Nigeria central bank asks MTN to return illegally repatriated $8bn, slams 4 banks for aiding, abetting
Businessam Staff
August 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 […]
UK remains a great ally for Nigeria capital market development, says Stock Exchange chief
Adesola AfolabiAugust 29, 2018
Oscar N. Onyema, the chief executive officer of the Nigerian Stock Exchange, has averred that the United Kingdom remains a key partner to Nigeria, particularly for its capital market development. Onyema spoke to journalists on the sidelines of the business networking event hosted by the British High Commission and headlined by Theresa May, the prime […]
Nigeria non-oil sector sees fastest growth in 10 quarters as contraction in oil slows overall growth to 1.5% in H1 2018
Businessam StaffAugust 29, 2018
Recent growth data released by Nigeria’s statistical agency, the National Bureau of Statistics (NBS), indicate that the country’s non-oil sector strengthened to 2.0 percent year-on-year in the quarter ended June 2018 from 0.4 percent a year earlier, its fastest growth in 10 quarters. In a commentary on the NBS data, analysts at Renaissance Capital say […]
Nigerian insurers’ new capital regime takes off October 1, says NAICOM
Adesola AfolabiAugust 29, 2018
Nigeria’s insurance industry new capital structure takes off October 1, 2018, according to the regulatory authority, the National Insurance Commission (NAICOM). NAICOM confirmed the new takeoff date for the newly introduced tier-based minimum solvency capital (TBMSC) to business a.m. on telephone Wednesday morning. The confirmation thus reduced by three months the time earlier stipulated for […]
UK 3-year ‘passporting’ plan for EU firms may break WTO rules, say analysts
Businessam StaffAugust 29, 2018
Plans by the UK government to unilaterally allow nonUK financial firms in the rest of the European Economic Area (EEA) to “passport” into the UK for three years after Brexit to give them time to set up regulated entities in the UK has been viewed by analysts as preferential treatment and could be challenged by […]
Britain to invest 56 million pounds in battery storage in South Africa
Agency ReportAugust 29, 2018
Britain’s Prime Minister Teresa May has committed 56 million pounds towards investment in battery storage in South Africa during her current trip to the country, the government told Reuters on Wednesday. Battery storage will allow the country to manage peaks and troughs in energy supply – storing energy from solar, wind and other renewable projects, […]
Positive investor sentiments in Access Bank, UBA, GTB lift Nigeria bourse by 0.58%
Adesola AfolabiAugust 28, 2018
Nigeria’s equities market closed positive on Tuesday, thanks to improved investor sentiments in banking bellwethers such as GUARANTY (+2.6%), ACCESS (+2.8%) and UBA (+2.5%) who were the major drivers of the market performance outcome for the day. The All Share Index (ASI) consequently rose 0.58 percent to 35,516.21 points, just as the year to date […]
$250m Africa’s second largest brewery opens in Nigeria’s Sagamu, Ogun State
Adesola AfolabiAugust 28, 2018
The second largest brewery in Africa owned by International Breweries Plc began formal operations Tuesday when it was commissioned in Sagamu town, Ogun State in southwestern Nigeria. The N90 billion ($250 million) state-of-the-art brewery, arguably the biggest in West Africa, is significantly geared towards further improving the country’s agricultural sector and opening up channels for […]
China-Africa economic cooperation has improved infrastructure, created jobs – Official
Agency ReportAugust 28, 2018
The economic and trade cooperation between China and Africa has improved infrastructure, created jobs, and enhanced people’s livelihood in Africa, while having helped Chinese enterprises, products, and standards go abroad, a senior commerce official said Tuesday. “The cooperation has no political strings attached and is of win-win and equal nature,” Vice Minister of Commerce Qian […]