EU states set to scrap digital tax plan, to work for global reform
Chris Ikosa
March 6, 2019
European Union finance ministers are set to ditch a plan to introduce an EU-wide digital tax next week but agree to work on a global reform of the taxation of internet companies, an EU document shows. The move is likely to be welcomed by digital giants like Alphabet Inc’s Google and Facebook who would have […]
Swedish banking troubles seen making krona recovery more distant
Businessam StaffMarch 6, 2019
A money laundering scandal involving some of Scandinavia’s largest banks may be weighing on the Swedish krona. Nordea Markets says allegations around laundering of Russian money through Nordic banks may be keeping this year’s worst-performing major currency from recovering, even after some key Swedish economic data improved. Reports of suspicious transfers have widened this week […]
FG offers fresh bonds for March
Businessam StaffMarch 5, 2019
The federal government has offered for subscription two-year and three-year savings bonds at 11.62 per cent and 12.62 per cent per annum, the Debt Management Office (DMO) has said. According to the offer circular obtained from the DMO website on Monday, the two-year bond will be due in March, 2021 while the three-year bond will […]
Afreximbank takes annual meetings to Moscow in June
Ben EguzozieMarch 1, 2019
African Export-Import Bank (Afreximbank), foremost pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade, is moving its annual meetings in 2019 from Abuja, Nigeria, where it held last year to the Russian capital, Moscow. The annual meetings for the bank are open to banking industry professionals, trade and trade finance practitioners […]
Dangote Cement releases 2018 financial results, proposes N16 dividend
Adesola AfolabiFebruary 27, 2019
Dangote Cement Plc has released its full year audited results for the year ended 31 December 2018, recording a 91 percent increase in profitability and proposing a N16 dividend to investors. On the back drop of increased infrastructural development in a pre-election year, the company reported a revenue growth of 12 percent representing N901.2 billion […]
AfDB supports African projects with $11.3bn in seven years
Businessam StaffFebruary 27, 2019
About 370 transformative bank projects valued at $11.3bn were embarked upon between 2010 and 2017 by the African Development Bank in the African region. In 2018, the bank approved innovative financial instruments on 65 projects in fifteen countries valued at $2.8bn. This was disclosed when governors representing the African Development Bank West Africa region held […]
FBN Holdings announces share trade restriction for sensitive individuals
Adesola AfolabiFebruary 27, 2019
FBN Holdings has announced a restriction in the trading of its equities on the floor of the Nigerian Stock Exchange (NSE) by its employees, consultants and those who have sensitive information that could sway the price of the stock at the market. The restriction according to the bank is as a result of the consideration […]
Rate hike just the start for ‘firefighting’ Tunisia central bank
Businessam StaffFebruary 21, 2019
Tunisia’s central bank warned over the deteriorating state of the country’s finances and called for additional efforts to curb inflation after the first hike in interest rates since June. The current-account deficit reached an “unprecedented” 11.2 percent of gross domestic product in 2018, according to Governor Marouane El Abassi. The decision late Tuesday to raise […]
Nigeria’s Sterling Bank sign $65m loan agreement with Arab bank to finance foreign trade, private sector projects
Businessam StaffFebruary 21, 2019
Sterling Bank Plc has notified the Nigerian Stock Exchange (NSE) and investors that it has signed two loan agreements amounting to $65 million with the Arab Bank for Economic Development in Africa (BADEA). Sterling Bank in the notice jointly signed by Sunny Kanabe, principal counsel and Justina Lewa, company secretary and legal counsel of the […]
NAICOM approves Nigeria’s first full fledged micro insurance operator
Adesola AfolabiFebruary 20, 2019
The National Insurance Commission (NAICOM) has granted approval to GOXI Microinsuranoe Company Limited to operate as a state composite micro insurance company. The approval gives the company authority to transact life and general micro insurance business in Lagos State only. It also makes the company, Nigeria’s first full fledged stand alone micro insurance operator, according […]