Banks’ software investment rises 55% to N120bn
Adesola Afolabi
August 26, 2019
The investment of 10 Nigerian Deposit Money Banks in software, which has accrued over the years, reached N120bn as of December 31, 2018, investigation has shown. This investment grew by 55 per cent in two years from the N77.35bn the banks collectively reported in their financial report ended December 31, 2016. The software is regarded […]
Fiscal initiatives, boosting revenue base, debt containing/management strategies are imperatives for Ahmed, Finance minister
Moses ObajemuAugust 25, 2019
Moses Obajemu Almost 90 days after his inauguration as president of Nigeria for the second time, president Mohammadu Buhari finally swore in his cabinet ministers and assigned portfolios to them last week. About 12 former ministers in the president’s first term made it into the newly inaugurated cabinet to continue doing what they were doing […]
Investors sustain appetite for FGN bonds
Businessam StaffAugust 22, 2019
In spite of the prevailing tight liquidity experienced in the financial market, investors have continued to show strong appetite for the FGN Bonds offered by the Debt Management Office (DMO) At the FGN bond auction held on Wednesday, the DMO issued N59.53 billion bonds for the three tenors offered to various investors, with N40 billion […]
Trump heaps pressure on Fed and its chairman Powell to cut rates
Businessam StaffAugust 21, 2019
President Donald Trump on Wednesday continued to pressure the Federal Reserve and the central bank’s chairman to lower interest rates, saying its policies were hampering U.S. growth and reducing the country’s ability to compete economically. “Doing great with China and other Trade Deals. The only problem we have is Jay Powell and the Fed. He’s […]
Humbled Deutsche Bank faces battle in its own backyard
Businessam StaffAugust 20, 2019
Online retailer Zalando is just the kind of fast-growing German business with foreign expansion plans that Deutsche Bank chief executive Christian Sewing needs to help drive the struggling lender’s recovery. In an attempt to draw a line under years of scandals and heavy losses, Sewing is pulling back from investment banking and rebuilding Deutsche Bank’s […]
Money laundering: FATF to screen banks, BDC, others
Businessam StaffAugust 20, 2019
The global body that sets standard for anti money laundering (AML/CFT) efforts, the Financial Action Task Force team, will assess banks and other financial institutions’ compliance with the Anti-Money Laundering and Counter Financing of terrorism measures. The team also plans to carry out checks at the branches of selected banks and Bureau De Change offices […]
Naira exchanges at N359 to dollar at parallel market
Businessam StaffAugust 20, 2019
The naira on Monday traded at N358.6 to the dollar at the parallel market in Lagos. The pound sterling and the euro closed at N445 and N396, respectively. At the bureau de change segment, the naira was sold at N358.6, while the pound sterling and the euro closed at N445 and N396, respectively. Trading at […]
Fayemi mulls listing Ekiti State’s health, knowledge and tourism assets
Adesola AfolabiAugust 19, 2019
…as brokerage community urges synergy between state spending and private capital Olukayode Fayemi, the executive governor of Ekiti State has hinted on the possibility of offering the state’s tourism, health and knowledge assets for investment from the public through Nigerian Stock Exchange (NSE). The governor was at the Exchange last weekend, for dual purposes, which […]
FG to auction N145bn long term bonds at 14%
Businessam StaffAugust 16, 2019
The Debt Management Office (DMO) will offer a 5, 10 and 30 year bond totalling N145 billion at 12.7 percent, 14.5 percent and 14.8 percent interest rates respectively. A publication by the Debt Management Office (DMO) showed the breakdown of the N145bn bond include a N40bn 5-year reopening bond that would mature in April 2023; […]
90% of Nigeria’s 10m elderly persons live without pension support
Businessam StaffAugust 16, 2019
About 90 percent of Nigerians aged 60 years and above live either with irregular pension or without pension support. In Nigeria, all citizens over the age of 60 years are classified as elderly and due for retirement in both the public and private sectors with few exceptions. The National Population Commission (NPC) estimated that in […]