Senate Summons NPA over 282 Missing Vessels

By Adedapo Adesanya  Africa Finance Corporation (AFC) has secured a $300 million loan from the Export-Import Bank of China (CEXIM) to drive increased trade finance and investment across the African continent, fostering economic growth and development. The infrastructure solutions provider on the continent announced the successful signing of the landmark agreement on the sidelines of the Asian Infrastructure Investment Bank (AIIB) Annual meetings in Egypt. The 3-year credit facility is a significant development in AFC’s long-standing relationship with CEXIM. The two institutions have collaborated since 2018, with AFC receiving $400 million in bilateral loans from CEXIM to date. According to

By Adedapo Adesanya The cryptocurrency market witnessed an uptick on Wednesday, with Bitcoin (BTC) managing to stay above the $26,000 level even as the US Dollar index rose to a new year-to-date high. Data obtained by Business Post showed that the most valued crypto, BTC, posted a 0.7 per cent appreciation during the midweek session to trade at $26,408.37 in the last 24 hours. On the part of the second-most valued digital coin, Ethereum (ETH), it remained in the $1,600 mark and it improved its value yesterday by 1.6 per cent to sell at $1,610.94. At the trading session, the US

By Adedapo Adesanya  The African Export-Import Bank (Afreximbank) is planning to use oil traders to fund a $3 billion loan to the Nigerian National Petroleum Company (NNPC) Limited, which is aimed at stabilising the weakening Naira. According to a Reuters report, the Cairo-based bank has made contact with traders to gauge their interest in lending their support to the oil-backed loan to Nigeria’s national oil company. The sources who spoke to the publication also disclosed that Afreximbank has made an attempt to come up with the terms that they will present to trading houses. “There is a lot of interest,

By Investors Hub Asian stocks ended mixed on Monday after remarks from U.S. Vice President Mike Pence at the Asia Pacific Economic Cooperation summit on Saturday added to anxiety over the U.S.-China trade war. Pence said the U.S. would not back down from its trade dispute until China changes its ways. The stark warning dampened investor hopes for a thaw in U.S.-Chinese trade relations ahead of the G20 summit later this month in Argentina. Comments from two U.S. Federal Reserve officials cautioning about global economic growth and a CIA report concluding that Saudi Arabia’s powerful Crown Prince Mohammed bin Salman

By Adedapo Adesanya The key performance indicators at the NASD Over-the-Counter (OTC) Securities Exchange remained unchanged on Monday after the prices of shares on the platform retained their previous values. Business Post reports that the value of the unlisted securities market closed flat at N1.003 trillion yesterday as the NASD Unlisted Securities Index (NSI) remained unchanged at 762.12 basis points. However, the level of activity witnessed changes during the trading session as investors traded a total of 17,000 units of securities in contrast to the 21,900 units of securities transacted in the preceding session, indicating a drop of 22.4 per

Lagos will play host to some of the most prestigious teams for Africa’s premier polo competition – the 2020 Lagos International Polo Tournament.  Sponsored by leading African Financial Institution, Guaranty Trust Bank plc, the competition will feature 39 teams; the highest number till date. The teams will compete in four major cups; the Silver Cup, Open Cup, Low Cup, and Majekodunmi Cup. The finals of the Silver Cup and Open Cup will hold on Sunday 9th February 2020, while the finals of the Low Cup and Majekodunmi Cup hold on Sunday 16th February 2020. This year, the Lagos International Polo

By Adeniyi Ogunfowoke With 10 years’ experience in Customer Service, Omolara Adagunodo, the Head of Customer Service at Jumia Travel is customer service personified. Her smile and charm are contagious that it could disarm and calm any exasperated customer. In this interview, Adagunodo talks about the challenges of CS in Nigeria and much more. What would you consider to be the challenges facing CS in Nigeria? The first challenge facing CS are the customers. Nigerian customers should start demanding service. If the customers demand service then organisations will have to deliver. The simple law of demand and supply applies here,

By Timi Olubiyi Across the world, the impact of the novel coronavirus is still severe despite the ease of lockdown for economic reasons. The uncertainty continues to heighten and no economy is spared from the fall-out from the COVID-19 outbreak. Many African capital markets are bearish, Namibia, South Africa, Mauritius, Egypt, Morocco, Kenya, Ghana, Malawi, and a few others. In Nigeria, the first quarter of the year 2020 in terms of performance closed in the red with a negative return of (20.65 percent), as against a negative return of (1.24 percent) in the first quarter of 2019. The market capitalization

By Adedapo Adesanya The University of Port Harcourt (UniPort) Alumni Association has commended President Muhammadu Buhari for the nomination of Timipre Sylva and Rotimi Amaechi, both alumni of the university, as members of the Federal Executive Council. In a statement signed by the National President of the alumni, Mr Chris Adokeme, the group noted with deep pleasure the opportunity of producing two ministers who graduated from the school, adding that they are competent leaders in their own right. The statement described the choice of Mr Sylva and Mr Ameachi by President Buhari as a laudable move, and pledged support to

By Aduragbemi Omiyale Transactions worth N1.506 trillion were attracted by the Nigerian Exchange (NGX) Limited from both local and offshore investors between January and May 2022, compared with the N933.65 billion recorded in the same period of last year, according to data from the bourse. In a report released by NGX Regulation Limited on behalf of NGX, the Domestic and Foreign Portfolio Investment (FPI) May 2022 report captured these transactions as well as trading figures from market operators. Additionally, domestic investors have continued to hold ground on the floor of the NGX despite rising inflation and currency volatility in the

By Modupe Gbadeyanka Mr Nobert Bielderman has resigned as the Managing Director and Chief Executive Officer of Nigerian Aviation Handling Company (NAHCO) Plc. This information was disclosed on Monday in a statement signed by the company’s scribe, Bello Abdullahi. The statement noted that Mr Bielderman, who has proceeded on terminal leave with effect from August 7, 2017, will officially resign from the firm on August 31, 2017. “This is to inform the Nigerian Stock Exchange (NSE) and the investing public that Mr Nobert Bielderman has resigned from Nigerian Aviation Handling Company (NAHCO) Plc as the Managing Director/Chief Executive Officer (CEO)