Billionaire Aiteo chief regains UK properties confiscated in connection with former oil minister’s trial by EFCC
Businessam Staff
July 10, 2018
Billionaire chief executive officer (CEO) of Aiteo group, Benedict Peters, has recovered two of his UK properties after the Federal High Court sitting in Abuja ordered their release, declaring the properties as unduly included among properties of the former petroleum minister, Diezani Allison-Madueke, who has been in the eye of the Economic and Financial Crimes […]
Oil rises above $79 a barrel amidst Norway oilfield shutdown, Libya’s production drop
Businessam StaffJuly 10, 2018
Oil prices rose by more than $1 dollar per barrel on Tuesday as global supply outages continue to persist, with Norway shutting down one oilfield amidst strike by workers and Libya saying its production dropped by half in recent months, Reuters reports. The disruptions add to supply worries around the world. Venezuela’s production has collapsed […]
Nigerian stocks rise on gains in Dangote Cement as NSEASI up 0.1%
Businessam StaffJuly 9, 2018
The Nigerian equities market Monday opened the week with a bullish as benchmark index, the NSEASI, advanced 0.06 percent to 37,651.89 points while year-to-date (YTD) loss moderated to 1.5 percent. Accordingly, market capitalisation gained N8.1 billion to close at N13.6 trillion. The day’s positive performance was on account of gains in DANGCEM (+0.9%); ex-DANGCEM, market […]
Nigeria MPC member gives reasons why he voted to raise rates last quarter
Adesola AfolabiJuly 9, 2018
Nnanna Joseph, a member of the Central Bank of Nigeria’s monetary policy committee, said an anticipated expansionary fiscal policy in the domestic economy in the near term following the increase in FY 2018 budget by the national assembly prompted a reasoning to raise MPR last quarter. According to Nnanna, the budget increase together with the […]
Nigerians wouldn’t mind rising inflation if interest rates are kept low, CBN survey
Businessam StaffJuly 9, 2018
Nigerians say they would not mind rising inflation if interest rates are kept low, according to the Central Bank of Nigeria Inflation Attitudes Survey (AIS) report for the period ended Q2 2018. According to the CBN, most respondents, when asked if given a trade-off between inflation and interest rates, prefer interest rates to fall while […]
Ntel’s growth plans hit the rocks on poor finance, customer service
Businessam StaffJuly 9, 2018
Justice Godfrey Okamgba The ambitious move by Ntel, former NITEL, to dominate the lucrative broadband market in Nigeria is now becoming a mission impossible as current poor customer service, lack of finance for network expansion, low server downtime pose the biggest threat confronting the 4G VoLTE provider, according to business a.m.’s investigations. These impediments […]
Ethiopia requires $7.5bn to complete megaprojects – PM
Businessam StaffJuly 6, 2018
Ethiopia’s new prime minister, Abiy Ahmed said on Friday that the country needs 7.5 billion dollars to finish infrastructure projects such as a massive dam and roads that the government hopes will drive industrialisation. Ahmed made the disclosure to parliament before its vote on the 2018/19 budget that the government needed to be more efficient […]
Oil prices retreat to $77pb on crude build from US, Saudi Arabia, may snap weekly string of wins
Temitayo AyetotoJuly 6, 2018
Crude-oil prices retreated early Friday and were on track to book a weekly loss for the first time in three weeks, a day after the U.S. benchmark contract suffered its lowest settlement in more than a week amid signs of rising production in Saudi Arabia and protracted trade tensions between the United States and China, […]
Governor Ambode of Lagos canvasses 25-year export policy roadmap for Nigeria
Temitayo AyetotoJuly 5, 2018
Nigeria needs to create a roadmap of export policy that can be implemented all through the next 25 years in order to accelerate its diversification away from oil revenue driven economy, Lagos State governor, Akinwunmi Ambode said on Thursday in Ikeja, Lagos. He said the country could rake in substantial foreign proceeds from the export […]
Nigerian naira weakens 0.24% at IEW, 0.28% on the streets
Adesola AfolabiJuly 5, 2018
Nigeria’s domestic currency, the naira, depreciated 0.24 percent to N361 against one United States dollar at the investors and exporters window (IEW) of the foreign exchange market on Thursday and dropped 0.28 percent to N362.25 to $1 on the streets, where currencies are unofficially sourced by many Nigerians, at what is popularly called the parallel […]