FG asks ICPC, EFCC to go after AMCON’s top 20 debtors
Businessam Staff
July 30, 2019
Vice president Yemi Osinbajo says the federal government has set up a task force to monitor the top 20 debtors on the list of the Asset Management Corporation of Nigeria (AMCON). According to a statement released by Laolu Akande, the vice president’s spokesman, the federal government said it has renewed efforts to recover the N5 […]
Boost industrialisation, integrate payment systems to harness AfCFTA gains, Adesina advises African countries
Businessam StaffJuly 30, 2019
African nations will need to boost output of goods and services and integrate payment systems if they are to take advantage of a new $3.4 trillion economic initiative, according to Akinwunmi Adesina, the head of the African Development Bank (AfDB) A continental free-trade zone was launched this month in Niger which, if successful, will usher […]
World’s largest atmospheric tower built for Dangote refinery leaves China for Nigeria
Businessam StaffJuly 30, 2019
China’s leading energy and chemical company, Sinopec, has said that it had built the world’s largest atmospheric tower for Nigeria’s Dangote refinery. On its verified Twitter handle, the company shared photos of the tower and revealed that it (tower) had already left its port in China and was travelling to Nigeria. It tweeted, “On July […]
Nigeria’s four refineries have not made profit in 13 months
Businessam StaffJuly 30, 2019
Nigeria’s four refineries under the management of the Nigerian National Petroleum Corporation have not made any profit since May 2018. Instead, the refineries posted losses consecutively between May last year and May this year. The country’s refineries comprise Warri Refining and Petrochemical Company, two plants at Port Harcourt Refining Company and Kaduna Refining and Petrochemical […]
Fresh breadth in Nigerian bourse as bulls take centre stage
Businessam StaffJuly 29, 2019
The Nigerian equities market rebounded to open the week on Monday with a gain of 0.11 percent, amid gains by some blue chips. The All Share Index grew by 31.77 points or 0.11 percent to 27,950.36, compared with 27,918.59 achieved on Friday. Similarly, investors networth rose by N15 billion as the market capitalisation inched N15 […]
TCN suspends Port-Harcourt disco over agreement defaults
Businessam StaffJuly 29, 2019
Transmission Company of Nigeria (TCN) has suspended and disconnected Port-Harcourt Electricity Distribution Company (PHEDC) from the electricity market. The suspension order was posted on TCN’s twitter handle @TCN _Nigeria on Monday, adding that the suspension took effect from Sunday. TCN said that the suspension order followed default by PHDC in the Market Conditions/Market Participation Agreements. […]
Oil gains on prospect of U.S. interest rate cut
Businessam StaffJuly 29, 2019
Oil prices rose on Monday as the prospect of an expected interest rate cut by the U.S. Federal Reserve overshadowed pessimism over U.S.-China trade talks and oil demand fears stoked by forecasts for slower global economic growth. Brent crude futures LCOc1 were up 21 cents at $63.67 a barrel by 1330 GMT after hitting a […]
EU targets Britain in new financial market access rule after Brexit
Businessam StaffJuly 29, 2019
Britain will not automatically have direct access to the European Union’s financial markets after Brexit, even if it meets all the conditions set out by Brussels, under an EU policy document published on Monday. Updating its policy on market access for foreign banks, insurers and investment firms, the EU’s executive European Commission said countries outside […]
At ministerial screening, Fashola says Nigeria needs N10tr infrastructure bond to fix challenges
Businessam StaffJuly 29, 2019
Babatunde Fashola, the immediate past minister of power, works and housing, has called for the introduction of a N10 trillion infrastructure bond. He made the call on Monday when he was being screened by the Senate. Fashola was the first ministerial nominee to be screened on Monday. Over two dozen nominees, of the 43 sent […]
AfCFTA implementation set to begin in Nigeria as Buhari constitutes committee
BusinessamJuly 29, 2019
The African Continental Free Trade Area (AfCFTA) agreement has received a fresh impetus in Nigeria with the composition of a national action committee on the implementation of the agreement by president Mohammadu Buhari. Buhari signed the agreement on July 7, 2019, in Niamey, Republic of Niger at the 12th extraordinary session of the African Union […]