Nigeria’s BUA Group on course to produce 8mmt of cement as Osinbajo commissions Okpella line
Businessam Staff
August 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 […]
Nigeria’s UBA makes provision on loans to 9mobile
Businessam StaffAugust 29, 2017
Nigeria’s United Bank for Africa (UBA) said Tuesday it had made a provision on loans made to 9mobile, one of the country’s mobile operator formerly known as Etisalat Nigeria. According to Reuters, the lender did not give details of the provision but said it had a 38 billion naira ($125 million) exposure to 9mobile. UBA […]
Oil prices plunge as market wrestles with hurricane damage amid disruptions in Libya, Colombia
Businessam StaffAugust 29, 2017
Crude prices plunged Tuesday as the market struggles with the shutdown of some 13 percent of refining capacity in the United States after a hurricane ripped through the heart of the country’s oil industry, Reuters reports. The refinery closures helped push U.S. gasoline futures RBc1 to a two-year high of $1.7799 per gallon on Monday, […]
Nigeria to save N3trn from local content usage, says minister
Businessam StaffAugust 29, 2017
Ogbonnaya Onu, Nigeria’s Minister of Science and Technology says the present administration will ensure that Nigeria saves up to N3 trillion through the adoption and usage of local contents within the next five years. This was said during the commissioning of N500 million data centre for the Nigerian Stock Exchange Monday in Lagos. He said […]
Oil falls, gasoline jumps as Storm Harvey knocks out U.S. refiners
Businessam StaffAugust 28, 2017
U.S. crude oil futures fell more than 3 percent Monday but gasoline prices surged to two-year highs as Tropical Storm Harvey kept hammering the U.S. Gulf Coast, knocking out several refineries which backed up crude supplies and disrupted fuel production. Massive floods caused by the storm forced refineries in the area to close. In turn, […]
Nigeria’s inflation drops to 16.05 % in July- NBS
Businessam StaffAugust 28, 2017
The country’s inflation as measured by Consumer Price Index (CPI), further dropped to 16.05 percent in July from 16.10 percent in June, the National Bureau of Statistics (NBS) data shows. The NBS disclosed this in its CPI July 2017 report released Monday in Abuja. The report stated that the headline inflation again reduced to 16.05 […]
Nigeria’s naira devaluation is a risk to country’s external debt – PwC
Businessam StaffAugust 28, 2017
A devaluation of the Nigerian naira will be a key risk to the sustainability of the country’s foreign debt, PricewaterhouseCoopers (PWC), says. In its recent report, titled “Nigeria’s refinancing plan: Impact on debt sustainability is likely to be modest”, PWC, one of the big four consulting firms in the world said that the new refinancing plan […]
Lebanese private-equity firm hunts Africa diaspora for deals
Businessam StaffAugust 28, 2017
EuroMena Funds, a Beirut-based private-equity firm that has raised $350 million since 2006, plans to almost double assets as it seeks investments in Lebanese-owned companies operating abroad. After a decade of deploying most of its capital in Lebanon, Jordan, and Egypt, EuroMena’s latest fund has spent $55 million for stakes in a toilet-paper manufacturer in […]