Why FG must stop used cars from China
The Federal Government has been urged to halt the dumping of used cars from China to save the local auto industry. The Chairman, Motor Vehicles & Miscellaneous Assembly Sectoral Group of the Manufacturers Association of Nigeria (MAN), Dr. David Obi. Click here for more.
Discos get August 31 deadline to meter MDAs
The Nigerian Electricity Regulatory Commission has ordered power distribution companies to install meters in all ministries, departments and agencies of both federal and state governments before the end of August. Click here for more.
Multi-National Shipping Companies Repatriate N2bn In Three Months – Osinbajo
Over N2 billion is repatriated to Nigeria by multi-national shipping companies in a quarter of a year, Professor Yemi Osinbajo, Vice President has said. The Vice President gave the hint at the One-day Sub-Regional summit on unfair shipping surcharges and high local shipping charges at the Port of West and Central Africa Sub-Region held in Abuja yesterday. Click here for more.
Investors Lose N52.69bn As NSEASI Dips By -0.39% To Open The Week Negative
Equities market closed yesterday on a negative note, as NSEASI depreciated by -0.39% to close at 27,691.85 points as against +0.62% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -11.89%. Click here for more.
N311.94bn Generated As VAT in Q2 2019 – NBS
Sectoral distribution of Value Added Tax (VAT) data for Q2 2019 reflected that the sum of N311.94bn was generated as VAT in Q2 2019 as against N289.04bn generated in Q1 2019 and N269.79bn generated in Q2 2018 representing 7.92% increase QoQ and 16.95% increase YoY. Click here for more.
9mobile gets $230m from AFC to expand operations in Nigeria
Efforts by the new Board and Management of Emerging Markets Telecommunication Services Limited (EMTS), trading as 9mobile, to reposition the company may have started yielding results as the Africa Finance Corporation (AFC), has approved a $230 million loan facility to help it attain its long-term growth plans. Click here for more.
Henceforth, Loan Defaults Will Be Settled With Deposits From Other Banks
The Central Bank of Nigeria (CBN) and commercial banks in the country have agreed that loan defaults will be settled using deposits made in other banks. Addressing journalists after the Bankers Committee meeting on Monday, Aishah Ahmad, CBN’s deputy governor, financial services system, said the directive is to encourage banks to increase lending. Click here for more.
Africa’s biggest bank targets its smallest shops in fintech deal
South Africa’s Standard Bank has taken a stake in local fintech firm Nomanini to offer credit to potentially millions of small shop owners and other informal retailers across Africa that have limited access to banking services. Click here for more.
Dangote Cement in Tanzania now runs on gas turbines
To the delight of its investors, the company also said its Tanzania Plants now runs on gas turbines, just as sales volumes from its Senegal Plants are more than 100% of its rated capacity. Click here for more.
Emerging-Market ETF Flows on Brink of Turning Negative for Year
Emerging-market exchange-traded funds flows are on the brink of turning negative for the year after investors extended a sell-off for a seventh consecutive week. Outflows from U.S.-listed ETFs that invest across developing nations as well as those that target specific countries totaled $972.3 million. Click here for more.
Trump Gets Handed the Lead Role in Macron’s Iranian Drama at the G-7
Standing next to Donald Trump, at the end of three days of high-stakes diplomacy, Emmanuel Macron was finally ready to make his final move and end his Group of Seven summit in Biarritz in spectacular style. Click here for more.