DMO responds to Moody’s downgrade, says Nigeria plans $2.3bn in oil asset equity restructuring
Businessam Staff
November 9, 2017
Nigeria’s Debt Management Office (DMO) said Thursday that the country plans to raise N710 billion ($2.26 bn) through restructuring its equity in joint venture oil assets and increasing private sector participation. The current plan was captured in the 2018 budget proposals and is aimed at providing revenue to the government to be used to create new […]
Nigerian Stock Exchange reshuffles management team
Businessam StaffNovember 9, 2017
The Nigerian Stock Exchange (NSE) has announced a change in its management team, through a press release dated Monday, November 6, 2017, on its website. According to the statement, NSE confirmed that Ade Bajomo, Executive Director, Market Operations, and Technology has resigned his appointment effective December 31, 2017, as Haruna Jalo-Waziri, in light of his recent appointment […]
Truecaller, phone app maker, in talks with Airtel about Africa, as services expand
Businessam StaffNovember 9, 2017
True Software Scandinavia AB, Swedish phone-app developer is in talks with wireless operators including Bharti Airtel Ltd. to expand its fast-growing Truecaller spam-filtering service in Africa. Truecaller is seeking to roll out a version of the app that works with 2G phones, Ted Nelson, its Chief Commercial Officer, according to Bloomberg, said in an interview in Cape […]
Nigeria’s equities index rallies 0.34% amid bank stocks underperforming globally
Businessam StaffNovember 8, 2017
The Nigerian equities market continued its positive performance Wednesday with benchmark index gaining 0.34 percent to close at 37,138.97 points despite a 0.2 percent dip in the banking index. This is just as major indexes in the US fell on account of losses in bank stocks. The Nigerian market year-to-date gain thus expanded to 38.2 […]
Strains on emerging market currencies building on US Fed’s intentions, political headwinds
Businessam StaffNovember 8, 2017
Emerging market currencies are weakening in the face of US rate expectations and political uncertainty, casting doubt on investors’ hopes that they can withstand a mix of pressures that have in the past thrown them into turmoil, reports Financial Times. A sell-off in the last five days has added to the strain on EM currencies, […]
Nigeria’s efforts at broadening non-oil revenue base have so far proven largely unsuccessful, Moody’s says
Businessam StaffNovember 8, 2017
Moody’s Investors Service, often referred to as Moody’s, the international bond credit rating business of Moody’s Corporation, has said Nigeria’s efforts at broadening its non-oil revenue base have proven largely unsuccessful, which advised it to downgrade the country’s sovereign issuer rating to B2 with a stable outlook on November 7. Specifically, Moody’s downgraded the Government […]
African cities charged to adopt holistic approach to tourism as Lagos ranked among 132 global destinations
Businessam StaffNovember 8, 2017
African cities have been charged to find efficient ways to develop into smart cities capable to not only attract visitors but also to offer unique experiences and overcoming growing infrastructure demands. This is just as Lagos got ranked among 132 global destinations The charge is contained in The Mastercard Global Destinations Cities Index (GDCI) report […]
Nigeria Aiteo says not selling its prolific Niger-Delta oil asset, OML 29
Businessam StaffNovember 8, 2017
Aiteo Group, owners of the prolific oil asset, oil mining lease (OML) 29, located in the oil rich Niger Delta region of Nigeria, Tuesday issued a strong statement in London, United Kingdom, against what it described as suggestions that a portion of the shareholding of the company that holds the asset has put it up […]
Nigeria to record N43bn annual savings as OVH Energy’s Lagos Midstream Jetty comes on stream
Businessam StaffNovember 8, 2017
Nigeria, Africa’s largest economy by gross domestic product, and an avid importer of petroleum products is expected to record N43 billion in annual savings from activities associated with product importation, storage and offloading following with the coming on stream of a midstream jetty facility Tuesday. Company executives at ASPM Limited, a subsidiary of OVH Energy […]
Buy interest in Dangote Cement drives Nigeria’s equities market up 0.22%
Businessam StaffNovember 7, 2017
The Nigerian equities market recouped losses of the previous trading session as the all-share index rose 0.22 percent to close at 37,013.57 points while year-to-date gain expanded to 37.7 percent. Tuesday’s positive performance was primarily on account of buying interest in DANGCEM (+0.9%), that without DANGCEM, market would have lost six basis points. Accordingly, market […]