July 2019 - Newsfield GLOBAL

Cashew exporters’ earnings to drop by N52bn

July 31, 2019 admin

There is strong indication that earnings from unprocessed cashew nuts by Nigerian exporters will fall this year by 60 per cent, following the sharp decline in the global price of the nuts. However, processed cashew nuts will still attract N759.2billion but the country lacks machines and skill to process the commodity. Parts of the challenges facing the exporters in the country include lacks machine and equipment to process the nuts, poor handling, pilferage, defective packaging and delay on the port road. It was learnt that proceed from the projected export…

Premium on workmen compensation drops by N900m

July 31, 2019 Sunday Ojeme

Following regulatory directives, which transferred the management of Workmen Compensation and Employers Liability Insurance to the Nigerian Social Insurance Trust Fund (NSITF) under the Employers Compensation Act 2010, premium accruable to insurers has gradually declined by 88.5 per cent from N1.70 billion to N196 million in the last nine years. According to details in the current edition of Nigeria Insurance Digest, a Nigerian Insurers Association (NIA) compendium of insurance business transaction,, the industry recorded N1.70 billion in 2009 and followed with N903.24 million in 2010. The gradual decline continued in…

Nigerian traders seek review of Ghana’s retail laws

July 31, 2019 admin

Nigerian traders in Ghana are calling for a review of Ghana’s trade laws, to complement already existing ECOWAS treaties that permit free trade among African economies. Ghanaweb quoted the President, Association of Nigerian Traders in Ghana, Chief Chukwuemeka Nnaji, as saying that a review of existing trade laws in Ghana could help tone down “unnecessary tensions between foreign and retail traders.” “I’m still surprised that the Ghanaian Parliament has still not amended the laws. Let that law be amended to suit the ECOWAS Trade Treaty. I think we have to…

NNPC, Dangote parley over $12bn refinery

July 31, 2019 admin

The Nigerian National Petroleum Corporation (NNPC), owner of ailing refineries in Nigeria, on Wednesday agreed to a collaboration with Africa’s richest man, Alhaji Aliko Dangote over his $12 billion refinery. The Group Managing Director of NNPC, Mallam Mele Kyari, and Dangote made this know when President and Chief Executive Officer of the Dangote Group paid a courtesy visit at the NNPC Towers in Abuja. The national oil company, Kyari said according to a statement, was not in contest for market share with the forthcoming Dangote Refinery but rather providing support…

Farmers back CBN’s policy on milk importation

July 31, 2019 admin

The main reason Central Bank of Nigeria’s (CBN) plans to stop issuing foreign exchange to importers of milk was premised on the need for Nigeria to revamp her local diary sector, which has remained moribund due to lack of investors. Cerainly, there is need to attain self-sufficiency in the country’s diary sector based on the country’s over 180 million population as this would reduce the whopping $1.3 billion spending on milk importation. Agric experts have suggested that the country needs to establish more diary industries to produce more milk for…

Youth employment gains traction with solar energy

July 31, 2019 admin

The global craze for renewable energy has offered jobless Nigerian youths alternative employment as solar energy panel installation gains ground. Sunday Ojeme reports The long wait by Nigerians for the Federal Government to get its acts right as regards electricity has continued to unearth the ingenuity in Nigerians. While some have capitalised on the unfortunate situation to become overnight importers of power generating sets, a few others are resorting to alternative and cheaper mean to get their businesses and life going. Amid the various steps taken by each group is…

Stock market closes July bearish with N51bn loss

July 31, 2019 Chris Ugwu

As Nigerian Stock Exchange launches factbook NEGATIVE All-Share Index lost 588.14 points or 1.89 per cent to close at 30,557.20 Trading activities on the floor of the Nigerian stock market yesterday finished the last trading day of July negative as market capitalisation shed N51 billion following sell pressure. The market capitalisation dropped to N13.507 trillion from N13.558 trillion, accounting for a decline of N51 billion or 0.37 per cent. Also, the All-Share Index lost 102.31 points or 0.37 per cent to close at 27,718, as against 27,820.57 recorded the previous…

Sterling Bank grows income by 19.1%

July 31, 2019 Chris Ugwu

Sterling Bank Plc, a full-service national bank, has reported a net interest income growth of 19.1 per cent to N30.4 billion for the half year ended June 30, 2019 as against N25.5 billion for the corresponding period of 2018. Overall, the bank recorded a 5.5 per cent improvement in operating income and a profit after tax of N5.66 billion. Commenting on the financial performance, Mr. Abubakar Suleiman, Chief Executive Officer of Sterling Bank, said: “Underlying our half year performance was a concerted effort in improving the quality of our funding…

Ecobank Nigeria rids Lagos of 2m plastic bottles

July 31, 2019 admin

Ecobank Nigeria has successfully removed over two million plastic bottles in exchange for cash from the streets of Lagos. The campaign, which started in May, targets to remove at least four million bottles from the environment.it is part of the bank’s environmental sustainability campaign. Ecobank had in May told Lagos residence to exchange plastic bottles for cash at designated location across the state. Commenting on the initiative and success achieved so far, the Managing Director, Ecobank Nigeria, Patrick Akinwuntan, stated that the lender was committed to support the sustenance of the environment…

Promo: UBA rewards 20 customers with N30m

July 31, 2019 admin

Pan African financial institution, United Bank for Africa (UBA) Plc, has again rewarded another 20 customers, who emerged winners in the third quarterly draw of the UBA Wise Savers Promo. They won N1.5 million each, bringing the total amount won by 60 customers so far to N90 million. The electronic raffle draw, which was held at the bank’s head office in Lagos yesterday was witnessed by relevant regulatory bodies including the National Lottery Regulatory Commission, Lagos State Lottery Board and Consumer Protection Council. Lucky customers, who emerged winners in the…