BOI exceeds N1trn asset base — first time in history
Businessam Staff
July 22, 2019
The asset base of the Bank of Industry has exceeded N1 trillion, this is the first time in the history of the existence of the bank. Olukayode Pitan, the managing director of the development institution, made this known at the bank’s annual general meeting. “For the first time in the history of the bank, we […]
Nigeria, Siemens seal deal for delivery of 11,000mw in 2023
Businessam StaffJuly 22, 2019
President Muhammadu Buhari and the global chief executive officer of a German company, Siemens AG, Joe Kaeser, Monday in Abuja signed a letter of agreement on Nigerian Electrification Roadmap conceived to deliver 7,000 megawatts of electricity in 2021 and 11,000 megawatts in 2023. 0 The agreement was the fallout of the decision reached by both […]
Constituency projects gulped N2trn within 19 years ‘without results’ – ICPC
Businessam StaffJuly 22, 2019
An estimated N2 trillion was spent on constituency projects in Nigeria since year 2000 without commensurate development at the grassroots, the anti-graft body, ICPC has said. Bolaji Owasanoye, its chairman, said this on Sunday, at the induction of newly-qualified members of the Nigerian Institute of Quantity Surveyors (NIQS), in Abuja. According to a statement signed […]
Oil prices rise more than 1% after Iran seizes British tanker
Businessam StaffJuly 22, 2019
Oil prices rose on Monday on concerns that Iran’s seizure of a British tanker last week may lead to supply disruptions in the energy-rich Gulf. Brent crude futures climbed 79 cents, or 1.26%, to $63.26 a barrel by 1225 GMT. West Texas Intermediate (WTI) crude futures were up 74 cents, or 1.33%, at $56.37 a […]
Frenzied debut of China’s Nasdaq-style board adds $44bn in market cap
Businessam StaffJuly 22, 2019
Trading on China’s new Nasdaq-style board for homegrown tech firms hit fever pitch on Monday, with shares up as much as 520% in a wild debut that more than doubled the board’s combined market capitalization and beat veteran investors’ expectations. Sixteen of the first batch of 25 companies – ranging from chip-makers to health care […]
Investors jittery as losses rise to N1.31tr
Businessam StaffJuly 22, 2019
Many investors are in jitters as sustained losses depressed the share prices of most quoted companies to their lowest values in more than a year. They suffered net capital depreciation of N315 billion last week, pushing the net average losses so far this year to N1.31 trillion. Benchmark index at the Nigerian Stock Exchange (NSE) […]
Electricity: FG negotiates new supply terms with Benin, Niger republics
Businessam StaffJuly 22, 2019
The federal government has renegotiated new terms for the supply of electricity to the neighbouring West African countries of Benin and Niger Republics . It was gathered that the renegotiation, which was consummated by the Nigerian Bulk Electricity Trading Plc (NBET), was to ensure that the international sale of electricity by Nigeria to the Société […]
NNPC records trading surplus of N6.33bn in May
Businessam StaffJuly 22, 2019
The Nigerian National Petroleum Corporation (NNPC) has announced a trading surplus of N6.33 billon for May 2019, which is 13 percent higher than the N5.60 billion surplus posted in April. Details of the report contained in the May 2019 edition of the NNPC Monthly Financial and Operations Report (MFOR) released yesterday, attributed the modest rise […]
No restrictions on banks from investing in treasury bills, says CBN
Businessam StaffJuly 22, 2019
The Central Bank of Nigeria (CBN) yesterday dismissed reports that it had barred commercial banks from investing in treasury bills. It dismissed a report in the media that it had stopped commercial banks from buying treasury bills so they could be more liquid to give out loans. A top official of the CBN said that […]
TCN suspends Kano Disco from electricity market
Businessam StaffJuly 22, 2019
The Transmission Company of Nigeria said on Sunday that it had suspended Kano Electricity Distribution Company from the morket Operator-administered market. The TCN said the suspension was due to “an event of default” that was not remedied. It said on its Twitter handle that KEDCO failed to increase its security cover in accordance with the […]