fell. The aerospace giant is reportedly trying to prevent job cuts and spillover effects to hundreds of suppliers. Meanwhile, the airline industry is already seeking […]

CBN releases measures to battle economic impact of coronavirus

The Central Bank of Nigeria (CBN) announced six new policy measures to mitigate the spread of the dreaded coronavirus across the country.Addressing journalists yesterday in Abuja, the governor, Godwin Emefiele, said the apex bank’s intervention facilities had been granted a further moratorium of one year in all principal repayments, with effect from March 2020. According […]

Why real estate investment trust penetration remains low in Nigeria

As the Nigeria’s housing shortfall rumbles on, the impact of Real Estate Investment Trusts as alternative home finance naturally designed to reduce the 17million-housing deficit in the country have left much to be desired overtime, with little or no significant impact. By law real estate investment trusts are companies that invest in capital intensive real […]

VFD Group unveils digital banking app V

VFD Group VFD Group, owners of the VFD Microfinance Bank, has launched one of its virtual banking platforms, V. The app allows users create an account in less than two minutes using the mobile app. Speaking during a media launch, Managing Director, VFD Microfinance, Azubike Emodi, said the virtual bank unveiled by the bank is […]

FG inaugurates working group to drive IFRS 17

The federal government, through the National Insurance Commission (NAICOM), has inaugurated the Insurance Industry Financial Reporting Working Group (IIFRWG) that would drive steadying adoption of International Financial Reporting Standards (IFRS) 17, in Nigeria, by 2022. The Acting Commissioner for Insurance, Sunday Thomas, at the inauguration in Lagos, informed the group made up of NAICOM staff, […]

Equities record first weekly gain in three weeks

As bargain-hunting in undervalued stocks lift index by 0.24% Analysts predict poor patronage amid weak investors’ sentiments Bargain-hunting across banking sector propelled the stock market to its first weekly gain in three weeks, as investors jostle for undervalued stocks in anticipation of good dividend yield for the earning season. Specifically, the equities market reopened on […]
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