The latest Central Bank of Nigeria’s (CBN) monthly Business Expectations Survey (BES) report has shown that majority of respondent firms expressed optimism on macro economy in July 2019. According to the BES report, which was posted on the apex bank’s website yesterday, majority of businesses in the country expect the naira to appreciate in the coming months. Furthermore, the report said: “Level of inflation is expected to increase slightly in both the next six months and the next twelve months; borrowing rate is expected to rise in the current month,…
Read MoreMonth: July 2019
Unity Bank reports N1.052bn in HY’19 profit
Unity Bank Plc has recorded growth in profitability by over 96 per cent as its profit before tax stood at N1.052 billion as against N536 million in H1 2018. A review of the bank’s performance also shows significant improvements across key financial metrics such as the earning assets and gross loans. The bank recorded a quantum leap in its earning assets by 62 per cent, thus leading to higher income and grew its gross loans by 456 per cent. This increase was also boosted by an increase in investment securities…
Read MoreCBN: Manufacturing PMI edges to 57.6
Nigeria’s official manufacturing Purchasing Managers’ Index (PMI) reached 57.6 index points in July compared to previous month’s reading of 57.4, the Central Bank of Nigeria’s (CBN) PMI July 2019 report, released yesterday, shows. According to CBN, “a composite PMI above 50 points indicates that the manufacturing/non-manufacturing economy is generally expanding, 50 points indicates no change and below 50 points indicates that it is generally contracting.” The apex bank, thus stated in the report that: “Manufacturing PMI in the month of July stood at 57.6 index points, indicating expansion in the…
Read MoreTecno rewards winners in Pouvoir 3 promo
Africa’s most preferred smartphone, Tecno, has rewarded the winners of its recently concluded Pouvoir 3 Power Extravaganza promo. The lucky winners, who emerged after a keen competition, had their prizes presented to them at the company’s Abuja office. The winners include Mr Adigan Ibrahim, who won the 1st prize– a 24/7 solar energy system; Mr Joseph, who won the 2nd prize – an inverter; Alhaji Mohammad, who won the 3rd prize – a Generator set; and Mr. Paul Malik, who also won a power generator set. …
Read MoreNigerian fintech emerges finalist at MIT Challenge
Social Lender, a lending solution based on social reputation on mobile, online and social media platforms and major players in Nigerian fintech ecosystem, has been selected as a regional finalist for the Massachusetts Institute of Technology [MIT] Inclusive Innovation Challenge (IIC). The Nigerian fintech firm is the only Nigerian start-up that made the Africa regional finalist for the challenge. Other finalists are Forasna, a Cairo-based platform for blue-collar jobs; Farmline, a Ghana based agrictech startup that distributes content to farmers and 10 other technology startups companies in Africa.…
Read MoreTelco partners Gravitas for fibre deployment
One of Nigeria’s mobile telecommunication outfits, 9mobile, has signed an agreement with Gravitas, a property and infrastructure development company, to provide exclusive telecommunications services on Gracefield Island. The company, in a statement, said the deal demonstrated its commitment towards enabling the growth of Nigerian businesses. According to 9mobile, Gracefield Island will be a new integrated cosmopolitan smart city of 25,000 inhabitants initiated by Gravitas and built on purposely-reclaimed land within the fast-rising premium Lekki, Lagos shoreline. It added that exclusive Island would offer world-class utilities and services for…
Read MoreICT experts demand FG’s investment in Wi-Fi
To bridge digital gap in the country, stakeholders in the ICT sector have called on the Federal Government to invest in infrastructure that will provide free public Wi-Fi across the country. The stakeholders, who gathered at the 2019 Nigeria ICT Impact CEO Forum (NIICF), themed: ‘Connecting the Unconnected,’ said private operators had made some investments in this regard, but their efforts would not be enough to cover all cities in the country. Specifically, the Chief Executive Officer, Bitflux Communications, Mr Lekan Balogun, said the private sector…
Read MoreJPMorgan, HSBC, others face $1bn FX-rigging suit
JPMorgan Chase & Co. HSBC, and UBS Group AG are among five banks being sued over allegations of foreign-exchange rigging in a class-action lawsuit seeking more than £1bn ($1.2bn or just over R17bn), Bloomberg reported yesterday. Barclays, Citigroup and Royal Bank of Scotland Group are also among the targets of the United Kingdom suit that will say pension funds, asset managers, hedge funds and corporations lost out because of market manipulation between 2007 and 2013 and should be compensated. The lawsuit centers on collusion on foreign-exchange trading strategies, for which the…
Read MoreGroup raises concern over N58bn empowerment projects
Tracka, the organisation founded by BudgIT for tracking the implementation of government projects in communities, has raised alarm over what it describes as, “wasteful empowerment projects” in the 2019 Zonal Intervention Projects, nominated by members of the National Assembly. In a press release, the organsisation noted that the Zonal Intervention Projects accounted for N58 billion of the N100 billion constituency projects, which, it said, “are practically used as political benefits.” According to the organisation, “the lack of citizen inclusion in the nomination of zonal intervention projects has led to an escalating number of abandoned projects…
Read MoreHeritage Bank, Afreximbank, Zamfara sign $1bn MoU
Two banks, Heritage Bank Plc and African Export Import Bank (Afreximbank), have signed $1billion Memorandum of Understanding (MoU) with Zamfara State Government in the areas of mining, agriculture and water resources. In addition to Heritage Bank, which is the banker to the project, another financial institution involved in the transaction is PAC Capital Limited, the investment banking arm of PanAfrican Capital Holdings. Speaking with journalists at the signing of the MoU in Abuja, the MD/CEO of Heritage Bank, Ifie Sekibo, stated that the win-win collaboration amongst the institutions would promote and fast track support that…
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