Month: September 2019

Importers order N193.5bn raw sugar

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          Importers have ordered for some 1.89 million metric  tonnes of raw sugar valued at N193.5billion ($602.15million) as local production fell by 95 per cent.     The import will be shipped into the country from January 2020, following dwindling local production estimated at 80,000 tonnes.     Statistics provided by International Sugar Organisation revealed that global price of the commodity had reached $321.35 per tonne as at September 2019.     Findings revealed that import since January 2019 was 1. 87million tones.     A…

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109 firms delisted from NSE in 17yrs

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      A total of 109 quoted companies have been delisted from the official list of Nigerian Stock Exchange (NSE) since 2002, according to reports     Findings showed that while some firms were delisted for violating post-listing requirements or due to merger and acquisition, others, however, chose to delist voluntarily when they no longer have the capacity to play in the market.     It was also found out that most of the companies delisted cited harsh economic climate and parent company buy-out as reasons.     Some…

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 8 banks’ staff costs hit N178.71bn in H1’19

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Despite carrying out tough cost cutting measures, including massive lay-offs in recent years, deposit money banks in the country still contended with rising personnel costs in the first half of this year, findings by New Telegraph show.     The H1 2019 results of eight lenders- Zenith Bank, UBA, Access Bank, Guaranty Trust Bank, Fidelity Bank, Stanbic IBTC, FCMB and Wema Bank- for instance, had showed that they accumulated a total of N178.70billion in personnel costs in the first six months of this year compared with the N165.77bilion, which they…

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Africa Prudential tasks cooperative societies on tech inclusion

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Africa Prudential Plc has charged the cooperative movements in Nigeria on digital adaptation in their business, culture and structure to properly position them  in the new digital economy, and unlock the potential of the sector in sustainable economic development in Africa.     The call was made by Obong Idiong, Managing Director/CEO, Africa Prudential Plc, while speaking as at the 5th Cooperative Summit and 2019 International Cooperative Day, held by the Cooperative Federation of Nigeria (CFN) at Jos, Plateau State last week.     While delivering his paper on Cooperatives…

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European stocks close down as London lags

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European stocks finished lower on Monday as Britain’s export-heavy FTSE index tumbled due to a stronger pound, while selling in defensive sectors such as healthcare and utilities dented early gains in markets.     After rising as much as 0.2 per cent after a surprise rise in German exports and hopes of stimulus from the European Central Bank later this week, the pan-European STOXX 600 index gave up gains as the day wore on.     According to Reuters, the index closed down 0.3 per cent, ending a three-day run…

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NSE opens week bearish, shaves off N28bn

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      The equities market closed yesterday on a negative note to commence the weekly trading activities on the downswing after the market also closed last Friday negative.   The market performance indices, NSE ASI, depreciated by 0.21 per cent.     The downswing, according to market watchers, was due to sustained sell offs by investors.     Consequently, the All-Share Index dropped by 56.73 basis points or 0.21 per cent from 27,146.57 index points last Friday to 27.089.84 while the market capitalisation of equities depreciated by N28 billion…

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‘Ecobank leveraging  technology to expand financial inclusion’

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        The Managing Director, Ecobank Nigeria, Patrick Akinwuntan, has disclosed that the bank is leveraging technology to push the frontiers of financial inclusion of the unbanked and under-banked in the country.   The managing director said this in his keynote presentation at the Vanguard Economic Forum series on mobile money market and fintech.   The forum with the theme, ‘Leveraging Fintech Innovation for Unlocking Growth and Competitiveness in Nigeria’s Mobile & Payment Ecosystem’ held in Lagos.   He pointed out that Nigeria, which has improved financial inclusion…

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SABEX unlocks export market for Nigerian farmers

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    SABEX, the world’s first end-to-end blockchain commodities trading and financing platform, was formally unveiled to policy makers, agriculture value chain players, investors, international financiers and development agencies at the 2019 edition of Agriculture Summit Africa, organised by Sterling Bank Plc, at the weekend in Abuja.   Powered by Sterling Bank, Binkabi and AFEX Commodities Exchange, the digital commodities trading platform, provides real time credit finance for farmers, secure storage and a ready market for both farmers and buyers to transact thereby reducing post-harvest wastage of farm produce across…

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 Zenith Bank’s ‘Aspire Music Festival’ debuts in Lagos

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      Zenith Bank Plc is set to light up the social and entertainment scene this month with the announcement of the bank’s “Aspire Music Festival.”   In a press release, the lender said that the music festival, which is the “most anticipated entertainment event of the year,”  holds on Saturday, September 21, 2019 by 8.00pm at the Harbour Point Event Centre, Victoria Island, Lagos.   According to the release, “the festival promises to be a night to remember, as it will feature captivating and thrilling musical performances by…

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  Chief Executive Officer of the World Bank, Ms. Kristalina Georgieva, is set to step into Christine Lagarde’s shoes as Managing Director of the International Monetary Fund (IMF).   Lagarde is quitting the IMF on September 12, having resigned  in July following her nomination to become head of the European Central Bank (ECB).   The IMF announced in a press release yesterday that with the period for submitting nominations for the position of the next MD of the fund having closed on Friday, September 6, Georgieva, a Bulgarian national, was…

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