Inflation spikes by 12.40% as foods, transport, others cost more
Omobayo AzeezJune 17, 2020
By Omobayo Azeez Nigerians have spent more money in May to access foods and other basic consumption categories they need to meet their daily needs. The consumer price index (CPI), which measures inflation, increased by 12.40 per cent year-on-year (YoY) in May, 2020. This is according to May inflation report released on Wednesday by the […]
Foreign reserves begin free fall again as IMF loan effect wears off
Businessam StaffJune 17, 2020
The effect of the $3.4 billion loan granted Nigeria by the IMF on the stability of the nation’s foreign reserves may have worn of as the reserves have staryed falling again. In the last one week, the reserves fell by $129.83 million after weeks of accretion in the wake of the loan disbursement to Nigeria. […]
Sell-offs in MTN, Flourmill force Nigerian equities market down by N12bn
Omobayo AzeezJune 17, 2020
Omobayo Azeez The equities market was further dragged along the red territory on Tuesday following sell-offs in the stocks of MTN Nigeria and Flourmills that led to a depreciation in their prices by 0.9 per cent and 6.7 per cent respectively. This was despite the gain recorded by investors in large-cap securities such as […]
Dexamethasone significantly cuts Covid-19 death, approved for use in U.K.
Businessam StaffJune 16, 2020
The United Kingdom on Tuesday approved steroid dexamethasone for immediate treatment of Covid-19 patients after the drug significantly cut mortality rate among infected persons. The effectiveness of the drug among severe COVID-19 cases, in trial results, has been hailed as a “major breakthrough” in the fight against the disease. Matt Hancock , Britain’s health secretary […]
Households, firms to pay more for electricity from July – FG
Businessam StaffJune 16, 2020
Effective from July this year, electricity consumers in the country will start paying more for the service. Sale Mamman, power minister, told the senate on Tuesday the Federal Government told the Senate Tuesday that the infrastructural deficit in the power sector could only be fixed when the electricity companies have enough money to invest in […]
Nigeria’s mobile phone market dips 12.5% in Q1 on Covid-19 concerns
Omobayo AzeezJune 16, 2020
By Omobayo Azeez Nigeria’s feature phone shipment market suffered a 12.5 per cent quarter-on-quarter decline in the first quarter of 2020 owing to the impact of the coronavirus pandemic, latest data from the International Data Corporation (IDC), global technology and consulting services firm, have shown. IDC’s Worldwide Mobile Phone Tracker also shows that smartphone shipments […]
Dangote counters BUA over Obu-Okpella mines
Businessam StaffJune 15, 2020
…says case on appeal Dangote Group on Monday denied the claim by the BUA Group to the mining sites in Obu, Okpella, Edo State, refuting the ownership claim, as the latter said it relied on the Federal High Court recent judgment in Benin. Dangote advised the regulatory agencies to disregard completely the unfounded and mischievous […]
Optimism around OPEC+ output pact lifts oil prices
Businessam StaffJune 15, 2020
Oil producing nations have something to cheer about as oil prices rose on Monday as indications of increase in demand for crude oil emerged just as OPEC+ members were complying with a production cut deal amid fears that new coronavirus infections could further slow the global economy. U.S. West Texas Intermediate crude rose 44 cents, […]
You must be at airport three hours to flight time – FAAN
Businessam StaffJune 15, 2020
While the coronavirus plague lasts, air travelers throughout the country must be at the airport at least three hours before their flights. This directive was handed down on Monday by the Federal Airports Authority of Nigeria has advised passengers as air travel is scheduled to restart on the 21st of June, 2020. FAAN announced the […]
Court restrains Dangote, Police from interfering with BUA’s operations of Obu-Okpella mines in Edo
Ben EguzozieJune 15, 2020
A Federal High Court in Benin-City, Edo State has restrained Dangote Industries and the Nigeria Police Force from interfering with BUA Group’s operations of the disputed Okpella mining sites in Okpella, Edo State in a judgement it delivered recently. The Benin court ordered the IGP as 1st respondent, commissioner of Police, Edo State as 2nd […]