Nigeria greatest contributor to wealth creation in West Africa — AfDB
Businessam StaffJune 12, 2019
The African Development Bank The African Development Bank (AfDB), says Nigeria is the greatest contributor to wealth creation in West Africa, contributing about 75 per cent of regional Gross Domestic Product (GDP). Ebrima Faal, AfDB senior director for Nigeria said this in an interview with newsmen at the ongoing Annual Meetings of the Bank in […]
Weak investor sentiment drags stock market lower
Businessam StaffJune 12, 2019
The nation’s stock market extended its decline on Tuesday as 15 firms suffered losses amid weak investor sentiment. The All Share Index declined 0.7 per cent at the close of trading on the floor of the Nigerian Stock Exchange to close at 30,099.83 basis points. The market capitalisation of equities listed on the NSE fell […]
Nigeria’s Central Bank signals weaker official naira
Businessam StaffJune 11, 2019
The Central Bank of Nigeria signaled it will allow the naira to weaken past its official rate as it gradually unwinds its regime of multiple exchange rates, data on its website shows. The Abuja-based central bank stopped publishing the fixed naira exchange rate on its website and it now says that the rate will be […]
Union Bank shareholders endorse N54.4bn share premium reduction
Businessam StaffJune 11, 2019
Shareholders of Union Bank of Nigeria (UBN) on Tuesday endorsed the proposed reduction of N54.4 billion from the bank’s share premium account aimed at restructuring its balance sheet for optimal performance. They gave the approval at the bank’s extra-ordinary general meeting (EGM) held in Lagos. The bank’s Chairman, Cyril Odu, said the company’s financial position, […]
Transaction on NSE maintains losing streak, sheds N98bn
Businessam StaffJune 11, 2019
The Nigerian Stock Exchange (NSE) market capitalisation on Tuesday continued in a losing streak, dropping by N98 billion. Market capitalisation which opened at N13.354 trillion shed N98 billion or 0.73 per cent to close at N13.256 trillion. Also, the All Share Index (ASI) dropped 222.36 points, representing a loss of 0.73 per cent to close […]
Senator Lawan emerges President of 9th National Assembly
Tola AkinmutimiJune 11, 2019
By Tola Akinmutimi ….as Gbajabiamila leads in House of Reps speakership battle After over five weeks of political gerrymandering by the ruling party, the All Progressives Congress (APC) to influence the elections of the National Assembly, the party’s preferred candidate, Senator Ahmed Lawan, the Senator representing Yobe North constituency, was elected the President of […]
New CBN forex policy raises cost of importation, exportation in Nigeria
Samson EchenimJune 11, 2019
By Samson Echenim Import tariffs and export excise duties have gone up after the Nigeria Customs Service began implementation of a new foreign exchange policy introduced by the Central Bank of Nigeria (CBN) in the ports and trade borders. Business a.m gathered that the CBN had introduced N326 as new exchange rate for customs transactions […]
Nigeria offers ships 10% discounts to call at it’s eastern seaports
Samson EchenimJune 11, 2019
By Samson Echenim Nigeria, Africa’s largest economy by gross domestic product is offering ships 10 percent discounts in ship harbour fees to call at its eastern seaports in Cross River, Rivers and Delta states in a move seen as aiming to expand the markets in the region. The country’s ports managers, the Nigerian Ports Authority […]
Forcados shutdown drags Nigeria’s production as OPEC’s May output shrinks
Businessam StaffJune 11, 2019
OPEC has so far avoided a bruising intra-bloc market share battle, with top exporter Saudi Arabia’s crude oil production falling to a four-and-a-half-year low in May, even as sanctions-hit Iran, and Venezuela continue to see their output contract, latest S&P Global Platts survey has shown. Nigeria also saw production fall significantly in the month, hampered […]
World shares rally again on Trump tariff relief, Fed hopes
Businessam StaffJune 11, 2019
World shares rallied on Tuesday to hold near one-month highs, with German carmakers outperforming and Wall Street looking to extend gains after the United States stepped back from imposing tariffs on Mexico. With Frankfurt re-opening after a one-day holiday, German investors returned to shares after a U.S.-Mexico deal on Friday apparently averted tariffs threatened by […]