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Interest In Bellwethers Lift Stocks Index By ₦15 Billion

Interest In Bellwethers Lift Stocks Index By ₦15 Billion

October 24, 2019 1:32 am
Following investors renewed appetite in some bellwether stocks, the Nigerian equities market rebounded yesterday, as market capitalisation appreciated by ₦15 billion.

Specifically, at the close of transactions, the All -Share Index (ASI) rose by 32.11 points or 0.12 percent to 26,397.94 points. Accordingly, investors gained ₦15 billion in value as market capitalisation rose to ₦12.850 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which were; Dangote Cement, United Bank for Africa (UBA), FBN Holdings, UACN Property Development Company, and Omoluabi Mortgage Bank.

Analysts at Afrinvest Limited said: “Notwithstanding yesterday’s positive performance, we maintain

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FG Earmarks $1.61 Billion For Stable Power Supply - TCN

FG Earmarks $1.61 Billion For Stable Power Supply – TCN

October 20, 2019 8:13 am
  • Targets 20,000 MWs by 2022

Nigeria may soon wriggle out of incessant power outage as the federal government, in collaboration with some international donor agencies, has set aside over $1.61 billion to ensure steady power supply across the country.

Managing-Director/Chief Executive Officer of the Transmission Company of Nigeria (TCN), Alhaji Usman Gur, said the project would be carried out under the Transmission Rehabilitation Expansion Programme. Gur said the project targeted 20, 000 megawatts by 2022.

“We are rehabilitating and expanding to degree 20,000 megawatts by 2022 across the country,” he said at the weekend in Kano while speaking to journalists …

FG, World Bank To Discuss $3bn Power Sector Loan

FG, World Bank To Discuss $3 Billion Power Sector Loan

October 18, 2019 2:27 am

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, and other top government officials will exploit the opportunity of the ongoing annual meetings of the International Monetary Fund

(IMF) and the World Bank in Washington DC, United States of America to firm up discussions on the planned $3 billion facility targeted at addressing current challenges confronting Nigeria’s power sector.

Confirming the move in an interview on the sidelines of the ongoing meetings, Ahmed said the facility could actually be up to $3 billion, to be released in tranches for a period of about five years, adding that …

Nigeria loses ₦2 billion daily to petrol smuggling

Nigeria loses ₦2 billion daily to petrol smuggling

September 9, 2019 2:38 am

The Nigerian National Petroleum Corporation (NNPC) has confirmed that the nation’s economy loses ₦2 billion daily to fuel smuggling.

This comes as the Federal Government said its border closure decision had led to a reduction in the demand for the product, even as prices for rice and frozen foods keep rising due to restricted supplies.

Indeed, the national oil company submitted that it had witnessed a significant drop in Premium Motor Spirit (popularly called petrol) evacuation from the depots since August 22.

There had been concerns about the nation’s daily fuel demand, especially when the amount used to offset subsidy …

How Nigeria lost $9.6b gas contract award suit in UK

How Nigeria lost $9.6 billion gas contract award suit in UK

September 2, 2019 5:36 am

The Irish gas firm involved in the $9.6 billion asset controversy with Nigeria at the weekend blamed President Muhammadu Buhari’s government for the nation’s precarious situation in the matter.

According to P&ID, the current administration failed to take a conciliatory stance and was negligent in the processes leading to the confirmation of the award by the English Court.

A court in the United Kingdom had, two weeks ago, affirmed the right of P&ID to seize at least $9.6 billion (about N2.9 trillion in the official exchange rate of N305/$) of Nigeria’s assets as arbitration award because the country failed to …

Ihedioha has wasted over ₦70 billion in 3 months - Okorocha

Ihedioha has wasted over ₦70 billion in 3 months – Okorocha

August 24, 2019 1:19 am

Immediate past governor of Imo State, Rochas Okorocha has accused his successor, Emeka Ihedioha of being arrogant, anti-masses and mismanaging over ₦48 billion he left behind barely three months in office. In this interview with STANLEY UZOARU,  he also spoke on the alleged attacks on his family and government properties recovered from his wife as well as daughter’s shops. He also attacked his party, the APC for lying against him before President Buhari during the last general elections.

 

What do you think about the idea of a panel set up by the Imo State government to probe …

How Jay-Z made his $1billion fortune

How Jay-Z made his $1 billion fortune

August 12, 2019 12:04 am

Nine years ago, two unlikely lunch partners sat down at the Hollywood Diner in Omaha, Nebraska. One, Warren Buffett, was a regular there. The other, Jay-Z, was not. The billionaire and the rapper ordered strawberry malts and chatted amiably, continuing the conversation back at Buffett’s Berkshire Hathaway offices.

Buffett, then 80, walked away impressed with the artist 40 years his junior: “Jay is teaching in a lot bigger classroom than I’ll ever teach in. For a young person growing up, he’s the guy to learn from.”

Less than a decade later, it’s clear that Jay-Z has accumulated a fortune that …

PDP against 27-year-old Makinde’s commissioner-nominee

Gov. Makinde declares assets, worth over ₦60 billion

July 16, 2019 3:51 am

Mr Seyi Makinde, the Oyo State Governor, on Monday, made public his assets after he received a copy of the asset declaration form which he had earlier submitted to the Oyo State office of the Code of Conduct Bureau (CCB) in Ibadan.

News Agency of Nigeria (NAN) reports that details of the assets show that he is worth over N60,473,300,066 according to the figures in the forms calculated with CBN rates for foreign currencies.

The details are contained in the CCB 1 with the name Oluseyi Abiodun Makinde, which was declared at the High Court of Oyo State, on May

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Nigeria losing over $3 billion to piracy - NCC DG

Nigeria losing over $3 billion to piracy – NCC DG

July 13, 2019 2:37 am

Speaking to newsmen on the sideline at the commission’s Governing Board meeting, Nigerian Copyright Commission (NCC) Director General, Mr. John Asein, said that effect of piracy is not only in monetary terms but also the colossal damage it does to practitioners.

Asein noted that the over $3b is just an estimation as its actual value is almost immeasurable.

He added: “Unfortunately, like most aspects of our national life, we don’t have exact figures, but you can only imagine when you have the size of Nigerian creative industry, you know that more than half of what should have come in goes …

U.S. seizes $1 billion worth of cocaine in Philadelphia

U.S. seizes $1 billion worth of cocaine in Philadelphia

June 19, 2019 2:10 am

Federal authorities seized 16.5 tons of cocaine worth more than $1 billion from a ship in Philadelphia in one of the largest drug seizures in U.S. history, the U.S. Justice Department said on Tuesday.

Federal, state and local law enforcement agents on Monday boarded the MSC Gayane, a cargo ship docked in Philadelphia’s Packer Marine Terminal, and found cocaine in seven shipping containers, according to a criminal complaint filed in Philadelphia federal court.

Federal authorities arrested and charged two of the ship’s crewmembers Ivan Durasevic and Fonofaavae Tiasaga. Both men told investigators how they helped load the ship with cocaine …

S/African Steinhoff posts $1.3 billion loss in 2018 result

S/African Steinhoff posts $1.3 billion loss in 2018 result

June 19, 2019 12:14 am

South African retailer Steinhoff International Holdings NV on Tuesday reported a narrow loss of 1.2 billion euro ($1.34 billion) for the 2018 fiscal year, in a much-delayed earnings report revealing the impact of an accounting fraud put at $7.27 billion.

Steinhoff, which is also listed in Frankfurt, delayed the results after finding holes in its accounts in December 2017, shocking investors who had backed its reinvention from a small South African furniture outfit into a discount furniture retailer straddling four continents.

The owner of Mattress Firm in the U.S., Fantastic chains in Australia and Conforama in France said the …

Bank of Industry disbursed over ₦270 billion loans in 2018

June 16, 2019 12:07 am

The Bank of Industry (BoI) disbursed over N270billion in 2018, the Executive Director, Large Enterprises, Bank of Industry, Mr. Simon Aranonu has said.

Speaking in an interview with The Nation at the weekend, he said, the Bank generated a total of N36billioin as profit within the same period, as against N22 billion made in the previous year.

According to Aranonu, BoI in the last 18 months has also grown its balance sheet from N700b in 2017 to N1.1trillion as of Dec 31 2018.

While commenting on the modus operandi deployed by the Bank to resolve loan repayment, Aranonu revealed that …

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𝐀𝐟𝐫𝐢𝐜𝐚 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐍𝐞𝐰𝐬, 𝐍𝐞𝐰 𝐘𝐨𝐫𝐤, is a nonpartisan online news portal founded on the truth to provide you with weekly, insightful articles written with precision and current updates on current events from Africa in particular and the rest of the world in general. All of our reports undergo extensive fact-checking to ensure their veracity, and we adhere strictly to the facts, no matter whose ox is gored.

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