Former AFC chief ranks corporation’s position as Africa’s second highest financial institution biggest achievement

Businessam StaffJuly 31, 2018

AFC

Andrew Alli, the immediate past president and chief executive officer of Africa Finance Corporation (AFC) has said his biggest milestone achieved during his terms at the corporation was getting it to rank as the second highest rated financial institution on the continent after the African Development Bank. Alli disclosed this in a monitored television interview […]

Nestle Nigeria share price rises on 29.6% half year PAT growth

Afolabi OluwaseunJuly 31, 2018

The share price of Nestle Nigeria Plc, a major fast moving consumer goods company in the country, rose by 6.52 percent on Tuesday following the release of its half-year financial results showing a profit after tax growth of 29.6 percent at N21.4 billion and a revenue growth of 10.9 percent at N135 billion. The announcement, […]

Kenya’s economy to expand by 6.2%, says Apex bank

Businessam StaffJuly 31, 2018

Kenya's Central Bank,Kenya’s economy

Kenya’s economy is likely to expand by 6.2 per cent this year, the central bank’s governor, Patrick Njoroge, said on Tuesday. Njoroge told a news conference the forecast was based on the economy’s performance in the first quarter, a stronger agriculture sector and a jump in tourists’ forward bookings. “We have a very favourable outlook […]

China’s Sinochem Energy files for $2 billion Hong Kong IPO

Businessam StaffJuly 31, 2018

Sinochem Energy

Sinochem Energy, a unit of China’s state-owned Sinochem Group, has filed for a Hong Kong initial public offering (IPO) of about $2 billion, as the group seeks to raise capital amid a shift to higher-value businesses, including petrochemicals production. Sinochem Energy operates the group’s oil and petroleum products trading, refining, storage and logistics, as well […]

World Bank, Enugu Govt. earmark N40m for projects in 4 communities

Businessam StaffJuly 31, 2018

The World Bank, in conjunction with Enugu State Government, earmarked N40 million for developmental projects in four rural communities in the state, Dr Maximus Asogwa, the General Manager, State Agency for Community and Social Development Project (CSDP) said. Asogwa made this known on Monday in Enugu at the presentation of the first tranche of the […]

Of recapitalization, mergers, acquisition in Nigeria’s insurance industry

Adesola AfolabiJuly 30, 2018

Insurance

The Insurance sub-sector of the Nigerian financial services industry is overwhelmed by many challenges, including narrow product development, a dearth of innovation and a pervading weak corporate governance structure, which have led to low insurance uptake at one percent and poor returns. The above have affected investors’ sentiments about the industry, which has affected value […]

Bill & Melinda Gates, Aliko Dangote Foundations turn focus on processing industries for nutritionally fortified foods

Temitayo AyetotoJuly 30, 2018

Processing

Processing is one of the core pillars of production efficiency in the agriculture value chain, which has been identified by experts as key to Nigeria’s strive to maximise its potential in agriculture. As such, increased advocacy has trailed the need for a departure from the practice of production based agricultural system to a value addition […]

A China-US trade war would wipe 20% off the S&P 500, UBS says

Businessam StaffJuly 30, 2018

UBS

Investors could see steep drops in global stock markets if tensions between China and the United States escalate into a full blown trade war, analysts at UBS said in a note Friday. Assuming virtually all trade between U.S.-China is affected by tariffs and other protectionist policies, the Swiss bank calculated that profits for S&P firms […]