$1bn ECA balance is $123.11m, says Presidency

Businessam StaffJuly 23, 2019

The Presidency on Monday gave additional details on how the controversial $1bn approved from the Excess Crude Account in 2017 to fund security operations was spent. According to the Presidency, the unspent balance as of today is $123.11bn. The Peoples Democratic Party on Sunday accused the Buhari administration of using his “agents” to siphon the […]

NSE indices resume with 0.40 percent loss amid profit taking

Businessam StaffJuly 23, 2019

Activities on the nation’s bourse resumed for the week on Monday on downward posture, with crucial market indices shedding 0.40 percent. Specifically, market capitalisation which opened at N13.606 trillion, lost N54 billion or 0.40 percent to close at N13.552 trillion against N13.606 trillion on Friday. Similarly, the All-Share Index dipped 110.81 points or 0.40 per […]

Unrealistic demands delay implementation of new minimum wage- HoS

Businessam StaffJuly 22, 2019

Winifred Ekanem Oyo-Ita, the head of the civil service of the federation, has revealed that unrealistic demands from Senior Staff Union members are responsible for the delay in the implementation of the new national minimum wage.   The head of service who said this at a two-day retreat for top management staff of office of […]

BOI exceeds N1trn asset base — first time in history

Businessam StaffJuly 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

More worries for investors as stocks plunge by N49bn

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) […]