Category: Business

Coronavirus: CACOVID orders 400,000 testing kits

Ose Ojeme

plans relief package for 1.7m households   The private sector-led Coalition Against COVID-19 (CACOVID) has ordered 400,000 materials to support Federal Government in its battle against the dreaded Coronavirus pandemic.   A statement issued yesterday by the group revealed it ordered the  materials to fast-track molecular testing for the virus, noting that the reality of the situation at hand was such that efforts must be put together with no stone left unturned in dealing with the scourge.   In the same vein, the coalition disclosed that no less than 1.7…

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COVID-19: Pensioners’ denial amid imminent implosion 

Ose Ojeme

Since the outbreak of the Coronavirus pandemic and its attendant tragic results, the victims have remained largely the aged made up of mostly pensioners. Across the United States and Europe, mainly Italy, Spain, Germany among others, the reports of deaths due to the pandemic have been recorded largely against the elderly. A quick research within the period of the outbreak has revealed that survival for those with underlying health issues, a development common with the old, is very remote. While Nigeria has privileged information on this to prepare its pensioners…

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Housing: CBN’s planned intervention excites stakeholders 

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As the Central Bank of Nigeria (CBN) is figuring out the modalities to make funding housing and mortgage developments a reality, stakeholders in the sector are already strategising on necessary measures to be put in place to make the apex bank’s intention impactful. Part of the measures they are urgently seeking include industry standardisation and amendments of housing and mortgage related laws, among others, to fully drive home ownership among Nigerians. Speaking through the Festus Adebayo-led Housing Development Advocacy Network (HDAN), on a social media platform, the professionals, which comprised…

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PWC: Liquidity, staff safety top Nigeria businesses COVID-19 concerns

Dorothy Ewah

Businesses in Nigeria have identified liquidity and the safety of their staff among the most pressing business needs they are concerned about as they grapple with the impact of the COVID-19 pandemic. These are some of the findings from a survey conducted by PwC Nigeria. The survey findings were revealed during a recent webinar hosted by the firm, on the economic implications and policy responses to COVID-19. The survey had about 3000 respondents ranging from managers to CEOs and business owners. Asked what their top business concerns were, 22.5 per…

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Private sector coalition steps up against Covid-19

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Private Sector Coalition Against Covid-19 (CACOVID-19) has stepped up its complimentary efforts towards freeing the nation of the Pandemic. The Coalition which is being spearheaded by Aliko Dangote Foundation (ADF) and Access Bank Plc, according to ADF CEO, Zouera Youssoufou and Head of Corp Communication of Access Bank, Amaechi Okobi, is already building isolation centres across the country and will begin the training of medical personnel for speedy action and also provide relief packages to cushion the effect of the pandemic. The duo in a briefing at the weekend noted…

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FMDQ admits FMN bonds, infrastructure debt fund, others

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FMDQ Securities Exchange Limited has admitted to its platform, the Flour Mills of Nigeria PLc’s Series 3 N12.49 billion Tranche A and N7.50 billion Tranche B Fixed Rate Senior Unsecured Bonds under the N70.00 billion Bond Issuance Programme. The exchange also admitted for listing on its platform, the Chapel Hill Denham Nigeria Infrastructure Debt Fund Series 6 162.72 million Units of N100.00 each at N109.72 under the N200.00 billion Issuance Programme. The exchange had in December 2018 admitted the Flour Mills of Nigeria Series 1 & 2 N20.11 billion bonds.…

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NSE extends filing of financial statement by 60 days

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The Nigerian Stock Exchange has extended the due date for the submission of the audited financial statements for listed companies with March 31, year end by 60 days from June 29, 2020 to August 28, 2020. The extension follows an earlier circular of March 23, 2020, with reference number NSE/RD/LRD/CIR5/20/03/23 wherein listed companies were granted a sixty day grace period for the submission of their audited financial statement for the year ended December 31, 2019. “Further to the provisions of Rule 17:20 (g): Financial Reporting and Periodic Disclosure, Rulebook of…

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Financial service sector drives market with 7.19% gain

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Weekly activities on the floor of the Nigerian Stock Exchange extended further gains as the NSE All-Share Index and Market Capitalisation both appreciated by 7.19 per cent to close the week at 22,921.59 and N11.946 trillion respectively. All other indices finished higher with the exception of NSE ASeM, which closed flat. It was another four-day trading week as the Federal Government of Nigeria declared Monday 13th April 2020 (Easter Monday) as Public Holiday in commemoration of the Easter celebrations. Meanwhile, a total turnover of 1.495 billion shares worth N12.894 billion…

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Tech fund: Telecoms, bank CEOs face prosecution over default

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  Reps move to probe N200bn debt Chief executive officers of telecommunications companies, banks, and other ICT firms in the country may soon be prosecuted for failing to pay the statutory one per cent contribution to the National Technology Development Fund (NITDEF).  This came as the House of Representatives begins to investigate the non-payment of the due. The fund, which is targeted at developing technology across the country, has suffered neglect over the years as companies expected to contribute to the fund shunned it.  The value of the default by…

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MAN: Manufacturers’ production value declines by N15bn

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     Manufacturers Association of Nigeria (MAN) has disclosed that poor macroeconomic ambience, infrastructure issues and poor regulation by government agencies resulted to the country’s manufacturing production value declining to N4.61 trillion in first half of 2019 from N4.76 trillion recorded in the corresponding half of 2018. Consequently, the figure shows N15 billion or 3.2 per cent decline as many local manufacturers faced production headwinds in the first half of 2019. MAN, in its latest economic summary report for the first half of 2019, explained that the country’s manufacturing sector…

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