Nigeria’s migrant remittance to hit N34.8bn in 2023- PwC

Adesola AfolabiAugust 20, 2019

Migrant remittances to Nigeria could grow to $25.5bn, $29.8bn and $34.8bn in 2019, 2021 and 2023 respectively, estimates PwC in its latest white paper series, “Strength from Abroad: The Economic Power of Nigeria’s diaspora.” Over a 15-year period, PwC expects total remittance flows to Nigeria to grow by almost double in size from $18.37 billion […]

MTN overtakes Dangote Cement to become NSE’s most capitalised company

Businessam StaffAugust 20, 2019

MTN Nigeria has become the largest company by market capitalisation on the Nigerian Stock Exchange (NSE). At the end of trading on Monday, MTN Nigeria’s shares closed at N138.70 per share bringing the company’s market capitalisation to N2.82 trillion as against Dangote Cement’s N2.81 trillion. Shares belonging to Dangote Cement closed at N164.5 per share. […]

Oil edges lower, but hopes on easing trade tensions cap losses

Businessam StaffAugust 20, 2019

Oil prices edged lower on Tuesday on persisting concerns over demand, but optimism U.S.-China trade tensions will ease and hopes major economies will take stimulus measures to ward off a potential economic slowdown capped losses. Brent crude was down 19 cents to $59.55 a barrel by 1134 GMT while U.S. crude was down 27 cents […]

South-West tops domestic debtors’ list with N1.04trn

Businessam StaffAugust 20, 2019

The South-West has more domestic debt than other regions of the country. Statistics obtained from the Debt Management Office on Monday showed that the geopolitical zone was exposed to a domestic debt of N1.04tn as of March 31. The statistics also showed that the six geopolitical zones of the country were exposed to a total […]

More items to come under forex ban – Emefiele

Businessam StaffAugust 20, 2019

Godwin Emefiele, governor of Central Bank of Nigeria, said on Monday that more items would come under the bank’s policy of restricting official foreign exchange for importation. He also said the forex restriction to importers applied to food items that could be produced in Nigeria and not a total ban on all food items. Emefiele […]

Oil up after drone attack on Saudi field, but OPEC report caps gains

Businessam StaffAugust 19, 2019

Crude oil prices rose on Monday following a weekend attack on a Saudi oil facility by Yemen’s Houthi forces and as traders looked for signs of progress in U.S.-China trade negotiations. Price gains were, however, capped to some degree by an unusually downbeat OPEC report that stoked concerns about growth in oil demand. Brent crude […]

CBN to defend reserves in wake of N9bn UK court ruling says Emefiele

Businessam StaffAugust 19, 2019

Nigeria’s central bank will strive to protect the country’s currency reserves after a British court ruling granted a small natural gas firm the right to try to seize $9 billion in assets from Nigeria’s government, the bank’s head said on Monday. Such a sum would be one of the largest financial liabilities imposed on Nigeria […]

Buhari attends retreat for ministers-designate

Businessam StaffAugust 19, 2019

President Muhammadu Buhari on Monday in Abuja presided over two-day presidential retreat, with vice-president Yemi Osinbajo, some state governors and secretary to the government of the federation, Boss Mustapha in attendance. The News Agency of Nigeria (NAN) reports that the event was being attended by all the ministers-designate as well as Permanent Secretaries and heads […]

World Bank blacklists CCECC, five other Chinese firms in Nigeria for fraud

Businessam StaffAugust 19, 2019

Some Chinese companies in Nigeria have been blacklisted by the World Bank for fraud and corruption. The companies include China Railway Construction (International) Nigeria Company Limited, China Railway 18th Bureau Nigeria Engineering Company Limited, CCECC Nigeria Lekki (FTA) Company Limited, CCECC Nigeria Railway Company Limited, CRCC Petroleum & Gas Company Limited, and CCECC Nigeria Company […]