Nigeria government seek to amend energy law to save billions of dollars
Goddey Odin
January 29, 2018
Kemi Adeosun, Nigeria’s finance minister said the country is planning to make gas flaring more costly for companies that have escaped the payment of billions of dollars despite being fine. In an interview with the Bloomberg news service, monitored by Businessamlive.com, Adeosun said that in the “legal framework for the gas-flaring penalty, it was drafted as […]
Nigeria’s independent currency traders’ chief talks up benefits of return to JP Morgan index
Phillip IsakpaJanuary 27, 2018
Aminu Gwadabe, the acting president of Nigeria’s independent currency traders association, ABCON, Saturday talked up what he sees as the potential benefits for Nigeria of a possible return to the JP Morgan Emerging Markets bond index for Nigeria naira-linked securities. In comments sent to Businessamlive.com, Gwadabe appears to suggest a renewed interest by JP Morgan […]
Nigeria Aiteo founder, Benedict Peters, says not financier of any movement
Businessam StaffJanuary 27, 2018
Benedict Peters, Nigerian international businessman and the founder and chief promoter of indigenous oil producer Aiteo Group, Saturday distanced himself from information circulated on Twitter that he was a financier of a proposed movement suggested by former president Olusegun Obasanjo in a letter calling on President Muhammadu Buhari not to contest the 2019 elections. Obasanjo […]
Nigerian bourse’s new par value rules take off Monday
Andy NssienJanuary 27, 2018
The Nigerian Stock Exchange (NSE’s ) amended par value and pricing methodology rules approved by the Securities and Exchange Commission (SEC) takes effect Monday, 29 January 2018 The rules specify the revised price limit, price movements and tick sizes, representing price floor, minimum pricing increments and minimum quantity to be traded, before the published price […]
Nigerian stocks halt the bears, trade higher despite index losing 2.93% w-o-w
Businessam StaffJanuary 26, 2018
Nigerian stocks closed higher Friday after a four-day bear run as benchmark index NSEASI appreciated 0.56 percent to close 43,773.76 points as against the 0.99 depreciation recorded previously. The day’s performance, however, brought cumulative loss to 2.93 percent week on week Market year-to-date (YTD) gain inched up marginally to 14.46 percent from the 13.8 percent […]
Nigeria’s securities commission lose touch with defaulting market operators as no prosecution yet
Andy NssienJanuary 26, 2018
No fewer than 27 Nigerian capital market operators, who were referred to the security agencies by the Securities and Exchange Commission (SEC) over infractions in the market may have unwittingly been let off the hook, following the inability of the market regulator to get feedback from the law enforcement agencies regarding their cases. Some of […]
Nigeria to stop relying on crude oil prices- Finance minister
Businessam StaffJanuary 26, 2018
Kemi Adeosun, Nigeria’s finance minister said Africa’s top oil producer is trying very hard to ignore crude oil prices. The minister said this during an interview with Bloomberg in Abuja, the country’s capital. According to the minister, “we’ve gotten to a point where we don’t care,” whether prices will be sustained at the level that […]
Nigeria’s decision to hold MPC rate at 14% favourable to foreign investors, says Afrinvest CEO
Andy NssienJanuary 26, 2018
The recent decision by the monetary authorities in Nigeria to hold monetary policy rate at 14 percent following the cancellation of the first Monetary Policy Committee’s meeting for the year, has been described as favourable to foreign investors, particularly portfolio investors who take interest in investment instruments in both the money and capital markets. Ayodeji […]
Nigeria becomes China’s third largest trading partner as trade rise 28.5%
Bukola OdufadeJanuary 26, 2018
Bilateral trade between Nigeria and China reached $11.2 billion, a growth rate of 28.5 percent within the first 10 months of 2017 making Nigeria, China’s third largest trading partner and second export partner in Africa according to Embassy of China. “China’s total investment in Nigeria had, so far, reached $2.7 billion,” said Zhao Linxiang, Economic […]
Nigeria’s Bayelsa state targets September for uninterrupted power supply
Businessam StaffJanuary 26, 2018
The Bayelsa government has assured its people of uninterrupted power supply come September 2018. Olice Kemenanabo, managing director of the Bayelsa Electricity Company, said the upgrading of existing electricity transmission stations from 40 to 90 megawatts and optimal functioning second mobile transformer are efforts underway and would ensure the realization of the said goal at […]