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NSE

NSE Equities Cap ₦149 Billion As Bulls Return To Market

January 17, 2020 5:11 am

The bulls returned to the stock market thursday after two days of absence lifting the Nigerian Stock Exchange (NSE) All-Share Index (ASI) by one per cent to close at 29,352.13, while market capitalisation added ₦149 billion to close at ₦15.1 trillion.

After rallying for many days the market declined last Tuesday and Wednesday on profit taking. However, the market rebounded yesterday as 23 stocks appreciated as against 16 stocks that depreciated.

Livestock Feeds Plc led the price gainers with 10 per cent trailed by Forte Oil Plc with 8.4 per cent. Lafarge Africa Plc gained 6.3 per cent, while …

VAT In Nigeria Now 7.5 Percent As Buhari Signs Finance Bill

January 13, 2020 8:29 am
President Muhammadu Buhari has signed the 2019 finance bill into law in Abuja on Monday.

The import is that the Value Added Tax (VAT) in Nigeria is now officially 7.5 percent from 5 percent.

The bill was submitted to the national assembly alongside the budget but the bill signing is coming 27 days after the 2020 budget was signed into law on December 17.

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“I am pleased to announce that this morning I signed into law the Finance Bill, 2019,” a tweet on the president’s Twitter account read.

“We introduced the

…

US Job Creation In 2019 Slowest In 8 Years

January 11, 2020 5:24 pm

America’s solid job creation continued in December but gains in for 2019 were the lowest in eight years, according to the closely-watched government report released Friday.

After a decade of rising employment, hiring last year slowed notably from the brisk pace seen in 2018: With 2.1 million jobs created, that made 2019 the weakest year since 2011, according to the Labor Department data.

The economy added an average of 175,000 new positions a month last year, a sharp drop from the 225,000 monthly average in the prior year.

The decline — which is not unusual after such a long stretch …

Tackling Menace Of Ponzi Schemes

January 8, 2020 8:51 pm

The Securities and Exchange Commission has made progress in tackling the activities of Ponzi schemes as part of efforts to protect investors in nation’s capital market, writes Goddy Egene

“We are working on the cases that we have at hand and they will be charged to court soon. They (Ponzi schemes) are everywhere and we are taking good actions to ensure that innocent Nigerians are not defrauded of their hard earned money. The cases are being prepared right now, and also establishing a process and structure. Once we are done with that, they will be charged to court.”

The above …

CEO Tim Cook Sees Pay Ebb Along With Apple Performance

January 4, 2020 3:49 pm

Apple chief Tim Cook saw his annual pay slip to $11.6 million in 2019 after the company registered a weaker financial performance compared with the previous year, according to documents filed Friday.

Cook, who took home $15.7 million in 2018, is paid a base salary of $3 million, in addition to a bonus and various compensations.

His 2019 incentive bonus, which is tied to Apple’s performance, tallied about $7.7 million, and was calculated based on the fact that Apple exceeded its sales target by only 28 percent.

That compared with $12 million in 2018, based on the company exceeding its …

Why Eco Is A Joke, Not In Nigeria’s Interest, By Experts

January 4, 2020 11:12 am

• Blame Nigeria For Dithering On Decision
• ‘Most ECOWAS Central Banks Have Not Audited Accounts In Four Years’

Economic experts have cautioned Nigerians holding the bated breath and anxiously waiting for the much-hyped Eco currency implementation this year 2020, as a common currency for the ECOWAS sub-region.

They have been advised to drop their apprehensions because the declaration by some ECOWAS countries remains a fluke and a joke, as conditions are not yet ripe for the implementation of the single currency for the region, at least not in the foreseeable two years.

They also warned that Nigeria hastily signing …

Union Bank Expands Presence In Nigeria

January 4, 2020 6:17 am

Union Bank has expanded its footprint in the country with the launch of two new branches in Anambra State.

The new branches were sited at Ekwulobia and Amawbia areas of Anambra State.

According to the bank, the development was part of its efforts to provide customers with simpler and smarter banking services.

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It also informed that the locations of the new branches took into consideration banking convenience for residents and businesses in the communities.

Speaking, the Chief Executive Officer of the bank, Emeka Emuwa, noted that the new branches would give the …

Nigeria, Sierra Leone Plan Currency Swap

January 2, 2020 8:22 am

The Chairman, Economic Community of West African States (ECOWAS) Committee of Governors of Central Banks, Prof. Kelfala Kallon, has disclosed a plan for currency swap between Nigeria and Sierra Leone.

Kallon, who is presently the Governor, Bank of Sierra Leone, also decried the increasing dollarisation of West African economies and subsequent depreciation of national currencies in the region.

Recall that the Central Bank of Nigeria (CBN), and Peoples Bank of China (PBoC), had in 2018, agreed on a currency swap worth $2.5 billion to reduce their reliance on the U.S. dollar in bilateral trade.

The agreement is aimed at providing …

Huawei Says ‘Survival’ Top Priority As Sales Fall Short

January 1, 2020 2:58 pm

Chinese telecommunications giant Huawei said Tuesday that “survival” was its top priority after announcing 2019 sales were expected to fall short of projections as a result of US sanctions.

Huawei, a global leader in telecom networking equipment has been effectively banned by the United States from working with American firms on the grounds that it poses a national security threat -– an accusation the company has consistently denied.

Chairman Eric Xu said Huawei’s sales revenue for 2019 was likely to reach 850 billion yuan (US$121 billion) — up roughly 18 percent from the previous year.

Though he said “business remains …

US-China ‘Phase One’ Trade Deal To Be Signed January 15

January 1, 2020 2:57 pm

A partial new US-China trade agreement will be signed in the middle of next month, US President Donald Trump said Tuesday, announcing that he will also then travel to China for continued talks.

Trump’s tweet, sent moments before Wall Street opened for the year’s final trading day, set a calendar date for an event that had hung in uncertainty in recent weeks as details remained scant.

Washington and Beijing earlier this month announced a “Phase One” trade deal, de-escalating their nearly two-year trade war as Trump reduced or canceled some tariffs while Beijing promised to adopt trade reforms and …

2020: Economy Set To Ride On Non-Oil Sector For Growth

December 29, 2019 7:04 am

The prospects for economic growth in 2020 seem bright, but the growth is expected to be fragile. As it was the case in 2019, non-oil sector driven by agriculture, ICT and manufacturing among others, will deliver the expected result, writes Bamidele Famoofo

The economy is expected to expand beyond the record achieved in 2019. Economic experts have predicted a modest 2.25 percent GDP growth for the economy in 2020, noting that key driver of growth in the fiscal year would be the non-oil sector. The non-oil sector continued to keep overall GDP afloat for much of 2019, having supported overall …

Access Bank Wins Most Sustainable Bank At 2019 CBN Awards

December 27, 2019 8:15 am

Access Bank Plc., was recently acknowledged as the Most Sustainable Bank in Nigeria for the third consecutive time at the 2019 Central Bank of Nigeria Sustainability Awards held at the 2019 Bankers Committee Gala Night in Ogere, Ogun State, Nigeria.

The bank was also awarded first position in other categories such as the ‘Most Sustainable Transaction of the Year in Agriculture’ and the ‘Most Sustainable Transaction of the Year in Oil and Gas’. Additional wins include the ‘Most Sustainable Transaction of the Year in Power’ and the ‘Bank of the Year in Women Economic Empowerment’.

According to Herbert Wigwe, …

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