Larfarge, Unilever, Oando, Union Bank to raise N273bn from rights issue

Buoyed by the ongoing positive sentiments in the equities market and the need to cut down trade liabilities as well as reduce outstanding obligations, four quoted companies on the Nigerian Stock Exchange (NSE), including Unilever, Oando, Lafarge and Union Bank have announced their intentions to offer scrip dividends or rights issue to their existing stock […]

Nigeria’s Taleveras, ExxonMobil, UK’s Ophir in Equatorial Guinea oil block wins

Nigeria’s rising and diversifying oil trading company, Taleveras, along with international oil company, ExxonMobil and United Kingdom based Ophir, were big winners in an Equatorial Guinea’s oil block bidding process whose results were announced Monday. At the African Oil and Gas Conference in Cape Town, South Africa, Sub-Saharan Africa’s third largest producer, Equatorial Guinea’s Minister […]

Nigeria seen plugging LNG supply disruptions from Gulf diplomatic row

The simmering tension in the Gulf region where Saudi Arabia and key allies have cut ties with Qatar, the world’s top seller of liquefied natural gas (LNG), may pave way for Nigeria’s liquefied natural gas to rally in the global gas market, according to market analysts. There are fears that the ongoing tension may disrupt […]

World Bank raises Nigeria’s growth forecast to 2.5% in 2017

*Claims modest rise in commodity demand, prices as driver…  The World Bank has forecast that Nigeria’s economy would grow 2.5% on modest rise in commodities prices and strengthening external demand, a basis point less than regional forecast of 2.6 percent, according to the Bretton Woods institution’s June Global Economic Prospects released Monday. The revised forecast […]

Nigeria’s equity market hits 4% in 23-month high

Nigerian stocks hit a 23-month high on Monday, extending last week’s rally and helped by gains in cement, fuel retailing and banking shares. A pickup in oil prices and a more stable currency have improved economic prospects in Nigeria, prompting investors to buy into the stock market. Shares rose on Monday for the fifth consecutive […]

Fashola’s new directive on direct power purchase to ease Gencos’ liquidity

*Discos’ average market remittance still low at 33% The new policy directive to the Nigerian Electricity Regulatory Commission (NERC) by Babatunde Raji Fashola, Nigeria’s minister of power, works and housing, declaring four categories of eligible customers in the Nigerian Electricity Supply Industry (NESI) to access power directly from the generating companies has been described as […]