SON destroys N480m substandard goods, raises concerns about importation
Notwithstanding the closure of the land borders by the Federal Government, the Standards Organisation of Nigeria (SON), has said many…
Month: February 2020
Siemens licenses Tranos to manufacture power boards locally
Nigeria’s leading engineering and manufacturing company – Tranosis pleased to announce a new partnership with Siemens for the manufacturing of…
Challenges loom for Nigeria as OPEC may cut 500,000bpd
There are indications that Organisation of Petroleum Exporting Countries (OPEC), and its allies, especially Russia, will further cut oil supply…
FG approaches China for $17bn loans
The Federal Government on Tuesday explained why it decided to approach the China-Exim Bank for a $17bn loan request. It…
Banks recover N39.4bn non-performing loans from ICT sector
Nigerian banks recovered N39.4bn non-performing loans from its debtors in the Information and Communications Technology sector in one year. As…
Customs investigate $8.07m seized at Lagos airport
The Nigeria Customs Service on Tuesday said it intercepted $8,065,612m (N2.92bn) at the Murtala Muhammed International Airport, Lagos. The Comptroller…
FAAN terminates firm’s contract on Lagos airport tollgate
The Federal Airports Authority of Nigeria has terminated the concession of the tollgate of the Murtala Muhammed International Airport, Lagos…
Alphabet shares tumble as Google underwhelms
Alphabet reported quarterly revenue that missed analysts’ estimates on waning search advertising growth, while new sales numbers on YouTube also…
Stock investors lose N207bn in 2 days
The equities market went down for two straight days yesterday following losses in some blue chip companies with investors losing…
Consolidated Hallmark Insurance Applies to Raise N1.057bn Capital
Consolidated Hallmark Insurance Plc (CHI) has applied to raise about N1.057 billion from shareholders via a rights issue, as part…
BREAKING: Police, Air Force take over MMIA toll gate
Policemen and Nigeria Air Force personnel were on Tuesday drafted to the Murtala Muhammed International Airport ( MMIA ) Access…
Markets Wrap
U.S. equity futures jumped with European stocks after a brutal sell-off in Chinese equities halted on Tuesday and as investors…
Stock market opens week with N160bn loss
The nation’s stock market opened the week with N160bn loss as sell pressures in BUA Cement Plc, Zenith Bank Plc…
Brexit: Buhari, UK Prime Minister agree on new trade relationship
President Muhammadu Buhari has called for a review of trade relations with the United Kingdom (UK) following the country’s exit…
GTBank, Dangote Cement, Zenith Bank, make ARM’s hot stocks list
The stocks of Dangote Cement Plc, Zenith Bank Plc, Nestle Plc, Nigerian Breweries Plc, and Seplat Plc are shares of…
Federal Govt to pay N272.9bn maturing bonds
The Federal Government allocated 2.6 per cent of its total expenditure totalling N272.9bn to settle pending contract obligations in the…
Demurrage: Price increase looms, importers besiege SON
The inability of importers to upload the Standards Organisation of Nigeria’s Conformity Assessment Certificate on the Nigeria Customs Service trade…
Gaming companies short-change FG by N591bn in 14 years — Burunji Kashamu
Lottery and sports-betting companies operating in the country have defaulted in tax payment and other remittances to the federal government…
Budget under threat as oil sinks to $54
The international oil benchmark, Brent crude, plummeted to its lowest level in more than a year on Monday, trading below…
Dow Futures Spike 165 Points Despite Dangerous Warning from Bond Markets
Dow futures rally triple-digits overnight, as U.S. stocks appear poised to extend Monday’s gains. The rally shrugs off a frightful,…
Exxon Mobil Stock Could Bottom Out in 2020
Dow component Exxon Mobil Corporation (XOM) sold off to a nine-year low on Friday after missing modest fourth quarter 2019…
ABCON restates commitment to compliance, capacity devt
THE Association of Bureaux De Change Operators of Nigeria, ABCON, has its restated its commitment to capacity development and compliance…
Virus fears wipe $393bn off China’s stock market despite government support moves
Investors erased $393 billion from China’s benchmark stock index on Monday, sold the yuan and dumped commodities as fears about…
Coca-Cola Stock Hits All-Time High After Strong Quarter
Dow component The Coca-Cola Company (KO) posted an all-time high above $59 on Friday, one day after the beverage giant…
Tesla Stock Soars by More Than $100
Tesla’s stock surged on Monday on news that lifted already-rosy investor sentiment for the electric-car manufacturer. The company’s share price…
Finance Act will boost securities lending, REITs investment on capital market — Onyema
The Nigerian Stock Exchange (NSE) says securities lending will witness exponential growth with the elimination of tax on manufactured dividend…
New finance Act to revive nascent $2.77bn asset management industry — NSE
The Chief Executive Officer, NSE Oscar Onyema stated this at a symposium on the Finance Act 2019, in Lagos, saying that since 2014, the Exchange alongside the Securities and Exchange Commission (SEC) as well as other capital market stakeholders have been at the forefront of advocacy with policy makers and tax authorities for favourable tax structures for primary and secondary market activities in the Nigerian Capital Market.
Business interruptions, growing cause of risk in Nigeria — Survey
The report further stated: “After seven years at the top, BI leaped from seventh to third this year and is number one in Africa and Tanzania; number two in Cameroon and South Africa and number four in Ghana. The trend for larger and more complex BI losses continues unabated. Causes are becoming ever more diverse, ranging from fire, explosion or natural catastrophes to digital supply chains and political violence.
Confidence in economy drops in January — CBN
The report stated: “At 28.3 index points, the overall confidence index (CI) indicated respondents’ optimism on the overall macro-economy in the month of January 2020. The business outlook for February 2020 showed greater confidence in the economy, with 61.4 index points.
IMF laments bad roads, absence of scanners at seaports
The International Monetary Fund has lamented the poor roads, lack of single-window platform and absence of scanning machines for Customs operations at the seaports in Lagos.