Category: Top Stories

Demand for sesame to fetch Nigeria N465.3bn

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    Despite the negative impact of the coronavirus pandemic in the global market, demand for black sesame seed produced in Nigeria is expected to be on the increase in the Asian market because of its medicinal value.   It was learnt that Nigeria, which accounts for 12.22 per cent of the global production and the second largest producer after Sudan in Africa, has the capacity to produce 550,000 metric tonnes valued at N465.3billion ($990million).   However, since the outbreak of COVID-19, some export containers are yet to be processed…

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 COVID-19: MTN rues drop in voice revenue

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  Data income rises to N74bn   Nigeria’s largest telecommunications operator, MTN, has expressed worry over a decline in its voice revenue as subscribers made fewer calls in the first quarter of this year.   The telco blamed this on the effects of the coronavirus pandemic, noting that subscribers’ earning capacity had reduced.   The company, however, recorded a sharp increase in data usage over the same period as the pandemic forced many to work from home using data.   The telco’s data revenue jumped by 59.2 per cent to…

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Access Bank not sacking 75% employees

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    Access Bank Plc yesterday denied reports that it planned to sack 75 per cent of its workforce and as well close more than 300 branches.   The bank, in a statement signed by Mr Sunday Ekwochi, its Company Secretary, and obtained from the Nigerian Stock Exchange (NSE) website, described the news as malicious and a distraction from the genuine and compassionate plan to protect its staff and help keep jobs in the unfolding macroeconomic environment.   It said the closure of a bank branch was an action that…

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NSE opens week positive with N36bn gain

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    The equities market closed yesterday on a positive note to commence weekly trading activities on the upswing after the market also closed green last Friday.   The market performance indices, NSE ASI, appreciated by 0.30 per cent with market breadth closing negative with 15 gainers as against 19 losers.   The upswing, according to market watchers, was driven by bargain hunting activities on the back of undervalued stocks following renewed appetite in anticipation of share appreciation.   Consequently, the All-Share Index grew by 68. 85 basis points or…

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Lockdown: FirstBank commends customers’ support

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    FirstBank Nigeria Ltd has expressed its appreciation to the public – especially its customers – for their continued patronage of its services during the coronavirus ( COVID -19) lockdown.   This is even as the lender has assured the public that stringent measures have been implemented to ensure its branches and locations across the country operate in line with the health and safety guidelines issued by the Nigeria Centre for Disease Control (NCDC to mitigate the spread of Coronavirus.   Expressing the bank’s delight at welcoming customers to…

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Forex: Naira sustains recovery against dollar  

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    The naira yesterday continued its recovery against the dollar on the parallel market after slumping to N460 to the greenback about two weeks ago.   As the Federal Government’s partial lifting of the COVID-19 lockdown in Lagos State, the Federal Capital Territory (FCT) Abuja commenced on Monday, the naira further appreciated to N430/$1 from N450 per dollar last Friday.   Analysts attribute the local currency’s recovery to the International Monetary Fund’s (IMF) approval of Nigeria’s $3.4billion loan request, as well as the Central Bank of Nigeria’s (CBN) announcement…

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BUHARI’S PHONEY GALLANTRY [Tony Enahoro: A Noble Life Of State Pardons]

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    By Peter Enahoro (Peter Pan)   Older heads in the Enahoro clan know enough about political state pardons not to get excited by it. It is not a  pension annuity, not a war decoration or a medal for exceptional services to society. You don’t even get to have a handshake with the President.   What’s to celebrate?   You don’t get a State Pardon for smoking a pipe in church.  You have to have been in jail or had your reputation wrongfully dragged through hell. You’re then told,…

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NSE opens week with marginal loss

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  The Nigerian equities market yesterday closed negative to begin the trading week on the downtrend over sell pressure, producing only 16 losers and only 14 gainers.   Key market indicators, the NSE ASI, declined by 0.005 per cent as investors sell off their shares following the Coronavirus global threat.   The All-Share Index had dropped by 1.18 basis points or 0.005 per cent from 22,921.59 index points last Friday to 22,920.41while the market capitalisation of equities depreciated by N613 million to close at N11,945.042 trillion from N11,945.655 trillion.  …

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DiamondXtra: Access Bank rewards customers

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  Access Bank Plc is set to splash millions of naira on lucky customers who will emerge winners in the forthcoming DiamondXtra monthly draw.   According to Adaeze Ume, Group Head, Retail Products and Segments, Access bank Plc, “we have been encouraging our customers to stay safe and stay connected by using our various digital channels this period. We know these are trying times and our customers need funds to pay essential domestic bills, send money to their loved ones and also save up for unforeseen circumstances since we don’t…

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Fraud: AfDB bans Nigeria-based Chinese firm for 18 months

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  The African Development Bank (AfDB) Group has blacklisted China Zhonghao Nigeria Limited, a civil engineering company registered in Nigeria, for 18 months, for alleged fraudulent practices.   In a statement posted on its website yesterday, the AfDB said: ”An investigation conducted by the bank’s office of Integrity and Anti-Corruption established that China Zhonghao Nigeria Limited, as a member of a joint venture with Oceanic Construction and Engineering Nigeria Ltd., was jointly responsible for its joint venture partner’s fraudulent misrepresentations of its year of incorporation, the value of its reference…

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