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Nigerian Stock Exchange List Union Bank ₦30bn 10Yrs Bond

October 19, 2019 3:05 am

The Nigerian Stock Exchange (NSE) last Friday listed the  Union Bank of Nigeria Plc’s ₦30 billion  10-Year, 16.2 per cent Subordinated Unsecured Fixed Rate Series 3 Bonds Due 2029.

The bond was issued by the financial institution under its ₦100 billion debt issuance programme and its listing will create liquidity for holders who want to trade the security. The bond is expected to boost the performance of the bank going forward.

Union Bank of Nigeria had reported profit before tax (PBT)of ₦18.7 billion for the half-year ended June 30, 2019, showing an increase of four percent from ₦11.7 billion in …

Ahmed: FG Optimising Revenue Mobilisation Potential

Ahmed: FG Optimising Revenue Mobilisation Potential

October 17, 2019 11:23 am

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has said the federal government will optimise the country’s potential in revenue mobilisation in 2020.

Ahmed said this in an interview with journalists at the ongoing IMF/World Bank Annual Meetings in Washington DC.

According to her, budgeting is supposed to be based on taxes that a country is able to generate.

“It is an anomaly for us in Nigeria that our budgets have not been focusing on revenue. What we are trying to do in 2020 is to harness the full potential of revenue mobilisation. The only increase …

British Pound Rises On Brexit Draft Deal

British Pound Rises On Brexit Draft Deal

October 17, 2019 10:41 am

Pound soared Thursday to within a whisker of $1.30, striking five-month peaks after the European Union reached a draft Brexit withdrawal deal with London.

The pound quickly rose more than one percent to $1.2990 before profit-taking set in. The euro slid to 85.76 pence as the news flashed across traders’ screens.

The British capital’s benchmark FTSE 100 shares index meanwhile accelerated gains to stand 0.6 percent higher compared with Wednesday’s closing level.

British Prime Minister Boris Johnson will still have to take the accord to a sceptical UK parliament for its backing on Saturday.

It is unclear how many of …

Border Closure Targetted At Criminals, Not Countries

Border Closure Targetted At Criminals, Not Countries

October 17, 2019 8:38 am

Nigeria’s foreign affairs minister Geoffrey Onyeama on Thursday said the temporary closure of the country’s borders was not targetted at any countries but to curb criminal activities.

“No country is targeted,” Onyeama told journalists after a meeting with Ghana’s foreign minister Shirley Botchwey in Abuja.

“We are within ECOWAS, we respect the ECOWAS rules, free movement of persons, and goods and that should continue.”

In August, Nigeria shut its land borders to neighbouring African countries.

President Muhammadu Buhari explained that the border closure was aimed at taming the ‘massive’ smuggling activities, especially of rice, taking place on that corridor.

Emphasizing …

Nigeria Can’t Recover $62bn From Oil Majors, Says Sylva

Nigeria Can’t Recover $62bn From Oil Majors, Says Sylva

October 17, 2019 8:27 am

The Minister of State for Petroleum, Mr. Timipre Sylva has said that Nigeria knows that it cannot recover $62 billion from oil majors despite ongoing cases against the companies for money the government believes it is owed.

“Nobody can bring out that kind of money,” Sylva told reporters after a weekly cabinet meeting in Abuja. “I mean, we can’t get $62 billion. We can maybe get something from them but not $62 billion. It’s an opportunity we have lost.”

The federal government has been fighting for the cash under a 1990s law that states it can revisit the Production …

Implement Revenue Drive With Caution, FSDH Tells FG

Implement Revenue Drive With Caution, FSDH Tells FG

October 17, 2019 5:55 am

The federal government has been advised to implement its revenue drive with caution, so as to limit undue pressure on businesses and consumers.

Analysts at FSDH Merchant Bank Limited gave the advice in a report on the proposed 2020 Appropriation Bill President Muhammadu Buhari submitted to the National Assembly recently. A copy of the report was made available to newsmen yesterday.

The Lagos-based research and investment bank pointed out that given the slow economic recovery with Gross Domestic Product (GDP) growth below two percent, the government should avoid measures that would emasculate businesses.

The firm, however, welcomed the early presentation …

Jumia Urges FG To Use Technology For Productive Economy

Jumia Urges FG To Use Technology For Productive Economy

October 17, 2019 5:44 am

The Chief Executive Officer of Jumia Nigeria, Juliet Anammah has identified access to quality education as the key to managing huge population for a productive economy. She, therefore, called on the federal government to leverage technology to manage its huge population for a productive economy.

According to her, there is a need for policies that support micro industries in order to tackle unemployment. “Providing unemployed youths with internet-enabled smartphones is one of the infrastructure that could take millions out of unemployment,” she said.

Anammah made this disclosure while speaking as a panel member at the 25th Nigerian Economic Summit in …

572,392 Consumers To Receive Meters In Four States

572,392 Consumers To Receive Meters In Four States

October 16, 2019 6:21 pm

No less than 572,392 consumers will receive meters within the next two years across BEDC Electricity Plc. (BEDC) franchise areas covering Edo, Delta, Ondo and Ekiti state under the Meter Asset Provider (MAP) scheme. The breakdown according to BEDC, is as follows: Edo, 190,000 meters, Delta; 200,200 meters, Ekiti; 67,452 meters and Ondo; 114740 meters respectively.

Executive Director, Commercial, Abu Ejoor made this known during while unveiling the MAP scheme held across the coverage areas in Benin, Asaba, Ado-Ekiti and Akure, stressing that in taking off, MAP will initially have up to three months of build-up roll out, which …

Emefiele Begs Rice Millers Not To Hike Price Of Local Rice

Emefiele Begs Rice Millers Not To Hike Price Of Local Rice

October 16, 2019 9:41 am

Following an unprecedented increase in the prices of locally-produced rice as a result of border closure, Governor, Central Bank of Nigeria (CBN), Godwin Emefiele, has appealed to rice millers, merchants and distributors to refrain from such acts, saying it’s very unpatriotic. Emefiele, who met with members of the Rice Millers Association of Nigeria (RIMAN), merchants and distributors at the CBN Headquarters, in Abuja, yesterday also urged them to desist from hoarding the grain.

Noting that imported rice is usually laced with too many chemicals for preservation, which are not good for consumption, he explained that the border closure was to …

CBN: ₦500 And ₦1000 Are The Most Commonly Faked Notes

CBN: ₦500 And ₦1000 Are The Most Commonly Faked Notes

October 16, 2019 9:01 am

The Central Bank of Nigeria (CBN) on Wednesday, said that a total of 119,663 pieces of counterfeit notes with a nominal value of ₦98.82 million was recorded in 2018.

The bank said this in the Currency Operations 2018 Annual Report, posted on its website.

The CBN said the figure indicated a decline of 1.30 percent in volume terms and an increase of 5.77 percent in value terms when compared with 118,126 pieces with a nominal value of ₦93.43 million recorded in the corresponding period of 2017.

The regulator said that the ratio of counterfeit notes to the volume of banknotes …

AMCON Debt Can Increase To ₦6.6trillion By 2024 - Experts

AMCON Debt Can Increase To ₦6.6trillion By 2024 – Experts

October 16, 2019 6:33 am

A legal expert,  Muyiwa Balogun, has called on the Asset Management Corporation of Nigeria (AMCON) and its Asset Management Partners (AMPs) to leverage the 2019 amended AMCON Act, which has been signed into law by President Muhammadu Buhari to recover the over ₦5 trillion outstanding AMCON debt before sunset.

Balogun who made a case in support of the 2019 Amendments while addressing external solicitors and AMPs of AMCON in Abuja painted a gloomy picture of what could befall the economy if the debts were not recovered in time

According to him, AMCON debt could easily rise to N6.6trillion by 2024 …

Anya, Kolade Doubt The Capacity Of APC, PDP To Fix Nigeria

Anya, Kolade Doubt The Capacity Of APC, PDP To Fix Nigeria

October 16, 2019 3:43 am
  • Tinubu challenges citizens to claim their destiny

Former Chief Executive Officer of the Nigeria Economic Summit Group (NESG), Professor Anya O. Anya believes that the country’s problems have gone beyond what the present political elite, including the ruling All Progressives Congress (APC) and opposition Peoples Democratic Party (PDP) can address.

Anya, who was the guest speaker at The Niche Newspaper’s Annual Lecture themed ‘Business and Accountable Governance: The Obligation of Leadership’ in Lagos, wondered where the country could begin to resolve its numerous problems, which seem insurmountable.

“Where can we begin? We must start from the recognition that the current …

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