Three commercial banks operating in the country generated a total sum of N77.57 billion from electronic-banking products in the half-year (H1) of 2019, as against N26.49 billion generated in the corresponding period of 2018. The banks considered are; Zenith Bank Plc, United Bank for Africa (UBA) Plc and Guaranty Trust Bank plc (GTBank). The growth … Read more
Wema Bank Plc, the pioneer of Nigeria’s first fully digital bank ALAT, has empowered over 100 women in the Micro, Small and Medium Enterprises (MSME) sub-sector. The business advisory seminar, tagged ‘Running A Profitable Business’ brought women entrepreneurs together from the bank’s Lagos Region. Speaking at the event, Mrs Aramide Awosanya, Regional Manager, Lagos Mainland, … Read more
The new Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, on Monday, explained how he hoped to end petroleum products importation in the country by 2023. Mr Kyari spoke in Abuja at the valedictory ceremony in honour of the former Group Managing Director, Maikanti Baru, who retired on Sunday after attaining … Read more
Nigeria must make the best from the growing tensions between the United States of America and Russia/Asian countries, particularly, China, the Association of Bureau De Change Operators of Nigeria (ABCON), has said.The Association noted that the fear of the dollar losing its global dominance is real, as Russia and Asian countries unite against the United … Read more
The Standards Organisation of Nigeria (SON) has seized sub-standard aluminium roofing sheets worth over N38 million in a move to ensure that only goods that conform to the Nigerian Industrial Standards (NIS), are allowed in the market. The Director, Inspectorate and Compliance, SON, Obiora Manafa, at an enforcement exercise in Ogba area of Lagos, explained … Read more
The market capitalisation of the Nigerian Stock Exchange (NSE) swelled on Tuesday with the admission of the cross border secondary listing of Airtel Africa 3.75 billion ordinary shares on the premium board at N363 per share. The News Agency of Nigeria (NAN) reports that Airtel Africa traded 100,110 shares valued at N37. 97 million to … Read more
The African Export-Import Bank (Afreximbank) has disclosed it is providing one billion dollars grant to African countries to support the implementation of the Agreement for the African Continental Free Trade Area (AfCFTA). In a statement by Afreximbank’s spokesman, Mr Obi Emekekwue, the bank’s president disclosed this to the African Heads of States at the 12th … Read more
The Association of Bureau de Change Operators of Nigeria (ABCON) has condemned what it described as acts of mistrust, money laundering and other related crimes among its members. The President of ABCON, Aminu Gwadabe, gave the condemnation while speaking in an interview with the News Agency of Nigeria (NAN) on Sunday in Lagos. Mr Gwadabe … Read more
The Organisation of the Petroleum Exporting Countries (OPEC) said on Monday that it believes oil and gas remained part of key solutions in combating climate change. The Secretary General of the organisation, Mohammad Barkindo, stated this in Vienna while speaking against the backdrop of mass mobilisation of civil society campaigns against the oil industry. “We … Read more
The EU wants to have an agreed European candidate to replace Christine Lagarde at the helm of the International Monetary Fund (IMF), a senior EU official on Monday said. The fund will need to replace Ms Lagarde after she was nominated last week by EU leaders as the next president of the European Central Bank, … Read more
The African Export-Import Bank (Afreximbank) says it is providing $1 billion grant to African countries to support the implementation of the Agreement for the African Continental Free Trade Area (AfCFTA). In a statement by Afreximbank’s spokesman, Obi Emekekwue, the bank’s president said this to the African Heads of States at the 12th Extraordinary Summit of … Read more
Nigeria’s oil firm, Forte Oil, on Wednesday announced the resignation of its company secretary and general counsel, Akinleye Olagbende. The resignation details were contained in a notice made available to the Nigerian Stock Exchange, NSE. The company said the resignation took effect on July 1. “We confirm that the Exchange will be notified immediately a … Read more
African Centre for Global Entrepreneurial Leadership (ACGEL), is pulling together over $1trillion fund for job creation to fight unemployment in Nigeria over the next 10 years. The group said only interested applicants ready for its training and mentorship in fashion, agricultures, technology, housing, education and re-investment programmes stands to benefit from the first batch of … Read more
The Securities and Exchange Commission (SEC) has cut down the time, processes and costs of the transmission of shares from a deceased investor to their beneficiaries. The capital market regulator said in a statement on Thursday that the decision is to reduce the quantum of unclaimed dividends in the Nigerian capital market. The decision will … Read more
Activities on the Nigerian Stock Exchange (NSE) sustained negative trend on Thursday with the market indicators dropping further by 0.26 per cent. Specifically, the All Share Index, which opened at 29,375.25, lost 75.16 points or 0.26 per cent to close at 29,300.09. Also, the market capitalisation of listed equities shed N33 billion or 0.26 per … Read more
The government’s continued payment of subsidy on petroleum products is hurting the growth of the oil industry and the well-being of the country’s economy, operators said on Tuesday. Various operators, who spoke at the opening session of the 2019 Nigeria Oil & Gas conference in Abuja called on the industry ”to speak up with one … Read more
Oil prices rebounded slightly on Wednesday after a steep fall in the previous session as OPEC and its allies’ decision to extend output cuts was not enough to counter investors’ concerns about the slowing global economy. Prices were supported by widely-watched data showing a larger-than-expected drawdown in U.S. crude oil inventories, with government data due … Read more
The Nigerian Stock Exchange (NSE) on Tuesday suspended trading in the shares of 11 companies over delayed filing of accounts. NSE Head, Listings Regulation Department, Godstime Iwenekhai, stated this in a statement obtained by the News Agency of Nigeria (NAN) in Lagos. Mr Iwenekhai said the affected companies were: Conoil, FTN Cocoa Processors, Goldlink Insurance, … Read more
Transactions on the Nigerian Stock Exchange (NSE) maintained negative slide for the second trading day of the month with investors’ net worth dropping by N94 billion. Consequently, the market capitalisation dropped to N12 trillion mark, having lost N94 billion to close at N12.956 trillion compared with N13.050 trillion recorded on Monday. In the same vein, … Read more
The National Bureau of Statistics (NBS) said the total value of capital importation into Nigeria stood at $8,485 million in the first quarter of 2019. The bureau said this in its “Nigerian Capital Importation (Q1 2019) Report” for July 2019 published on its website. Under the Nigerian law, it is required for every foreigner investing … Read more