Reps ask CBN to suspend cashless policy
Businessam Staff
September 19, 2019
The house of representatives has asked the Central Bank of Nigeria (CBN) to halt the controversial cashless policy it recently re-introduced. At plenary session on Thursday, the lower legislative chamber said the policy leads to significant decrease in credit extension by Nigerian money deposit banks. The also said it has negative impacts on small and […]
World unprepared for next widespread epidemics, says Global Preparedness Monitoring Board
Ben EguzozieSeptember 19, 2019
…as Ebola pounds DRC, threatens west, central, east Africa …World Bank says poverty, fragility exacerbate disease Governments, including Nigeria, other African countries and international institutions are sorely unprepared for an impending widespread of epidemic-prone diseases like Ebola, influenza and SARS, which are set to hit the world soon, says a just-released first report of the […]
Nigeria’s livestock production has to increase six-folds to satisfy animal protein demand, says NIAS
Ben EguzozieSeptember 18, 2019
…Nigerians’ diet 20 times lower than recommended requirement …30% animal slaughtered in Nigeria imported – FAO Nigeria’s livestock production and productivity must increase by at least 60 percent if the country is to satisfy its astronomic demand for animal protein consumption, experts at the Nigeria Institute of Animal Science (NIAS) have said. Nigeria is said […]
N316.19bn portfolio investment left Nigeria in eight months
Businessam StaffSeptember 18, 2019
Omobayo Azeez A sum of N316.19 billion worth of investments has been repatriated by foreign investors through the Nigeria Stock Exchange (NSE) from January to August this year. Within the same period however, the local economy also received a sum of N278.27 billion via the same channel from portfolio investors around the world. Latest report […]
Equities rebound with N133bn mid-week gain
Businessam StaffSeptember 18, 2019
Omobayo Azeez The equities segment of the Nigerian stock market rebounded from previous sessions’ negative experience to gain N133 billion at the close of mid-week trading on the floor of the Nigerian Stock Exchange (NSE) on Wednesday. The gains of the day doused the losses recorded in the preceding two sessions when the market shed […]
Lagos State seals off multi-billion naira Nigeria’s upcoming biggest night club, Cubana in Ikeja GRA
Businessam StaffSeptember 18, 2019
By Samson Echenim The Lagos State Building Control Agency (LASBCA) has sealed off the multi-billion naira Cubana nightclub house which finishes touches are being put for a potential December opening in the government reservation area, of Ikeja, the capital of Lagos State, Nigeria’s commercial heartbeat.. The Ikeja Cubana is being billed as potentially Nigeria’s, perhaps […]
Investors caught off-guard by CBN’s MPC meeting earlier than planned
Phillip IsakpaSeptember 18, 2019
…Apex bank purchasing premium tickets to join global easing train Many domestic and international investors were caught off guard when the Central Bank of Nigeria announced Tuesday that its Monetary Policy Committee meeting, earlier scheduled for September 23 to 25, has been brought forward to begin tomorrow (Thursday 19 September), business a.m. has learnt from […]
Losses on Airtel Africa, 14 others cost equities N81bn
Businessam StaffSeptember 18, 2019
Omobayo Azeez Sell-offs on the stocks of Airtel Africa and 14 other listed companies led to a loss of N81 billion at the close of trading session on the floor of Nigerian Stock Exchange (NSE) on Tuesday. The cumulative loss by the 15 decliners outweighed gains on 22 other stocks whose prices per share appreciated […]
CBN increases charges on cash deposits, withdrawals
Adesola AfolabiSeptember 18, 2019
From Wednesday, September 18, 2019 charges collected by banks from individuals who deposit cash above N500,000 will increase to 2 percent from 1.5 percent. The CBN had in February 2017, introduced charges on cash transactions in a bid to implement it’s cashless policy but later suspended it. However fresh directives issued Tuesday by the Central […]
Cowry Asset analyst says planned VAT hike might hurt economy more
Businessam StaffSeptember 17, 2019
Kenneth Afor An investment analyst has told business a.m. that moves by the Federal Government to raise Value Added Tax (VAT) next year by 50 percent to 7.5 percent, is not coming at the right economic time, owing to the fact that the country’s gross domestic product (GDP) is growing at a slow pace. Oluwafemi […]