Marriott Int’l Opens Second Four Points by Sheraton Hotel in Kenya

By Modupe Gbadeyanka All the employees of Azman Air except for a few senior executives have been sent on compulsory after the management suspended the company’s operations. The leave is without pay, according to a circular issued to members of staff, signed by the Human Resources Manager, Magaji Mohammed Misau. According to Leadership Newspaper, the airline operator took this step because its Boeing 737 aircraft taken abroad for C-check maintenance was yet to return. This has rendered the organisation’s commercial operations useless, especially after the conclusion of the Hajj operations last month. “As you are aware that our domestic operations

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By Prince Tonye Pricewill We have taken the time to bring you ten key reasons why Rwanda has to be on your list of places to see not just once but more than once. It took us 10 days to visit a variety of choice locations, and the only reason why we didn’t feel the impact of the hectic schedule was simply because of how amazing each and every one of the experiences was. Safest Cities The internet is riddled with stories and statistics about why Rwanda is the safest country in Africa and possibly the sixth safest in the

By Adedapo Adesanya It was a negative outcome for the Nigerian Naira on Monday as its value against the US Dollar depleted in the black market, the Peer-2-Peer (P2P) and the Investors and Exporters (I&E) windows of the foreign exchange market. In the midst of the forex and cash scarcity in the country, the Naira lost N12 against the greenback yesterday in the P2P to trade at N768/41, in contrast to last Friday’s value of N756/$1. Also, in the parallel market, the domestic currency shrank by N2 against the United States Dollar to quote at N745/$1 compared with the previous

By Adedapo Adesanya Property technology company, Spleet, has raised $625,000 in an oversubscribed pre-seed round led by MetaProp VC to expand its services to provide better financial service solutions to residential landlords and tenants in Africa. Future Africa, FEDHA Capital, VFD Group, Moonshot VC, HoaQ, CEO of Squarefoot, Jonathan Wassersturm, CEO of Flutterwave, Mr Gbenga Agboola, and others were other participants in the funding round. Founded in 2018 by Mr Tola Adesanmi, Spleet’s mission of building a future where renting a home is much easier has made significant progress. With the creation of a new financial services solution, landlords can

By Meristem Research The Nigerian bourse sustained its bullish sentiments, as the NSEASI gained 0.49% last week, driving the year-to-date return to 38.12%. Market breadth stood at 1.07x, as there were thirty-nine (31) gainers and twenty-nine (29) losers in the week. CAVERTON emerged as the top gainer last week, with a share price appreciation of 30.23% to settle at NGN1.68. On the flip side, CHAMPION led the losers’ chart, as the counter pared by 14.34% to close at a price of NGN2.09. Despite the evident sell-downs on certain tickers, we note that the gains which prevailed last week stemmed from

By Adedapo Adesanya The Naira moved in a different direction in the various segments of the foreign exchange (FX) market on Monday, May 22, appreciating against the United States Dollar in the Peer-2-Peer (P2P) and the black market window but depreciating in the Investors and Exporters (I&E) category. Customers exchanged their local currency for the American currency at N770/$1 in the peer-to-peer segment after it was strengthened by N3 on the previous session’s exchange rate of N773/$1. It was a similar story in the parallel market yesterday as the domestic currency gained N1 against the greenback to settle at N757/$1

By Modupe Gbadeyanka Yamaha Motor Company Ltd announced that in the first half of its fiscal year ending December 31, 2017, consolidated net sales of 828.1 billion yen were up 6.4 percent from the previous year. The company achieved all-time highs in operating income of 82.2 billion yen (up 25.7 percent), ordinary income of 83.5 billion yen (up 51.1 percent), and net income for the period attributable to parent company shareholders of 60.8 billion yen (up 87.5 percent). In emerging markets, motorcycle sales rose and operating income was significantly higher thanks to sales of higher priced products and cost reductions

By Adedapo Adesanya A group of partners in the Micro, Small, and Medium Enterprises (MSMEs) space is set to execute various MSME-focused interventions, targeting 1.3 million beneficiaries across 17 States and Federal Capital Territory (FCT). This effort is part of a bid to complement the federal government’s efforts to improve the economy and create more jobs. The MSME and Job Creation Unit of the Vice President’s Office, which is coordinating the interventions, disclosed that the interventions are geared towards ensuring the realisation of the President Bola Tinubu-led administration’s commitment to job creation and economic diversification with the MSMEs playing critical

By Sodeinde Temidayo David The multi-billion-dollar Dangote Refinery in Lagos has received praises and the latest is coming from the Chief Executive Officer (CEO) of Oando Plc, Mr Wale Tinubu, who commended the group on the investment. Upon completion, the oil facility will refine 650,000 barrels of crude per day, making it the single largest train in the world. This, in turn, will enable the nation to generate and save scarce foreign exchange (forex), which has been blamed for the country’s current economic woes. The project has also been touted to provide 90 megawatts of electricity through its multi-million-dollar sub-sea

By Meristem Research The fifth Monetary Policy Committee meeting is scheduled to hold on the 25th and 26th of September, 2017. The committee is expected to appraise the prevailing state of the Nigerian economy amidst the fragile economic growth, moderating inflation and improvement in FX liquidity, deliberate on these matters and thereafter reach a consensus on the way forward as it relates to achieving the ultimate goal of price stability and economic growth. This report therefore assesses the state of the domestic economy so far in 2017, highlighting developments in economic indicators as well as financial market performance. Developments in