Lloyd’s of London suffers 1 billion pound loss due to natural catastrophes
Businessam StaffMarch 27, 2019
The Lloyd’s of London insurance market recorded a loss of one billion pounds ($1.32 billion) in 2018 due to major natural catastrophes such as hurricanes and wildfires, it said on Wednesday. Lloyd’s, which started life in Edward Lloyd’s coffee house in 1688, insures complex risks from oil rigs to footballers’ legs. It houses around 80 […]
CBN wants oil marketers’ debts paid to improve financial system stability
Moses ObajemuMarch 27, 2019
By Moses Obajemu The Central Bank of Nigeria (CBN) has urged the federal government to settle all outstanding contractor-related debts, especially debt owed oil marketers so as to improve the non performing loan position of banks in the country. The CBN position is contained in the communiqué issued at the end of the 123rd meeting […]
Action Aid wants FG to shelve VAT increase, strengthen anti-corruption institutions
Businessam StaffMarch 26, 2019
Action id Nigeria, a non governmental organisation committed to poverty reduction in Nigeria, has urged the President Mohammadu Buhari administration to shelve the planned increase in the value added tax from five percent to 10 percent. Instead, the body recommended that other revenue avenues should be explored as such the removal of petroleum subsidy which […]
JUST IN: 2019 budget hits setback as Udoma, Ahmad, others shun Reps hearing
Businessam StaffMarch 26, 2019
The 2019 budget, on Tuesday, encountered a major setback as heads of federal government’s ministries, departments and agencies (MDAs) shunned an invitation by the Joint House Committee on Appropriation, Finance, Aids, Debts and Management, among others. The affected heads of MDAs included Minister of National Planning, Udo Udoma; Minister of Finance, Aisha Ahmad; Group Managing […]
What African central banks will be discussing in the next 7 days
Businessam StaffMarch 26, 2019
Central bankers in Africa’s largest economies will consider very different conditions when deciding on interest rates over the next seven days than they did two months ago, and will mostly come to the same conclusions. Since the Monetary Policy Committees last met, Ghana’s currency slumped, Nigeria concluded its election, South Africa announced higher-than-expected power-price increases […]
CBN MPC reduces interest rate — two years after retaining 14%
Businessam StaffMarch 26, 2019
The monetary policy committee of the Central Bank of Nigeria (CBN) has reduced the monetary policy rate by 50 basis points. This means that the MPR, which is put at 14%, was eased to 13.5%. Announcing the decision of the committee on Tuesday at the apex bank’s headquarters, Godwin Emefiele, the CBN governor, said there […]
Oil prices rise amid supply cuts
Businessam StaffMarch 26, 2019
Oil prices climbed on Tuesday, pushed up by supply cuts led by producer club, OPEC, and U.S. sanctions against Iran and Venezuela, although concerns about a potential recession kept markets from rising further. Brent crude oil futures were at 67.48 dollars per barrel at 0747 GMT, up 27 cents, or 0.4 per cent, from their […]
$1.2 bn tax assessment: AGF wants court to strike out MTN’s suit
Chris IkosaMarch 26, 2019
The attorney general of the federation (AGF) on Tuesday, prayed a Federal High Court in Lagos, to strike out a suit by MTN Nigeria Communication Ltd, challenging a N242 billion and 1.2 billion dollars import duties and withholding tax assessments. The AGF, represented by Counsel, Mr T.A Gazali, also prayed the court to decline jurisdiction […]
FG reopens N100bn bond offer this week
Businessam StaffMarch 26, 2019
The Federal Government is scheduled to reopen the APR-2023, Mar-2025 and Feb-2028 bonds for subscription by offering investors N40bn each from the Apr-2023 and Mar-2025 bonds and N20bn from the FEB-2028 bond. The FGN bond auction is scheduled to hold this week. The Debt Management Office, on behalf of the federal government, is expected to […]
Oil prices slip amid worries of severe economic slowdown
Businessam StaffMarch 25, 2019
Oil prices slipped on Monday, with concerns of a sharp economic slowdown outweighing supply disruptions from OPEC’s production cutbacks and from U.S. sanctions on Iran and Venezuela. Brent crude oil futures were at $66.73 per barrel at 0752 GMT, down 30 cents, or 0.5 per cent, from their last close. U.S. West Texas Intermediate […]