Growth in African economies struggles to be proportional with development
Businessam Staff
October 30, 2018
The growth in the gross domestic products (GDP) of African countries have continued to struggle with being proportional with sustainable economic opportunities, Yvonne Mensah, head of Africa and Governance directorate, Commonwealth Secretariat, has said. Mensah giving her analysis of the 2018 Ibrahim Index of African Governance (IIAG) said while few African countries were realising real […]
Demand could depress on costly oil prices and hurt producer, says IEA chief, Birol
Businesssam StaffOctober 30, 2018
The hurting effect of costly oil prices on consumers could lead to adverse implications for producers, Fatih Birol the executive director of the International Energy Agency (IEA) said on Tuesday at the International Energy Forum (IEF) in New Delhi, India. Major emerging Asian economies such as India and Indonesia have been hit hard this […]
CBN vs MTN: Nigerian court adjourns $10bn case till December 4
Adesola Afolabi & Temitayo AyetotoOctober 30, 2018
The court hearing of a case involving Nigeria’s central bank and South Africa’s telecommunications giant, MTN, over a $10.1 billion was on Tuesday adjourned till December 4. The central bank alleges that MTN illegally sent $8.1 billion abroad, and the Nigerian government has demanded $2 billion in taxes from MTN between 2007 and 2015. Sitting […]
Late rally sees Dangote Cement, GTB drive Nigeria’s major stock index up 0.88%
Adesola AfolabiOctober 29, 2018
A late rally that saw two bellwether sticks clawing up some gains, DANGCEM (+0.7%) and GUARANTY (+4.1%), lifted the benchmark index Monday, driving the All Share Index (ASI) 0.88 percent higher to 33,196.07 points. This helped market capitalization rise by N105.4 billion to reach N12.1 trillion while year-to-date loss improved to -13.2 percent. Activity level […]
Professional headhunt sought for CBN, PenCom, SEC, NHIS chiefs
Businessam StaffOctober 29, 2018
Amajor review in the way and manner appointments are made to major financial regulatory institutions in the country is quietly being canvassed and kite flown in the wake of unfolding developments at both the National Pension Commission (PenCom) and the National Health Insurance Scheme (NHIS). Those who are championing the push say the regulatory institutions […]
Nigerian bourse bounces back on interest in bellwether stocks as index gains 0.44%
Adesola AfolabiOctober 25, 2018
Buy interests in on the Nigerian Stock Exchange led to a reversal of losses suffered on Wednesday as the market’s index recorded a gain of 0.44 percent. The bellwether stocks which helped the market gain on Thursday included NIGERIAN BREWERIES (+5.0%), DANGCEM (+0.3%) and NESTLE (+0.7%). The outcome was also a rise in market capitalisation by […]
Govt seeks higher utilization of local content in manufacturing
Businessam StaffOctober 25, 2018
Okechukwu Enelamah, the minister for industry, trade and investment, has emphasised the need for local manufacturers to increase the local content in their production chain. Enelamah, receiving a Guinness Nigeria Plc. delegation led by Baker Magunda, the managing director, said backward integration in terms of local sourcing of materials would go a long way to reduce imports and provide more […]
Edufirst.ng signs $1m partnership with Canadian Jobminders Inc.
Businessam StaffOctober 25, 2018
Education First Nigeria (Edufirst.Ng) and Jobminders Incorporated have signed a pact worth $1 million to deepen business collaboration between Nigeria and Canada. The collaboration is aimed at bridging the nation’s skill gap in the next five years. Moses Imayi, co-founder, Edufirst.ng, at the signing of the Memorandum of Understanding (MoU) on Thursday in Lagos, said the […]
Again, investors’ profiteering activities on Dangote Cement causes cold market shivers as Nigeria market index goes down 2.4%
Adesola AfolabiOctober 24, 2018
As has always been the case with the stock, investors seeking to take profit on Dangote Cement piled some pressure on the stock Wednesday and caused some cold shivers down the market halting a positive bull run that had lasted for four days and causing the All-Share Index (ASI) to shed 2.4 percent to settle at […]
Airtel Africa raises $1.25bn from SoftBank, five other investors
Businessam StaffOctober 24, 2018
Airtel Africa Ltd, a subsidiary of India’s Bharti Airtel Ltd, said on Wednesday it had raised $1.25 billion from six global investors including SoftBank Group Corp, Warburg Pincus LLC and Temasek Holdings (Private) Ltd. The fundraising, through a primary equity issuance, now values the telecommunications company at $4.4 billion and will be used to reduce existing debt of about $5 billion […]