Foreign reserves mere accounting item, not savings – Chike-Obi
Steve Omanufeme
February 5, 2018
Mustapha Chike-Obi, the immediate past managing director of the Asset Management Company of Nigeria (AMCON) has told business a.m. exclusively that the current fixation of Nigerians, especially the government, about rising foreign reserves is misplaced, saying that foreign reserves are not savings but mere accounting item, and therefore, not a credible indicators to measure the […]
Nigerian equities fall 1.98% week on week despite surge in financial services stocks
Andy NssienFebruary 2, 2018
Nigerian equities traded lower in the week ending January 2, 2018 as benchmark index fell 1.98 percent despite surge in financial services stocks. The NSEASI, the benchmark index, and market capitalization depreciated by 1.98 percent and 2.09 percent to close the week at 44,639.99 and N16.02 trillion respectively. Similarly, all other indices finished higher during […]
Higher call tariffs imminent as NCC mulls new interconnect rate
Businessam StaffFebruary 2, 2018
Nigerians could be forced to talk less on their phones as the Nigerian Communications Commission (NCC) mulls new interconnect rate, which would jack up call tariffs effective March 1, 2018. The NCC at a stakeholders’ forum held in Lagos Thursday indicated that it would announce and begin the implementation of a new interconnect rate for […]
FSDH calls downward trend on January inflation numbers on slower growth in food index
Andy NssienFebruary 1, 2018
Inflation rate (year-on-year) is expected to drop further to 15.04 percent in January 2018 from 15.37 percent recorded in the month of December 2017. The expected decrease in the inflation rate is as a result of a slower growth in the year on year food index in January 2018 than what was recorded in December […]
Nigeria’s investment banking market expands as Nova Merchant Bank debuts
Ajose SehindemiFebruary 1, 2018
Nigeria’s investment banking landscape expanded Thursday with the official launch of Nova Merchant Bank in Lagos. The opening of the bank thus marked an increased interest in the sub-sector and brought to five the number of such banks in the country including FBNQuest Merchant Bank, FSDH Merchant Bank, Rand Merchant Bank, and Coronation Merchant Bank The re-entry […]
African Reinsurance Corporation joins Africa Finance Corporation
Businessam StaffFebruary 1, 2018
African Reinsurance Corporation (African Re) has announces its membership of Africa Finance Corporation (AFC) and becomes the first multi-lateral financial institution to invest in AFC. Africa Re, owned by 41 African states, approximately 107 insurance/reinsurance companies and non-African strategic investors, is the continent’s premier reinsurance corporation, operating across 41 African countries. Its membership of AFC […]
DANGCEM pushes its weight again as Nigerian stocks rise 0.26% despite major indices closing red
Businessam StaffFebruary 1, 2018
The Nigerian benchmark stock barometer, the Nigerian Stock Exchange All Share Index (NSEASI), clawed back gains from a previous loss to record 0.26 percent appreciation Thursday. The equities market recovered from previous negative performance to gain 44,460.18 points on price appreciation in DANGCEM, the bourse bellwether, which recorded a 1.9 percentage gain, aside it the […]
Goldman Sachs’ short, medium, long term forecasts raise Brent crude price to $75, $82.50, $75 per barrel
Businessam StaffFebruary 1, 2018
After an earlier prediction that oil price would average $62 par barrel for 2018, Goldman Sachs, a global investment bank, has revised upwards, in short, medium and long-term scenario, the price of the energy commodity to $75, $82.50 and $72 respectively. In a revised forecast note released on Thursday, analysts at the banking giant, said the […]
Global analysts see Nigeria’s wealth stabilizing on another round of political change
Phillip IsakpaJanuary 31, 2018
Nigeria lost one thousand super rich, high net-worth individuals (HNWI) who, by choice, moved out of the country to live and do business in other countries in 2017, according to a New World Wealth report, that became widely available Wednesday. The report authors explained that such a loss of wealthy individuals by a country normally results […]
Bharti Airtel, Helios petition Nigerian government over 9Mobile sale deal, cite irregularities
Businessam StaffJanuary 31, 2018
Bharti Airtel International, owners of Airtel Nigeria and UK private equity firm, Helios Investment Partners, have petitioned the Nigerian government over the ongoing process to sell 9mobile, formerly Etisalat Nigeria, citing alleged irregularities in the sale process. The two companies that ended up among bidders shortlisted to buy 9mobile, according to Technology Times, a Nigerian online […]