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 […]

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 […]

Trump administration concerned about U.S. firms giving financial ‘lifeline’ to Venezuela

Businessam StaffJune 4, 2017

Donald Trump’s administration is concerned about any action by U.S. companies that provides a financial lifeline to Venezuela’s government, after Goldman Sachs Group Inc came under fire for purchasing $2.8 billion of state oil company bonds at a steep discount, Reuters reports. Venezuela’s political opposition and some U.S. lawmakers have condemned the purchase of so-called […]

Nigeria’s naira lost 99.7% value in 44 years

Businessam StaffJune 2, 2017

The Nigerian currency, the naira, has historically lost value of up to 99.7 percent relative to the United States dollar since it was introduced in 1973, 44 years ago, according to researchers at Proshare Nigeria in a tweet Friday. Proshare indicated that from historical data, the naira exchanged at N0.65 to the dollar in 1973, […]

Nigeria, world stocks hit record highs, gaining on average 11% in 2017

Businessam StaffJune 2, 2017

Global stocks, including Nigeria’s, have maintained bullish runs, gaining on the average 11 percent so far in the year. This follows currency recoveries in major economies of the world. The dollar indeed recovered more ground on Friday as upbeat U.S. economic data allayed concerns over growth ahead of payrolls figures due out later in the […]