Nigerian banking sector hovers near top of risk watch, says EIU
Businessam Staff
August 31, 2017
The Economist Intelligence Unit (EIU), a member of The Economist Group, has indicated that Nigeria’s banking sector is hovering near the top of its risk watch list on high levels of non-performing loans, excess credit growth and low capital ratios Simon Baptist, global chief economist at The Economist Intelligence Unit, in a note Thursday, said […]
Full privatization seen behind the success of SACHOL, says BPE
Businessam StaffAugust 31, 2017
Alex A. Okoh, director general of Nigeria’s Bureau of Public Enterprises (BPE), has said that the full privatisation method used for Skyway Aviation Handling Company Limited (SAHCOL) was chiefly responsible for the success so far recorded by the company, adding that the method ensured that the company had ample opportunity to optimise quality of service […]
Nigeria re-awards $5.8 billion Mambilla hydroelectric power plant contract to Chinese state firm
Businessam StaffAugust 30, 2017
Nigeria has approved the construction of a $5.8 billion hydroelectric power plant by a Chinese state firm, the power minister said Wednesday, the latest in a series of Chinese deals since the project was first envisioned decades ago. The project, if completed, could provide a much-needed source of energy for Nigeria. Despite its wealth of […]
Nigeria stocks continue losing streak as market index dip for third consecutive trading day by 1.5%
Businessam StaffAugust 30, 2017
Nigeria’s equities market extended losses from two previous trading sessions to Wednesday as the benchmark index fell 1.5 percent to close at 35,629.13 points while year-to-date gain retreated to 32.6 percent. As a result, stocks lost N185.0 billion in value as market capitalization settled at N12.3 trillion. The continuous decline in market performance as seen […]
Dangote’s ‘ghost’ tomato factory showcases Nigeria’s farming, industry challenges
Businessam StaffAugust 30, 2017
Nigeria’s biggest and state-of-the-art tomato factory located in northern Nigeria owned by Dangote is producing tomato puree only on paper, as there are hardly activities in the plant. Investigations indicate that there are not enough tomatoes to run the plant even though there are machines ready to crush tomatoes to satisfy the country’s insatiable demand […]
Nigerian insurer, Ensure, in buyout deal with Germany’s Allianz in African push
Businessam StaffAugust 30, 2017
Germany’s Allianz said Wednesday it is buying control of Nigerian insurer, Ensure Insurance Plc, in a push for growth in the relatively uninsured African market. Allianz said in a statement that it would acquire a 98 percent stake in Ensure Insurance from UK-based holding company Greenoaks Global Holdings. However, there was no disclosure on the […]
Satellite data hint Nigeria’s economy is improving
Businessam StaffAugust 30, 2017
Nigeria’s battered economy improved between April and June, at least according to satellite data. San Francisco-based SpaceKnow’s Nigeria Night Light Index, which measures light intensity and provides an indication of electricity usage, rose 29 percent year-on-year in that period, the first time it has shown a positive reading since the final three months of 2015, which […]
Nigeria’s BUA Group on course to produce 8mmt of cement as Osinbajo commissions Okpella line
Businessam StaffAugust 29, 2017
Nigeria’s BUA Group led by executive chairman and Forbes listed billionaire, Abdulsamad Rabiu, Tuesday said it was on course to hit a cement production milestone of eight milion metric tonnes by next year, following an expected estimated investment of $2 billion. The estimated $2 billion represents commitment already made on the company’s two cement production […]
Nigeria electricity generation gets boost as NNPC increases gas supply to power plants by 123%
Businessam StaffAugust 29, 2017
The Nigerian National Petroleum Corporation (NNPC) has increased daily average natural gas supply to the nation’s gas power plants by 123 percent to 730 million standard cubic feet per day (mmscf/d). The Corporation, in its June 2017 Monthly Financial and Operations Report released Tuesday, said the gas supply was for June 2017 as against 327mmscf/d […]
Nigerian equities market bearish as profit-taking rules sentiments
Businessam StaffAugust 29, 2017
The Nigerian equities market extended losses Tuesday as the all-share Index (ASI) dipped 0.4 percent to close at 36,165.93 points whilst YTD return pared to 34.6 percent. Consequently, stock prices lost N52.2 billion as market capitalization settled at N12.5 trillion. Tuesday’s performance was broadly dragged by price depreciation in DANGCEM (-1.1%), NIGERIAN BREWERIES (-1.0%), MOBIL […]