World largest ‘atmospheric tower’ leaves China for Dangote refinery

Work is underway to meet the 2020 date set for the commencement of production at the Dangote refinery, as China Petroleum & Chemical Corporation announced that it had shipped a piece of vital equipment which would be installed at the Dangote Refinery. Click here for more.

World Bank Loans In Nigeria Rise By $2.19bn In Three Years

The World Bank loan portfolio in Nigeria increased by $2.19bn in the last three years, investigation has shown. Data obtained from the Debt Management Office in Abuja on Monday showed that the country’s loan commitment to the bank as of March 31, 2016. Click here for more.

IMF, CBN Clash Over Multiple Exchange Rate

It was a healthy academic excercise over the pros and cons of the multiple exchange rate regime yesterday. Sparring were the International Monetary Fund (IMF) and  the Central Bank of Nigeria (CBN). The altercation between IMF’s Senior Resident Representative and Mission Chief for Nigeria Amine Mati and CBN’s Director. Click here for more.

Market Closes Green as NSEASI Inches Up By 0.11% To Open The Week Positive

Equities market closed yesterday on a positive note, as NSEASI appreciated by 0.11% to close at 27,950.36 points as against 0.26% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -11.07%. Click here for more.

FMDQ Admits N1.03trn Securities In 2018, To Adopt Holdco Structure

FMDQ Securities Exchange Plc said it admitted a total of 78 debt securities worth N1.03 trillion in the year ended December 31, 2018, as against 50 securities valued at N236.9 billion in the previous year, 2017. Click here for more.

CBN to offer loans to investors, as milk production initiative takes-off

The Central Bank of Nigeria (CBN) has declared its preparedness to provide loans to investors who are interested in tapping into its milk production initiative. This announcement followed the restriction placed on access to foreign exchange by the apex bank in order to reduce milk importation in the country. Click here for more.

Nigerian Banking Sector Recovery Still Hampered By Bad Loans

The Nigerian banking sector’s high stock of bad loans continues to weigh on banks’ credit profiles, and asset quality remains a key sensitivity for all Nigerian banks, Fitch Ratings says in a new report. Click here for more.

Okomu Oil half year profit drops by 57%

Leading palm oil-producing and agro-business firm, Okomu Oil Plc has recorded a 57% plunge in its Profit After Tax (PAT) for first half of this year.  The profit dropped by N3.414 billion from N5.943 billion recorded at the end of June 2018 to N2.470 billion declared in the same period. Click here for more.

Heritage Bank, Afreximbank, Zamfara seal $1b agric, solid minerals deal

Heritage Bank Plc, African Export Import Bank and Zamfara State government  have signed $1billion Memorandum of Understanding (MoU) in the areas of mining, agriculture, water resources and others. Heritage Bank is the banker to the project. Click here for more.

Customers, bank errors push failed PoS payments to 19%

Nigerians continue to experience declined transactions on Point of Sales terminals all over the country as failed PoS transactions hit 256,228 on Monday evening. Live transaction updates obtained from the Nigeria Inter-Bank Settlement System showed that payment on the PoS terminals had a high failure rate of 18.9 per cent out of a total of 1,354,658 transactions conducted as of 9.35pm. Click here for more.

Trade Jitters Running High At U.S. Companies Ahead Of New U.S.-China Talks

Worries about the U.S.-China trade war are running high during the current U.S. quarterly reporting season, with companies as diverse as Juniper Networks and O’Reilly Automotive bemoaning the consequences but saying they are finding ways to weather the storm.  Click here for more.