World Bank, China tops Nigeria’s creditors with $11.46bn
The World Bank and the Exim Bank of China are Nigeria’s largest creditors with a combined portfolio of $11.46bn, data obtained from the Debt Management Office have shown. While the World Bank is a multilateral lender, the Exim Bank of China is a bilateral lender. Click here for more.
FG seeks increased revenue from mining
The Federal Government is seeking the collaboration of stakeholders in the mining sector to generate more revenue from the country’s solid mineral deposits. Minister of Mines and Steel Development, Olamilekan Adegbite, informed a delegation from the Mining Association of Nigeria. Click here for more.
Nigeria Recalls High Commissioner From South Africa After Attacks
Nigeria has recalled the High Commissioner to South Africa in protest against attacks on its citizens living in the country. It is also boycotting the World Economic Forum on Africa taking place in Cape Town. Click here for more.
Xenophobia: Air Peace offers to evacuate Nigerians from South Africa
Domestic carrier, Air Peace, says it is willing to evacuate Nigerians to complement efforts of the Federal Government to check the death of Nigerians residing in South Africa. The Airline’s Chief Operating Officer, Mrs Oluwatoyin Olajide, in a letter addressed to the Minister of Foreign Affairs, Click here for more.
Slow down in Agric GDP Growth rate suggests Buhari’s Agro-policy is failing
The latest GDP report from the National Bureau of Statistics (NBS) shows Nigeria’s agricultural sector suffered a major setback as it posted the slowest growth in the last one year (4 consecutive quarters). Click here for more.
Investors Lose N129.97bn as NSEASI Erases Previous Day Gain; Dips By -0.97%
Equities market closed yesterday on a negative note, as NSEASI depreciated by -0.97% to close at 27,319.64 points as against +0.08% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -13.08%. Click here for more.
Industry operators support recapitalisation to boost economy
Stakeholders in the nation’s insurance industry have expressed support for the ongoing recapitalisation exercise, saying it would boost the sector’s contributions to the economy. Click here for more.
Nigeria uses tax credits for private firms to boost infrastructure
Nigeria is using a system of tax credits to encourage private companies to share the cost of infrastructure projects as part of a drive to diversify Africa’s biggest economy away from its reliance on oil sales, the country’s tax chief said. Click here for more.
CBN issues guidelines to Finance Institutions on establishment of Subsidiaries and SPVs
The Central Bank of Nigeria (CBN) has issued guidelines to Development Finance Institutions(DFIs) on the establishment and operation of subsidiaries and Special Purpose Vehicles (SPVs). This was contained in a letter signed by Tokunbo Martins, the Director, other Financial Institutions Supervision Department of the CBN, and addressed to all DFIs. Click here for more.
C and I Leasing seeks regulatory approval for N3.2 billion right issue
C and I Leasing Plc, through its Stockbroker, CSL Stockbrokers Limited, has applied to the Nigerian Stock Exchange (NSE), seeking an approval for its listing of a Rights Issue of 539 million ordinary shares of 50 kobo each at N6 per share, on the basis of 4 new ordinary shares for every 3 ordinary shares held. Click here for more.
MainOne Cable System Set to Connect Senegal, Cote d’ Ivoire
Making good on the strategic partnership with Orange Telecoms and its West African Affiliates, Sonatel and Orange Cote d’Ivoire, which was signed in September 2018, MainOne has confirmed the scheduled landing of the MainOne submarine cable systems in Senegal and Cote d’Ivoire in September and October 2019 respectively. Click here for more.