IMF cuts global growth forecast to 3.2% in 2022 amid gloomy economic outlook
Onome Amuge
July 27, 2022
By Onome Amuge. Global economic growth has been projected to slow from 6.1 percent in 2021 to 3.2 percent in 2022 and slip further to 2.9 percent in 2023, downgrades of 0.4 and 0.7 percentage points, respectively, according to the July 2022 World Economic Outlook compiled by the International Monetary Fund (IMF). The international financial […]
Nuclear power sees resurgence on decarbonisation, energy security
Maduabuchi EfegadiJuly 26, 2022
By Maduabuchi Efegadi. With fuel prices skyrocketing and energy supply and security concerns continuing, interest in nuclear power is gaining momentum around the world, according to a summary of recent developments. The International Energy Agency’s (IEA) report in June this year, titled, “Nuclear Power and Secure Energy Transitions”, acknowledged the unique opportunity for nuclear energy […]
Again, aid agencies converging on Horn of Africa as USAID offers $1.3bn
Onome AmugeJuly 26, 2022
BY Onome Amuge. Once again there appears to be crisis on the Horn of Africa and aid agencies are beginning to gather to help. Already, the United States Agency for International Development (USAID) says it is providing nearly $1.3 billion in additional critical humanitarian and development assistance to help stave off mass starvation and deaths […]
Access Bank, U.S. DFC partnership yields $280m to boost SME financing
Businessam StaffJuly 25, 2022
BY BUSINESS A.M. REPORTER A new partnership between Nigeria’s Tier-1 lender, Access Bank and the United States International Development Finance Corporation (DFC) is primed to yield $280 million that will be channelled to boosting the financing needs of small and medium enterprises (SME). The deal to make this happen was signed between Scott Nathan, chief […]
Zenith retains Nigeria’s number one bank position for 13th consecutive year
Onome AmugeJuly 25, 2022
BY Onome Amuge. Zenith Bank Plc has been ranked the number one bank in Nigeria by Tier-1 capital in the 2022 Top 1,000 World Banks ranking published by The Banker Magazine, an international affairs publication owned by the Financial Times Ltd. The Nigeria-based multinational financial service provider amassed a Tier-1 Capital of $2.75 billion to […]
Insurance firms pay $49.02m as claims daily for 5yrs, says report
phillip isakpaJuly 25, 2022
Fire, natural catastrophes, faulty workmanship Top causes of insurance claims by business Industry faces exposure to Ukraine war In a five-year period, 2017 to 2021, a comprehensive global analysis of 530,000 insurance claims across over 200 countries and territories has found that insurance companies involved in the claims settlement handled approximately €88.7 billion or […]
BUA Cement pays shareholders 97.72% of N90.1bn profit as dividend
Onome AmugeJuly 22, 2022
BY Onome Amuge. Shareholders of BUA Cement Plc, one of the most capitalised entities on the Nigerian Exchange (NGX), reaped a bumper dividend harvest at their recently held annual general meeting where they considered the company’s financial report for the year ended December 31, 2021. A total of N88.047 billion out of a profit after […]
NCAA grounds Dana Airlines over safety, financial health concerns
Onome AmugeJuly 21, 2022
BY Onome Amuge. The Nigerian Civil Aviation Authority (NCAA) has suspended Dana Airlines’ Air Transport Licence (ATL) and Air Operator Certificate (AOC) effective from midnight of Wednesday, 20 July, 2022. The Nigerian airline was slammed with the indefinite suspension a day after one of its planes conveying 100 passengers developed suspected engine problem midair, forcing […]
Nigeria, Equatorial Guinea mull commercial partnership to enhance gas optimisation
Onome AmugeJuly 20, 2022
BY Onome Amuge Nigeria and Equatorial Guinea have commenced talks on strengthening commercial bilateral relations aimed at increasing and utilising gas production and supply for the benefit of both countries. Gabriel Lima, Equatorial Guinea’s minister of mines and hydrocarbons, made the disclosure while speaking to newsmen in Abuja following the recent unveiling of the Nigerian […]
Dangote Industries completes Nigeria’s largest corporate bond issuance worth N187.6bn
Onome AmugeJuly 19, 2022
By Onome Amuge Dangote Industries Limited (DIL), one of Africa’s leading, diversified and fully integrated conglomerates, has announced the successful completion of its N187.6 billion Series 1 Bond Issuance, the largest corporate bond ever issued in the history of the Nigerian capital market. The landmark transaction represents the company’s first issuance at group level and […]