Nigeria’s debt stock rises to N20.37trn on govt increased borrowing to fund deficits
Businessam Staff
November 14, 2017
Nigeria’s Debt Management Office (DMO) has announced Tuesday that the countries debt stock profile rose to N20.37 trillion as at September 30 this year. This is just as government was given the go-ahead to borrow some more, about $5.5 billion by the National Assembly Tuesday to fund the N2.7 trillion deficit in the 2017 budget […]
Four Gulf of Mexico oil platforms shut after Enchilada fire -Shell
Businessam StaffNovember 14, 2017
Royal Dutch Shell said Tuesday that production at four oil platforms in the Gulf of Mexico has been shut in the wake of a Nov. 8 fire at its Enchilada platform. “Production is shut in at the Shell-operated Enchilada and Salsa platforms, as well as the associated Hess-operated Conger field,” in which Shell has a […]
Nigeria’s government recovers $64.6m electricity debt from neighbouring Benin, Niger Republics
Businessam StaffNovember 14, 2017
Babatunde Fashola, Nigeria’s minister of power, works, and Housing, announced Monday, Nov. 13 that the country’s central government has recovered 64.6 million dollars electricity debt from its international customers. The announcement was made at the 21st monthly power sector meeting in Asaba, Delta state, according to News Agency of Nigeria (NAN) in Abuja, revealing that the money […]
Nigerian stocks index advances 0.5% on buy interest in DANGCEM as world’s choppy on doubts over US tax reforms
Businessam StaffNovember 13, 2017
Nigerian stocks index advanced 0.5 percent Monday to settle at 37,312.28 points, while most world stock markets traded down amid uncertainty over the fate of U.S. tax reform efforts. The Nigerian equities market’s year to date gain thus expanded to 38.8 percent with market capitalization gaining N66.5 billion to settle at N12.9 trillion. The day’s […]
Bitcoin defies skeptics, claws back over $1,000 after three-day losing streak
Businessam StaffNovember 13, 2017
Bitcoin Monday defies skeptics who had predicted its free fall following huge bets on its offshoot, bitcoin cash as it recovers more than $1,000 after losing almost a third of its value in less than four days with traders buying back into the volatile cryptocurrency. The cryptocurrency tumbled in the second half of last week, […]
Crude oil market stability will come with cut, says OPEC’s Barkindo
Businessam StaffNovember 13, 2017
Mohammad Barkindo, OPEC Secretary-General said Monday that the oil market is re-balancing at a quickening pace and production cuts are the “only viable option” to restore stability. The Organization of Petroleum Exporting Countries should decide at its meeting later this month whether or not to extend the cuts, Suhail Al Mazrouei, United Arab Emirates Energy […]
Nigeria’s 2017 fiscal underperformance, unrealistic assumptions may bog down 2018 budget targets
Businessam StaffNovember 13, 2017
Nigeria’s 2018 ‘budget of consolidation’ though intended to build on the gains of the 2017 ‘recovery and growth’ budget, its bold targets may not be met due to fiscal underperformance in 2017 and some unrealistic assumptions, say analysts at Renaissance Capital. In a research note entitled “Nigeria: FY18 budget reach for the moon…” published Monday […]
Oil trades near $57 as Saudis boost security at crude facilities
Businessam StaffNovember 13, 2017
Oil traded near $57 a barrel as Saudi Arabia signaled it will raise security at its crude facilities after Bahrain blamed Iran for a fire on a pipeline that connects the two Arab allies. Iran denied it was involved, according to a report by Bloomberg. Futures were little changed in New York after falling 0.8 […]
Uber says deal in works to sell stake to Japan’s SoftBank ahead planned IPO
Businessam StaffNovember 13, 2017
Scandal-hit ride-sharing company, Uber, Sunday said it had entered into a deal to sell a stake to Japan’s SoftBank as the firm looks to turn a new page ahead of its planned IPO by 2019, according to AFP reports. The move was announced shortly after reports emerged that its former CEO Travis Kalanick and an […]
Moody’s downgrades 8 Nigerian banks following downgrade of Nigeria sovereign rating
Businessam StaffNovember 12, 2017
*Says govt capacity to provide support for banks weak Moody’s Investors Service (Moody’s) Friday downgraded to B2 from B1 the long-term local currency deposit and issuer ratings of four Nigerian banks – Access Bank Plc., Guaranty Trust Bank Plc., United Bank for Africa Plc. and Zenith Bank Plc. and the long-term local and foreign currency […]