Checklist review: Operators to bear liability, SEC says
Businessam Staff
October 8, 2019
The Securities and Exchange Commission has said issuing houses would bear the resulting liability of incomplete or deficient documentation under the checklist review system. SEC had on July 1 introduced the checklist review to improve market efficiency. It said the introduction of the checklist review process for the capital market would make the system more […]
Nigerian govt begins restructuring, recapitalisation of Bank of Agriculture
Busineessam StaffApril 17, 2019
The Nigerian government says it has begun the process of restructuring and recapitalising the Bank of Agriculture. Audu Ogbeh, the minister of agriculture and rural development, led other key players in the sector to the Kick-off meeting of the Financial Advisory Service for Restructuring and Capitalisation Project of the Bank of Agriculture (BOA). The meeting […]
2018: Lagos has highest foreign debt profile, Yobe lowest —NBS
Businessam StaffApril 10, 2019
The National Bureau of Statistics said Nigeria’s foreign debt stood at 25.27 billion US dollars as at 31st December, 2018. The NBS said this in “Nigerian Domestic and Foreign Debt data” for 2018 fourth quarter posted on its website. The bureau said further disaggregation of Nigeria’s foreign debt showed that 11.01 billion dollars of the […]
Turkey to inject $4.9 billion into state banks in economy reform package
Businessam StaffApril 10, 2019
Turkey pledged on Wednesday to boost the capital level of banks and relieve bad debts in a sector left reeling by last year’s currency crisis, as the country moved to revive an economy plagued by inflation and recession. Relief for banks is the first step in the government’s long-awaited reform package, which also included promises […]
Nigeria’s inflation falls, amidst rising food prices
Nse Anthony-UkoNovember 21, 2018
In sharp contrast to analysts’ forecast, Nigeria’s annual inflation rate declined marginally to 11.26 per cent in October 2018 from 11.28 per cent in September. The official figure released on Wednesday by the National Bureau of Statistics (NBS) came amidst rising general price level for food items. Analysts at FSDH Merchant Bank and FDC had earlier […]
Lagging revenues from sectors masks Nigeria’s diversified economy, says Agusto & Co analyst
Adesola AfolabiSeptember 25, 2018
Jimi Ogbobine, lead researcher at Agusto & Co, has downplayed the argument for the need to diversify Nigeria’s economy, saying that the economy as it is currently composed is well diversified but for lagging revenues from the diverse sectors, hence the sluggish economic growth and growing debt profile. According to him, Nigeria is a country […]
FG owes 81% of Nigeria’s $22bn external debt – DMO
Adesola AfolabiAugust 30, 2018
Nigeria’s Debt Management Office (DMO) says the federal government is accountable for 81 percent of the total debt owed externally by the country as at June 30, the end of the first half of the year 2018. Nigeria’s external debt is estimated at $22 billion out of which $17.8 billion is accrued to the federal […]
Petra Diamonds sees brighter 2018 after warning of debt breach
ReutersNovember 27, 2017
A possible breach of its banking agreements does not pose a big risk to Petra Diamonds because its finances will improve following the end of a labour dispute in South Africa and the lifting of an export ban in Tanzania, its chief executive said. “We don’t regard it as a high risk to the business,” […]
World Bank clarifies stance on Nigerian debt, says at no time did it disagree with govt on borrowings
Businessam StaffOctober 18, 2017
The World Bank Group on Wednesday denied that the Bank disagreed with the Minister of Finance, Kemi Adeosun, over the borrowings by the Nigerian government to stimulate the economy and finance infrastructure projects in the country. In a mail to the Minister by the Senior Communications Officer of the World Bank, Rachid Benmessaoud, the Bank […]
Nigeria’s debt office to sell N135bn bonds next week
Businessam StaffSeptember 19, 2017
Nigeria’s debt management office (DMO) Tuesday indicated its planned auction of N135 billion ($442 million) in bonds next week. The DMO is specifically planning to sell N35 billion of bonds due in 2021 and N50 billion each of bonds due in 2027 and in 2037, using a Dutch auction system. The settlement is expected two […]