Business News

Tuesday, 05 January 2021 05:34

Atiku sells off shares in Intels, accuses Buhari of political persecution

Co-founder of Integrated Logistics Services Nigeria Ltd (Intels), Atiku Abubakar, has been selling his shares in Intels over the years. A statement by his media adviser, Paul Ibe, on Monday in Abuja, said Abubakar, former vice president and presidential candidate of Peoples Democratic Party in the 2019 general elections, took the decision because the Muhammadu Buhari government has destroyed the economy. ”It assumed greater urgency in the last last five years, because this Government has been preoccupied with destroying a legitimate business that was employing thousands of Nigerians because of politics,” a part of the statement read. Abubakar, who was…

Tuesday, 05 January 2021 05:33

OPEC+ deadlocked over raising oil output

OPEC+ will resume talks on Tuesday after reaching a deadlock over February oil output levels as Saudi Arabia argued against pumping more due to new lockdowns while Russia led calls for higher production citing recovering demand. The unusual decision to push negotiations into a second day was taken after a three-hour debate in a virtual meeting of OPEC+, which groups OPEC and other producers including Russia. The talks are scheduled to resume at 1430 GMT on Tuesday. OPEC+ sources told Reuters that Russia and Kazakhstan had backed raising production while Iraq, Nigeria and the United Arab Emirates suggested holding output…

Tuesday, 05 January 2021 05:32

Stocks begin 2021 on positive note with N459bn gain

Trading activities on the floor of Nigerian Stock Exchange on Monday opened the New Year on a positive note following gains recorded by major blue chip firms. Market performance indices, the NSE ASI and market capitalisation, appreciated by 2.18 per cent as some blue chip stocks recorded price appreciation. Market breadth closed positive as Honeywell Nigeria Flour Mills Plc led 32 gainers as against two losers topped by FCMB Plc at the end of the trading session, an improved performance when compared with the previous day. Consequently, the All-Share Index grew by 876.67 basis points or 2.18 per cent from…

Tuesday, 05 January 2021 05:30

Foreign investors gearing up to plug Nigeria’s $82 billion health-care gap - Report

The coronavirus pandemic has sharpened the lens on a substantial health-care spending gap in Africa’s largest economy, and international investors are seeking to fill the void. When it comes to health care, Nigeria is lagging its comparable African neighbors in terms of expenditure and access. For example, Nigeria’s public spending on health care amounts to just 3.89% of its $495 billion GDP (gross domestic product), according to the latest available figures from the World Bank, compared to 8.25% in South Africa and 5.17% in Kenya. According to a recent report from real estate consultancy Knight Frank, Nigeria would require 386,000…

Tuesday, 05 January 2021 05:19

Want to achieve success? Develop a strategic mindset

The study shows that people with a strategic mindset are the ones who, in the face of challenges or setbacks, ask themselves: “How else can I do this? Is there a better way of doing this?”. As a result, these people tend to apply more effective strategies when working towards their goals in life—including those in education, work, health, and fitness. They tend to get better grades in school, make greater progress towards their professional, health, and fitness goals, and even perform a novel challenging task more efficiently. “These findings are exciting because psychological science has long known that having…

Monday, 04 January 2021 05:46

CBN injected $4.37bn into forex markets in three months - Report

Central Bank of Nigeria injected $4.37bn into the foreign exchange market in the third quarter of 2020 as part of efforts to ensure the stability of the naira. CBN disclosed this in its third-quarter economic report. The bank said through its periodic interventions in the forex market, it continued to boost the supply side of the market, as Covid-19 crisis weakened the private sector supply chain segment of the market. Part of the report read, “During the third quarter of 2020, total foreign exchange sales to authorised dealers by the bank amounted to $4.37bn, a decline of 2.3 per cent…

Monday, 04 January 2021 05:45

CBN announces new capital base for mobile money operators

Mobile Money Operators (MMOs) are to maintain a minimum of N2 billion capital base, Central Bank of Nigeria (CBN) has directed in a circular signed by its Director, Payments System Management Department, Musa Jimoh. They have also been authorised by the apex bank to hold customers’ funds under its new licencing framework. According to the circular, the new framework offers clarity for new and existing market participants. Jimoh explained that under the new licensing regime, e-money issuing, wallet creation, pool account management and other activities are permissible under super agents. The CBN director said the new policy aligns with CBN’s…

Monday, 04 January 2021 05:44

Nigerian Stock Exchange has re-adjusted its market indices. Here are the companies removed and those that replaced them

Nigerian Stock Exchange (NSE) has removed 17 companies from its market-gauging indices to ensure that the indices fully reflect the market situation and the underlying fundamentals they represent. At the end of the annual full-year market index review, NSE removed 17 companies from seven indices while six remained unchanged. The Exchange also added 10 companies to replace some of the exited companies. The newly reconstituted indices take effect today. The reviewed indices included the NSE 30 Index, NSE Lotus Islamic Index, NSE Pension Index, Corporate Governance Index, Afrinvest Bank Value Index, Afrinvest Dividend Yield Index, Meristem Growth Index, Meristem Value…

Monday, 04 January 2021 05:40

The online boom and future of global e-commerce

Over the past ten months most people in the rich world have participated in the biggest shopping revolution in the West since malls and supermarkets conquered suburbia 50 years ago. The pandemic has led to a surge in online spending, speeding up the shift from physical stores by half a decade or so. Forget the chimney; Christmas gifts in 2020 came flying through the letterbox or were dumped on the doorstep. Workers at a handful of firms, including Amazon and Walmart, have made superhuman efforts to fulfil online orders, and their investors have made supernormal profits as Wall Street has…

Monday, 04 January 2021 05:36

My employees are afraid to be promoted

How do I handle their worries about their coworkers' reactions? Inc.com columnist Alison Green answers questions about workplace and management issues--everything from how to deal with a micromanaging boss to how to talk to someone on your team about body odor. A reader writes: I manage a public library. I have recently been tackling some personal issues among the staff and I'm not sure how to proceed. A lot has changed about the way we provide service in libraries, and recently two employees have really stepped up to the plate. I plan to promote them to either supervisory or full-time…

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Saturday, 02 January 2021 05:18

African free trade bloc opens for business, but challenges remain

African countries began officially trading under a new continent-wide free trade area on Friday, after months of delays caused by the global coronavirus pandemic. But experts view the New Year’s Day launch as largely symbolic with full implementation of the deal expected to take years. African Continental Free Trade Area (AfCFTA) aims to bring together 1.3 billion people in a $3.4 trillion economic bloc that will be the largest free trade area since the establishment of the World Trade Organization. Backers say it will boost trade among African neighbours while allowing the continent to develop its own value chains. The…

Friday, 01 January 2021 06:29

CBN again devalues Naira in Investors and Exporters window

Central Bank of Nigeria depreciated the naira yesterday by N16.25 kobo in the Investors and Exporters (I&E) window. This represents the third and biggest daily depreciation of the naira since 2017. Recall, the indicative exchange rate for the window jumped to N374 per dollar at the close of business from N368.33 per dollar on 11th of March 2020, translating to N5.67 depreciation for the naira. Similarly, last month, CBN depreciated the naira by N7.75 in the window, as the FMDQ platform, showed that the I&E window rose to N393/$ at the close of business from N385.5/$ November 24 2020. Data…

Friday, 01 January 2021 06:28

Nigerian stocks gained N8trn overall in 2020 - Report

Equities investors in the Nigerian capital market have every reason to cheer as the value of their investments, measured by the Nigerian Stock Exchange (NSE) capitalisation, went up by N8 trillion in 2020. This translated to a 60 per cent gain. The market capitalisation rose from N12.969 trillion in 2019 to N21.057 trillion as at the close of market yesterday. At the close of trading yesterday, the NSE All-Share Index (ASI) delivered 50 per cent return, rising from 26,842.07 to close at 40,270.72, compared with a decline of 14.6 per cent in 2019 and 17.81 per cent in 2018. The…

Thursday, 31 December 2020 05:42

Stocks gain another N214bn as bull run persists

Equity trading on the floor of Nigerian Stock Exchange on Wednesday closed on the positive note with a gain of N214bn as the bulls sustained grip on trading activities. Market performance indices, the NSE ASI appreciated by 1.03 per cent with market closing positive with 23 gainers against 19 losers. Consequently, All-Share Index gained 402.14 basis points or 1.03 per cent to close at 39,512.31 as against 39,110.17 recorded the previous day while market capitalisation of equities appreciated by N214bn to close at N20.66tn from N20.45tn as market sentiment remained on the green zone. Meanwhile, a turnover of 372.93 million…

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