Nigeria’s Taleveras, ExxonMobil, UK’s Ophir in Equatorial Guinea oil block wins
Businessam Staff
June 6, 2017
Nigeria’s rising and diversifying oil trading company, Taleveras, along with international oil company, ExxonMobil and United Kingdom based Ophir, were big winners in an Equatorial Guinea’s oil block bidding process whose results were announced Monday. At the African Oil and Gas Conference in Cape Town, South Africa, Sub-Saharan Africa’s third largest producer, Equatorial Guinea’s Minister […]
Nigeria seen plugging LNG supply disruptions from Gulf diplomatic row
Businessam StaffJune 6, 2017
The simmering tension in the Gulf region where Saudi Arabia and key allies have cut ties with Qatar, the world’s top seller of liquefied natural gas (LNG), may pave way for Nigeria’s liquefied natural gas to rally in the global gas market, according to market analysts. There are fears that the ongoing tension may disrupt […]
Multiple bank charges rise on CBN endorsement as Nigerians pay on average N3.5bn monthly
Businessam StaffJune 6, 2017
As Nigeria’s National Assembly meet the Central Bank of Nigeria (CBN) and other banks in Africa’s largest economy over high interest rates on loans granted to Nigerians, many bank customers have also expressed hopes that the Senate will also quiz the apex bank and other deposit money banks on the numerous bank charges customers have […]
World Bank raises Nigeria’s growth forecast to 2.5% in 2017
Businessam StaffJune 5, 2017
*Claims modest rise in commodity demand, prices as driver… The World Bank has forecast that Nigeria’s economy would grow 2.5% on modest rise in commodities prices and strengthening external demand, a basis point less than regional forecast of 2.6 percent, according to the Bretton Woods institution’s June Global Economic Prospects released Monday. The revised forecast […]
Nigeria’s equity market hits 4% in 23-month high
Businessam StaffJune 5, 2017
Nigerian stocks hit a 23-month high on Monday, extending last week’s rally and helped by gains in cement, fuel retailing and banking shares. A pickup in oil prices and a more stable currency have improved economic prospects in Nigeria, prompting investors to buy into the stock market. Shares rose on Monday for the fifth consecutive […]
Fashola’s new directive on direct power purchase to ease Gencos’ liquidity
Businessam StaffJune 5, 2017
*Discos’ average market remittance still low at 33% The new policy directive to the Nigerian Electricity Regulatory Commission (NERC) by Babatunde Raji Fashola, Nigeria’s minister of power, works and housing, declaring four categories of eligible customers in the Nigerian Electricity Supply Industry (NESI) to access power directly from the generating companies has been described as […]
Nigeria’s N51bn matured treasury bills may moderate interbank rates this week
Businessam StaffJune 5, 2017
The maturity of over N51 billion treasury bills under the open market operations (OMO) at the weekend may bring moderation to interbank rates this week, according to money market traders. The OMO bills are expected to lead to an improvement in financial system liquidity and resultant moderation in interbank rates. Available data showed that […]
Big business eyes collaboration to combat dearth of innovation
Businessam StaffJune 5, 2017
Few people might think serial entrepreneur Sir Richard Branson would need help when it comes to making sure his companies are on top of new trends. But even the Virgin founder is enticing small, cutting-edge businesses to help his train company keep up with the latest tech revolution. The Platform X project launched by Sir Richard […]
Egypt’s foreign reserves jumps to $31.126 bln in May
Businessam StaffJune 5, 2017
Egypt’s foreign reserves rise to $31.126 billion at the end of May from $28.641 billion at the end of April, boosted by last month’s Eurobond sale, the central bank said on Sunday. According to Reuters report, Egypt, which has been struggling to revive its economy since a 2011 uprising, sold $3 billion of Eurobonds in […]
UK PM says London terror attack part of ‘new trend’
Businessam StaffJune 4, 2017
U.K. Prime Minister Theresa May described Saturday night’s terror attack in London as a “perversion of Islam” and part of a “new trend”, reports Bloomberg. “Defeating this ideology is one of the great challenges of our time,” she said. Metropolitan Police Commissioner Cressida Dick earlier said seven members of the public were killed, while 48 […]