Buhari Awaiting Senate Report for Cabinet Inauguration – Presidency
Unless there is an immediate communication from the Senate, President Muhammadu Buhari, may wait for another two months before inaugurating his cabinet. This is because the Red Chamber of the National Assembly proceeded on a two-month recess on Tuesday without an official communication to the president on the confirmation of his 43 ministerial nominees. Click here for more.
Proscription El-Zakzaky Followers Suspend Protests
The Islamic Movement in Nigeria (IMN) has announced the suspension of its “Free El-Zakzaky” street protests to allow for new openings into the resolution of the problems. LEADERSHIP recalls that the “Free El-Zakzaky” protesters recently clashed with security agencies at National Assembly Complex and Federal Secretariat, Abuja. Click here for more.
Investors Lose N50.70bn As Sell Pressure Persists; NSEASI Dips By -0.37%
Equities market closed yesterday on a negative note, as NSEASI depreciated by 0.37% to close at 27,718.26 points as against 0.46% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -11.81%. Click here for more.
Banks’ Losses to Fraud Jumped to N15.15bn in 2018
The banking industry lost N15.15 billion to cases of fraud last year, indicating an increase of 539 per cent when compared to the N2.37 billion lost in 2017. Also, the total amount involved in fraud in the year under review stood at N38.93 billion compared to N12.01 billion in 2017. Click here for more.
Power Shortage, High Interest Rate, Constrained Business Activities In July – CBN
Other factors, according to the bank, included financial problems, insufficient demand and unclear economic laws. Theapex bank made the observations in its July edition of Monthly Business Expectations Survey (BES) Report released by its Statistics Department and posted on its website. Click here for more.
Dangote dedicates 53% of refinery capacity to petrol
The Dangote Group says upon completion of its refinery, it will dedicate 53 per cent of the capacity to the production of petrol. This translates to dedicating 344,500 barrels of its projected 650,000 barrels per day refining capacity to the production of petrol. Click here for more.
MTN loses 178 thousand Internet Subscribers amidst data exhaustion concerns
The latest data released by the Nigerian Communications Communication (NCC) reveals that the leading service provider of the industry, MTN Nigeria, lost about 178,103 internet subscribers the last month. Click here for more.
Presco’s half-year revenue dips by 9.5%
Presco Plc, a palm-oil processing and agro-industrial firm, has said the its revenue for 2019 Half-Year dipped by 9.5%, moving from N11.6 billion in 2018 to N10.5 billion at the end of June this year. The Company’s Board of Directors announced this in its interim financial statements for the period under review, posted on the website of the Nigerian Stock Exchange (NSE) on Wednesday. Click here for more.
MTN lifts partial ban on Glo calls
MTN has lifted its partial ban on calls from Globacom subscribers to its network after stakeholders intervened in the matter. This came after a breakdown in mobile communication between 46.6 million Globacom subscribers and MTN network users, which lasted more than five days. This cost both companies a huge loss in revenue. Click here for more.
African airlines account for 92 million out of 4.4 billion yearly global traffic
African airlines have continued on the path of slow growth accounting for only 92 million out of the 4.4 billion air passenger traffic recorded globally in 2018. The 92 million or 2.1 per cent of the global market is the lowest of all the regions, but also a 5.5 per cent improvement compared to 2017 figures. Click here for more.
Fed Cuts Interest Rates, Signals It May Not Need To Do More
The Federal Reserve cut interest rates on Wednesday, but the head of the U.S. central bank said the move might not be the start of a lengthy campaign to shore up the economy against risks including global weakness. Click here for more.