Business

Multiple borrowing cripples operations of Micro Finance Banks- Official

Some customers take loans in different banks. The Chief Operating Officer of Fortis Micro Finance Bank (MFB), Jero Omare-Ogah, says multiple borrowing by customers remains a major challenge to the survival of the MFBs in the country. Mr. Omare-Ogah told the News Agency of Nigeria in an interview in Abuja on Thursday that the development was worrisome, in […]

Nigerian stock exchange report Wednesday, 21 August 2013

The Nigerian Stock Market trading ended on Wednesday, with a total of 5, 085 deals (down from     5, 244 deals yesterday) valued at N1.9 billion. Glaxosmith, Cardbury, Okomuoil, Airservice and Jos Brew led the pack with their share prices gaining traction while the top five decliners include Flourmill, Guinness, Wapco, Ashakacem and Nascon.   Top […]

Nigeria Stock Exchange

Nigerian Stock Market Update for Tuesday

ETI was the highest gainer in Tuesday’s trading. The Nigerian Stock Market trading ended on Tuesday, with a total of 5, 244 deals valued at N1.8 billion. ETI, Guaranty, Okomuoil, UPL, and Diamond Bank led the pack with their share prices gaining traction while the top five decliners include NB, Champion, Wapco, Zenith Bank, and Stanbic […]

Nigerian Stock Market Update: Tuesday 20-08-2013

ETI was the highest gainer in Tuesday’s trading. The Nigerian Stock Market trading ended on Tuesday, with a total of 5, 244 deals valued at N1.8 billion. ETI, Guaranty, Okomuoil, UPL and Diamond Bank led the pack with their share prices gaining traction while the top five decliners include NB, Champion, Wapco, Zenith Bank, and […]

Nigeria could generate 30% of its electricity from coal – Jonathan

The president said Nigeria is endowed with much coal. President Goodluck Jonathan said on Monday in Abuja that the intention of his administration was to generate 30 per cent of electricity needed in the country from coal. The President disclosed this at a one-day Workshop on the Solid Minerals Sector Development, which he presided over […]

Nigerian Central Bank Official Takes On Development Dogma

Washington, DC — On a sun-soaked mid-August morning in the American capital – when attracting even a small gathering to a serious discussion of international economic affairs is considered near impossible – an overflow crowd squeezed into a 120-seat auditorium at the Woodrow Wilson International Center for Scholars. The draw was Kingsley Chiedu Moghalu, Deputy […]

tomatoes

Nigeria inflation rate rises to 8.7 per cent in July – NBS

The NBS released its most recent statistics. The Nigerian Bureau of Statistics, in its latest report on inflation, said the Consumer Price Index (CPI), which measures inflation, rose by 8.7 per cent (year-on-year) in July 2013. This was 0.3 percentage points higher than the 8.4 per cent rate recorded in June. The bureau said while […]

CBN approves use of movable collateral for credit for small business

Small businesses will be able to source for funding not only with landed properties. The Central Bank of Nigeria (CBN) has approved the use of movable collaterals to secure credits from financial institutions for Micro Small and Medium Enterprises (MSMEs) in the country from next year. CBN’s Director, Development Finance, Paul Eluhaiwe, said at the […]

United Bank for Africa

Half year 2013: Nigerian banks fared poorly in credit growth

Many banks have released their 2013 half-year results. Majority of the banks in Nigeria have released their 2013 first half year results, most of which highlighted constraints in loan growth, amidst rising profits. Diamond, Fidelity, Skye, Eco Bank, UBA, Stanbic IBTC, Zenith and FCMB are among the banks that have released their 2013 half year […]

Four Nigerian banks raise N230bn from International Capital Market – DMO

The banks that issued the Eurobonds were Guaranty Trust Bank, Access Bank, Fidelity and First Bank.

Cashless Policy: Nigeria should emulate Kenya’s success- FDC

Nigeria’s cashless policy faces several challenges including poor network connectivity and debiting customers’ account twice.

Finance Minister, Ngozi Okonjo-Iweala

Okonjo-Iweala expresses concern on recurrent expenditure of states, FG

The minister said government does not have the resources to meet ASUU’s demand. The Minister of Finance, Ngozi Okonjo-Iweala, has expressed concern about states expending their resources on salaries and operational cost rather than on capital projects. Ms. Okonjo-Iweala said this on Tuesday in Minna at the National Council for Economic Development (NACOFED) conference. She […]

Privatisation: NCP shortlists 386 consortia for 10 power plants

The Benue State governor assured that the process of the privatisation of the plants would be transparent.

PPPRA yet to account for additional N90.11bn subsidy payment in 2009- NEITI

The PPPRA says it is planning to address all controversy in an advertorial.

World Bank wants Sub-Saharan African banks to serve SMEs more

SME’s play a key role in the development of economic development.

Nigerian firm launches portal to promote project needs

Nigerian firm launches portal to promote project needs.

Lagos residents paid more for goods, services in July – Survey

Lagos urban inflation rose in July.

Bunkering crude oil theft

NNPC disputes Shell’s claim of N109bn loss to crude oil theft, others

The NNPC and Shell are joint venture partners.

Nigeria’s demand for cement on the rise

Dangote cement leads Nigeria cement production industry. Dangote Cement Plc, a major market share holder in Nigeria’s cement industry, seems to be having a good time in the market as it declared that the demand for cement in Nigeria is on the rise despite the wet weather condition. The cement company made this known while […]

NEITI floors PPPRA’s claims, says petroleum agency should refund N4.4bn to Nigeria

The PPPRA had accused NEITI of presenting “inaccurate, misleading” report.

PPPRA fights back, says NEITI’s audit report inaccurate, misleading

The report asked PPPRA to refund N4.42 billion to the federal government.

Workers not under pressure on sale of Enterprise bank- Staff

The staff said the sale process is not affecting them.

StanbicIBTCLogo

Renaissance Capital baffled at Stanbic IBTC slow loan growth in first half 2013

Audited results for the period ended 30 June 2013. Renaissance Capital, an investment bank, has said that it is baffled at the reason given by Stanbic IBTC Holdings, a member of Standard Bank Group, for a slow loan growth recorded in the first half, 2013. The bank, which announced its six months audited results for […]

NIPOST evaluates cashless policy collaboration with CBN

The service would be extended especially to rural communities.

Wema Bank to seek regulatory approval for upgrade to a national bank

Wema Bank made a loss before tax in its recent financial year.