Nigeria equities market rebounds 0.70% on buy interest in Dangote Cement
Adesola Afolabi
October 18, 2018
Nigeria’s equities market performed positively Thursday following buy interest in DANGCEM (+3.0%) as excluding DANGECM the market would have closed in the red. The benchmark index thus gained 0.70 percent to settle at 32,664.63 points with market capitalization increasing by N83.0 billion to N11.9 trillion, while year-to-date return improved to -14.6 percent. Activity level was […]
Banks’ N10bn annual revenues threatened as Nigerian Senate orders suspension of ATM card maintenance charges
Shalom AnthonyOctober 17, 2018
Banks in the country will lose at least N10 billion in annual revenues following an order by the Nigerian senate for the suspension of ATM card maintenance charges deducted from customers. Banks currently charge customers N100 yearly as ATM Card maintenance fee. But the senate, in a esolution passed on Wednesday, called on the Central […]
Nigerian banks to receive less support on sovereign weakness despite Skye Bank conversion – Fitch
Businessam StaffOctober 17, 2018
Recent actions by the Central Bank of Nigeria (CBN) to address problems at failed Skye Bank do not mean that sovereign support for the Nigerian banking sector will always be forthcoming, Fitch Ratings says. “We continue to believe that sovereign support for Nigerian banks cannot be relied on, given the sovereign’s weakness (‘B+’/Negative),” the foremost […]
AFDB seeks flexible innovative solutions to light up 200m African homes
Adesola AfolabiOctober 17, 2018
The African Development Bank (AfDB) is seeking flexible and innovative solutions that will encompass technology and financing for the provision of electricity to homes across the African continent. According to Wale Shonibare, AfDB’s director for energy financial solutions, policy and regulation, the multilateral development finance institution is committed to connect millions of households under its […]
Transcorp Group names Ozigbo President/CEO in wide ranging board, executive appointments
Businessam StaffOctober 16, 2018
Valentine Ozigbo, who currently leads the hospitality and hotels businesses of Transnational Corporation of Nigeria Plc, has been named as the incoming president and chief executive officer of the group effective January 1, 2019. Ozigbo currently sits as managing director and chief executive officer of Transcorp Hotels Plc, the owners of the prestigious Transcorp Hilton […]
Investors rally Nigerian bellwethers, drive NSE ASI 0.95% northward
Adesola AfolabiOctober 16, 2018
Renewed buying interest in bellwethers such as DANGCEM (+2.5%), NIGERIAN BREWERIES (+3.1%), UNILEVER (+5.6%) and ZENITH (+1.5%) drove a positive performance at the Nigerian Stock Exchange Tuesday. As a result, the benchmark index inched 0.95 percent higher to 32,722.18, thereby reducing year-to-date loss to -14.4 percent while market capitalization increased by N112 billion to N11.9 […]
IITA floats five-year plan to raise Nigeria’s cocoa productivity
Temitayo AyetotoOctober 16, 2018
The International Institute of Tropical Agriculture (IITA), Ibadan on Tuesday launched a five-year “Cocoasoil Project’’ to improve cocoa production in Nigeria. Richard Asare, the project coordinator, said the major objective of the project is to develop Integrated Soil Fertility Management (ISFM) recommendations that will be integrated into extension messages for cocoa intensification and avoid deforestation. […]
28 global banks to sign responsible banking pact
Businessam StaffOctober 15, 2018
Group with $17trn in assets has Access Bank as Nigeria’s only member A group of 28 leading global banks with $17 trillion in total assets will gather next month in Paris, France to sign off on a new draft of what has been termed Principles for Responsible Banking, designed in the wake of the global financial […]
Barkindo says oil prices rising on perceived supply shortages amid OPEC’s revised oil demand forecast
Bukola OdufadeOctober 12, 2018
Current oil prices reflect market “perceptions” of a potential supply shortage rather than an actual inability of Organisation of Petroleum Exporting Countries (OPEC) and its key producer allies to pump oil, Mohammad Barkindo, the cartel’s secretary general has said. But despite the belief held by Barkindo that the global oil market remains “well supplied”, the […]
Buhari gets senate approval to spend N234.5bn for 2019 elections
Shalom AnthonyOctober 12, 2018
Senate on Thursday approved N234.5 billion for the Independent National Electoral Commission ahead of the 2019 general election. The red chamber also refused to approve the budget for security agencies as requested by President Muhammadu Buhari. It added N45.5 billion to the initial N189 billion approved by the Senate Committee on INEC. This brings the […]