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Study: Private equity firms failing to identify cyber risks

November 16, 2019 admin

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…

International Breweries reports N16bn loss

November 16, 2019 admin

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. …

CJS set agenda for market repositioning

November 16, 2019 admin

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…

OMO restriction: NSE extends weekly gain by 2.04%

November 15, 2019 admin

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…

AfDB, EU reaffirm partnership to create jobs in Africa

November 15, 2019 admin

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…

Elumelu foundation advises youths to imbibe job creating mentality

November 15, 2019 admin

Chief Executive Officer, Tony Elumelu Foundation, Ifeyinwa Ugochukwu, has urged youths to imbibe a job creating mentality for success in the future. She stated this at the Misk Global Forum in Riyadh, Saudi Arabia. The event, which had as its theme, “Work Reworked, ” focused on discovering the new trends and transformation in the world of work, regardless of location or socio-economic divide. Speaking on the theme, “Dinosaur or Future-Fit/ Careers in a Post-Job Era,” she emphasised the role entrepreneurship plays in educating the youth for…

Sterling Bank pledges more support for education

November 15, 2019 admin

Sterling Bank Plc has pledged to continue its support of players in the education sector in a bid to lift the sector out of its current situation, which is unacceptable to most Nigerians. Education Lead at Sterling Bank, Mrs. Eniola Obe, disclosed this at the sixth edition of the Lafarge Africa National Literacy Competition held in Lagos recently with the theme, “Bridging the Literacy Gap Together.” According to her, Sterling Bank decided to support the programme because education is one of the five sectors of the …

Analysts: OMO restriction threatens banks’ profitability

November 15, 2019 admin

The decision by the Central Bank of Nigeria (CBN) to bar non-bank locals (individuals and corporates) from participating in its Open Market Operations (OMO) at both the primary and secondary markets, could make it difficult for the banks to comply with the apex bank’s Loan to Deposit Ratio (LDR) requirements, thereby affecting their profitability, analysts at Comercio Partners have said. In a report obtained by New Telegraph at the weekend, the analysts noted that the OMO restriction had resulted to a decline in yields at the CBN’s…

Open Skies: ‘Why Nigerian carriers are at disadvantage’

October 10, 2019October 9, 2019 Dorothy Ewah

Despite the Open Skies’ policy otherwise known as the Single Africa Air Transport Market (SAATM), Nigerian carriers are at a very disadvantaged position, according to findings by New Telegraph. SAATM is a project of the African Union to create a single market for air transport in Africa. Once completely in force, the single market is supposed to allow significant freedom of air transport in Africa, advancing the AU’s Agenda 2063. The inability of Nigerian carriers to compete coupled with fragmentation and weakness could throw…

Poachers smuggle N365m worth of pangolin from Nigeria

October 10, 2019October 9, 2019 Stella Okofi

Investigations have revealed that this year alone, smugglers have illegally exported pangolin scales weighing a combined 33.9 tonnes worth more than $100 million (N365 million) to Asia via Nigerian ports. A survey conducted by wildlife trade watchdog, TRAFFIC, revealed that porous borders, lax law enforcement, corruption around the Nigerian ports helped criminal networks in Nigeria corner most of the African trade in pangolins, considered to be the world’s most trafficked mammal. It explained that the combined 33.9 tonnes worth more than $100 million shipment to…