The equity market in Nigeria plunged into a 1.11 percent loss on Tuesday as investors continue to look for direction and await the positive news that could propel the local bourse back into life. During yesterday’s trading, the market capitalisation depreciated broadly by N144 billion, which left it at N12.734 trillion against N12.878 trillion on … Read more
The Nigerian National Petroleum Corporation (NNPC), says it is taking measures to address the menace of pipeline vandalism and crude oil theft in the nation’s Oil and Gas industry. The Group Managing. Director, Malam Mele Kyari disclosed this at the inaugural Nigeria Extractive Industries Transparency Initiative (NEITI) Policy Dialogue in Abuja on Tuesday. He said … Read more
Nigeria’s leading foam manufacturing company, Vitafoam Nigeria Plc, may announce its dividend payout next week. Dividend payment is one of the top agenda at the board meeting of the company scheduled for next week. Directors are expected undertake final review and approve the company’s audited report and accounts for the year ended September 30, 2019. … Read more
Nigeria’s insurance penetration at 0.31 per cent is less than one tenth of that of India with similar GDP per capital. When compared to other jurisdictions, the Nigerian insurance industry is relatively small and ranked 62nd in the world with a total premium volume of $1.64 billion, according to a report by the Nigerian Stock … Read more
Arik Air said on Tuesday that it is set to boost its operations ahead of the Yuletide season as two of its aircraft returned from a major maintenance check – in aviation parlance described as C- Check conducted at Lufthansa Technik AG facility in Malta. The two aircraft, a Q-400 and a Boeing 737-800, were … Read more
The senate has directed its committee on finance to investigate the alleged non-remittance of over N20 trillion stamp duty into the federation account by Central Bank of Nigeria (CBN). Ekohotblog gathered that the decision to probe the non-remittance of stamp duties was reached sequel to the consideration of a motion on “The need to improve … Read more
Two directors on the board of Julius Berger Nigeria Limited, Peter Anugwu and Heinz Stockhausen, have resigned. This was contained in a statement published on the Nigerian Stock Exchange website on Monday. In the statement, the company’s secretary, Cecilia Madueke, said the resignation of the directors took effect from December 6, 2019. The statement read, … Read more
A South Korean court, on Monday, jailed three executives of Samsung Electronics for their role in a plot that included burying computers under factory floors at its biotech affiliate, in an investigation of alleged accounting fraud. Prosecutors began investigating the suspected fraud at Samsung Biologics after South Korea’s financial watchdog complained the firm’s value had been inflated … Read more
……Also Plans To Make India A Base For Its Mobility Services Ekohotblog reports that Kia Motors is set to release two new models catered to the Indian market come 2020, the automaker said during a ceremony held recently to mark the official opening of its first Indian car production facility. The Kia Motors India’s manufacturing … Read more
In a move to sustain the Agripreneur Scheme designed to boost food security and create wealth for farmers in the state, Edo State Governor, Mr. Godwin Obaseki has expanded the scheme to cover piggery, cassava and oil palm production, in more locations in the state. Obaseki disclosed after attending the annual thanksgiving service of Omega … Read more
The disasters that befall the farmers have serious adverse effects on the financial position of the nation. Omobola Tolu-Kusimo writes on how African Reinsurance Corporation and International Finance Corporation (IFC) are working to curb the trend. Agriculture remains the only means of ensuring food sufficiency in any country, Nigeria inclusive. But it has always been … Read more
Trading securities in the capital market involves the use of brokers, who are also called stockbrokers. The experts, who could be individuals or organisations, understand how investments in the sector work. Most of the time, transactions on the exchange cannot be completed without the use of a stockbroker and that is why they are an … Read more
Chairman, Federal Inland Revenue Service (FIRS), Babatunde Fowler, has described digital space as the new gold in revenue generation. Fowler said this yesterday in his opening remarks at the third Annual Nigeria Tax Research Network Conference holding at the FIRS Training School in Durumi, Abuja. The conference is themed: “Revenue Challenges Online and Offline: Bridging … Read more
The Central Bank of Nigeria (CBN) has announced the deployment of Ahmed Bello Umar as the new Director, Currency Operations Department, with effective yesterday. Umar succeeds Mrs. Priscilla Ekwueme Eleje, who exited the bank having reached the statutory retirement age. A statement signed by the Director, Corporate Communications Department, Isaac Okorafor said Umar, until his … Read more
South African telecoms group, MTN, has vowed to vigorously oppose recommendations of the Competition Commission after the regulator instructed MTN and other telecommunication firms to lower data prices. “We respectfully disagree with the analysis and recommendations contained in the summary report and, as we study the full report, (we) will continue to engage constructively and … Read more
To enhance customers’ pleasure and convenience, Mr. Bigg’s, the Quick Service Restaurants (QSR) run by the United Africa Company (UAC) of Nigeria Restaurants Limited, has launched new customer suits in Lagos as well as other states across the federation. The company launched its model restaurant at Northwest Filing Station at Victoria Garden City (VGC), Lagos, … Read more
Access Bank Plc has unveiled series of exciting rewards for its customers to celebrate the yuletide season. The campaign tagged ‘More Xtravaganza’, will run from November 21 to December 31, 2019. Speaking at the launch of the campaign in Lagos, Executive Director, Retail banking, Access Bank Plc, Victor Etuokwu said Access Bank is passionate about … Read more
Aiteo Eastern Exploration and Production, operators of OML 29, has bemoaned the loss of about four million barrels of crude valued at $240m at an average price of $60 a barrel to thieves. Managing Director of the oil firm, Mr Victor Okoronkwo disclosed this at Practical Nigerian Content Exhibition and Conference with the theme, “Leveraging … Read more
The National Bureau of Statistics (NBS) has disclosed that in the third quarter of 2019, the Nigeria banking sector pulled a total volume of 800,201,498 transactions valued at N42.76 trillion. These transactions were carried out in the period under review via the different electronic payment channels in the sector. It was further stated that NIBSS … Read more
The Central Bank of Nigeria on Tuesday revealed that not less than N1.3 trillion was spent by the Federal Government on the importation of rice, fish, sugar and wheat in the last 12 months. The bank’s Deputy Governor, Corporate Services, Edward Lametek, spoke at a seminar organised for Finance reporters in Owerri, Imo State. Speaking … Read more