The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed on Wednesday announced that Nigerians need to adjust to life without oil following the breakdown in global oil price caused by the Coronavirus pandemic. Ahmed, while speaking at the Going for Growth conference, noted that the current economic challenge came unexpectedly. Mrs. Zainab Ahmed … Read more
Meristem Wealth Management Limited launches a N1 billion subscription offer of Meristem Growth Exchange Traded Funds (ETF) and Meristem Value Exchange Traded Funds, ETF. The two ETFs are syle indices that record the NSE-Meristem Growth Index and NSE-Meristem Value Index respectively and attract a wide range of stock for investors. Similarly, the ETFs are professionally … Read more
The Chief Executive Officer of Ore Industrial Park, Femi Akinkuebi, has disclosed that the park which is made up of different sections, including factories, can employ about 120,000 youths. Akinkuebi added that the project is a partnership effort between the firm and the state government to expand industrialization in the state productively and to provide employment … Read more
One of the best times investors in the stock market enjoy the most is the earnings season, especially for half year and full year. This is because some companies use the period to reward their shareholders through the payment of interim and final dividends. The interim dividends usually come at half-year, mostly in July when … Read more
The Senate on Tuesday received an executive bill from President Muhammadu Buhari to amend the Finance Act 2019 recently passed by the National Assembly. The Act which was passed by the Senate on November 21, 2019, received Presidential assent on January 13, 2020. The executive bill, accompanied with a formal letter dated March 6, 2020, … Read more
The Chairman Senate Committee on Agriculture and Rural Development, Sen. Abdullahi Adamu, said the palm oil industry in most states was non-functional in spite of huge potential of the sector. He said this on Tuesday, at a one-day public hearing organised by the committee on three bills and one motion. According to the News Agency … Read more
Stocks plummeted 7% at Monday’s market open, prompting the first marketwide trading halt since the depths of the financial crisis in December 2008. The losses came as an oil-price war and the escalating coronavirus outbreak hammered risk assets from all sides. The three major US indexes declined as equities investors digested the weekend’s oil-market news. … Read more
The volume of electronic payment transactions through Point of Sale (PoS) terminals dropped by 4.83 billion in one month. According to the Nigerian Interbank Settlement System (NIBSS), it dipped from 46.13 billion deals in December 2019 to 41.3 billion in January. The PoS transaction drop in cash value is N60 billion. Merchants- retail outlets in … Read more
Oil fell by the most since 1991 on Monday after Saudi Arabia started a price war with Russia by slashing its selling prices and pledging to unleash its pent-up supply onto a market reeling from falling demand because of the coronavirus outbreak. Brent crude futures fell by as much as $14.25, or 31.5%, to $31.02 … Read more
OPEC The Organisation of Petroleum Exporting Countries (OPEC) on Thursday, agreed to another cut in production adding up to 1 million barrels per day, bpd, among its fourteen members while anticipating Russia and its allies under the OPEC+ cartel to tow a similar path by bringing production down by half a million bpd. OPEC said … Read more
Governor Okezie Ikpeazu has met with African Development Bank President Akinwumi Adesina in Abidjan, Cote d’Ivoire to discuss investment in various sectors in Abia to help boost job creation. “Our vision is to leverage the capacity of our people to become the SME capital of Nigeria. Our people are industrious and innovative. For instance, our … Read more
One of the fastest-growing financial service providers in Nigeria, Heritage Bank Plc, is celebrating 7 years of its existence. Established with an excellent service culture hinged on partnering with customer to create wealth, the lender has continued to provide seamless banking experience, accurate and relevant information to its customers across Nigeria. For Heritage Bank, it’s … Read more
The Federal Inland Revenue Service (FIRS) said it would rake in four trillion naira as tax revenue from the extractive sector of the Nigerian economy in the 2020 fiscal year. The FIRS made this known in a statement issued by Abdullahi Ahmad, Director, Communications and Liaison Department in the service in Abuja on Tuesday. The … Read more
Nokia’s chief executive officer Rajeev Suri will leave the telecom equipment provider in September and be replaced by the current head of Finnish energy group Fortum, Nokia announced on Monday. Pekka Lundmark will take over on September 1, Nokia said. Suri, who has been Nokia’s president and CEO since April 2014, had “indicated earlier to … Read more
Ms Bajabulile Tshabalala has been appointed the Acting Senior Vice President of the African Development Bank(AfDB). President of the bank, Dr. Akinwumi Adesina made the appointment, according to the bank’s Communication and External Relations Department. Tshabalala, currently Vice President for Finance and Chief Finance Officer for the African Development Bank Group, joined the Bank on … Read more
United Bank for Africa Plc (UBA) has posted a profit after tax of N89.1 billion for the financial year ended Dec. 31, 2019. The profit after tax represented a growth of 13.3 percent to N89.1 billion compared with N78.6 billion recorded in the correpsonding period of 2018. Its profit before tax stood at N111.3 billion … Read more
Metro Bank (MTRO.L) swung to a huge loss last year as it battled a loan miscalculation fiasco that upended the business. Metro Bank said on Wednesday it made a loss of £130.8m ($170m) last year, compared with a profit of £40.6m in 2018. The bank blamed a £88m write-down of assets, including millions of costs … Read more
Dangote Group has in the last five years invested over N63bn in the South East with the purchase of over 3,500 units of locally assembled Shacman trucks at the production plant of Anambra Motor Manufacturing Company (ANAMMCO), Enugu. The order was delivered over a period of five years after Dangote Group signed an agreement with … Read more
The Chairman, Senate Committee on Ethics, Privileges and Public Petition who also doubles as member of the Finance Committee, Senator Ayo Akinyelure, has called on the Ministry of Interior, Nigeria Immigration Service (NIS) and Contec Limited, to redouble their PPP synergy at tripling the internally generated revenue base revenue government. The Committee Chairman who represents … Read more
All is set for Ecobank Nigeria’s 2020 Regional Trade Forum in Lagos. The forum taking place in March, will be a two-day event, providing the opportunity for exporters and importers within the African region to exhibit their products in a marketplace scenario with panel discussions by highly experienced and diversified stakeholders and leaders of thought … Read more