Transcorp Group names Ozigbo President/CEO in wide ranging board, executive appointments
Businessam Staff
October 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 […]
Nigerian stocks rebound on bargain hunting in bellwethers, benchmark index up 0.11%
Adesola AfolabiOctober 11, 2018
Nigerian stocks Thursday rebounded on bargain hunting in bellwethers especially STANBIC (+4.8%), NESTLE (+0.7%) and FLOURMILLS (+7.6%), which drove the All Share Index (ASI) up by 0.11 percent to 32,417.82 points. Consequently year-to-date (YTD) loss moderated to -15.2 percent just as market capitalisation increased to N11.8 trillion. Also, activity level strengthened as volume and value […]
Nigeria’s economy is moving in positive direction, Udoma tells IMF, World Bank
Businessam StaffOctober 11, 2018
Udoma Udo Udoma, Nigeria’s minister of budget and national planning, Thursday in Indonesia told a global audience that the implementation of the Economic Recovery and Growth Plan (ERGP 2017 – 2020), is moving Nigeria’s economy in a positive direction. This is contained in a statement James Akpandem the special adviser (Media) to the minister Udoma, […]
IMF, World Bank launch guidelines for policymakers on fintech
Businessam StaffOctober 11, 2018
The International Monetary Fund (IMF) and the World Bank have jointly released a paper that will guide policymakers around the world in their handling of the rise of financial technology — commonly known as fintech. The paper, called the Bali Fintech Agenda, was launched Thursday on the Indonesian island where the IMF and the World […]
AFC gets $300m facility from Chinese export-import bank
Adesola AfolabiOctober 11, 2018
Africa Finance Corporation (AFC), an infrastructure development finance institution, has announced its successful acquisition of a $300 million loan facility from the Export-Import Bank of China (CEXIM). The acquisition consists of a $200 million 5-year loan and a $100 million 5-year standby facility for general corporate purpose. The facility from CEXIM marks AFC’s inaugural financing […]