IMF advises banks to suspend dividend payment
Businessam Staff
May 27, 2020
The International Monetary Fund has advised commercial banks to retain their earnings by suspending payment of shareholders’ dividends during the COVID-19 pandemic. Kristalina Georgieva, the IMF managing director, made the call in an article entitled ‘Halt bank dividends and buybacks now’, which was posted on the organisation’s website. Georgieva said retaining earnings through suspension of […]
Foreign direct investment dropped to $214.25m in Q1 – NBS
Businessam StaffMay 27, 2020
Foreign direct investment into the country dropped to $214.25m in the first quarter of 2020 from $257.25m in the fourth quarter of 2019. The National Bureau of Statistics disclosed this in its report on ‘Nigerian capital importation’ for the first quarter of 2020 on Tuesday. According to the NBS, the FDI which stood at $247.37m […]
Oil prices climb, bolstered by ongoing supply curbs
Businessam StaffMay 27, 2020
Oil prices rose on Tuesday, supported by signs that producers are following through on commitments to cut supplies and as fuel demand picks up with coronavirus restrictions easing. Brent crude LCOc1 futures gained 64 cents, or 1.8%, to settle at $36.17 a barrel. U.S. West Texas Intermediate (WTI) crude futures CLc1 rose $1.10, or 3.3%, […]
‘Expect large local borrowings by govt’
Businessam StaffMay 26, 2020
The federal government will embark on a lot of domestic borrowings to finance the budget due to the impact of the COVID-19 pandemic. Oscar Onyema, chief executive officer, Nigerian Stock Exchange (NSE), said the government will shift away from Eurobonds to domestic borrowings with significant emphasis on fixed income. He said the shift to domestic […]
Nigerian capital importation hit $5,854.38m in Q1
Businessam StaffMay 26, 2020
The total value of capital importation into Nigeria stood at $5,854.38million in the First Quarter of 2020, according to the National Bureau of Statistics (NBS). In its report titled “Nigerian Capital Importation (Q1 2020)’ posted on its website on Tuesday, the NBS said the importation represents an increase of 53.97 per cent compared to the […]
US Treasury Secretary demands independent investigation of AfDB president
Businessam StaffMay 26, 2020
Steven Mnuchin, United States Treasury Secretary, has canvassed an independent investigation into allegations of wrongdoing against Akinwumi Adesina, the president of the African Development Bank (AfDB), despite Adesina’s clearance by the ethics committee of the bank. The ethics committee headed by Takuji Yano, a Japanese executive director of the bank, had cleared Adesina of all […]
Nigeria records 1.87% growth in Q1
Businessam StaffMay 25, 2020
Nigeria’s gross domestic product (GDP) grew by 1.87 per cent (year-on-year) in real terms in the first quarter of 2020 (Q1 2020), the National Bureau of Statistics (NBS) stated Monday. The performance recorded represented a contraction of 0.23 per cent compared to Q1 2019 and a contraction of 0.68 per cent compared to Q4 2019, […]
FG plans to harmonise salaries, wages of MDAs, says Ngige
Businessam StaffMay 25, 2020
President Muhammadu Buhari has mandated the presidential committee on salaries and wages to review and realign earnings of employees of ministries, agencies, and parastatals. Chris Ngige, minister of labour and employment, who disclosed this in an interview at the weekend, said part of the objective is to check disparity in payment of salaries and wages […]
Bulls on rampage as BUA, MTN, Dangote aid ASI to 5.59% jump N13trn value
Omobayo AzeezMay 25, 2020
By Omobayo Azeez Market cap surpasses N13trn in value Zenith, Access, FBNH, pump up volume, value It was a bumper harvest for investors at the Nigerian Stock Exchange last week as equities market rallied on the back of heavyweights such as BUA Cement, MTN Nigeria and Dangote Cement Plc. Following the Bull Run of on […]
OPEC to dominate oil markets for the foreseeable future — Goldman Sachs
Businessam StaffMay 22, 2020
OPEC will regain its position as a dominant force on international oil markets after the world emerges from the current crisis, Goldman Sachs analysts have forecast in a report titled Top Projects 2020. Highlights from the report published by Forbes reveal the reasons for this forecast and these all have to do with the industry’s reaction to […]