Category: Business
Ecobank Nigeria is providing opportunities that supports exporters and importers within the African region. Ecobank’s unique intra-Africa trade solutions enable settlements of trade transactions and mitigates payment risk; provide regional solutions and enable exporters obtain payment guarantees without the need for a letter of credit and its related costs to the importers, said Sunday Abah, […]
The bank said the recent move was in line with the focus of President Muhammadu Buhari’s administration to revitalize Nigeria’s industrial sector and create 10 million jobs by leveraging the Nigeria Industrial Revolution Plan and the Economic Recovery and Growth Plan, African Export-Import Bank, Credit Suisse, Rand Merchant Bank and Sumitomo Mitsui Banking Corporation were […]
The Minister of Finance, Mrs. Zainab Ahmed, Monday, disclosed that the Federal Government has suspended its $22.7 billion external borrowing plans due to current realities in the global economic landscape. Speaking in Abuja, at the 2020 International Conference on the Nigerian Commodities Market, organized by the Securities and Exchange Commission, SEC, Ahmed stated that the […]
The oil market is heading for the largest ever crude glut in the first half of 2020, which could be two to nearly four times bigger than the biggest surplus recorded so far, IHS Markit says, as quoted by Bloomberg. The glut in H1 2020 could reach between 800 million barrels and a staggering 1.3 […]
The Minister of Finance, Budget and National Planning, Zainab Ahmed, says the crash in oil price on Monday was a shock to the country. Mrs Ahmed spoke at a consultative roundtable meeting organised by Central Bank of Nigeria (CBN) in Abuja on Wednesday. The roundtable has as its theme “Going for Growth 2.0’’. The News […]
The Senate, in less than 10 minutes on Tuesday, passed a bill that seeks to amend the Companies and Allied Matters Act 2004. The bill, sponsored by the Senate leader, Abdullahi Yahaya, was read for the first time on December 10, 2019 and scaled second reading on February 27. The bill seeks to provide for […]
Unity Bank Plc has advocated more investment in the creative industry to drive its contribution to the Nigerian economy. The Head, Personal & SME, Unity Bank Plc, Mr. Opeyemi Ojesina made the call in Lagos, while speaking at a panel to explore financing options for the music industry at the just concluded Social Media Week. […]
United Bank for Africa (UBA) Plc has posted a profit before tax of N111.3billion for the financial year ended December 31, 2019. Also, in its tradition of rewarding shareholders, the bank proposed a final dividend of 80 kobo for every ordinary share of 50 kobo for the year. The final dividend, which is subject to […]
Stakeholders have charged underwriters operating in Nigeria, to make use of Information Communication Technology (ICT), to increase insurance acceptance nationwide. The Chairman, Mutual Benefits, Akin Ogunbiyi, said in the current global environment, understanding a customer is imperative in shaping future decisions and strategies. Also, to survive and grow by attracting new customers in today’s fast-moving […]
Sixteen years after, the Nigeria Deposit Insurance Corporation (NDIC), has secured a judgment against Jolimair Nigeria Limited and three other debtors, who owed the defunct Gulf Bank Plc a sum of over N1.49billion. In a debt recovery suit number: FHC/L/CS/1328/17 – NDIC (Gulf Bank) vs. Jolimair Nigeria Limited & 3 Others, the Corporation, prayed the […]
In efforts to ensure Nigeria fully benefitted from the global seeds trade of about $68billion, the Nigerian Agricultural Seed Council (NASC), has firmed up its membership of international organisations including Organisation of Economic Cooperation and day Development (OECD), International Seed Federation (ISF), and the International Seed Testing Association (ISTA). NASC Director-General, Dr Philip Ojo, said […]
The Fiscal Responsibility Commission (FRC), has expressed dismay over non-compliance by federal Ministries, Departments and Agencies (MDAs), to promptly remit their independent revenues to government’s Consolidated Revenue Fund (CRF), as stipulated by the FRC Act 2007. The concern comes as only 13 out of 40 MDAs or 32.5 percent compliance, for which the Commission said it will carry […]
International Finance Corporation (IFC), a member of the World Bank Group, yesterday, announced a $25million local-currency investment in a risk-sharing facility to expand Union Bank’s lending to small and medium enterprises (SMEs) in Nigeria. The facility, which will cover as much as 50 percent of the risk of the bank’s loans to entrepreneurs, aims to […]
CSL Stockbrokers Limited, a subsidiary of FCMB Group Plc, has emerged as the new stockbroker to the Federal Government of Nigeria. The appointment of the firm, as announced by the Debt Management Office (DMO) on February 18, 2020, followed an open competitive bidding process in which other Stockbrokers participated. With the appointment, CSL Stockbrokersnow has […]
The proposal to hike electricity tariff by the Nigerian Electricity Regulatory Commission (NERC), and distribution companies (DisCos), suffered another setback, yesterday, as power generation companies (GenCos), faulted the move. According to the GenCos, the plan has not captured all the ‘changes’ in the relevant macroeconomic variables and available generation capacity in updating the operating MYTO-2015, […]
