Ellah Lakes makes full, final settlement of N589.5m debt
Adesola Afolabi
January 31, 2019
The management and board of directors of Ellah Lakes Plc, a listed company which specialises in fish farming, has announced the approval of a full and final settlement of a N589.5 million debt owed to J.W Ellah Sons & Company Limited. The announcement was made via the Nigerian Stock Exchange (NSE) in a regulatory filing […]
Three Abu Dhabi lenders agree to create $114 billion bank
Businessam StaffJanuary 29, 2019
Abu Dhabi Commercial Bank, Union National Bank and Al Hilal Bank agreed a merger on Tuesday to create the third-largest bank in the United Arab Emirates. The bank will become the fifth largest in the GCC with 420 billion UAE dirham ($114.35 billion) in assets with increased productivity and economies of scale expected to boost […]
Nigeria’s collective growth sustainable through due process, says BPP DG
Nse Anthony-UkoJanuary 29, 2019
Mamman Ahmadu, the Director-General, Bureau of Public Procurement (BPP), says Nigeria’s development as a nation can be sustained through collective growth and only due process through public procurement can deliver that. Ahmadu said this while receiving the Edo State Public Procurement Agency (ESPPA) delegation on a study tour/visit for a weeklong procurement activity. […]
Exchange rate, inflation, hindering attainment of ECOWAS 2020 single currency goal- analyst
Adesola AfolabiJanuary 28, 2019
Marcel Okeke former chief economist/group head, research & economic intelligence group, at Zenith Bank Plc, has said the plan by Economic Community of West African States (ECOWAS) to achieve single currency for the region by 2020 is no longer realistic, due to challenges and criteria that many of the member countries will not be able […]
NSE announces GNI’s final delisting
Adesola AfolabiJanuary 28, 2019
The Nigerian Stock Exchange (NSE) has announced the final delisting of the entire share capital of Great Nigeria Insurance Plc from its trading platform. The company had last year started the process of voluntary delisting its shares so as to shield it from any enforcement of action that the Exchange may take in light of […]
ECB’s Draghi warns of weaker growth ahead
Businessam StaffJanuary 24, 2019
European Central Bank President Mario Draghi acknowledged on Thursday that economic growth in the euro zone was likely to be weaker than earlier expected due to the fall-out from factors ranging from China’s slowdown to Brexit The region’s economy is already suffering its biggest slowdown in half a decade, raising questions over whether the ECB […]
SEC, NIPC to boost activities on commodities exchange
Oyindamola AlamuJanuary 24, 2019
By Oyindamola Alamu The Securities and Exchange Commission (SEC) and the Nigerian Investment Promotion Commission (NIPC) have unveiled plans to increase activities on commodity exchanges. SEC said that the partnership with the NIPC was designed to attract more investors to the capital market by reviving the commodities exchange market, among other initiatives. Mary Uduk, acting […]
Nobel winner Robert Shiller says there’s still a risk of a full-blown bear market
Businessam StaffJanuary 23, 2019
U.S. stock markets may have recovered slightly from sharp falls at the end of last year, but there’s still a risk of a significant downward trend, Robert Shiller, a professor of economics at Yale University and a Nobel laureate, told CNBC Wednesday. “I’m not confident of my ability to predict, but I think there’s a […]
House of Reps hopeful in Jos proposes open contracting system
Hope IkweJanuary 23, 2019
By Hope Ikwe, Jos A candidate who is vying for the position of lawmaker representing Jo’s North Bassa Constituency in the House of Representative, Vitalis Lanshima, has proposed open contract system and transparency in governance. The aspirant who just completed a 10 year term in the United States as a council man said he intends […]
Banking stocks rally, as stock market rises by 0.5%
Adesola AfolabiJanuary 23, 2019
Nigeria’s stock market rose by 0.5 percent Wednesday as All Share Index settled at 30,878.56 points following gains in banking stocks such as Guaranty Trust Bank (+2.8%), Zenith (+0.9%) and Fidelity (+9.6%). The market’s year-to-date losses thus improved to -1.8 percent while market capitalization increased by N52.8 billion to settle at N11.5 trillion. Activity level […]