Nigeria is now the piracy capital of the world
Nigeria’s fragile reputation in the comity of nations has suffered a major setback as it has outstripped Indonesia to become the worst country in the world for piracy. Alliance Global Corporate and Specialty (ACGS), a global corporate insurance carrier headquartered in Munich, Germany, made this claim in the latest review of shipping and maritime activities around the world in 2018 published on its website. Click here for more.
Debt Servicing Gulps Over 50% Of Nigeria’s Revenue – AfDB
Debt servicing gulps more than 50 per cent of Nigeria’s revenue, the African Development Bank has said. The bank, which said this in its West Africa Economic Outlook 2019, said the servicing of the country’s external debt gulped about 50 per cent of the country’s revenue. Click here for more.
FG, Discos Need $4.3bn To Improve Power Supply – TCN
Power distribution companies require $4.3bn to recapitalise in order to effectively invest in their networks nationwide and improve electricity supply, according to a study conducted by the Transmission Company of Nigeria. Click here for more.
Investors Lose N48.42bn As Market Sentiment Remains Negative; NSEASI Dips By -0.36%
Equities market closed yesterday on a negative note, as NSEASI depreciated by 0.36% to close at 30,322.19 points as against 0.31% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.53%. Click here for more.
June 2019 FGN Savings Bonds Offer for Subscription
Pursuant to the Debt Management Office (Establishment) Act 2003 and the Local Loans (Registered Stock and Securities) Act, CAP. L17, LFN 2004 Debt Management Office on behalf of the Federal Government of Nigeria Offers for Subscription. Click here for more.
Average Money Market Rate Rose By 6.61% To Settle At 11.15% Due To Constraint In System Liquidity
The average money market rate rose by 6.61% to settle at 11.15% from 4.54% in the previous week due to contraction in system liquidity during the week, which is estimated to have closed the week at cN270bn from cN410bn in the previous week. Click here for more.
Lafarge Africa Announces Further Delay in Filing 2018 Results
Shareholders of Lafarge Africa Plc are to wait for a longer time to see the financial performance of the cement firm for the 2018 financial as the company yesterday announced a further delay in the filing of the audited results. Shareholders of Lafarge Africa Plc are to wait for a longer time to see the financial performance of the cement firm for the 2018 financial as the company yesterday announced a further delay in the filing of the audited results. Click here for more.
Oando: Story of an energy company built on leverage
Globally, funding business operations is as important as the business itself. Different companies adopt different models to fund their operations. Two of the most used models include debt finance, which means money is borrowed from external lenders such as banks, and equity finance, which means owners of the business investing their own money. Click here for more.
Forcados Shutdown Drags Nigeria’s Production As OPEC’s May Output Shrinks
OPEC has so far avoided a bruising intra-bloc market share battle, with top exporter Saudi Arabia’s crude oil production falling to a four-and-a-half-year low in May, even as sanctions-hit Iran, and Venezuela continue to see their output contract, latest S&P Global Platts survey has shown. Click here for more.
Africa’s Technology Hub Rises in a Congested Lagos Neighborhood
The fading facades of century-old buildings in a neighborhood of the Nigerian megacity of Lagos house a vibrant technology cluster that’s caught the eye of Facebook Inc. and Alphabet Inc.’s Google. Click here for more.
Trump Ready To Slap More Tariffs On China After G20 Meeting
U.S. President Donald Trump said on Monday he was ready to impose another round of punitive tariffs on Chinese imports if he cannot make progress in trade talks with China’s President at a Group of 20 summit later this month. Click here for more.