Category: Business

ATCON to telcos: Notify your customers before line deactivation

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  The Association of Telecommunications Companies of Nigeria (ATCON) has advised its members to ensure they notify their customers before deactivating and re-allocating their lines.  This followed recent subscriber concerns over the re-allocation of unused Subscriber Identity Module (SIM) by telecom operators. President of the association, Mr. Olusola Teniola, who gave the advice, said though the operators were not under any obligation to do this, it would be an extension of their customer care service.  “Telecom operators must improve their customer service by ensuring that the subscribers are informed before…

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Study: Private equity firms failing to identify cyber risks

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  Majority of private equity firms in the UK do not carry out sufficient assessments of cyber risks at their target companies, a new study has uncovered.   The findings show that just 23 per cent of private equity professionals believe that due diligence carried out on cyber security issues at target companies is good or excellent.   A significant 30 per cent described the industry’s work in this area as average, while 27 per cent said that it was poor or terrible.   According to The Actuary, governance experts…

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International Breweries reports N16bn loss

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International Breweries Plc has reported a loss after tax of N16.445 billion for the nine months ended September 30, 2019, from N7.137 billion it reported within the same period in September 2018.   Loss before tax stood at N24.076 billion for the Q3 as against loss of N9.014 billion posted in 2018.   However, revenue grew by 16.69 per cent to N97.260 billion in 2019 from N83.346 billion recorded earlier but cost of sales stood at N66.138 billion from N51.114 billion in 2018, accounting for 29.39 per cent increase.  …

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CJS set agenda for market repositioning

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In a move to reposition its members to drive innovation, grow membership base and renew investor confidence in the capital market, the Chartered Institute of Stockbrokers (CIS) has reviewed the processes and procedures.   Addressing capital market correspondents on the high points of 2019 Stockbrokers’ annual conference, the Chairman, Planning Committee, Ms. Abiola Adekoya, explained that the conference theme, “Boosting Capital Market Competitiveness in a Challenging Macro Environment,”  was chosen to articulate policy measures that can reposition the capital market to play its pivotal role as a platform for mobilisation…

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OMO restriction: NSE extends weekly gain by 2.04%

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    As the effects of CBN’s recent policies Open Market Operations (OMO) continue to spur capital market activities, investors’ positive sentiment in the equities market this week drove the domestic bourse to its largest weekly gain since the week of the August 23, 2019.   The NSE All-Share Index and Market Capitalisation both appreciated by 2.04 per cent to close last week at 26,851.68 and N13.071 trillion respectively.   Similarly, all other indices finished higher with the exception of NSE Insurance and NSE Oil/Gas indices which declined by 0.56…

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AfDB, EU reaffirm partnership to create jobs in Africa

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    The African Development Bank (AfDB) and the European Union (EU) have reaffirmed their  commitment to unlock hundreds of millions in financing for African infrastructure and development needs.   Collaboration between the two institutions would focus on de-risking the business environment in Africa, providing equity, guarantees and other types of non-grant support, AfDB President, Dr. Akinwumi, and EU Commissioner, Neven Mimica, said at a news conference held on the sidelines of the Africa Investment Forum in South Africa.   Both men stressed the central role of investment in the…

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Elumelu foundation advises youths to imbibe job creating mentality

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    Chief Executive Officer, Tony Elumelu Foundation, Ifeyinwa Ugochukwu, has urged youths to imbibe a job creating mentality for success in the future.   She stated this at the Misk Global Forum in Riyadh, Saudi Arabia. The event, which had as its theme, “Work Reworked, ” focused on discovering the new trends and transformation in the world of work, regardless of location or socio-economic divide.   Speaking on the theme, “Dinosaur or Future-Fit/ Careers in a Post-Job Era,” she emphasised the role entrepreneurship plays in educating the youth for…

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Analysts: OMO restriction threatens banks’ profitability

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    The decision by the Central Bank of Nigeria (CBN) to bar non-bank locals (individuals and corporates) from participating in its Open Market Operations (OMO) at both the primary and secondary markets, could make it difficult for the banks to comply with the apex bank’s Loan to Deposit Ratio (LDR) requirements, thereby affecting their profitability, analysts at Comercio Partners have said.   In a report obtained by New Telegraph at the weekend, the analysts noted that the OMO restriction had resulted to a decline in yields at the CBN’s…

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Access Bank, Nigerian Breweries partner on ‘Access The Stars’

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Access Bank and Nigerian Breweries (through Star Lager Beer) have announced, “Access The Stars”, a collaborative music platform to discover, groom and amplify the next generation of Nigerian talents. According to the two companies,  “Access The Stars is a new platform created for exceptional and aspirational Nigerians in the music industry to be discovered, refined, and empowered to reach higher heights by accessing their star potential. Successful artists will get to tour with the best of Nigerian artists on ‘The Trek’ across the country, giving the grassroots access to the stars…

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NSE signs MoU with LuxSE on green bond

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The Nigerian Stock Exchange (NSE) and Luxembourg Stock Exchange (LuxSE) have signed a Memorandum of Understanding (MoU) to cooperate in promoting cross listing and trading of green bonds in Nigeria and Luxembourg. The announcement was made at the signing ceremony led by NSE CEO, Oscar Onyema, and LuxSE CEO, Robert Scharfe. The event took place yesterday during the annual meeting of the World Federation of Exchanges in Singapore. The MoU further established an agreement for the two exchanges to collaborate with a view to sharing best practices and organising joint…

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