Nigerian registrars may lose 60% revenue to regulation on e-dividend, others, urged to diversify offerings for mitigation
Businessam Staff
October 20, 2017
Nigerian registrars have been charged to leverage technology to diversify their product offerings to mitigate income losses that could ensue from regulation like the e-dividend policy of the Securities and Exchange Commission (SEC). The charge was given Friday by Toyin Sanni, group managing director, United Capital Plc, at a capital market stakeholders forum on the […]
Nigeria’s VAT revenues grow 31.69% year-on-year to N246.3bn in Q2 2017 with manufacturing sector lead contributor
Foster ObiOctober 20, 2017
Data released by Nigeria’s statistical agency, the National Bureau of Statistics (NBS) Friday indicate that the country generated N246.30 billion as value added tax (VAT) in Q2 of 2017, up 31.69 percent year-on-year over the N187.03 billion realized in the corresponding period of 2016. According to the report, the increase in the amount generated represented […]
Nigeria set to boost mining reserves, lures investors with $42m
Businessam StaffOctober 20, 2017
Kayode Fayemi, Nigeria’s solid minerals development minister said the country plans to spend N15 billion ($42 million) over the next year to explore for minerals and attract investors into mining and reduce its dependence on oil. The minister revealed this in Abuja, country’s capital during an interview Wednesday, Oct. 8. “because we are starting from a […]
Nigerian equities market closes marginally higher despite profit taking in big caps as U.S, Europe stocks close lower
Businessam StaffOctober 19, 2017
After two consecutive sessions of losses, the Nigerian bourse rebounded as the All Share Index rose marginally by 1bp to close at 36,645.65 points while YTD return improved marginally to 36.4 percent. This is despite profit taking in big caps such as UBA and Zenith. This is just as U.S and European stocks close lower […]
AfDB launches pilot programme to cultivate the savannah in 8 African countries
Businessam StaffOctober 19, 2017
The African Development Bank (AfDB) has launched a pilot programme to cultivate the savannah in eight African countries. Akinwunmi Adesina, president of the African Development Bank, disclosed this Wednesday at the 2017 World Food Prize-Borlaug Dialogue symposium in Des Moines, Iowa United States. According to Adesina, the potential of African savannahs is so huge that […]
Nigeria’s central bank moves to deter fraud incidences in the financial system, releases regulatory framework for BVN operations
Businessam StaffOctober 19, 2017
Nigeria’s central bank Thursday released a regulatory framework for bank verification number (BVN) operations and watch-list for the Nigerian financial system with the objective of safeguarding the electronic payments system by fending off confirmed fraudsters from the system. In a circular to all deposit money banks, other financial institutions (OFIs) and other stakeholders in the […]
Balanced oil market in sight, OPEC’s Barkindo assures
Businessam StaffOctober 19, 2017
Mohammad Barkindo, OPEC Secretary-General said Thursday there is no doubt that in the wake of efforts by global oil producers to curb production, the crude market is rebalancing, and doing so at an accelerating pace. In a speech made at the Oil & Money conference in London, according to NAN, Barkindo said that “there is no doubt […]
Oil markets stable on tighter U.S. market, expected OPEC supply cuts extension
Businessam StaffOctober 19, 2017
Oil prices at the international market opened Thursday stable supported by ongoing OPEC-led supply cuts, tensions in the Middle East and lower U.S. production due to hurricane-enforced closures, according to Reuters Singapore reports. Specifically, Brent crude futures LCOc1 were at $58.10 at 0411 GMT, slightly lower than their last close, but around 30 percent above […]
Analyst sees 2017 stock market chart looking ‘eerily similar’ to the one that crashed 30yrs ago but calls no worry
Businessam StaffOctober 19, 2017
Thursday, October 19 marks the 30th anniversary of ‘Black Monday’ market crash and a widely followed market strategist is seeing some similarities in current market trends, albeit calling for no worries. In a note to clients, Sam Stovall, chief investment strategist of U.S. Equity Strategy at CFRA and who serves as analyst, publisher and communicator […]
Nigerian equities down 0.08% on banking stocks losses while global stocks rally with DOW closing higher by 0.69%
Businessam StaffOctober 18, 2017
The Nigerian equities market extended losses to the second consecutive session as the all-share index moderated 8bps to close at 36,641.52 points while year-to-date weakened to 36.3 percent. This is just as global stocks rally with the DOW index closing higher above 23,000 points. Market capitalization equally declined by N9.7 billion to settle at N12.6 […]