Category: Business

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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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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