Nigerian stocks fall 0.12% on sell-offs in bellwethers despite improved activity level
Businessam Staff
April 25, 2018
The Nigerian equities market pared gains from previous session Wednesday due largely to sell-offs in major bellwethers, including DANGCEM (-1.2%), FBNH (-9.0%) and ZENITH (-1.4%). This is despite improved activity level as volume and value traded rose 42.1 percent and 43.0 percent to 350.4 million units and N4.6 billion respectively. FBNH (80.1m), UBA (60.0m) and […]
FBN Holdings reports 178.8% growth in profit after tax in FY2017, declares 25k dividend
Businessam StaffApril 25, 2018
FBN holdings, Nigeria’s foremost financial services company and parent company of First Bank of Nigeria Limited, has reported a profit after tax of N47.8 billion for the financial year ended December 31, 2017, representing a whopping 178.8 percent growth from the N17.1 billion recorded in 2016. According to the income statement of the company, earnings […]
African leaders need to prioritise young entrepreneurs to attract foreign investors, Elumelu says
Businessam StaffApril 25, 2018
Tony O. Elumelu, African philanthropist, and entrepreneur has insisted that prioritising Africa’s youths and young entrepreneurs, by fixing the policy and regulatory issues impeding their innovations would help attract foreign investors. Elumelu reiterated this during the annual spring meetings of the International Monetary Fund and the World Bank in Washington, DC. The Tony Elumelu Foundation founder spoke […]
Nigeria’s e-commerce market seen growing by N15.5trn in next 10 years
Businessam StaffApril 25, 2018
The future of Nigeria’s e-commerce sector has been projected to be bullish with growth expected to be by N15.5 trillion in the next 10 years due to increased investment. This projection is coming on the backdrop of growth in the country’s telecommunication sector, which had directly contributed N8.6 trillion to the economy, according to a […]
Africa loses $50bn to illicit financial flow annually– AfDB
Businessam StaffApril 24, 2018
The African Development Bank (AfDB) says Africa loses about $50 billion annually to illicit financial flows out of the continent. Ebrima Faal, director, AfDB, Nigerian office, disclosed this Tuesday in Abuja at workshop on the role of parliament in combating illicit financial flows from Africa. According to him, these estimates may well be lower than […]
Nigerian stocks halt two-day bear trend as market rebounds 0.10% on bargain hunting
Businessam StaffApril 24, 2018
Bargain hunting in market bellwethers – NESTLE (+5.0%) and ZENITH (+2.6%), as well as DANGSUGAR (+2.2%), helped halt two-day bearish performance at the Nigerian equities market Tuesday. The local bourse rebounded with the benchmark index, the NSEASI, gaining 10bps to settle at 40,802.78 points while year-to-date (YTD) return strengthening to 6.7 percent. Accordingly, market capitalization […]
Three forex windows benefit from CBN intervention targeting rates stability
Businessam StaffApril 24, 2018
Three windows of Nigeria’s foreign exchange market benefited from a Central Bank of Nigeria intervention Tuesday, that was essentially aimed at maintaining exchange rates stability, business a.m. has learnt. The intervention value was put at $210 million. This intervention is the third time within a week that the apex bank would be stepping in to […]
External drivers shaping outcomes of Nigeria naira, says FXTM analyst
Phillip IsakpaApril 24, 2018
External drivers, namely, global oil prices and international movement in the dollar exchange rate, have been predicted to shape Nigerian currency, the naira, throughout this week, amid a light week-long economic calendar for the country. London based Lukman Otunuga, a research analyst at FXTM, said in a note made available to business a.m. that an […]
FAO warns Nigeria livestock industry may struggle under supply pressure by 2050
Temitayo AyetotoApril 24, 2018
The Food and Agricultural Organisation (FAO) has warned that Nigeria’s livestock industry may struggle under record pressure by 2050 if it remains passive to bridging its supply gaps. Suffyan Koroma, the FAO country representative, speaking at a dialogue session dubbed ‘Lunch of Africa Sustainable Livestock’ ASL 2050 project in Abuja, said the forecast was built […]
Nigeria to adopt African standards on sugar, sugar products
Businessam StaffApril 24, 2018
Nigeria is set to adopt African standards on sugar and sugar products as well as develop Nigeria Industrial Standards (NIS) for glucose and sucrose, the Standards Organisation of Nigeria (SON) has said in a statement released Tuesday. It said a technical committee on sugar and sugar products met to consider the adoption of some African […]