SABEX unlocks export market for Nigerian farmers

admin

    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…

Read More

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

admin

      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…

Read More
admin

  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…

Read More

Nigerian seafarers earn 61% less than foreign counterparts

admin

      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)…

Read More

EFCC hunts for multi-million dollars oil deal infraction culprits

admin

        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…

Read More

Nigerians spend N38bn on mobile SMS in 12 months

admin

     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…

Read More

Apere: Review tier-based arrangement for micro-insurance

admin

    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…

Read More

Regulator lifts trading suspension on Deap Capital

admin

  The Nigerian Stock Exchange (NSE) has lifted trading suspension placed on the shares of Deap Capital Management and Trust Plc.   It suspended trading on the company’s shares for violating post-listing requirements.   The exchange had notified the Securities and Exchange Commission (SEC) and the investment community of the suspension and those of five other firms over default in filing their accounts as at when due.   The management of the exchange in a statement at the weekend said: “We refer to our Market Bulletin dated 1 November 2018, with…

Read More

H1: Access Bank reports N74bn post-merger profit

admin

  .Declares 25k interim dividend Access Bank Group’s audited H1 results released to the Nigerian Stock Exchange (NSE) yesterday showed gross earnings of N324.4 billion, up 28 per cent from N253.0 billion in the corresponding period of 2018. According to a statement from the bank, the growth in gross earnings was driven by 46 per cent increase in interest income on the back of continued growth in the bank’s core business and 22 per cent non-interest income underlined by strong recoveries.   The bank delivered a profit before tax of…

Read More

 ‘Q2 slowdown, mixed oil markets signal economic warnings to Nigeria’

admin

  Another recent escalation in the trade dispute between the US and China has punished crude oil prices and set off warning signals for oil-producing countries like Nigeria, FXTM Research Analyst, Mr. Lukman Otunuga, has said.   Otunuga in a report obtained by New Telegraph also said Nigeria’s GDP slowed down to 1.94 per cent in the second quarter from 2.1 per cent in the first quarter, following the trend seen in several economies such as Germany and the UK.   “It is becoming quite clear that as long as oil…

Read More