Nigeria’s Teleology Holdings has 90 days to pay $450 million to complete its acquisition of telecoms provider 9mobile or face a rival bid, the country’s telecoms regulator said on Wednesday. The Nigerian Communications Commission (NCC) said 9mobile would be transferred to Teleology after the payment of $450 million, but added that reserve bidder Smile Communications […]
Business
Nigerian government defers VAIDS deadline to June 30
President Muhammadu Buhari has approved the extension of the Voluntary Assets and Income Declaration Scheme (VAIDS) to June 30. The approval for the extension of the deadline is contained in a statement issued by the President’s Special Adviser on Media and Publicity, Mr Femi Adesina, in Abuja on Wednesday. According to the statement, the short […]
Negative day for Nigerian stocks as markets loses N150 billion
Activities opened on the Nigerian Stock Exchange (NSE) on Monday in the negative as the market capitalisation lost N150 billion and volume depreciated by 42.82 per cent. The News Agency of Nigeria (NAN) reports that amid losses by blue chips, the market capitalisation, which opened at N14.753 trillion, shed N150 billion or 1.02 per cent […]
West Africa Crude-Angola under pressure from excess medium and heavy oil
West African crude differentials were under downward pressure on Monday amid ample supply and more signs of slow buying from China, the key consumer of medium and heavy grades from the region. ANGOLA * State oil company Sonangol had sold one of the three Dalia cargoes it was offering. Sources said it was likely purchased […]
MTN Nigeria IPO Done by Year-End If Market Allows- CEO
MTN Group Ltd. expects the listing of its Nigerian unit on the Lagos stock exchange to be done by the end of 2018, its CEO said, after suggesting in November that the process would be concluded by mid-year. “We are progressing very well with the Nigerian listing and if market conditions are appropriate, we will […]
Barclays Africa to Split into Four Units in Growth Strategy
Barclays Africa Group Ltd., South Africa’s third-biggest bank, will split into four operating units as the lender outlines its growth strategy after the sale by its U.K. parent. The Johannesburg-based firm will separate retail and business banking, investment banking, wealth and insurance, and its operations in the rest of Africa, it said in a statement […]
Nigeria stocks drop to 3-month low after Buhari re-election announcement
Nigerian stocks dropped to a three-month low after President Muhammadu Buhari said he would seek re-election in 2019, ending months of speculation about his future after bouts of ill health. The stock market, which opened on a losing streak after Lafarge Africa announced a surprise 2017 loss, worsened its decline. The equity market fell near […]
Benchmark crude oil futures continue to slide for second week
Oil Benchmark crude oil futures continued to slide for a second week with a weekly decline of more than 4%. Oil prices were pressured primarily due to what is viewed as the first episode of a trade dispute between the US and China. China retaliated to $50bn US import tariffs by an equal amount, while […]
First Bank, Union Bank others fail to meet NSE deadline on 2017 audited reports
Some Nigerian banks failed to submit their audited reports for the 2017 financial year, missing the deadline given by the Nigerian Stock Exchange, NSE. The banks, listed on the NSE, in their various disclosures gave different reasons for the delays in the submission. The NSE had announced March 31 as the deadline for filing of […]