Fashola Requests Additional N255.6bn For Road Repairs

The Federal Government is currently constructing and rehabilitating 524 highways and bridges across the country, the Minister of Works and Housing, Babatunde Fashola, has said. Click here for more.

AMCON Mulls Bankruptcy Tag On Debtors

The Asset Management corporation of Nigeria (AMCON) may declare recalcitrant debtors bankrupt based on advice from Senior Partner, Olaniwun Ajayi -LP, Muyiwa Balogun to the agency. The legal consultant had challenged AMCON and Judges of the Federal High Court of Nigeria (FHC). Click here for more.

Nigeria Has Seventh Largest Number of Internet Users

The Financial Derivatives Company Limited, in a report, cited data from Internet Live Stats, which monitors global Internet use, to have revealed that the number of internet users in the country soared from 78,740 in 2000, to over 60 million in 2018. Click here for more.

Investors Lose N22.33bn As Sell Pressure Continues; NSEASI Dips By -0.17%

Equities market closed today on a negative note, as NSEASI depreciated by -0.17% to close at 26,944.32 points as against -0.04% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -14.27%. Click here for more.

FG, AfDB Sign Pact On $3 Billion Funding For Women Entrepreneurs

The Federal Government, through the Bank of Industry (BoI) and the African Development Bank (AfDB) have mutually agreed to mobilise $3billion to support women empowered businesses. Click here for more.

Under-Threat Nigerian Banks Edge Closer to Lending Target

Nigeria’s banking industry is opening the lending taps to avoid penalties, bowing to central bank demands to unlock credit to help revive the economy. Banks raised their loan-to-deposit ratio to 64% in the third quarter, one percentage point shy of the minimum target imposed by the central bank. Click here for more.

Nigeria May Soon Have to Raise Cash in International Debt Markets

Nigeria may offer Eurobonds as early as the first quarter of next year after staying out of international debt markets this year. “We have to do it quickly because we want to make sure we have enough funds for the implementation of the budget,” Click here for more.

Banks’ non-performing loans decline by N1.14tn

Between the third quarter of 2018 and the third quarter of this year, the Non-Performing Loan portfolio of the banking sector dropped from N2.24tn to N1.1tn. This shows a decline of N1.14tn or 50.89 per cent reduction in the banks’ NPL portfolio. Click here for more.

Stakeholders worry as Nigeria loses IMO council seat again

For the fourth time, Nigeria has failed to clinch the coveted Category ‘C’ seat on the International Maritime Organization (IMO) Council. This development, which apparently dampened the morale of stakeholders in the industry, would again deny Nigeria the pivotal role of contributing in taking key decisions in the global maritime space. Click here for more.

Why Rivers acquired OML 11, by Wike

Rivers State Governor, Nyesom Wike, has said that the state government’s investment in Oil Mining Licence 11 was aimed at protecting the interest of the state. Wike stated that the investment was targeted at promoting the interest of host communities and ensuring peace for the operation of the oil facility. Click here for more.

Failure Of OPEC+ To Deepen Cuts May Drive Oil To $40, Says Report

New outlook by international observers has shown that a substantial build of global crude stocks and a corresponding drop in oil prices is imminent if additional oil production cuts by OPEC in 2020, is not followed by OPEC+. Click here for more.

China’s $17 Billion Default Wave Is About to Break a Record

China is hurtling toward another record year of onshore bond defaults, testing the government’s ability to keep financial markets stable as the economy slows and companies struggle to cope with unprecedented levels of debt. Click here for more.