Indorama’s investment in Nigeria to hit $6.4bn by 2025

Ben EguzozieJuly 24, 2019

…to add methanol, ammonia plants Indorama group, Nigeria’s petrochemicals and fertiliser behemoth would chalk up its investment portfolio in the country to $6.4 billion within the next six years by 2025, Manish Mundra, managing director of the group said Wednesday in Port Harcourt, Rivers State. Mundra said that apart from Indorama’s current investments in petrochemicals, […]

NNPC vows to promptly remit crude sales funds to federation account

Businessam StaffJuly 24, 2019

The Nigerian National Petroleum Corporation (NNPC) has restated its commitment to the prompt payment of proceeds from its operations to the Federation Account and steady supply of petroleum products to Nigerians. This was disclosed by Umar Ajiya, the chief financial officer (CFO) of the corporation, at a strategy session with the heads of account departments […]

Nigeria at risk of losing $15bn of crisis-era bad loans

Businessam StaffJuly 24, 2019

Nigeria is facing the risk of never recovering about 5.5 trillion naira ($15 billion) of bad loans taken over during a banking crisis more than a decade ago. That is how much the state-owned Asset Management Corp., or Amcon, still has to collect from Nigerian companies that have failed to repay the debts they once […]

With Nigerian bond yields at 14%, it seems nobody wants equities

Businessam StaffJuly 24, 2019

Nigerian stocks have next to no chance of success when they’re competing for capital against one of the emerging world’s highest bond yields. Weighed down by concern over Nigeria’s economic growth, the prospect of rising bad loans at banks and thinning profit margins, stock inflows have slowed, despite valuations near the cheapest since 2011. That […]

Facebook to pay $5bn to settle privacy breach allegations

Businessam StaffJuly 24, 2019

Social networking firm, Facebook, on Wednesday, agreed to pay a record $5 billion to settle an ongoing investigation into allegations of privacy violations. The settlement with the United States Federal Trade Commission (FTC) also said the company will increase its board members for additional oversight of its privacy policy, according to several U.S. media reports. […]

IMF’s growth forecast for Nigeria improves by 0.3%

Businessam StaffJuly 24, 2019

The International Monetary Fund has raised the growth forecast of Nigeria’s economy for the 2019 financial year by 0.3 percent to 2.3 percent. It disclosed this in its July update on the World Economic Outlook with the theme, ‘Sluggish global growth call for supportive policies’. The Fund in its January report had revised the country’s […]

CBN grant banking licences to Titan Trust, Globus, Taj

Businessam StaffJuly 24, 2019

The Central Bank of Nigeria (CBN) has added three new banks to the list of deposit money banks and financial holding companies operating in Nigeria. The banks are Titan Trust Bank Limited, Globus Bank Limited, and Taj Bank Limited. This raised the number of lending institutions from 21 to 23 on its DMB’s list. Titan […]

CBN plans repositioning Nigerian bank’s LDR to par with other countries

Businessam StaffJuly 24, 2019

The loan to deposit ratio (LDR) of the Nigerian banking industry measures low when pitched against what is obtainable in other countries, says Godwin Emefiele, the governor of Nigeria’s Central Bank. Emefiele said the LDR of Nigeria’s banking industry is currently at 57 percent. This is against what is obtainable in countries such as Brazil […]

NNPC $3.15bn financing agreement for OML13 seen as game changer; FG to earn $10.2bn in 15yrs

Businessam StaffJuly 23, 2019

A $3.15 billion financing and technical services agreement that is being described as an oil and gas project financing game changer in Nigeria has been signed between Sterling Oil Exploration and Energy Production Company Limited (SEEPCO) and the Nigerian Petroleum Development Company (NPDC), the exploration and production arm of the Nigerian National Petroleum Corporation (NNPC). […]