market

Tears As 5,000 Lose Jobs In Maiduguri GSM Market Fire

November 9, 2019 10:19 am

It was a day of rage and tears in Maiduguri, Borno State capital as dozens of people watch sanitation workers from the State Environmental Protection Agency (BOSEPA) shuffle through the rubble of burnt shops a day after fire gutted the popular GSM Market located at the city centre.

Some victims could not hold back their tears as they rummaged through heaps of burnt laptops, mobile phones, phone accessories and other ICT accessories. The atmosphere was tensed and chaotic as victims voiced out their frustration, anger and sadness at the night inferno.  It was a huge loss many say could affect …

Policeman Killed As Building In Lagos Market Collapses

Policeman Killed As Building In Lagos Market Collapses

November 6, 2019 5:08 am
The six-storey building gutted by fire on Tuesday in Lagos Island has collapsed, killing a policeman at the scene.

The six-story building located at 43, Martins Street, Lagos Island, collapsed around 8:30 p.m. on Tuesday as firemen continued to battle the inferno. A section of the burning building collapsed on the policeman, severely injuring him while trying to control the surging crowd.

Read also: Traders Bemoan Balogun Market Fire In Lagos

Confirming the death, LASEMA PRO, Mr. Nosa Okunbor, described it as unfortunate. He said the portion that collapsed was weakened by the fire. He also disclosed that the building …

Traders Count Losses As Fire Guts Balogun Market In Lagos

Traders Bemoan Balogun Market Fire In Lagos

November 6, 2019 3:29 am

A wildfire yesterday gutted a section of the popular Balogun Market on Lagos Island.

An eyewitness disclosed to The Guardian that a section of the market was engulfed in flames. According to a source, the building on fire is a shopping plaza located at No. 43, Martins Street, Lagos Island.

Firemen from the Lagos State Fire Service have arrived at the scene alongside other security officers to put out the fire.
Traders in the busy market have lamented the inability of the firefighters to put out the raging inferno.

…
Bonds Market Sell-Off Halts After OMO Restriction

Bonds Market Sell-Off Halts After OMO Restriction

November 4, 2019 3:45 am

Following the Central Bank of Nigeria’s (CBN) recent restriction of individuals, local corporates and non-bank financial institutions from participating in the primary and secondary markets for open market operations (OMO) securities, there was a strong bullish sentiment in the bonds market last week.

As such, the preceding week’s bearish performance came to a halt with average yield in the domestic market trending lower by 113 basis points (bps) to close at 12.87 per cent.

According to a report by Afrinvest, at the beginning of last week, average yield slumped 20bps. This was sustained on Tuesday and Wednesday as average yield …

Fire Razes Maiduguri GSM Market

November 1, 2019 11:23 am

Dozens of shops and property worth millions of naira were destroyed in a Thursday night fire at the Maiduguri GSM market.

The News Agency of Nigeria (NAN) reported that the fire started at about 8:00 pm and lasted for several hours before it was extinguished through the fire servicemen, security personnel and members of the community.

Read Also: Pakistan Train Fire: 73 Passengers Feared Dead

The market popularly called “Kasuwar Jagol,” is located at Post Office area of the metropolis, providing business spaces to thousands of traders and artisans in the area.

The Public Relations Officer (PRO) of the Borno …

Foreign Investments In Equities Market Soar To ₦1.2tn

Foreign Investments In Equities Market Soar To ₦1.2tn

October 23, 2019 3:51 am

Foreign transactions in the Nigerian equities market soared by 97.88 percent from ₦616 billion to ₦1.219 trillion in the last 12 years, figures released yesterday by the Nigerian Stock Exchange (NSE) have shown.

The jump, which is between 2007 and 2018, indicated foreign investors’ preference for the Nigerian equities market.

However, while foreign investors increased their investments, their domestic counterparts’ participation declined in the review period, falling by 66.6 percent from ₦3.556 trillion in 2007 to ₦1.185 trillion in 2018.

In 2018 alone, for instance, foreign transactions accounted for 51 percent while domestic investors accounted for 49 percent. But the …

NERC, CBN Consider Ways To Monitor Electricity Market Fund

NERC, CBN Consider Ways To Monitor Electricity Market Fund

October 21, 2019 9:47 am

In a bid to curb the poor remittances of power market funds by distribution companies, the Nigerian Electricity Regulatory Commission (NERC) is to set up mechanisms to rectify the Discos’ unruly financial behaviours by monitoring the monthly financial inflows into the country’s power market from the power distribution firms, journalists learnt at the weekend.

According to a source, a new Central Bank of Nigeria (CBN) and NERC-driven presidential initiative on power market revenue would be rolled out soon to ensure that the Discos no longer default in their minimum monthly remittances to the market.

The source said the CBN was …

Traders Lament Illegal Demolition Of Market In Ikorodu

Traders Lament Illegal Demolition Of Market In Ikorodu

October 18, 2019 1:35 am

Traders at the popular Fadama Market in Ikorodu North local government area of Lagos State have lamented what they described as illegal demolition of their stores by task force officials, who were allegedly guided by armed military operatives. The traders also lamented their losses running into several millions of naira. The Fadama market is along Odogunyan road, opposite the farm settlement after the Lagos State Polytechnic.

According to one of the affected traders, Enajero Darlington Eguriase, who produces livestock feed, a quit notice was served on the traders from the Oba’s palace to leave the market with immediate effect last …

NSE, Luxembourg Stock Sign MoU To Expand Green Bond Market

NSE, Luxembourg Stock Sign MoU To Expand Green Bond Market

October 10, 2019 12:50 am

The Nigerian Stock Exchange (NSE) and the Luxembourg Stock Exchange (LuxSE) have signed a Memorandum of Understanding (MoU) to promote cross-listing and trading of green bonds in Nigeria and Luxembourg.

The MoU was signed by the Chief Executive Officer (CEO) of the NSE, Mr. Oscar Onyema and CEO of LuxSE, Mr. Robert Scharfe, during the annual meeting of the World Federation of Exchanges in Singapore yesterday.

NSE said in a statement that the MoU further established an agreement for the two exchanges to collaborate with a view to sharing best practises and organising joint initiatives in their respective markets.

Commenting, …

Union Bank Secures $200m To Fund SMEs And Market Women

Union Bank Secures $200m To Fund SMEs And Women Groups

October 4, 2019 3:16 pm

Union Bank of Nigeria Plc has secured $200 million in funding via a partnership with sub-Saharan Africa financial services group, Atlas Mara Limited, in agreement with Overseas Private Investment Corporation (OPIC), the United States government’s development finance institution.

In notification to the Nigerian Stock Exchange (NSE) yesterday, Union Bank said under the terms of the agreement, the bank will receive a 10- term credit facility of up to $200 million from OPIC for investments in digitisation, on-lending to Small and Medium Enterprises (SMEs) and funding for women-led businesses, as part of OPIC’s 2X Women’s initiative which aims to catalyse $1 …

Hong Kong now world’s most expensive office market

Hong Kong now world’s most expensive office market

June 17, 2019 1:36 am

A new report from CBRE, says the rising cost of leasing prime office space accelerated across the globe due to continued economic growth, job gains and limited availability of prime space in certain markets. Of the 122 markets tracked by CBRE, 85 registered cost increases.

CBRE’s annual Global Prime Office Occupancy Costs Report found that average costs for leasing the best office space in each market’s best location increased by 3.6 percent globally in that 12-month period, outpacing the year-earlier gain of 2.4 percent.

According to CBRE, the 10 most expensive markets were the same markets as last year, though …

Eid-el-Fitri: NSE market indices down by 0.45%

Eid-el-Fitri: NSE market indices down by 0.45%

June 3, 2019 2:57 pm

The Nigerian equities market maintained a bearish outing on Monday, having opened for the week with a loss of 0.45 per cent.

The News Agency of Nigeria (NAN) reports that the bearish trend was on the back of losses witnessed in highly capitalised equities.

NAN reports that the Nigerian Stock Exchange(NSE) will close for June 4 and 5 in line with public holidays declared by the Federal Government to mark Eid-el-Fitri celebration.

Speficially, the All Share Index (ASI) shed 141.08 points, representing a dip of 0.45 per cent to close at 30,928.29 against 31,069.37 on Friday.

Similarly, the market …

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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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