Nigerian mid-tier lender FCMB expects loan growth to be flat this year after it rose 5.4 percent last year as oil companies pay down debt, its chief executive said on Friday. Ladi Balogun said the group was seeking a retail banking licence for its British-based unit, which offers wholesale banking to boost its balance sheet. […]
Nigerian President Muhammadu Buhari gave approval to the military to make weapons purchases worth $1 billion to enable Africa’s most populous country to tackle rising insecurity, Defense Minister Mansur Dan Ali said. The decision to acquire new weapons was announced after Buhari met with security chiefs in the capital, Abuja, to review cases of violent […]
Nigerian crude oil offers for May loading were above the April level despite what traders described as limited demand. Angola cut its offer levels for May-loading oil. China’s Unipec was also still offering cargoes, as sources said eastern demand remained subdued. * Three million barrels of Nigerian oil were set to sail for India as […]
Nigerian conglomerate UAC plans to raise 20 billion ($65.4 million) naira this year through a bond sale to refinance short-term borrowings at its real estate unit and cut debt, its group CEO said on Thursday. Abdul Bello said the company would restructure the real estate unit, UPDC, which is suffering from an oversupply in the […]
The Economic Community of West African States (ECOWAS) Taskforce on Trade Liberalisation Scheme says multiple check-points is one of the impediments to trade integration along the Nigerian-Benin corridor. The Executive Secretary, Mr Justin Bayill of ECOWAS made this known in a statement on Thursday in Lagos. Bayil said that persistence collection of illegal fees at […]
Gov. Nasir El-Rufai of Kaduna State has inaugurated Blue Camel Renewable Solar Power Assembly Plant and Renewable Energy Training Academy in Kaduna. The governor said at the launch in Kaduna that the plant was important to the Kaduna State Government “because we believe that renewable energy and solar energy were the future of the developing […]
….Donates PowerPlayBoard Game to Halls of Residence Ikeja Electric Plc, Nigeria’s largest electricity distribution company, has taken its safety campaign to tertiary Institutions. In a move designed to promote tenets of electrical safety in Campus Communities across Lagos State, Ikeja Electric recently paid a visit to two frontline Institutions in Lagos; The University of Lagos […]
Kenya’s shilling and the Zambian kwacha are expected to firm on the back of increased demand for local currency, while the Nigerian naira and Ghana’s cedi are set to hold steady. NIGERIA The naira is likely to remain stable, a day after the central bank maintained its tight policy on interest rates to support currency, […]
–Headline PMI accelerates to 58.8 in March, from 56.0 -Inflows of new orders grow at record pace -Unprecedented job creation as firms looks to increase output capacity Private sector business conditions in Nigeria improved at an unparalleled rate in March, led by record growth in new orders, employment and stocks of purchases. Panel respondents frequently […]
Equities market closed today on a negative note, as NSEASI depreciated by -0.26% to close at 40,749.86 basis points as against -1.56% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +6.55%. Market breadth closed negative as LASACO led 18 Gainers as against 26 Losers topped by DANGFLOUR at the end of today’s session- […]