Foreign investment in equities rises to $9.48bn
Businessam StaffNovember 6, 2019
By Moses Obajemu The value of the foreign portfolio and direct investment in equities amounted to $9.48bn (N3.44tn) between June 2017 and June 2019. Data obtained from the Securities and Exchange Commission on Wednesday showed that foreign direct investment in equities stood at $2.42bn (N878.45bn) while foreign portfolio investment in equities stood at $7.05bn (N2.56tn). […]
UBA restates commitment to investing in financial tech
Businessam Staff, Mudashir TundeNovember 5, 2019
By Omobayo Azeez United Bank for Africa (UBA) has restated its commitment to continued investment in cutting edge technology for efficient and improved service delivery to its customers and by extension the business community. Victor Osadolor, chief executive officer, UBA Africa, made the disclosure during the flag-off ceremony of the 2019 Lagos International Trade Fair (LITF), in […]
OMO ban does not affect investing in FG securities – DMO
Businessam StaffNovember 4, 2019
By Mudashir Tunde The Debt Management Office (DMO) has clarified some misconceptions surrounding the recent move by the Central Bank of Nigeria to restrict individuals, local and well-established enterprises from engaging in the primary and secondary markets for Open Market Operations (OMO) securities. As gathered by Business a.m., the DMO made it known to […]
Nigeria to keep borders closed until January, 2020
Samson EchenimNovember 3, 2019
The continued lack of activities around the Nigeria borders has resulted in serious economic concerns for the citizens of the country. Imported commodities have surged in values. As well, business owners are finding it hard to bring about profitable trading. The price instability has led some citizens to call for the reopening of the closed […]
Buhari seeks more US capital for infrastructure
Businessam StaffNovember 1, 2019
President Muhammadu Buhari has met with the United States’ Treasury Secretary, Steven Mnuchin, to request for additional capital from the US development finance institutions to upgrade critical infrastructure in Nigeria. A statement yesterday by a presidential spokesman, Garba Shehu, said both men, who met on Wednesday in Riyadh, Saudi Arabia had positive discussions on investments […]
Lebanese banks to reopen; association asks customers to show consideration
Businessam StaffOctober 31, 2019
Lebanon’s banking association said on Thursday that banks would reopen on Friday to meet “urgent” needs after being shut for two weeks as an economic crisis and nationwide protests rage, but asked customers to keep “the interests of the country” in mind. “The association hopes that all bank customers understand the current situation and respond […]
Absence of Audit Act Impedes audit institutions’ work – Auditors-General
Tola AkinmutimiOctober 31, 2019
ByTola Akinmutimi Delegates to the 49th conference of body of federal and state auditors-general in Nigeria have identified the absence of an audit act, which will guarantee administrative and financial autonomy for the office of the Auditor-General for the Federation, and enhance its efficiency and effectiveness, as the most critical challenge currently facing audit institutions […]
Senate summons Adebayo over N15bn in private firm accounts
Businessam StaffOctober 31, 2019
The Senate on Thursday summoned Otunba Niyi Adebayo, the minister of trade and investment, and the acting, managing director of Nigeria Export Processing Zones Authority, Terhembe Nongo, over N15 billion allocated to a private company in the ministry’s budget. The Senate Committee on Appropriations issued the summons following the presentation of the report of Senate […]
Wema bank grows PBT by 55.56%, reiterates commitment to lead digital banking innovation.
Afolabi OluwaseunOctober 31, 2019
Ademola Adebise, MD of Wema Bank Plc. has stated that the bank will continue to thrive in the digital banking space with ground breaking innovations as the bank grows its profit before tax by 55.56 percent to N4.76 billion. Adding that the future of the bank remains with growth through innovation. Making remarks on the […]
IMF urges policymakers to avert imminent economic downturns
Businessam StaffOctober 31, 2019
By Omobayo Azeez The International Monetary Fund (IMF) has called on policy makers across the world to urgently tackle financial vulnerabilities that could exacerbate the next economic downturn. According to the IMF, an economic downturn is imminent and policymakers should be proactive with their policy pronouncements to cushion the effect. The IMF, in its […]