DanCem leads six others to lift equities with N10bn gain
Omobayo Azeez
51 min
By Omobayo Azeez At the close of the first positive trading session in the week, the stock of Dangote Cement Plc led six others to shore up depleting capitalization of equities at the Nigerian Stock Exchange (NSE) with N10 billion profit. The market has been on free fall due to disturbing macroeconomic headwinds in the […]
70% broadband: Bridging fresh $5bn investment gap
Omobayo Azeez3 hrs
As the Nigerian government, in collaboration with private sector players, designs a blueprint for achieving 70 per cent broadband penetration in Nigeria, OMOBAYO AZEEZ reports that attaining the target rests on a fresh $5 billion investment in the sector. Going by the new National Broadband Plan (2020 to 2025), Nigeria would need a fresh investment of […]
FG gives Discos three months to improve power supply
Businessam Staff5 hrs
The federal government has issued a three-month ultimatum to power Distribution Companies (Discos) to improve the quality of power supply to their customers or be sanctioned. Mamman Saleh, the minister of power, in a statement wednesday in Abuja, said before the three-month delay on the take-off of the implementation of tariff measures, the Discos must […]
Nigeria’s dept profile climbs N27.4trn
Omobayo Azeez6 hrs
By Omobayo Azeez The total debt portfolio of the Nigerian government, including states and federal, stood at N27.4 trillion as of end of December 2019, the Dept Management Office (DMO) has revealed in its latest figure. According to the statistics, the total debt owed, in dollars, declined to $84.05 billion in December from $85.39 billion […]
Banks recorded N1.05tn bad loans in 2019 – NBS
Businessam Staff6 hrs
Banks’ non-performing loans amounted to N1.05tn as of December 2019, the National Bureau of Statistics said on Wednesday. The bureau also gave the gross loans of the banking sector as N17.56tn in the review period. The figures were contained in the Banking Sector Data report of the NBS. The report showed that for the first […]
Nigeria, South Africa, others seek debt relief from World Bank
Businessam Staff6 hrs
The ministers of finance from African countries have called for debt relief from bilateral, multilateral and commercial partners to cushion the negative impact of the coronavirus pandemic on the economies of countries within the region. They said the debt relief should be done with the support of multilateral and bilateral financial institutions such as the […]
Lockdown: NSE activates second phase of business continuity plan
Omobayo Azeez11 hrs
By Omobayo Azeez Following the order of a lockdown of Lagos, Ogun states and the federal capital territory by the federal government, the Nigerian Stock Exchange (NSE) has activated the second phase of its business continuity plan. The bourse floated the plan to sustain activities at the exchange despite the declared curfew by the highest […]
Oil slump, COVID-19: Nigeria, Angola, Ghana, Cameroon, Senegal hardest hit, says AEC
Ben Eguzozie11 hrs
Nigeria to suffer $15.4bn loss, Africa’s biggest Africa’s oil producers should unfold incentives, plan for future to survive Ben Eguzozie, with agency report The African Energy Chamber (AEC) based in Johannesburg, South Africa, has come out with results of its analyses of the most vulnerable African countries in the face of oil price plunge following the […]
MTN considers Nigerian stake sale
Businessam StaffApril 1, 2020
MTN Group may consider a phased sale to reduce its majority stake in its Nigerian business but still plans to proceed with the disposal, according to Bloomberg report. Ralph Mupita, group chief executive officer, said in an interview that the impact of the virus on international financial markets did not change the mobile network operator’s […]
Oil’s historical 17-year low puts Nigeria under the spotlight
Lukmnan OtunugaApril 1, 2020
Fears over Nigeria descending into a recession have intensified after US crude tested levels below $20 for the first time in more than 17 years. The last few months have certainly not been kind to Oil which has depreciated over 65% since the start of 2020. With Oil expected to trend lower amid widespread lockdowns across the […]