Oil prices fall on oversupply concern as Libyan output fluctuates
Businessam Staff
August 23, 2017
Oil prices fell Wednesday, weighed down by concerns about rising production from Libya feeding into an oversupplied market and a surprise increase in U.S. gasoline inventories. Benchmark Brent crude futures LCOc1 were down 27 cents at $51.60 a barrel at 0950 GMT. U.S. West Texas Intermediate crude futures CLc1 were trading at $47.67, down 16 […]
Nigeria loses N127bn to cybercrimes in one year, ranks 3rd in global Internet crimes behind UK, U.S
Businessam StaffAugust 22, 2017
The Nigerian Communications Commission (NCC) says Nigeria currently ranks third globally in cyber crimes behind the UK and the U.S., losing estimated N127 billion in 2015 alone. Umar Danbatta, NCC’s chief executive officer, disclosed this Tuesday in Lagos at the ongoing 2017 annual general conference of the Nigerian Bar Association (NBA) themed “African Business: Penetrating […]
Nigeria’s capital importation rises 95% to $1.79bn in Q2 as portfolio investors make bold return to bourse
Steve OmanufemeAugust 22, 2017
Data from the Nigeria Bureau of Statistics released Tuesday, August 22, 2017, indicate that total value of capital imported into Nigeria in the second quarter of 2017 was estimated at $1.792 billion, representing a 95 percent growth from $884.1 million recorded in Q1 2017. The remarkable growth was fueled by a bold return of foreign […]
Nigeria’s state oil coy to automate its direct sale, direct purchase crude scheme to ensure transparency
Businessam StaffAugust 22, 2017
*Raises the alarm on crude oil fraudsters… Nigeria’s state oil company, the Nigeria National Petroleum Corporation (NNPC), has indicated plans to automate its crude oil for product exchange scheme, known as direct-sale – direct-purchase (DSDP), to ensure transparency, just as it has raised the alarm on international crude oil fraudsters. According to Mele Kyari, group […]
Again Nigeria bourse responds to Dangote’s dance steps as benchmark index inches up 1.0%
Businessam StaffAugust 22, 2017
Just yesterday, Monday 21 August, Nigeria bourse took a good look at the dance steps of Dangote Cement on the floor of the Nigerian Stock Exchange and responded accordingly. Losses of 4.2 percent recorded by the cement manufacturing giant led to a 0.5 percent loss by the market. Then cometh Tuesday, 22 August, and the […]
Unilever, Nestle, Walmart, IBM target blockchain for global food supply chain safety
Businessam StaffAugust 22, 2017
Unilever, Nestle, Walmart and some of the world’s major retailers and food brands are coming together to join up with United States technology company, IBM, on a new blockchain technology project that is designed to tackle food safety. IBM will work with the 10 companies on the new project expected to look at how the […]
Global insurance industry runs risk of ‘Kodak Moment’ as it is failing to respond to digital transformation
Businessam StaffAugust 22, 2017
The global insurance industry has been adjudged to be facing its very own “Kodak moment” as it fails to respond to digital transformation or changing customer behaviours, according to Darrel Orsmond, financial services industry head at SAP Africa. In an article, “The (very near) future of insurance: the digital transformation imperative”, Orsmond noted that the […]
Nigeria’s new tax policy on ‘vatting’ microfinance banks’ services seen promoting financial exclusion
Steve OmanufemeAugust 22, 2017
Analysts and operators are challenging the applicability of value added tax on services rendered by microfinance banks as contained in the new national tax policy, saying the move counters government and the central bank of Nigeria efforts at financial inclusion. Businessamlive learnt that the primary aim of the new National Tax Policy is to introduce […]
Nigerian stocks in yet another flip-flop performance as market opens week negative
Businessam StaffAugust 21, 2017
After closing positive last week, Nigerian stocks in yet another flip-flop performance close trade Monday negative with benchmark index dipping 0.91 percent as against 1.66 percent appreciation recorded previously to settle at 36,584.44 points. Year-to-date gain moderated to 36.1 performance as market capitalization contracted N115.9 billion to settle at N12.6 trillion. Monday’s negative close was […]
Nigeria’s domestic debt gulping over 90% of total servicing obligations- NEITI
Businessam StaffAugust 21, 2017
A recent quarterly review by the Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that domestic debt servicing has consistently outstripped external debt servicing in recent times, especially since 2015. “Domestic debt servicing has consistently contributed over 90 percent of total debt servicing since 2015. The Central Bank of Nigeria (CBN) in its Communique No. […]