Seplat, NNPC sign pacts to expedite ANOH gas project
Businessam Staff
August 14, 2018
Nigerian National Petroleum Corporation (NNPC) and Seplat Petroleum Development Company (SPDC) have signed five agreements to accelerate the development of the Assa North and Ohaji South (ANOH) gas field in Imo State. The ANOH gas development scheme, which is aimed at producing around 3.4 billion standard cubic feet of gas per day by 2020, is […]
Oil edges up on Saudi output cut and Iran sanctions
Agency ReportAugust 14, 2018
Oil prices rose on Tuesday after Saudi Arabia said it had cut production in July, though concerns over a slowdown in global economic growth kept a lid on markets. Benchmark Brent crude oil LCOc1 was up 50 cents at $73.11 a barrel by 0855 GMT. U.S. light crude CLc1 gained 55 cents to $67.75. Saudi […]
Samsung may halt operations in China on rising labour cost, slumping sales
Justice Godfrey OkamgbaAugust 14, 2018
Leading smartphone manufacturer, Samsung Electronics Co Ltd., might stop producing mobile phones this year at Tianjin Samsung Telecom Technology, located in the northern Chinese city of Tianjin, Electronic Times reported. The South Korean newspaper described the move under consideration as a potential withdrawal and is due largely to the rising labor costs and slumping sales. […]
Bears maintain grip on Nigerian stocks as benchmark index dips 0.13%
Businessam StaffAugust 13, 2018
The bears at the Nigerian equities market maintained a firm grip in Monday’s trading session as benchmark index, the NSEASI declined 13bps to settle at 35,399.28 points while year-to-date (YTD) loss further dipped to -7.4 percent. As a result, market capitalization lost N17.0 billion in value to close at N12.9 trillion. The day’s negative performance […]
Nigeria’s Access Bank Intelligence Unit forecast July inflation to trend lower to 10.97%
Anthony OgboAugust 13, 2018
Ahead of the scheduled release of inflation figure for July 2018 on August 15, 2018 by National Bureau of Statistics (NBS), the Economic Intelligence Unit Group of Access Bank has forecast that July inflation rate (year-on-year) will trend downwards to 10.97 percent, compared to 11.23 percent recorded in June 2018. The bank group of analysts […]
Nigerian brewers, customers brace up for effects of new tax regime
Afolabi OluwaseunAugust 13, 2018
The competitive landscape of the alcoholic beverage industry in Nigeria has had an undesired effect on the players of the industry in half-year 2018 and will affect the industry even more as they brace for the new tax regime. With the dawn of a new tax regime, it is expected that the tax burden would […]
Government urged to bolster agricultural sector for economic growth
Afolabi OluwaseunAugust 13, 2018
Analysts at United Capital Plc. and FBN Quest have advised the need for government to pay close attention to the agricultural sector, especially the insecurity issues to enable an efficient growth in the sector. According to analysts at United Capital, the agricultural sectors has unexploited potential that could improve the economy of the country and […]
CBN injects $327m, ¥69m into retail SMIS forex market segment
Afolabi OluwaseunAugust 13, 2018
The Central Bank of Nigeria (CBN) Friday, August 10, 2018, injected the sum $327,440,499.50 into the interbank retail Secondary Market Intervention Sales. This is in addition to the sale of ¥69,707,333.39 in the spot and short-tenored forwards. The CBN stated that the US dollar-denominated interventions were only for concerns in the agricultural and raw materials […]
SME’s reel from lack of legislation on crowdfunding in securities market
Adesola AfolabiAugust 13, 2018
Small businesses in the country are reeling from a lack of legislation on crowdfunding at the Nigerian capital market, which would have bettered their position in accessing funds for development and expansion. Crowdfunding, an emerging financing method for small and medium scale entrepreneurs as well as creators of innovative ideas, is fast gaining ground around […]
NIRSAL reacts to claim of non-disbursement of funds, restate commitment to mandate
Businessam StaffAugust 13, 2018
The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) last week said it was restating its commitment to the mandate of facilitating seamless flow of affordable financing to all players in the country’s agricultural value chains and pare the risks of financing institutions granting agricultural loans. NIRSAL was reacting to a lead story last […]