GTB posts largest volume in deals worth N2.89bn, but stocks shed 1.3% on profit taking
Businessam Staff
August 24, 2017
Nigeria’s GT Bank traded the largest volume on the Lagos bourse on Thursday in deals worth N2.89 billion as foreign funds exchanged shares in off-market deals following strong half-year results, traders said. Guaranty Trust Bank traded 71 million units in mostly cross-deals at an average price of 40.80 naira between some offshore funds and local […]
Nigeria’s oil output in July below 1.8 million bpd, reasons not militancy, says oil minister
Businessam StaffAugust 24, 2017
Emmanuel Ibe Kachikwu, Nigeria’s oil minister said Thursday that the country’s oil production, excluding condensates, was slightly below 1.8 million barrels per day in July. Kachikwu, speaking on the sidelines of an event in the capital, Abuja, said there had been issues with aging pipelines, according to report by Reuters. In his words, “we continue […]
NNPC’s looks to India in major drive to diversify into healthcare
Businessam StaffAugust 24, 2017
Nigeria’s state-owned national oil company, the Nigerian National Petroleum Corporation (NNPC) is looking to India in what seems like a major push in its diversification programme targeted at healthcare provision, it has emerged. Meeting with Nagabushana Reddy, the Indian High Commissioner to Nigeria, in Nigeria’s capital city of Abuja, Maikanti Baru, NNPC’s group managing director, […]
Nigeria moves to help local oil and gas firms, launches $200 million fund
Businessam StaffAugust 24, 2017
Nigeria launched a fund with an initial value of $200 million to support local oil and gas firms Thursday, Emmanuel Kachikwu, the country’s oil minister of state for Petroleum said, asserting that the move serves as part of a government drive to improve access to low-cost credit across the economy. The Nigerian Content Development Fund (NCDF) […]
Nigeria bond auction raises N56bn, less than half of amount on offer-traders
Businessam StaffAugust 24, 2017
Nigeria raised N56.05 billion ($179 million) in a bond auction Wednesday, less than half the amount on offer as domestic pension funds and insurance firms cut orders due to low yields, traders said Thursday. The Debt Management Office (DMO) offered 135 billion naira worth of bonds maturing in 2021, 2027 and 2037, but investors shunned […]
Nigeria’s central bank governor says monetary policy offers limited tools for economic recovery
Businessam StaffAugust 23, 2017
Godwin Emefiele, governor of Nigeria’s central bank says monetary policy offers limited tools for dealing with the current economic challenges in the country. According to a monitored News Agency of Nigeria (NAN), Emefiele said this while delivering a keynote lecture entitled “The Dilemma of Monetary Policy During a Recession: Potential Options for Nigeria” at the […]
Banking stocks buoy Nigeria equities index as market traded positive in second consecutive session
Businessam StaffAugust 23, 2017
The Nigerian equities market extended gains Wednesday as the all-share index rose 0.3 percent to settle at 37,059.21 points on account of upticks in NIGERIAN BREWERIES (+1.1%) and banking stocks – GUARANTY (+0.2%), ZENITH (+2.0%), UBA (+1.3%) and ACCESS (+4.0%). Consequently, market year-to-date gain improved to 37.9 percent just as market capitalization increased by N3.0 […]
Royal Dutch Shell to increase gas output by 2019 from its Nigeria Niger-Delta project
Businessam StaffAugust 23, 2017
Royal Dutch Shell, through its Nigerian subsidiary, Shell Petroleum Development Company (SPDC), announced Wednesday that it has commenced gas production from the second phase of the Gbaran-Ubie project in Nigeria’s Niger Delta. According to the SPDC, the expanded Gbaran-Ubie development project, which opened sometime in June 2010, is expected to produce 175,000 barrels of oil […]
Lower oil prices driving oil-producing nations to tap public markets to diversify their economies as Nigeria dithers
Businessam StaffAugust 23, 2017
*As Saudi Arabia, others plan listing state oil coys… The current lower energy price regime is pushing governments dependent on oil revenue to tap public markets as a way of plugging holes in their budgets. The Middle East nations are in the forefront of this development as many of them are looking to this tactic […]
World’s top technology billionaires see collective wealth rise 21% to over $1trn
Businessam StaffAugust 23, 2017
The world’s top technology billionaires, including Bill Gates, Mark Zuckerberg and Jeff Bezos, have seen their total wealth rise by as much as 21 percent to $1.08 trillion in one year, a new report, 100 Richest Persons in Technology list, by Forbes has shown. It is the first time their total wealth will be climbing […]