AFDB supports Francophone W/African countries with FCFA5bn grant
Adesola Afolabi
September 1, 2018
The African Development Bank Group (AFDB) has made a grant of 5 billion CFA Francs, through its African development fund, to a council of understanding comprising member countries Côte d’Ivoire, Benin, Togo, Burkina Faso and Niger. The grant is to finance the reform of the regional maintenance training center also known as CERFER, as part […]
OPEC August oil output hits 2018 high despite Iran losses, Reuters survey shows
Agency ReportAugust 31, 2018
According to a Reuters survey on Friday, the 15-member Organization of the Petroleum Exporting Countries (OPEC) has pumped 32.79 million barrels per day in August, up 220,000 bpd from July’s revised level and the highest this year. OPEC and allies agreed in June to boost supply as U.S. President Donald Trump urged producers to offset […]
IATA predicts slower air traffic growth, warns rising cost to slow momentum
Businessam StaffAugust 31, 2018
The International Air Transport Association (IATA) has reported strong airline revenue growth for July, but warns rising costs will see the momentum slow over the coming months. Total revenue passenger kilometres (RPKs) for IATA’s member airlines rose 6.2 per cent for July compared to the same month in 2017. However, this was down from the […]
Bearish sentiments persist at Nigeria’s equities market as NSEASI dips 0.77%
Adesola AfolabiAugust 30, 2018
The bearish sentiment in Nigeria’s equities market persisted Thursday as sell pressures in bellwethers – GUARANTY (-2.7%), DANGCEM (-0.4%), STANBIC (-2.6%) and ZENITH (-1.6%) led the All-Share Index (ASI) to decline by 0.77 percent to 35,086.67 points. The year-to-date loss consequently worsened to -8.3 percent while market capitalization fell by N99.4 billion to N12.8 trillion. […]
Diamond, Stanbic IBTC shares drop as investors react to sanctions by CBN
Adesola AfolabiAugust 30, 2018
Share prices of Diamond and Stanbic IBTC, the two listed banks fined by the Central bank of Nigeria (CBN) for aiding and abetting the illegal repatriation of funds associated with African telecommunication giant, MTN, fell Thursday as investors reacted to the apex bank sanctions. Diamond bank’s share price fell by 9.4 percent worsening its year […]
Nigeria’s local content agency, NCDMB, mulls $14bn 10-year plan to create 300,000 jobs in Niger Delta
Ben EguzozieAugust 30, 2018
…as Nigeria needs simple business-friendly petroleum law The Nigerian Content Development and Monitoring Board (NCDMB) has come up with what it says is a 10-year development plan aimed at retaining up to 70 percent of the annual $20 billion investment in the oil and gas industry. There is presently some $200 million domiciled with the […]
Over 80% of Nigeria’s microfinance banks are in dire straits as insider abuse, low capital hobble operations
Adesola AfolabiAugust 30, 2018
Nigeria’s microfinance institutions are hobbled by low capital base, insider abuse, poor management, illiquidity, lack of skill sets and policy summersaults that have made over 80 percent of them unprofitable, according to Peter Owunna, CEO XsInce Micro Finance Bank and Xslince Investment and Trust Limited. Onwunna, who was the guest speaker at the August edition […]
MTN Nigeria denies CBN claims that it illegally repatriated $8.1bn
Agency ReportAugust 30, 2018
MTN Nigeria on Thursday refuted the claims by the Central Bank of Nigeria that it illegally, in collusion with four Nigerian banks repatriated $8.1billion from its Nigerian operations to offshore investors. The CBN said the remittances between 2007 and 2015, in tranches of of 2.63 billion dollars, 1.766 billion dollars and 348 million dollars were […]
Nigeria central bank asks MTN to return illegally repatriated $8bn, slams 4 banks for aiding, abetting
Businessam StaffAugust 29, 2018
The Central Bank of Nigeria (CBN) Wednesday asked telecoms major, MTN Nigeria to return $8 billion it illegally repatriated and imposed heavy sanctions totaling N5.87 billion on four banks under its regulatory purview for what it described as ‘flagrant violation of extant laws and regulations of the Federal Republic of Nigeria, including the Foreign Exchange […]
Nigerian equities market dips 0.44% as investors selloff blue chips
Adesola AfolabiAugust 29, 2018
Investors embarked on sell offs across market bellwethers during the late trading hours of Wednesday, dragging the lead market indicator, the All-Share Index (ASI) southward by 0.44 percent. The ASI thus settled at 35,358.94 points while year-to-date loss worsened to -7.5 percent. Similarly, market capitalization dropped N57.4 billion reducing equities market overall value to N12.9 […]