Category: Business

Adesina commends UK over investments in AfDB

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President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, has commended the United Kingdom’s Department for International Development (DFID) over its investments in the bank. He made the commendation while speaking at the at the UK-Africa Investment Summit, “Sustainable Infrastructure Forum.” Noting that the DFID is a key strategic partner of the AfDB, Adesina disclosed that since the DFID joined the bank in 1983, its “strong and consistent support for the African Development Fund has helped us to support the development of low-income states, especially the fragile states.” According…

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FirstBank wins double awards 

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First Bank of Nigeria Limited has been named 2019 “Best Mobile Banking App” and “Fastest Growing Retail Bank” winner by Global Business Outlook. The Global Business Outlook Award recognises and rewards excellence in business in companies across the world, both in the public and private sectors. The award rewards innovation, creativity and the drive to create value. FirstBank earned the Fastest Growing Retail Bank recognition because of its leading role in promoting financial inclusion in the country, a drive that has resulted in its 44,000 agent banking network designed to…

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NSE records N127bn loss on profit taking

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Trading activities on the floor of the Nigerian Stock Exchange yesterday witnessed considerable drop in share prices as bears overwhelmed bulls following profit taking by investors. Market breadth closed negative as Law Union and Rock Insurance Plc led 15 gainers as against 16 losers topped by Arbico Plc at the end of the trading session. Consequently, the All-Share Index dipped 247.8 basis points or 0.83 per cent to close at 29,462.76 index points as against 29.710.56 recorded the previous trading session while market capitalisation of equities depreciated by N127 billion…

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Central banks, BIS partner to study digital currencies

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The Bank of Canada, Bank of England, Bank of Japan, European Central Bank, Sveriges Riksbank and Swiss National Bank, together with the Bank for International Settlements (BIS) have created a group to share experiences as they assess the potential cases for Central Bank Digital Currency (CBDC) in their home jurisdictions. In a press release, the BIS said the group would assess CBDC use cases; economic, functional and technical design choices, including cross-border interoperability; and the sharing of knowledge on emerging technologies. The group is also expected to closely coordinate with…

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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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