Nigeria’s Wema Bank plans to issue 20 billion naira of debt in August to boost its capital adequacy, its acting chief executive said on Thursday. “We need to enhance our funding. The bank is in the process of raising Tier II and the offer will be opened in August,” Ademola Adebise told an analysts’ call. […]
Egyptian investment bank EFG Hermes said on Thursday it will acquire Nigerian broker Primera Africa as it pushes to expand its capital market business across frontier markets. EFG Hermes said it entered Nigeria because it was one of the largest frontier markets globally with long-term growth opportunity after undergoing a series of reforms including currency […]
A shift away from concerns about spare capacity to robust oil supply levels helped push the price of oil lower before the start of U.S. trading Thursday. Higher crude oil prices caught the attention of U.S. President Donald Trump in early July, prompting a call for more oil from Saudi Arabia. A delicate balance between […]
Nigeria plans to re-launch a national airline in December, its junior aviation minister said on Wednesday, as the government seeks to make good on President Muhammadu Buhari’s election campaign promise to introduce a new carrier. Decades of neglect and lack of investment have left Nigeria with low-quality infrastructure seen as a hurdle to prosperity. The […]
Shell lifted the force majeure on exports of Nigerian crude Bonny Light on Friday following the repair and reopening of the Nembe Creek Trunkline (NCTL) by the operator, it said in a statement Saturday. Shell had declared force majeure on Bonny Light exports on May 17 following the shutdown of the NCTL by the operator […]
Nigerian President Muhammadu Buhari submitted a 228.9 billion naira ($750 million) supplementary budget for 2018 to parliament on Tuesday after a six-month delay in getting the main budget approved. In a letter accompanying the draft supplementary budget, Buhari said implementing the main 9.12 trillion naira ($29.92 billion) budget for the year “will be extremely challenging,” […]
A total of 18,450 tonnes of cocoa was tendered against the ICE July London cocoa contract, exchange data showed on Tuesday. The delivery against the July contract, which expired on Monday, was mostly made up of 11,680 tonnes of cocoa from Cameroon, 2,700 tonnes from Nigeria and 2,620 tonnes from Ivory Coast. Smaller volumes of […]
The Petroleum Technology Development Fund (PTDF) has extended it scholarship programme to China, Germany and France to deepen capacity of Nigeria in the oil and gas sector. The Executive Secretary, of the fund Dr. Aliyu Gusau advised the successful candidates to uphold integrity while studying abroad. Gusau gave the advice at the induction ceremony of […]
The market indices of the Nigerian Stock Exchange (NSE) commenced trading for the week on Monday on a bearish trend, dropping by 0.34 per cent. The News Agency of Nigeria (NAN) reports that the market capitalisation shed N46 billion or 0.34 per cent to close at N13.499 trillion compared to N13.545 trillion posted on Friday. […]
The 5th edition of the Sub-Sahara Africa Upstream Oil & Gas Summit will take place next year from 9th – 11th April, 2019 which will reunite industry players from across the African region. In April 2018, industry players across the oil and gas industry in Africa attended the event to strengthen the region’s oil and […]