South Africa’s GDP Declines by 51% in Q2 2020

By Adedapo Adesanya The prices of food globally dropped to 121.4 points in August, 2.1 per cent lower than the 123.5 points from July, reversing the rebound registered last month and pushing the index as much as 38.3 points (24.0 per cent) below its peak reached in March 2022. This is according to the latest figure by the Food and Agriculture Organisation (FAO) on Friday, which showed that the drop reflected declines in the price indices for dairy products, vegetable oils, meat and cereals, while the sugar price index increased moderately. The FAO Cereal Price Index averaged 125.0 points in

By Adedapo Adesanya The International Finance Corporation (IFC) has disclosed that it made record financing in Africa to accelerate the continent’s energy transition, develop greener manufacturing, increase intra-Africa trade, strengthen smaller businesses, and boost local food production, including in more challenging fragile and conflict-affected regions in the fiscal year 2023. In a statement corroborating the release of its numbers which spanned between July 1, 2022, and June 30, 2023, IFC disclosed that it put $11.5 billion in investments across 40 countries, the largest ever annual commitment for the continent. Giving a breakdown, the World Bank agency said the support includes

By Adedapo Adesanya The leader of the coup that ousted Gabon’s President, Mr Ali Bongo, Mr Brice Oligui Nguema, has promised to bring reforms as he was sworn in as interim president of the central African country on Monday. In Africa’s ninth coup in three years, army officers led by Mr Nguema (a general) seized power on August 30, minutes after an announcement that Mr Bongo had won his third term election in his 14 years as president. According to reports, Mr Nguema, a cousin of the deposed Garbonese leader, was given a standing ovation by military officers and officials

By Kestér Kenn Klomegâh BRICS (Brazil, Russia, India, China and South Africa), a group of emerging market powers and one of the most popular organizations, seeks to approve African States into its fold and build on its existing economic and trade with other invited African leaders during the 15th summit in Johannesburg, South Africa. The BRICS members are meeting to deliberate on a broad range of important multiple issues, including new membership, common currency, various parameters of development and security and institutional architecture. More than 70 states are participating, including African leaders, while 23 States have submitted formal applications to

By Dipo Olowookere South African Investment Bankers have lauded the Lagos Business School for hosting the International Executive Development Programme (IEDP) for the Banking Sector and Training Authority (BANKSETA), which was held in Lagos. The five-day programme started on Monday, June 19, 2017, and brought together high potential leaders from the investment banking sector in South Africa, immersing them into the best practices of the Nigerian economy, culture and environment. Mr Thebe Mabiletsa of Absa Capital, South Africa commended the Lagos Business School for hosting them in Nigeria, an experience he said had broadened the delegation’s horizon on the uniqueness

By Ashemiriogwa Emmanuel Digital commodities trading platform, ComX, is set to hold a webinar to squarely discuss the concept of alternative investments and the inclusion of youths and women across the country in such investment opportunities. The program, which is themed Alternative Investments: Driving Youth and Women Inclusion, is scheduled to hold on Thursday, September 30, 2021, by 3:30 pm prompt. The virtual event, which requires registration here, will focus on the participation of women and youths in trading agricultural assets and other alternative investment opportunities on the ComX platform. Launched by the leading commodities market player in Nigeria, AFEX,

By Dipo Olowookere Access Bank Plc is planning to hit the international debt capital market next week to raise some funds from investors. The lender, which currently has a $400 million Eurobond due in 2021 with a coupon of 9.25 per cent, wants to issue another dollar-denominated bond. In a notice to the Nigerian Exchange (NGX) Limited on Thursday, the lender said it has already given a marching order to some firms to make arrangements for the 5-year Eurobond sale. Those involved in the transaction are Absa, Barclays, JP Morgan and Standard Chartered Bank as joint bookrunners, while Chapel Hill

By Modupe Gbadeyanka The Lagos State House of Assembly has concluded arrangement to strengthen the Audit Law in the state by amending it. Speaking during a day public hearing on A Law to Amend the Lagos State Audit Law on Friday, Speaker of the House, Mr Mudashiru Obasa, said government must be transparent. Mr Obasa, who was represented at the event by the Majority Leader, Mr Sanai Agunbiade, said government needed to generate revenue to serve the people and that government’s money must be spent for the purposes it is meant for. “The Audit Department is very important and we

By Dipo Olowookere In order to make cheap electricity is enjoyed at the Onne Oil and Gas Free Zone, the Oil and Gas Free Zones Authority (OGFZA) has given a license to a power consortium called PHEDC/ESOP to make this possible. The mandate of the power consortium is to provide gas-fired dedicated power to the free zone at a cost per kilowatt of power that is lower than the going rate of diesel-generated power in the zone. Announcing the key step on the embedded power project to a stakeholders forum during the week, managing director of OGFZA, Mr Umana Okon

By Adedapo Adesanya The Director-General of the National Information Technology Development Agency (NITD​​A), Mr Kasihfu Inuwa Abdullahi, has urged the Lagos State Ministry of Health to fully adopt the implementation of all provisions in the Nigerian Data Protection Regulation (NDPR) to protect the medical data of the residents of the state. Mr Abdullahi made the call yesterday in Lagos when he paid a working visit to the state Commissioner of Health, Professor Akinola Abayomi where the issue on Implementation of the NDPR for the Lagos Health Sector was discussed. Mr Abdullahi commended the Commissioner and his team on the proactive,

By Modupe Gbadeyanka The BBB+(NG) rating assigned to the N13.5 billion Series 1 and Series 2 bonds of Union Bank of Nigeria Plc has been affirmed by Global Credit Ratings (GCR). The local credit agency said the mid-tier lender has been meeting its obligations under the issuances on a timely basis, up to the most recent coupon payment date March 3, 2020. In September 2018, the commercial bank issued the series 1 and series 2 bonds under its N100 billion debt issuance programme. For the series 1 notes, which have a three-year tenor at a fixed annual interest rate of

By Investors Hub The major U.S. index futures are pointing to a higher opening on Thursday, with stocks likely to move back to the upside following the weakness seen in the previous session. The upward momentum on Wall Street comes as President Donald Trump sought to downplay concerns about an attack on Syria. ?Never said when an attack on Syria would take place. Could be very soon or not so soon at all!? Trump said in a post on Twitter. He added, ?In any event, the United States, under my Administration, has done a great job of ridding the region