Business

Business
CBN to ban defaulting exporters over dollar remittances
January 26, 2021 1753 1329

Banks’ Chief Executive Officers (CEOs) have been asked to compile and submit to the Central Bank of Nigeria (CBN) the names of exporters with unremitted foreign exchange (forex) proceeds. The submission is to prepare the ground for the expu... Read more

Business
Bargain-hunting lift capitalisation by N45 billion
January 26, 2021 1596 1176

    Although price gains outweighed losses, transactions on the equity sector of the Nigerian Stock Exchange (NSE) was upbeat yesterday, occasioned by bargain-hunting in some high capital stocks, as market capital... Read more

Business
Nigeria attracts $2.6bn FDI in 2020 amid global downturn
January 26, 2021 1496 1089

Global foreign direct investment (FDI) collapsed in 2020, falling 42% from $1.5 trillion in 2019 to an estimated $859 billion, according to the latest UNCTAD Investment Trends Monitor, with Nigeria earning $2.6billion of the global volume. &n... Read more

Business
Economies lose over $700b to COVID-19
January 25, 2021 3124 2230

    The global economy lost over $700 billion in foreign direct investment (FDI) in 2020, tumbling from $1.5 trillion in 2019 to $859 billion in the period under review. The United Nations Conference on Trade and Develop... Read more

Business
Profit-taking heightens amid fears of MPR adjustment
January 25, 2021 2690 1892

    As investors await the outcome of the next Monetary Policy Committee (MPC) meeting, amid fear of possible adjustment in rate, sentiments turned bearish as profit-taking dominated market performance at the equity secto... Read more

Business
Investors count losses as restrictions, taxes slow breweries
January 25, 2021 2547 1761

    The brewery industry in Nigeria is reeling under pangs of poor consumer spending, induced by the devastating COVID-19 pandemic and recession. The situation has left investors counting and lamenting their losses. The ... Read more

Business
Buhari canvasses restructuring of ECOWAS, orders release of $20m to counter terrorism
January 24, 2021 4039 2850

    President Muhammadu Buhari has advocated for the restructuring of ECOWAS, saying that the organization needed to streamline its management to adjust to current realities.   ”A situation where ECOWAS has 23 ... Read more

Business
Experts list ways to tackle Nigeria’s economic woes
January 22, 2021 6498 4644

    Financial experts and other economic stakeholders have stressed the need for the government to create policies and implementation strategies to tackle the challenges posed by the coronavirus pandemic while providing a... Read more

Business
3G, 4G towers increase from 30,000 to 53,460 in 5yrs
January 22, 2021 5407 3830

    The third-generation (3G) and fourth-generation (4G) base transceiver stations (BTS) deployment in Nigeria has increased from 30,000 to 53,460 while fibre optic transmission cables expanded from 47,000km to 54,725km i... Read more

Business
FG, states allocate less than 5% to agric
January 22, 2021 4408 3018

    Allocations by federal and state governments to agriculture in 2021 have fallen below five per cent, less than half way into the bottom line agreed to at the Maputo and Malabo declarations, signed by the Federal Gover... Read more

Business
Insurance stocks lift NSE capitalisation by N50bn
January 21, 2021 5659 3731

    Nigerian Stock Exchange (NSE) reversed two days losses to close upbeat, yesterday, as investors renewed interest in insurance stocks. At the close of trading, market capitalisation appreciated by N50 billion to close... Read more

Business
Foreign airlines test-run new travel pass, ‘digital passport’
January 21, 2021 5145 3411

    At least two foreign airlines have begun trial runs of the new travel pass created by the International Air Transport Association (IATA) – a mobile app to help passengers easily and securely manage their travel ... Read more

Business
Customs FOU intercepts N20.8 billion goods, generates N1.7 billion
January 21, 2021 4607 3042

The Federal Operations Unit Zone ‘A’ of the Nigeria Customs Service (NCS) said it intercepted goods with a total duty paid value of N20.8 billion in 2020. Ag. Controller, DC Usman Yahaya, in a statement, said the unit also raked i... Read more

Business
Oil prices rally as IEA sees lower production this year
January 21, 2021 4452 2889

    The International Energy Agency (IEA) has adjusted the crude oil demand recovery outlook for this year by 300,000 barrels per day (bpd) to 5.5 million bpd in its latest Oil Market Report, yesterday.   The agen... Read more

Business
Lagos, UK government seal pact on clean energy access
January 20, 2021 5566 3800

    Lagos State Governor, Babajide Sanwo-Olu, has signed a Memorandum of Understanding (MoU) with the British Government funded Africa Clean Energy Technical Assistance Facility (ACE TAF), programme in efforts to improve ... Read more

Business
Nigeria seeks sustainable oil, gas sector with NOGEC
January 20, 2021 4947 3345

A new infrastructure; National Oil and Gas Excellence Centre (NOGEC), built by the Department of Petroleum Resources (DPR), aims to address critical challenges and create a more stable and sustainable business environment.  The project, ... Read more

Business
Importers lose N2.8tr to irregular import procedures, infrastructure deficiency
January 20, 2021 4575 3078

    Importers and exporters have continued to count losses to the inefficiencies at Nigerian seaports, as the Shippers’ Association Lagos State (SALS), estimated that operators lost an average of N2.8 trillion to ir... Read more

Business
Touching subscribers’ pain points
January 19, 2021 5476 3725

I am yet to see the impact of the 50 per cent data reduction. I now switch off my data any time I want to go to bed because I pay more for data. In the past, I spend N1000 monthly but now, that same cash hardly lasts me for two days,” Mr Bis... Read more

Business
Profit-taking drags stock market capitalisation by N39 billion
January 19, 2021 4984 3268

    Following renewed profit-taking in some high value stocks, the Nigerian Stock Exchange (NSE) halted a five-day rally to reopen on a downturn yesterday, as market capitalisation fell by N39 billion.   At the close... Read more

Business
First cargo of new Nigerian crude Anyala enroute Europe
January 19, 2021 4690 3043

    The first export cargo of Nigeria’s newest crude grade, Anyala, is on its way to Northwest Europe, trading and shipping sources disclosed to S&P Global Platts Monday. The Aframax Minerva Clara loaded a 700,... Read more

Business
Shareholders caution FG against borrowing unclaimed dividend
January 19, 2021 4468 2849

    Divergent views have continued to trail the Federal Government’s moves to borrow N895 billion from unclaimed dividends and dormant account balances, as shareholders insisted that the decision is a disincentive t... Read more

Business
Experts seek tough regulatory policies to drive insurance growth
January 18, 2021 5407 3420

    Experts in the insurance industry have called on the government to create stronger regulatory policies and enforce existing ones to stimulate growth in the industry. Despite the economic challenges, stakeholders are ... Read more

Business
Investors’ appetite for high dividend stocks pushes index by 2.63%
January 18, 2021 4950 2816

    The nation’s stock market closed transactions for the second trading week of the year on a high note, as the market continued to record an early boom, following investors’ increased appetite for stocks with ... Read more

Business
Importers scramble for dollar weakens naira
January 18, 2021 4514 2295

THERE are fears that the exchange rate of the naira at the parallel markets will come under pressure in the coming weeks. This is as a result of importers scramble for scarce dollar to meet business demand. The rising dollar demand and a shortfa... Read more

Business
NNPC sells $120.49m volume of oil, gas as trading surplus dips
January 18, 2021 4188 2064

    The Nigerian National Petroleum Corporation (NNPC), yesterday, said the country exported $120.49 million worth of crude oil and gas in September 2020. Although the development is a 16.28 per cent improvement over the... Read more

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