Osinbajo rides on Buhari’s endorsement to sign N7.44trn budget
Businessam Staff
June 12, 2017
Acting President Yemi Osinbajo on Monday signed the 2017 appropriation bill into law thus ending a month long speculation on the whether the third force at the Aso Rock, Nigeria’s seat of power would prefer warehousing the budget pending the return of ailing President Muhammadu Buhari. Osinbajo had while appending his signature on the budget, […]
Ovia, Wigwe, Elumelu reap big in 2016 bank dividend payout
Businessam StaffJune 12, 2017
After almost a decade of lull in the Nigerian equities market, fresh momentum is now beginning to emerge. But it is the fortune being made by big discerning investors, who kept faith in their investments in equities, particularly in the banking sector, that is drawing fresh attention as major investors saw their fortunes surge last […]
Nigeria’s economy only 0.65% of global share, but still Africa’s largest
Businessam StaffJune 12, 2017
Nigeria, Africa’s most populous country, accounts for just 0.65 percent of global economy says the World Bank in latest figures on the world’s economy just released. But the country’s economy remains Africa’s largest despite its small size in global play. At $519 billion, the country’s economy, which has seen contractions in growth over the last […]
Tanzania gov’t, Chinese firm sign $154m contract to expand country’s main port
Businessam StaffJune 11, 2017
Tanzania’s government signed a $154 million contract on Saturday with the state-run China Harbour Engineering Company (CHEC) to expand the main port in the commercial capital, Dar es Salaam, Reuters reports. Tanzania is seeking financing for infrastructure projects as part of its plans to transform the country into a regional transport and trade hub. According […]
Nigeria’s top banks’ directors take home N6.17 billion in 2016
Businessam StaffJune 10, 2017
Executive compensation- Updated * Bad bank, AMCON, directors earn N776 million despite 351bn loss… Directors at Nigeria’s top ten and profitable banks took home a combined executive compensation of N6.17 billion in financial year 2016, even as directors at loss making bad bank, Asset Management Company of Nigeria (AMCON), did not see its losses impact […]
Nigeria’s domestic debt service soars to N1.23trn in 2016
Businessam StaffJune 10, 2017
While domestic debt stock/GDP ratio is still in a fair region, there has been an alarming rise in domestic debt service as payments have soared from N354bn in 2010 to N1.23trn last year, according to FBNQuest. Domestic debt payments comprise more than 90% of Nigeria’s total debt burden, since external debt obligations are mostly concessional […]
Nigeria yet to join global efforts to ban plastic usage despite ranking high in polluted cities list
Businessam StaffJune 10, 2017
* Aba, Kaduna, Onitsha, Umuahia in global ranking…. Four cities in Nigeria have been ranked top in the list of polluted cities in the world, according to World Health Organisation Urban ambient Air Pollution database 2016. Gory as the data may seem, the country is yet to join a global campaign to stop plastic, which […]
Compliance concerns seen scuttling OPEC’s production cuts as Gulf row deepens
Obodo EjiroJune 9, 2017
The continued rising tensions in the Gulf region might risk the Organisation of Petroleum Exporters’ (OPEC’s) oil production cuts agreement, especially if Qatar, a major producer, who is at the middle of the tension decided not to follow the agreed production quota, oil market watchers have said. The breakdown of diplomatic ties between Qatar, Saudi […]
Nigeria’s new forex derivative market offering competitive edge over interbank futures
Businessam StaffJune 9, 2017
An alternative forwards currency market is gradually taking root in Nigeria, Africa’s largest economy, following the introduction of a new exchange window. Nigeria’s traditional currency-forwards market largely controlled by the CBN at the interbank market (NIFEX) is thus facing competition from a relatively new system that came on stream about two months ago. The emergence […]
Oil prices heading for third week of losses as OPEC struggles to clear global surplus
Businessam StaffJune 9, 2017
Global oil prices are seen to be heading for a third consecutive week of losses as rising supplies from the US and Nigeria may compound Organization of Petroleum Exporting Countries’ (OPEC’s) efforts to clear a surfeit of the product in the international markets, businessamlive has gathered from various reports on the market. Global oil price […]