Category: Top Stories

European stocks close down as London lags

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European stocks finished lower on Monday as Britain’s export-heavy FTSE index tumbled due to a stronger pound, while selling in defensive sectors such as healthcare and utilities dented early gains in markets.     After rising as much as 0.2 per cent after a surprise rise in German exports and hopes of stimulus from the European Central Bank later this week, the pan-European STOXX 600 index gave up gains as the day wore on.     According to Reuters, the index closed down 0.3 per cent, ending a three-day run…

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NSE opens week bearish, shaves off N28bn

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      The equities market closed yesterday on a negative note to commence the weekly trading activities on the downswing after the market also closed last Friday negative.   The market performance indices, NSE ASI, depreciated by 0.21 per cent.     The downswing, according to market watchers, was due to sustained sell offs by investors.     Consequently, the All-Share Index dropped by 56.73 basis points or 0.21 per cent from 27,146.57 index points last Friday to 27.089.84 while the market capitalisation of equities depreciated by N28 billion…

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‘Ecobank leveraging  technology to expand financial inclusion’

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        The Managing Director, Ecobank Nigeria, Patrick Akinwuntan, has disclosed that the bank is leveraging technology to push the frontiers of financial inclusion of the unbanked and under-banked in the country.   The managing director said this in his keynote presentation at the Vanguard Economic Forum series on mobile money market and fintech.   The forum with the theme, ‘Leveraging Fintech Innovation for Unlocking Growth and Competitiveness in Nigeria’s Mobile & Payment Ecosystem’ held in Lagos.   He pointed out that Nigeria, which has improved financial inclusion…

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SABEX unlocks export market for Nigerian farmers

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    SABEX, the world’s first end-to-end blockchain commodities trading and financing platform, was formally unveiled to policy makers, agriculture value chain players, investors, international financiers and development agencies at the 2019 edition of Agriculture Summit Africa, organised by Sterling Bank Plc, at the weekend in Abuja.   Powered by Sterling Bank, Binkabi and AFEX Commodities Exchange, the digital commodities trading platform, provides real time credit finance for farmers, secure storage and a ready market for both farmers and buyers to transact thereby reducing post-harvest wastage of farm produce across…

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 Zenith Bank’s ‘Aspire Music Festival’ debuts in Lagos

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      Zenith Bank Plc is set to light up the social and entertainment scene this month with the announcement of the bank’s “Aspire Music Festival.”   In a press release, the lender said that the music festival, which is the “most anticipated entertainment event of the year,”  holds on Saturday, September 21, 2019 by 8.00pm at the Harbour Point Event Centre, Victoria Island, Lagos.   According to the release, “the festival promises to be a night to remember, as it will feature captivating and thrilling musical performances by…

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  Chief Executive Officer of the World Bank, Ms. Kristalina Georgieva, is set to step into Christine Lagarde’s shoes as Managing Director of the International Monetary Fund (IMF).   Lagarde is quitting the IMF on September 12, having resigned  in July following her nomination to become head of the European Central Bank (ECB).   The IMF announced in a press release yesterday that with the period for submitting nominations for the position of the next MD of the fund having closed on Friday, September 6, Georgieva, a Bulgarian national, was…

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Nigerian seafarers earn 61% less than foreign counterparts

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      Nigerian seafarers have rejected the newly approved Collective Bargaining Agreement (CBA) wages after realising that they were earning 61.5 per cent less than their foreign counterparts. The new wage was approved by the National Joint Industrial Council (NJIC) but it is far below international standard.     The newly signed CBA centred on the welfare of the seafarers and implementation of the Maritime Labour Convention (MLC), 2006.     Finding revealed that the new wage approved last July by the International Transport  Federation (ITF)/ International Labour Organisation (ILO)…

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EFCC hunts for multi-million dollars oil deal infraction culprits

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        The anti-granft agency, Economic and Financial Crimes Commission (EFCC), has begun a manhunt for culprits of multi-million dollars oil contracts’ infractions.     Already, forensic audit commissioned by the Nigerian Content Development and Monitoring Board (NCDMB)  has indicated over 15 oil firms of non-remittance of statutory funds into the government’s covers.   Considered this as a breach of contract, the board, checks showed, handed over the audit to the EFCC for “necessary action.”     A correspondence exchanged between the EFCC and NCDMB, sighted by this…

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Nigerians spend N38bn on mobile SMS in 12 months

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     Despite the threat of Over the Top (OTT) services, Whatsapp, Facebook, etc, mobile network operators in Nigeria realised approximately N38 billion from short message service (SMS) in 2018.     This indicated that Nigerians still pay for text messages amidst availability of different data-based free messaging platforms.     Industry data released by the Nigerian Communications Commission (NCC) showed that the telcos recorded 9.5 billion outgoing SMS in the 12 months period. Based on the fixed cost of N4 per SMS, the operators pocketed N38 billion from the…

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Apere: Review tier-based arrangement for micro-insurance

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    Following the National Insurance Commission’s (NAICOM) decision to recapitalise the insurance sector, the Managing Director/Chief Executive Officer, Achor Actuarial Services Limited, Pius Apere, has advised the commission to also a review the classification arrangement being adopted for the micro-insurance segment of the sector.   This, he said, would prevent conventional insurers, who are likely to downscale to micro-level from not taking advantage of the market because of their size against beginners.   Apere, who gave the advice at the 4th National Insurance and Pension Correspondents (NAIPCO) National Conference…

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