Minimum Wage: Prepare For Strike, NLC Tells Workers
The Nigeria Labour Congress has written a letter to state councils of the union to prepare for an indefinite strike if the Federal Government fails to accept its demands on the consequential adjustment of salaries as a result of the new minimum wage by October 16, 2019. Click here for more.
Banks Record N49.4tn Online Transactions, Cheque Payments Shrink
This is as the use of online financial transaction platforms has continued to rise with volume of payments on Nigerian Inter-Bank Settlement Scheme Instant Pay growing by 63.5 per cent to 504.16 million in the first six months of this year compared to a total of 308.41 million in the corresponding period in 2018. Click here for more.
NLNG Invests N10.8trn On Gas Plants, Infrastructure In Bonny
The managing director of the Nigerian Liquefied Natural Gas Company (NLNG), Mr Tony Attah has disclosed that the company had invested over N10.8 trillion ($30 billion) to build gas facilities and other infrastructure in Bonny Island, Rivers State. Click here for more.
Nigeria Starts Talks With Oil Majors to End $62 Billion Dispute
Citing a 2018 Supreme Court ruling, the government says it’s entitled to $62 billion from the companies after they failed to comply with a 1993 law that hands the state a greater share of income when oil exceeds $20 a barrel. The companies are challenging the claim. Click here for more.
N691.11bn Generated As IGR in H1 2019
The National Bureau of Statistics Published Internally Generated Revenue at State level for Q1-Q2 2019. The 36 states and FCT IGR figure hits N691.11bn IN H1 2019 compared to N596.91bn recorded in H2 2018. This indicates a positive growth of 15.78%. Click here for more.
Investors Lose N220.85bn WoW As NSEASI Dips By -1.68% To Close The Week Negative
Equities market closed Friday on a negative note, as NSEASI depreciated by -0.19% to close at 26,533.78 points as against -0.06% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -15.58%. Click here for more.
Foreigners Who Abandoned Lagos Stocks Have Few Reasons to Return
Foreigners have deserted the Lagos stock market and “hostile” domestic policies combined with a gloomy outlook for the Nigerian economy suggest there is little chance they will return soon. The country’s benchmark stock index has slumped 16% this year in local-currency terms. Click here for more.
Declining corporate profit margins could signal recession next year
Nigeria may have recently pulled out of its first economic recession in 25 years but sustained declines in the profit margins of its biggest corporations flash signs that the economy may be well on its way to another downturn next year if the fundamentals fail to improve in the near term. Click here for more.
CBN clears air on Diaspora Remittances, official inflows $2.6bn not $26bn
The Central Bank of Nigeria (CBN) has disclosed that the official inflows of the remittances of Nigerians living abroad to the country was $2.6 billion and not $26 billion as quoted in some quarters. The apex bank cleared the air after some experts argued that amount had not really impacted positively on the economy. Click here for more.
AMCON enlists more agencies in hunt for N5 trillion debt
The recovery chase for the N5trillion debt in the portfolio of the Asset Management Corporation of Nigeria (AMCON) got new vista, as more government agencies enlist to hunt down the bad debtors. Click here for more.
Insurer warns Nigerians against fraudulent scheme
An expert in the nation’s insurance industry has warned Nigerians against the “Standard Payment Investment Scheme” currently circulating on social media platforms, purporting to collaborate with underwriting companies to extort money from the public for better investment returns. Click here for more.