Nigeria’s central bank reviews limits on mobile money transactions, waive BVN for certain wallet holders
Businessam Staff
September 11, 2017
Nigeria’s central bank has reviewed daily transaction and balance limits on mobile money wallets in order to afford users of mobile money services some flexibility, just as it has waived the BVN requirement to a category of wallet holders. The regulator, in a circular to all mobile money operators, said the review was in line […]
Is Dangote joining the bidding war for South African largest cement maker?
Businessam StaffSeptember 8, 2017
Unconfirmed reports say Aliko Dangote, Africa’s richest man, is among those considering counter offers for PPC Group Ltd., South Africa’s largest cement maker, a deal that could see his cement company further accelerate expansion outside the Nigerian market. According to reports gleaned from Bloomberg, Dangote’s entry into the bid could signal a bidding contest for […]
Nigeria target for Kenyan ride-hailing app, Little, as it plans 2018 fund raising
Businessam StaffSeptember 8, 2017
Nigeria is the target of Kenya’s ride-hailing app, Little, as it seeks to attract investors from the United States Silicon Valley in 2018 when it plans to raise funds to launch an African push to expand its operations. Little is modeled after Uber and Taxify and is believed to be behind Uber in the local […]
Nigeria’s central bank deploys electronic platform for efficient processing of capital investment inflows
Businessam StaffSeptember 8, 2017
Nigeria’s central bank has deployed an electronic certificate of capital importation (eCCI) platform, which it said would enhance transparency and efficient processing of foreign investment inflows into the country. In a circular signed by W.D. Gotring, its director of trade and exchange development, which it issued to all authorized dealers, including money deposit banks, the […]
Schlumberger, world’s largest oil services firm, seen positioning as next oil major
Businessam StaffSeptember 8, 2017
The world’s largest oilfield services company, Schlumberger NV, is spending billions of dollars buying stakes in its customers’ oil and gas projects – investing in the same ventures it supplies with equipment and expertise. The new business model gives Schlumberger a say in drilling decisions, oil field management and even on hiring other Schlumberger units […]
LNG glut may flip to deficit as U.S. seen becoming biggest producer by 2035
Businessam StaffSeptember 8, 2017
The global glut plaguing liquefied natural gas markets may start to dwindle in five years, threatening to spur a deficit equivalent to twice the output of leading producer Qatar. According to Bloomberg report, new projects are needed to fill the shortfall, with demand for the super-chilled fuel forecast to double in the 20 years to 2035, Cedigaz, […]
Fresh hurdles in way of Saudi Aramco’s potential London listing
Businessam StaffSeptember 8, 2017
Pressure is now being piled up on London financial city watchdog over its plans to shake up listing rules aimed at paving the way for an Initial Public Offering by Saudi state oil company, Aramco. Two political heavyweights have cranked up the pressure on the London financial city watchdog over its plans to shake up […]
Nigeria equities market posts yet another bull performance as market cap adds N175bn
Businessam StaffSeptember 7, 2017
Nigerian stocks sustained gains of the previous session Thursday, closing positive with market capitalisation advancing by N174.8 billion to settle at N12.4 trillion. The positive performance helped market index to inch up by 1.4 percent to close at 36,112.37 points as against 0.58 percent appreciation recorded previously, while year-to-date return improved to 34.4 percent. However, […]
Nigeria’s central bank roles out regulatory framework for short code providers to curb risks in electronic payment systems
Businessam StaffSeptember 7, 2017
Nigeria’s central bank is set to role out regulations and risk mitigation considerations in the implementation of unique short codes, especially the unstructured supplementary service data (USSD) protocol for all financial services offering in the country, The financial regulator said regulation is necessary, in view of the multiple USSD channels to customers, which increase their […]
Nigeria’s economy not yet in full sail on lack of steady performers in non-oil sector – FBNQuest
Businessam StaffSeptember 7, 2017
In the aftermath of the release of growth figures for the Nigerian economy in Q2 2017, financial analysts at FBNQuest, an investment banking arm of FBN Holdings, are cautious on the possible growth trajectory of the economy, saying the 0.55 growth recorded may not have a firm footing since there appears a lack of steady […]