Nigeria government seek to amend energy law to save billions of dollars

January 29, 2018

Kemi Adeosun, Nigeria’s finance minister said the country is planning to make gas flaring more costly for companies that have escaped the payment of billions of dollars despite being fine. In an interview with the Bloomberg news service, monitored by Businessamlive.com, Adeosun said that in the “legal framework for the gas-flaring penalty, it was drafted as […]

Nigeria’s independent currency traders’ chief talks up benefits of return to JP Morgan index

Phillip IsakpaJanuary 27, 2018

Kemi Adeosun, the finance minister, Kemi Adeosun's Resignation

Aminu Gwadabe, the acting president of Nigeria’s independent currency traders association, ABCON, Saturday talked up what he sees as the potential benefits for Nigeria of a possible return to the JP Morgan Emerging Markets bond index for Nigeria naira-linked securities. In comments sent to Businessamlive.com, Gwadabe appears to suggest a renewed interest by JP Morgan […]

Nigeria Aiteo founder, Benedict Peters, says not financier of any movement 

Businessam StaffJanuary 27, 2018

Benedict Peters, Nigerian international businessman and the founder and chief promoter of indigenous oil producer Aiteo Group, Saturday distanced himself from information circulated on Twitter that he was a financier of a proposed movement suggested by former president Olusegun Obasanjo in a letter calling on President Muhammadu Buhari not to contest the 2019 elections. Obasanjo […]

Nigerian bourse’s new par value rules take off Monday

Andy NssienJanuary 27, 2018

The Nigerian Stock Exchange (NSE’s )  amended par value and pricing methodology rules  approved by the Securities and Exchange Commission (SEC) takes effect Monday, 29 January 2018 The rules specify the revised price limit, price movements and tick sizes, representing price floor, minimum pricing increments and minimum quantity to be traded, before the published price […]

Nigerian stocks halt the bears, trade higher despite index losing 2.93% w-o-w

Businessam StaffJanuary 26, 2018

Nigerian stocks closed higher Friday after a four-day bear run as benchmark index NSEASI appreciated 0.56 percent to close 43,773.76 points as against the 0.99 depreciation recorded previously. The day’s performance, however, brought cumulative loss to 2.93 percent week on week Market year-to-date (YTD) gain inched up marginally to 14.46 percent from the 13.8 percent […]

Nigeria to stop relying on crude oil prices- Finance minister

Businessam StaffJanuary 26, 2018

Kemi Adeosun, Nigeria's finance minister and Yemi Osibanjo, Vice president

Kemi Adeosun, Nigeria’s finance minister said Africa’s top oil producer is trying very hard to ignore crude oil prices. The minister said this during an interview with Bloomberg in Abuja, the country’s capital. According to the minister, “we’ve gotten to a point where we don’t care,” whether prices will be sustained at the level that […]

Nigeria’s decision to hold MPC rate at 14% favourable to foreign investors, says Afrinvest CEO

Andy NssienJanuary 26, 2018

The recent decision by the monetary authorities in Nigeria to hold monetary policy rate at 14 percent following the cancellation of the first Monetary Policy Committee’s meeting for the year, has been described as favourable to foreign investors, particularly portfolio investors who take interest in investment instruments in both the money and capital markets. Ayodeji […]

Nigeria becomes China’s third largest trading partner as trade rise 28.5%

Bukola OdufadeJanuary 26, 2018

Bilateral trade between Nigeria and China reached $11.2 billion, a growth rate of 28.5 percent within the first 10 months of 2017 making Nigeria, China’s third largest trading partner and second export partner in Africa according to Embassy of China. “China’s total investment in Nigeria had, so far, reached $2.7 billion,” said Zhao Linxiang, Economic […]