External forces to weigh on naira, as economic calendar remains light ahead of elections
Businessam Staff
October 23, 2018
An appreciating dollar, prospects of higher US interest rates, jitters ahead of the 2019 general elections and geopolitical tensions across the world present downside risks to the naira, according to analysts at FXTM. The naira, which softens against dollar at parallel markets early Tuesday is expected be more influenced by external forces going forward as […]
Union Bank to intensify interventions in Nigeria’s educational infrastructure
Businessam StaffOctober 23, 2018
Union Bank of Nigeria plc, one of the country’s oldest financial institutions, said on Tuesday that it would intensify its commitment to solution driven interventions in local educational infrastructure with the use of its intercontinental connections to pull in the required financing. Adekunle Sonola, an executive director at the bank said at the opening […]
Infrastructure to worsen in 2019 as FG cuts CAPEX by 10.54%
Nse Anthony-Uko in AbujaOctober 22, 2018
Of N500bn cut, N330bn is from CAPEX CAPEX now 27% vs. recurrent at 73% The Nigerian government is putting the butcher’s knife through capital expenditure in its proposed spending plans for 2019, business a.m. has gathered. Out of a N500 billion proposed cut from what it is spending this year, capital expenditure would bear the […]
OPEC struggling to meet one million additional bpd pledge
Businessam StaffOctober 20, 2018
It seems the Organisation of Petroleum Exporting Countries (OPEC) and its allies are struggling to fully deliver on the oil production increase of one million barrels per day as pledged in June, after Mohammad Barkindo, its secretary general described increasing production as “a work in progress,” Reuters reported. According to an internal OPEC document Reuters […]
Nigeria lowers 2019 spending plan to N8.6trn as 2018 revenue target fails to meet expectations
Shalom AnthonyOctober 18, 2018
The Nigerian government has been forced to lower its budget estimates for 2019 following the less than expected revenues in the current year. The government is now considering a 2019 spending proposal of about N8.6 trillion as against the N9.1 trillion approved by lawmakers for 2018. business a.m. recalls that the federal government sent the […]
Nigeria’s Zenith Bank grows profit by 12% to N144bn with an EPS growth of 16%
Afolabi OluwaseunOctober 18, 2018
Zenith Bank Nigeria Plc., Thursday published its September 2018 results with the bank declaring profit growth of 12 percent year-on-year to N144.18 billion, while also growing earnings per share (EPS) by 16 percent. The bank recorded a one percent year-on-year uptick in Q3 2018’s gross earnings,the outcome of an 11 percent growth in interest income […]
Nigeria has generated an average of 1000mw of electricity yearly since 2015 says Fashola
Adesola Afolabi & Oyindamola AlamuOctober 18, 2018
Babatunde Raji Fashola (SAN), Nigeria’s minister for power, works and housing Thursday disclosed that Nigeria has increased power generation from 4000 megawatts in 2015 to 7000 megawatts as at today, representing an average of 1000 megawatts (mw) of power per annum across the country since 2015. Fashola was the guest speaker at the October edition […]
Oil prices to average $91 per barrel in 2022, says Fitch
Bukola OdufadeOctober 18, 2018
Fitch Solutions has forecast an average $91 per barrel for Brent crude oil in 2022 on the back of current supply constraints continuing well into that year, it said. In the years leading up to 2022 however, Fitch’s analysts are predicting the benchmark crude to average $75 per barrel this year, $82 per barrel […]
Nigeria equities market rebounds 0.70% on buy interest in Dangote Cement
Adesola AfolabiOctober 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 […]