160 Speakers for 2017 Africa Oil Week in October

By Adedapo Adesanya The Nigerian Naira weakened to a new low on the American Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, December 8, amid speculations that the Central Bank of Nigeria (CBN) has again devalued the local currency. In the previous trading session, there were reports that the exchange rate for clearing cargoes has been raised to N952/$1, sparking rumours that domestic currency would hit N1,000/$1 in the spot market. On the last trading session of the week, the Naira lost N255.98 or 30.4 per cent of its value on the greenback to trade at N1,099.05/$1

By Dipo Olowookere The International Monetary Fund (IMF) has said Nigeria’s revenue–to-gross domestic product (GDP) ratio of about 9 per cent was too low to trigger the economic growth projected by President Bola Tinubu in his Renewed Hope Agenda. Addressing journalists at its last press briefing for 2023 on Thursday, the global lender said the administration of Mr Tinubu must boost the government’s revenue to have funds to achieve his goals. On May 29, 2023, Mr Tinubu took over from Mr Muhammadu Buhari, promising to jump-start the economy and work tirelessly to address food security, end hunger, eradicate poverty, create

By Precious Olisa The Lagos Chamber of Commerce and Industry (LCCI) and the Nigeria Employers’ Consultative Association (NECA) have expressed their disappointment over the increasing exit of multinationals from the Nigerian market. The two organisations reacted to the planned exit of Procter & Gamble (P&G) from the country over economic headwinds. P&G announced its intention to close down its manufacturing operations in Nigeria and adopt an import-only business model due to the foreign exchange (FX) crisis in the country. This is coming some weeks after GlaxoSmithKline (GSK), Sanofi, Unilever Nigeria, Equinor and others have also indicated their interest in quitting

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has cautioned Nigerians to be wary of fake Naira notes currently in circulation, vowing to prosecute those engaged in the illicit acts. The apex bank in a release signed by Mrs Hakama Sidi Ali, the acting Director of Corporate Communications, said the counterfeit notes have been spread by some individuals for transactions in food markets and other places where commerce takes place across the country, noting that this is a punishable offence. “The attention of the Central Bank of Nigeria (CBN) has been drawn to the circulation of counterfeit banknotes, especially

By Adeniyi Ogunfowoke A good internet at home is essential whether you are a Netflix freak or you are just trying to keep up with your friends on social media. Unfortunately, every month your internet bill keeps rising that you want to stop subscribing. The fact is that you can reduce your usage and still get affordable internet service monthly. Jumia Travel, the leading online travel agency shares ways to can cut your internet bill. Get the best competitive price If you are frustrated with your high internet bills, you can take time out to research the cost of buying

By Modupe Gbadeyanka The management of Japaul Oil and Maritime Services (Japaul Oil) Plc has announced its intention to pull out of the much-publicised $350 million equity injection deal with Milost Global Incorporated. Milost Global, a private equity company based in the United States, had earlier this year announced its intention to inject the above amount into the Nigerian firm. This was later confirmed by the management of Japual Oil and caused stocks of the company to experience sharp price appreciation on the floor of the Nigerian Stock Exchange (NSE). However, a report by Business Day newspaper, analysing the deal

By Modupe Gbadeyanka It was a huge day of honour for Ecobank Transnational Incorporated (ETI) and its two affiliate countries; Nigeria and Ghana, when they emerged winners in three strategic categories of The Asian Banker–West Africa Awards 2018. The annual awards saw ETI winning the Best Financial Inclusion Initiative Application or Programme with its innovative Xpress Account, while Ecobank Nigeria carted home the Best Transaction Bank in Nigeria, West Africa award. Ecobank Ghana also won in the Best Transaction Bank in Ghana, West Africa category. Speaking at the award ceremony in Lagos, Chairman of The Asian Banker, Mr Emmanuel Daniel,

By Modupe Gbadeyanka The sponsorship deal between Standard Chartered Bank and Liverpool Football Club of England has been extended by four years, terminating in the 2026/27 season. The contract also extends to the Liverpool Football Club Women and will make the lender appear on the front of the shirt of the football outfit until the end of the 2026/27 season. Standard Chartered first signed up as the club’s main sponsor in July 2010, making the partnership one of the longest in the Premier League, and has been at a time in which Liverpool FC has enjoyed tremendous success. In this

By FBNQuest Research Credit is one of the several inputs in short supply in Nigeria. Private-sector credit extension at end-2016 represented just 21.9 percent of GDP, compared with 75.0 percent in South Africa. Nor is there impressive growth to suggest that the gap is narrowing. CBN data from a different series to that shown in our chart highlight an increase of 19.4 percent y/y in December in naira terms: we should note, however, the large share allocated to the oil and gas sector and the weight of those loans denominated in forex. The increase would otherwise have been negligible. One

By Dipo Olowookere The Nigerian Exchange (NGX) Limited moderated by 0.26 per cent on Wednesday as investors quickly booked profit from the gains recorded at the market in the past trading sessions. It was observed that traders sold off some shares, including Lafarge Africa, Access Bank and others during the session, allowing the bears to take over the stock market from the bulls and at the close of transactions, there were only 15 price gainers and 34 price losers. The heaviest price loser was Niger Insurance as its value went down by 10.00 per cent to 27 kobo, International Breweries

By Dipo Olowookere A former Governor of Kaduna State, Mr Balarabe Musa, has died. Mr Musa, who governed the old Kaduna State from 1979 until he was impeached in 1981, was said to have died on Wednesday morning in Kaduna. Before his demise, the deceased contributed to many national issues and he was respected for this views on trending matters of national importance. The 84-year old conservative politician was a leader of the Conference of Nigerian Political Parties (CNPP), a coalition of opposition parties, in the present fourth republic. He is a strong believer of electoral reforms aimed to transform

By Modupe Gbadeyanka GE Healthcare is participating in the 2nd Beyond Zero Medical Safari to provide antenatal, fetal, and cardiovascular healthcare services in Kisumu County; GE Healthcare is focused on primary and referral care initiatives that improve access to quality and affordable care through medical technologies as well as training and capacity building of healthcare professionals. GE Healthcare and Beyond Zero Initiative are teaming up to improve access to quality and affordable primary healthcare services in Kisumu County. In the second Beyond Zero Medical Safari, GE Healthcare is providing antenatal screening for expectant women, fetal monitoring, and ECG screening for