Nigeria’s state-owned oil firm NNPC to commence search for oil in Benue Trough, says President Buhari
Nse Anthony-UkoFebruary 6, 2019
Nigeria’s president, Muhammadu Buhari has announced that the state-owned oil corporation, the Nigerian National Petroleum Corporation (NNPC) will soon commence deeper search for oil and gas in the Benue Trough. This, he said, is the next step following the commencement of drilling in the Kolmani River area located within Bauchi and Gombe States. Buhari announced […]
Election fears: NSE turnover nosedives in January
Businessam StaffFebruary 6, 2019
The volume of shares traded on the Nigerian Stock Exchange (NSE) in January dropped by 42.38 per cent due to uncertainties surrounding the forthcoming general elections, said analysts. Specifically, 6.24 billion shares worth N59. 28 billion were exchanged in 80,888 deals by investors in January. The turnover and volume during the period dropped by 42.38 […]
CBN warns public to beware of fraudulent EDIs
Businessam StaffFebruary 6, 2019
The Central Bank of Nigeria (CBN) has warned Nigerians to stay away from some Entrepreneurial Development Institutions (EDIs) claiming to be CBN)-accredited EDIs for its agribusiness Small and Medium Enterprises Investment Scheme (AGSMEIS). The apex bank said the warning became necessary as its attention was recently drawn to the exploitation of unsuspecting members of the public […]
Bargain hunters give Nigeria’s equities market bull run as capitalisation reaches N11.5trn
Adesola AfolabiFebruary 5, 2019
A rash of bargain hunting saw Nigeria’s equities market keep the bull on the run on Tuesday with market capitalisation adding N11 billion to settle at N11.5 trillion. The All Share Index (ASI) also closed 0.09 percent higher to settle at 30,773.57 points. Sustained bargain hunting on was particularly noticed on the stocks of Stanbic IBTC Bank, the Nigerian affiliate of […]
Nigeria’s state-owned oil corporation, NNPC, announces N2.06bn trading surplus for November ’18
Nse Anthony-UkoFebruary 5, 2019
State-owned oil corporation, the Nigerian National Petroleum Corporation (NNPC) has announced a trading surplus of N2.06 billion for operations in the month of November 2018, indicating a 116 percent increase over the previous month’s deficit of ₦12.66 billion. The oil giant, which published highlights of its financial operations for November in a release by Ndu Ughamadu, […]
Finally, Ambode, outgoing Lagos governor, presents N852bn 2019 budget to state lawmakers
Adesola AfolabiFebruary 5, 2019
Akinwunmi Ambode, the outgoing governor of Lagos State, who was denied a chance to serve an automatic second term by his party, the All Progressives Congress, and is due to vacate his position by May 29, on Tuesday presented a budget of N852 billion to the Lagos State House of Assembly, after two weeks of controversy that boiled to […]
Nigeria loses 3% of GDP to road crashes, says African Development Bank, moves to reduce road accidents in Africa
Adesola AfolabiFebruary 5, 2019
Nigeria, Africa’s largest country and economy by population and gross domestic products (GDP), loses as much of three percent of her GDP to road crashes, says the African Development Bank (AfDB) which is now leading an initiative to reduce accidents across the continent. A road safety leadership programme intended to develop leadership capabilities in road safety […]
Roche to distribute diabetes monitor system in Africa, BRIC countries, says maker, Senseonics
Businessam StaffFebruary 5, 2019
Senseonics has extended and expanded its distribution agreement with Roche Diabetes Care for the next two years, giving the big biotech exclusive rights to sell its implantable glucose monitoring system in 17 additional countries, including Brazil, Russia, India and China. Roche will also continue on as Senseonics’ exclusive distributor in Europe, the Middle East and […]
CBN denies forex racketeering allegation
Businessam StaffFebruary 4, 2019
Central Bank of Nigeria (CBN) has dismissed report alleging foreign exchange racketeering in the country. A leading business daily had on Monday, February 4,2019, alleged that the apex bank officials were involved in shady forex deals. The report was titled: “Exposed !The Sleazy Face of N306/$, inside Nigeria’s racket where faceless agents pocket […]
Bank borrowers’ woes to increase as IFRS9 rule may contract lending
Moses ObajemuFebruary 4, 2019
By Moses Obajemu Borrowing bank customers in the country may have to contend with stricter collateral requirements and tougher scrutiny than before if they wish to access facilities from their banks, business a.m. has learnt. The development is coming on the heels of the directive by the Central Bank of Nigeria (CBN) that banks must […]