Stock market retreats, as investors begin profit taking in big caps
Adesola Afolabi
February 13, 2019
Equity trading on the Nigerian Stock Exchange (NSE) closed negative on Wednesday after an eight-day bullish run as investors began taking profit in highly capitalised stocks such as Guaranty Trust Bank which lost 2.6 percent of its share price, Access Bank which dropped 6.3 percent and Seplat that fell 3.3 percent. This dragged the All […]
Shell, Imo inaugurate cluster boards for multi-billion-dollar Assa North Gas project with N1bn commitment to communities over 5 years
Ben EguzozieFebruary 13, 2019
Shell Petroleum Development Company (SPDC) and Imo State government on Tuesday inaugurated cluster development boards (CDBs) for the multi-billion-dollar Assa North Gas development project in Ohaji-Egbema Imo LGA of Imo State, a major game-changer in Nigeria’s quest for energy sufficiency for power generation and industrialization. The event, which held in Owerri, the Imo capital, was […]
Nigeria’s capital importation increases 37.5% in 2018 as UK emerges top investor
Adesola AfolabiFebruary 13, 2019
Latest statistics on capital importation into Nigeria released by the National Bureau of Statistics (NBS) shows that the United Kingdom emerged as the top source of capital investment in Nigeria in 2018 with $6.01 billion. The report released Wednesday indicates that UK’s investment in Nigeria accounted for 35.74 percent of the total capital inflow in […]
Missing $12bn oil revenue: court fixes April 30 for FG’s suit against oil companies
Businessam StaffFebruary 13, 2019
The $69 million suit filed by the Federal Government of Nigeria against Chevron Petroleum Nigeria Ltd, seeking to recover Oil Revenue has been adjourned to 30 of April by a Federal High Court in Lagos on Wednesday. The FG filed the suit against Chevron Nigeria Ltd, and Chevron Petroleum Nigeria Ltd, as first and second […]
Nigeria is about to ship the first cargo of crude oil from a new deposit, may undermine OPEC’s policy.
Businessam StaffFebruary 13, 2019
The 1 million barrel consignment, which will head toward the Dutch port of Rotterdam, comes at a tricky moment for the West African country, given a pledge it has made to OPEC and other oil producing countries to help them avert a glut of crude. The tanker, the Achilleas, will export from a mooring linked […]
AU leaders endorse Dangote, Aig-Imouhkuede championed Africa Business Coalition for Health
BFebruary 13, 2019
An ambitious platform designed to bring together business leaders in Africa to collaborate with heads of government and other stakeholders to tackle basic health challenges in Africa has been launched in Addis Ababa, Ethiopia with assurances from government to collaborate for a healthier Africans. The platform, African Business Coalition for Health (ABC Health) was launched […]
Global stocks greet sign of trade truce extension with glee
Businessam StaffFebruary 13, 2019
Investors hungry for progress on resolving a U.S.-China trade war seized on U.S. President Donald Trump’s comment that he could let a March 1 deadline for a deal with China “slide”, taking this as a cue to buy stocks and sell bonds on Wednesday. European shares followed Asia’s lead to rise 0.8 percent while S&P […]
Nigeria bourse crosses psychological 32,000 points mark as bullish trend continues for 8th day
Adesola AfolabiFebruary 12, 2019
Nigeria’s equities market maintained its bullish performance for the eight consecutive session on Tuesday, crossing the proverbial psychological 32,000 points level in the process. According to equities market analysts, the positive performance was driven by sustained buying interest in Dangote Cement (+2.3%), Nestle (+6.0%) and Seplat (+6.1%). Consequently, the All Share Index (ASI) rose 2.1 […]
2.38% GDP growth in Q4 2018, Nigeria’s strongest performance since recession, says budget minister
Nse Anthony-UkoFebruary 12, 2019
Udoma Udo Udoma, minister of budget and national planning, has expressed delight at the fourth quarter 2018 numbers just released by the National Bureau of Statistics (NBS). The report shows that the real gross domestic product (GDP) grew by 2.38 per cent, indicating the strongest quarter growth since the economy slipped into recession in 2016. […]
Nigeria’s deposit insurer, NDIC, board to focus on financial system stability
Nse Anthony-UkoFebruary 12, 2019
The safety and stability of Nigeria‘s financial system will remain the main focus of members of the newly inaugurated board of the Nigeria Deposit Insurance Corporation (NDIC) as they pledged to formulate policies that would enable them achieve these goals. Ronke Shokefun, chairman of the board made the pledge at the opening ceremony of the […]