Banks challenged on financing for Nigeria’s N100bn cold chain industry
Samson Echenim
July 25, 2019
By Samson Echenim Operators and investors in Nigeria’s cold chain sector, have charged banks and other investment financiers to invest in the cold chain industry, whose value is put at a minimum of N100 billion, to reduce agricultural waste and ensure sustainability of healthy foods for Nigerians. Gathering under the aegis of Organisation for Technology Advancement of Cold Chain […]
FG issues 205 firms qualification letters to attract $3.5bn, boost GDP by $1/yr through gas flaring
Businessam StaffJuly 25, 2019
The federal government has issued letters of qualification to 205 firms that are interested in the Nigerian Gas Fare Commercialisation Programme (NGFCP) with a target of attracting at least $3.5bn worth of investments into the country. The 205 firms were selected by the federal ministry of petroleum following a rigorous exercise conducted in line with […]
Ministers, lawmakers among N5tn chronic debtors – AMCON
Businessam StaffJuly 25, 2019
Ahmed Kuru, the managing director/chief executive officer, Asset Management Corporation of Nigeria, said the chronic debtors of the corporation were occupying top government positions. He also said that the corporation was working with other agencies such as the Economic and Financial Crimes Commission, the Independent Corrupt Practices and other related offences commission, and the Nigeria […]
Change of guards at MTN as Dozie, pioneer chairman, vice chairman, 4 directors retire after 18 years
Adesola AfolabiJuly 25, 2019
…Ernest Ndukwe, pioneer NCC chief, to replace Dozie Eighteen years after it began operation in Nigeria, MTN, Africa’s largest mobile network, has announced a change of guards at the board of the local business involving the retirement of Pascal Dozie; pioneer chairman, Sani Bello; pioneer vice chairman and four other pioneer non-executive directors. Taking over […]
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 […]