Business Tips

Presidency, NASS move to Ease Business

Photo L-R: Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah; Acting President Yemi Osinbajo; Minister of Power , Works and Housing, Mr Babatunde Fashola; Speaker House of Representatives, Yakubu Dogara and Senate President, Bukola Saraki during a meeting of the Presidential Enabling Business Environment Council at the Presidential Villa in Abuja on Tuesday. Photo/NAN

Stock Exchange Lists Forte Oil’s ₦9B Bond

Photo L-R: Haruna Jalo-Waziri, Executive Director, Capital Markets, The Nigerian Stock Exchange (NSE); Julius Omodayo-Owotuga, Group Chief Financial Officer, Forte Oil Plc;  Oscar Onyema, Chief Executive Officer, NSE; Akin Akinfemiwa, Group Chief Executive Officer, Forte Oil Plc; and Oluwatoyin Sanni, Group Chief Executive Officer, United Capital Plc at the listing of Forte Oil Plc N9 Billion Series 1:5 year fixed rate unsecured bond at the NSE on Tuesday.

Nigeria raises ₦160b Bonds at yields below inflation

Nigeria has raised 160 billion naira ($525 million) in local currency bonds at its second debt auction this year at yields lower than the inflation rate in Africa's biggest economy, the Debt Management Office said on Thursday.

According to Reuters report, the debt office had initially wanted to raise 110 billion at the auction but increased the offer due to demand.

Total demand stood at 337.03 billion naira at Wednesday's auction, higher than 235.05 billion naira at its previous sale.

Bargain Hunting Pushes Benchmark Index Up

Performance in the Nigerian equities market deviated from the 2-day bearish trend, as the All Share Index (ASI) rose 0.4% to close at 25,130.26 points on Wednesday while YTD loss trimmed to -6.5%.

Consequently, investors gained N33.9bn as market capitalization improved to N8.7tn. Gains in counters which had previously declined -  NIGERIAN BREWERIES (+4.2%), DANGCEM (+0.6%) and FORTE (+10.2%) - ensured the market closed positive. However, market activity was mixed as volume traded rose 11.7% to settle at N161.8m units while value traded fell 6.1% to close at N1.8bn.

Arik needs over ₦10b to resume fully –AMCON

The Asset Management Corporation of Nigeria (AMCON) on Sunday said it had discovered deep rooted rot at troubled airline, Arik Air.

AMCON said it would require over N10 billion to fix the rot before the largest local carrier could resume full and uninterrupted flight operations to its regular routes across the country and beyond

The asset company made the disclosure in a statement signed by its Spokesman, Mr Jude Nwauzor in Lagos.

Nigerian economy projected to have shrunk 1.54% in 2016 –Ministry

Nigeria's economy is projected to have contracted 1.54 percent in 2016, according to a budget ministry document, with Africa's most populous country mired in its first recession in a quarter of a century.

Nigeria is heavily dependent on crude oil exports to fuel its economy, but low global prices and militant attacks on the southeastern Delta oil hub have hammered those exports and slashed government revenues.

Labour picks hole in FG’s corruption fight

The Organised Labour Movement in Nigeria on Thursday called on the Federal Government to ensure that there is no sacred cow in the fight against corruption in the country.

The Nigeria Labour Congress (NLC), the Trade Union Congress (TUC) and their civil society allies made the call at one-day rally on good governance and anti-corruption in Abuja.

Mr Bobboi Kaigama, TUC President, alleged that the fight against corruption has being lopsided against opposition groups.

Wall Street is getting worried about Trump

Powerful voices on Wall Street are expressing concern that President Donald Trump isn't going to be everything that investors had hoped for, CNN reports.

In recent days, three of the nation's largest banks have issued reports that highlight the risks that come with a Trump presidency. They are warning investors to be careful.

U.S. stocks soared right after Trump's election election because investors were eager for the corporate tax reform, regulatory relief and infrastructure spending he promised.

Parliament Approves Plan to Issue $1b Eurobond

Nigeria's parliament has approved the government's request to sell a $1 billion Eurobond to help the country finance its budget deficit, senate spokesman said on Wednesday.

Nigeria is suffering its first recession in 25 years and needs to find money to make up for shortfall in its budget. Its revenues have plunged along with global oil prices and militant attacks in its crude-producing heartland, the Niger Delta.

Nigeria Proposes Tax hike on Luxury Goods to boost revenue

Nigeria plans to increase taxes on luxury goods to boost its revenue as it grapples with a fall in revenue due to lower prices for its crude oil, which have contributed to it sliding into its first recession in over two decades.

Finance Minister Kemi Adeosun said the proposal was to identify some luxury items and increase the value-added tax (VAT) on them immediately. She said the government was not considering a tax hike for basic items.