Nigerians who earn less than minimum wage spend 95% on food – Report
The latest report released by SB Morgen (SBM) Intelligence shows that Nigerians who earn less than the newly approved N30,000 minimum wage spend 95% of their income on food consumption. According to the SBM report titled, discretionary income Nigeria, Nigerians who earn less than the minimum wage spend almost all their income on food. Click here for more.
Diaspora Remittances To Hit $34.89b, Says PwC
Diaspora remittances to Nigeria could grow to $25.5 billion, $29.8 billion and $34.8 billion in 2019, 2021 and 2023, PricewaterhouseCoopers (PwC) Limited has said. In its latest White Paper Series titled: Strength from Abroad: The Economic Power of Nigerias Diaspora. Click here for more.
Investors Lose N27.91bn As NSEASI Dips By -0.21% Amid Renewed Sell Pressure
Equities market closed yesterday on a negative note, as NSEASI depreciated by -0.21% to close at 27,058.62 points as against +0.71% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -13.91%. Click here for more.
CBN’s Godwin Emefiele, foreign investors meet amidst weak naira
President Muhammadu Buhari’s administration is trying to lure foreign investors to support Nigeria’s weakened currency. The move is headed by the top executives of the Central Bank of Nigeria (CBN). Click here for more.
Banks Suffer N100bn Bad Loans In Power Sector
A total of N100.42bn loans advanced by the nations banks to power firms have been recorded as non-performing, the latest data from the National Bureau of Statistics have shown. The power and energy sector, out of 22 sectors/business lines, accounted for the fifth biggest share of banks N1.69tn non-performing loans as of April 30. Click here for more.
Zenith Bank’s total assets drop by N57bn
Zenith Bank Plc has reported a N57.11bn drop in the value of its total assets over a six-month period. The financial statement of the bank for the period ended June 30, 2019 was made available to the Nigerian Stock Exchange. The value of the total assets, which stood at N5.95tn as of December 31, 2018, dropped to N5.89tn at the end of the first half of the year. Click here for more.
OANDO, MORISON And 82 Others Record Drop In Share Price In Ten Years
As market YTD performance remained in the negative territory with -13.73% YTD loss recorded as at the end of trading on August 19th, 2019, a quick review of stock prices in the last ten (10) years reflected that most stocks are trading at their lows. Click here for more.
Cadbury empowers 50 children on AI, robotic
To prepare the younger generation of Nigerians for the global digital revolution, Cadbury Bournvita, in collaboration with Edusko Africa and Techeduhub, have trained 50 children between the ages of eight and 16, at a five-day Tech Bootcamp in Lagos. Click here for more.
Ghana Shutdown of Second-Tier Lenders Seen Risking 4,000 Jobs
The regulatory cleanup of Ghanas lower-tier lenders that resulted in 23 companies being declared insolvent and losing their licenses could risk as many as 4,000 direct jobs, according to an industry body. Click here for more.
Reasons your small business loan may be rejected
For some business owners, it is a nightmare scenario: You were counting on getting that small business loan, but the bank said no. What do you do next? That depends on exactly why your loan application was rejected! Step one: find out the reason for the denial. Some bankers will be more specific while others won’t share details. Click here for more.