Lagos, Rivers, A’Ibom, Delta, C’River top states’ indebtedness list
Businessam Staff
16 min
Lagos, Rivers, Akwa Ibom, Delta and Cross River States are the leading debtor-states in the country, according to the latest statistics obtained from the Debt Management Office (DMO). Data from the DMO also showed that the federal government has spent N606.869 billion to service domestic debts in the third quarter of 2019. Collectively, the leading […]
Refineries posted N123.3bn loss in 10 months – NNPC
Businessam Staff22 min
The country’s refineries under the management of the Nigerian National Petroleum Corporation made a cumulative loss of N123.25bn from January to October 2019, latest figures released on Wednesday showed. An analysis of data in the October 2019 oil and gas report of the NNPC showed that all three entities recorded losses during the period under […]
Honeywell, Law Union, AIICO top gainers’ chart on Wednesday
Despite the bearish nature of trade at the Nigerian Stock Exchange on Wednesday, the shareholders of Law Union, AIICO Insurance, Honeywell Flour Mills, Cutix and Abbey Mortgage Banks have reasons to smile to the bank, as their stocks made the ranks of gainers. The all-share index dipped 0.02% to close at 29,458.21 index points, maintaining the equity […]
China coronavirus could push oil down by $3
Businessam Staff19 hrs
The outbreak of a coronavirus in China that is now an international threat could cut oil demand by 260,000 bpd, which would translate into a price drop of almost $3 per barrel, Goldman Sachs has said. Most of the demand loss will come from jet fuel as the risk of disease discourages travelers from getting […]
Nigeria, UK investors sign N153.4bn trade deals
Businessam Staff22 hrs
Nigeria and the United Kingdom (UK) investors signed business deals worth over £324 million (N153.4) billion that will help to create lasting new partnerships, deliver more investment, jobs and growth opportunities for people and businesses across Nigeria and the UK. The deals were signed yesterday at the inaugural UK-Africa Investment Summit, which attracted African leaders, […]
Subsidy may rise as fuel marketers demand higher margins
Businessam Staff22 hrs
The federal government may have to spend more on petrol subsidy as oil marketers in the country have called on the Petroleum Products Pricing Regulatory Agency to increase margins on the product now to prevent the a collapse of the nation’s fuel distribution system. According to the petrol pricing template of the PPPRA, margins for […]
PFAs invest N7.40tn in FG securities, infrastructure
Businessam Staff22 hrs
About N7tn of the N9.99tn pension fund assets has been invested in the federal government securities by pension fund administrators. Latest data from the National Pension Commission also showed that the PFAs raised their investment in infrastructure to N40.52bn as of November 30, 2019. The N7tn invested in the federal government securities represents about 70.88 […]
Investors lose N128bn, dump banks’ shares
Businessam Staff22 hrs
Investors in the nation’s equity market lost a total of N128bn as the equities market reversed gains recorded in previous sessions. Investors embarked on selling spree, with banking shares experiencing the most sell-offs. Analysts at Afrinvest Securities Limited said the successive gains recorded in the equities market were ended by sell-offs in Guaranty Trust Bank […]
Policy uncertainty weakens Nigeria’s economic outlook – World Bank
Businessam StaffJanuary 21, 2020
Uncertainty over the direction of the federal government’s policies has weakened Nigeria’s economic outlook, according to the World Bank’s January 2020 Global Economic Prospects report. The World Bank in the report projected that the Nigerian economy would grow by 2.1 per cent this year. The projected growth rate was described as ‘subdued’. The predicted growth […]
Investors regain confidence as market gains N48bn
Businessam StaffJanuary 21, 2020
Investors in the equity market have regained confidence in the market following the extension of the gaining streak. The stock market opened the week on a positive note as gains in MTN Nigeria Communications Plc, Guaranty Trust Bank Plc and Zenith Bank Plc drove the All-Share Index up by 0.3 per cent to 29,710.56 basis […]