Nigeria’s SEC finally suspends Oando Plc shares over petitions on financial recklessness
Businessam Staff
October 18, 2017
Nigeria’s Securities and Exchange Commission (SEC) has finally placed the shares of Oando Plc on full suspension over two petitions against the oil firm. In a notice dated Wednesday, October 18, 2017, the Nigerian Stock Exchange instructed all dealing members (stockbrokers) to place Oando Plc shares on full suspension for 48 hours. “Effective for forty-eight […]
Turnover in Nigeria’s fixed income, currency markets declines 12.05% in September despite FX transactions growing 10%
Businessam StaffOctober 18, 2017
Transaction turnover in Nigeria’s fixed income and currency markets declined 12.05 percent month-on-month in September 2017 to ₦11.34 trillion, representing ₦1.55 trillion fall from the value recorded in August and a 1.79 percent (₦0.22trn) increase year-on-year, according to the latest FMDQ OTC monthly report seen by Businessamlive. The report specifically indicates transactions in the FX […]
Multiple taxation, infrastructure deficit hinder Nigeria’s economy growth, LCCI says
Businessam StaffOctober 18, 2017
Vincent Nwani, the Director of Research and Advocacy of the Lagos Chamber of Commerce and Industry (LCCI) reiterated Wednesday that multiple taxation and infrastructure deficits were harming the nation’s economy. Nwani, an economist, made the observation in a paper entitled: “Regulations Undoing Diversification of the Economy” at the Breakfast Policy Dialogue event, themed “Moving from Regulations […]
Oil prices up $59 on tighter U.S. market, Middle East tensions
Businessam StaffOctober 18, 2017
Oil prices rose Wednesday, lifted by a fall in U.S. crude inventories and concerns that tensions in the Middle East could disrupt supplies. Brent crude futures, the international benchmark for oil prices, were at 58.27 dollars at 0131 GMT, up 39 cents, or 0.7 percent from their last close – and third above mid-year levels. […]
Global LNG capacity set to grow amid supply security concerns, says IEA
Businessam StaffOctober 18, 2017
The global market for liquefied natural gas is growing with almost 200 billion cubic metres of new capacity expected within the next five years, with 47 nations set to import LNG by 2022 compared to 38 last year, according to the International Energy Agency (IEA). However, there are still expected to be security of supply […]
Nigerian banks turning to Eurobonds to ease foreign currency maturity gaps as $4bn already issued end-June – Fitch
Businessam StaffOctober 17, 2017
The return of Nigerian banks to the international bond markets marks a small step towards reducing maturity mismatches between foreign-currency (FC) assets and liabilities, says Fitch Ratings in a statement released Tuesday. According to the global rating and research firm, the development is credit positive as it lessens FC liquidity risk, but the impact will […]
Nigerian equities market bull-run halted as benchmark index pares 0.8%
Businessam StaffOctober 17, 2017
Nigerian equities market 3-day bull-run was reversed at the close of trade Tuesday as bourse’s all-share index fell 0.8 percent to close at 36,669.61 points, while year-to-date gain moderated to 36.4 percent. Accordingly, market capitalization shed N103.8 billion to settle at N12.6 trillion due primarily to losses in DANGCEM (-1.8%), NESTLE (-3.3%) and GUARANTY (-1.0%). […]
Nigeria targets 30% renewables in its energy mix by 2030, signs 14 solar power purchase agreements
Businessam StaffOctober 17, 2017
In a bid to diversify its energy sources and optimize other assets for power production, Nigeria is targeting 30 percent of its energy needs from renewables by 2030. Babatunde Fashola, minister of works, power, and housing disclosed this in a keynote address at the Africa Today Summit in Abuja Tuesday. He said since the current […]
Africa holds key for feeding 9bn world population by 2050 – AfDB Adesina
Businessam StaffOctober 17, 2017
Calls for land tax for unused agricultural land or underutilized agricultural land The African continent is in prime position to feed an estimated nine billion people that would inhabit the world by year 2050, according to Akinwunmi Adesina, president of the African Development Bank (AfDB) Akinwunmi, the 2017 World Food Laureate, disclosed this in a […]
Nigeria’s inflation eases marginally to 15.98% in September but food prices remain sticky, rising 0.07% m-o-m
Businessam StaffOctober 17, 2017
Nigeria’s inflation rate eases marginally to 15.98 in September from 16.01 percent in August but food prices remain sticky, rising in the review period by 0.07 percent. This is according to data released Tuesday by the Nigerian statistical agency, the National Bureau of Statistics (NBS). The NBS data indicate that consumer price index (CPI) which […]