FG spends N300bn on social investment programme- Presidency
Businessam Staff
April 2, 2019
The Federal Government has spent about N300 billion on the National Social Investment Programmes in the last three years. Maryam Uwais, the special anviser to President Muhammadu Buhari on National swcial Welfare programme, said this on Tuesday in Abuja during a joint oversight visit by Senate and House Committees on Poverty Alleviation. The delegation was […]
We may start selling petrol above N145 –IPMAN
Businessam StaffApril 2, 2019
The Independent Petroleum Marketers Association of Nigeria has urged the Federal Government and the Nigerian National Petroleum Corporation to ensure that private depot owners maintain the official ex-depot price of Premium Motor Spirit (petrol) at N133.28 per litre. The Chairman, IPMAN, Ore Depot, Mr Shina Amoo, who said this on Monday, stated that independent marketers […]
Stock investors lost N158bn in March, market slumps by N48bn
Businessam StaffApril 2, 2019
Investors in the Nigerian stock market lost N158bn in March amid persistent bearish sentiments. The market, which opened the month at 31,721.76 basis points with a market capitalisation of N11.830bn, rose to its highest point on March 5 at 32,173.66bps with a market capitalisation of N11.998tn. It, however, closed at 31,041.42bps with a market capitalisation […]
Akwa Ibom seeks NSIA assistance in $80m loan for 1m nuts per annum coconut refinery
Ben EguzozieApril 1, 2019
Akwa Ibom State, Nigeria’s biggest sub-national crude oil revenue earner, is seeking intervention by the Nigerian Sovereign Investment Authority (NSIA) to facilitate the state’s $80 million loan facility to complete its multi-billion-naira coconut refinery, located at Mkpat Enin local government are of the state. Governor Udom Emmanuel, who just won a hard-fought re-election for a second […]
Access Bank, Africa’s new banking force, berths as largest retail bank
Moses ObajemuApril 1, 2019
A new dawn and chapter begin today in the life of the enhanced, bigger and value-laden Access Bank Plc following the conclusion of its merger processes with Diamond Bank Plc. The business combination journey between the two banks, which began on December 16, 2018, was finally consummated yesterday in Lagos when all the pre-requisite processes […]
Experts advise corporate Nigeria to focus on climate-friendly projects to unlock $162 billion opportunity
Bukola Odufade and Oluwaseun AfolabiMarch 28, 2019
As major investors turn towards climate friendly projects, experts have called on corporate Nigeria to leverage the local and international opportunities existing in climate finance, created by the need to combat climate change. Speaking at the business a.m. / GTI finance and investment dialogue (FID), Stanley Ijeoma, chief executive officer, Schrodinger Greentech, a climate change […]
Nigeria wants $20bn infrastructure spend over 10 years
Businessam StaffMarch 28, 2019
Nigeria plans to spend $20 billion on infrastructure over the next 10 years and will introduce an infrastructure bond in 2019 as Africa’s biggest oil producer seeks to address challenges in revenue generation. “Our target is that we’d like to see infrastructure spending increase to the $10- to $20-billion range over the next 5 to […]
Oil prices dip after U.S. crude stocks climb
Businessam StaffMarch 28, 2019
Oil prices dropped on Thursday, extending losses into a second consecutive session, following a surprise build in U.S. crude inventories. International Brent crude oil futures were at $67.56 a barrel at 0748 GMT, down 27 cents, or 0.4 per cent, from their last close. Brent closed down 0.2 per cent on Wednesday. U.S. West Texas […]
CBN to reintroduce cashless policy nationwide, says Emefiele
Businessam StaffMarch 28, 2019
Godwin Emefiele, the governor of Central Bank of Nigeria (CBN), has unveiled plan to extend the cashless policy nationwide almost two years after the policy was halted. Emefiele said all necessary structures have been put in place to improve banking services in the country. He made this remark Wednesday during the First Bank of Nigeria’s […]
Investors oversubscribe March FGN Bonds by N140bn
Businessam StaffMarch 28, 2019
The Debt Management Office on Wednesday said that FGN Bonds offered to investors for the month of March was oversubscribed by N140bn. In a statement made available to our correspondent in Abuja, the DMO said it offered N100bn bonds but received a subscription of N240.6bn. The DMO said, “The FGN Bond auction for March 2019 […]