Tanzania gov’t, Chinese firm sign $154m contract to expand country’s main port
Businessam Staff
June 11, 2017
Tanzania’s government signed a $154 million contract on Saturday with the state-run China Harbour Engineering Company (CHEC) to expand the main port in the commercial capital, Dar es Salaam, Reuters reports. Tanzania is seeking financing for infrastructure projects as part of its plans to transform the country into a regional transport and trade hub. According […]
Nigeria’s top banks’ directors take home N6.17 billion in 2016
Businessam StaffJune 10, 2017
Executive compensation- Updated * Bad bank, AMCON, directors earn N776 million despite 351bn loss… Directors at Nigeria’s top ten and profitable banks took home a combined executive compensation of N6.17 billion in financial year 2016, even as directors at loss making bad bank, Asset Management Company of Nigeria (AMCON), did not see its losses impact […]
Nigeria’s domestic debt service soars to N1.23trn in 2016
Businessam StaffJune 10, 2017
While domestic debt stock/GDP ratio is still in a fair region, there has been an alarming rise in domestic debt service as payments have soared from N354bn in 2010 to N1.23trn last year, according to FBNQuest. Domestic debt payments comprise more than 90% of Nigeria’s total debt burden, since external debt obligations are mostly concessional […]
Nigeria yet to join global efforts to ban plastic usage despite ranking high in polluted cities list
Businessam StaffJune 10, 2017
* Aba, Kaduna, Onitsha, Umuahia in global ranking…. Four cities in Nigeria have been ranked top in the list of polluted cities in the world, according to World Health Organisation Urban ambient Air Pollution database 2016. Gory as the data may seem, the country is yet to join a global campaign to stop plastic, which […]
Compliance concerns seen scuttling OPEC’s production cuts as Gulf row deepens
Obodo EjiroJune 9, 2017
The continued rising tensions in the Gulf region might risk the Organisation of Petroleum Exporters’ (OPEC’s) oil production cuts agreement, especially if Qatar, a major producer, who is at the middle of the tension decided not to follow the agreed production quota, oil market watchers have said. The breakdown of diplomatic ties between Qatar, Saudi […]
Nigeria’s new forex derivative market offering competitive edge over interbank futures
Businessam StaffJune 9, 2017
An alternative forwards currency market is gradually taking root in Nigeria, Africa’s largest economy, following the introduction of a new exchange window. Nigeria’s traditional currency-forwards market largely controlled by the CBN at the interbank market (NIFEX) is thus facing competition from a relatively new system that came on stream about two months ago. The emergence […]
Oil prices heading for third week of losses as OPEC struggles to clear global surplus
Businessam StaffJune 9, 2017
Global oil prices are seen to be heading for a third consecutive week of losses as rising supplies from the US and Nigeria may compound Organization of Petroleum Exporting Countries’ (OPEC’s) efforts to clear a surfeit of the product in the international markets, businessamlive has gathered from various reports on the market. Global oil price […]
Nigeria’s refineries need $1.2bn for repairs- Minister
Businessam StaffJune 9, 2017
Nigeria’s three refineries in Port Harcourt, Warri, and Kaduna require about 1.2 billion dollars to repair, bringing them up to 100 per cent production level, Ibe Kachikwu, country’s Minister of State for Petroleum Resources said on Thursday in Abuja, explaining that reports of concession of Port Harcourt to Oando and Agip companies were untrue. According to News […]
Bullish sentiments persist as oil & gas, food, banking stocks extend gains at Nigerian bourse
Niyi JacobsJune 8, 2017
The Nigerian equities market extended gains at the end of trade Thursday, June 8, 2017, with the bourse’s All Share Index (ASI) rising 77bps to close at 32,937.98 points. Year-to-date (YTD) returns advanced to 22.6%, while market capitalization increased by N86.9 billion to settle at N11.4 trillion. Thursday’s performance was largely buoyed by oil & […]
Oil prices trim losses despite concerns over rising output from Nigeria
Businessam StaffJune 8, 2017
Oil prices pared losses on Thursday, having hit one-month lows earlier in the day after unexpected surge in U.S. inventories and the return of more Nigerian crude aggravated investor concerns about an already oversupplied market, report Reuters. Brent crude LCOc1 was flat at $48.06 a barrel by 1450 GMT (10:50 a.m. ET), having touched an […]