Business

COMMENTS ON THE STATE OF THE ECONOMY Perhaps the major challenge facing the Nigerian economy at this time is the inability to regain the confidence of investors, both local and foreign. Regrettably, the instability and inconsistency in the foreign exchange management policy have been complicating matters. The economy has a major structural defect of being heavily import dependent. This cannot …

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FirstBank partners NBCC on MSME development First Bank of Nigeria Limited is to partner the Nigerian-British Chamber of Commerce (NBCC) to jointly host a Micro, Small & Medium Size Enterprises (MSME) workshop with the theme: “Fundamentals of Building a Sustainable Business”. According to FirstBank, the two day workshop will take place on the 1st and 2nd of September, 2016 at …

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  UBA Proposes 20 kobo Interim Dividend For Half Year   United Bank for Africa Plc (UBA) has announced its audited 2016 Half Year Financial Results for the period ended 30 June 2016, showing the bank recorded gross earnings of N166 billion, net operating income of N109 billion and profit before tax of N40 billion. The bank also recorded a …

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  Nigeria: Gas Independence Cannot Solve Existing Electricity Challenges FRIDAY EKEOBA The Federal Government has said that the sole-reliance on gas cannot solve the country’s existing electricity challenges. Acting Chairman of Niger Delta Power Holding Company (NDPHC), Chinedu Ugbo, on behalf of the Minister of Power, Works And Housing, Babatunde Raji Fashola, made this statement during a conference in Lagos …

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FG approves 2017-2019 Fiscal Strategy Framework The Federal Executive Council (FEC) on Wednesday approved a three-year Fiscal Strategy Framework from 2017 to 2019. Identified as the Medium Term Expenditure Framework (MTEF), the process starts the process for the preparation of the 2017 budget. The Minister of Budget and National Planning Senator Udo Udoma, explained  after the Federal Executive Council (FEC) …

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Shareholders of Diamond Bank, FCMB, others lose N8.1bn over non-remittance of funds The Foreign Exchange (FOREX) restriction order placed on Diamond Bank Plc, First City Monument Bank Plc (FCMB) and others by the Central Bank of Nigeria (CBN) reverberated Wednesday on the floor of the Nigerian Stock Exchange (NSE). Two of the Banks, Heritage and Keystone Banks are not listed …

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PwC seeks change of tactics for Oil & Gas industry in Africa The decline in the global oil price has led to a reduced level of activity across the African continent and had an impact on countries that traditionally depend on oil & gas revenue, a new report put together by PwC has said. It explained that despite the bleak …

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Manufacturers to get 60% forex Perturbed by the continued dwindling fortune in the domestic economy, the  Central Bank of Nigeria (CBN) has directed  Authorised Dealers (banks) to allocate 60 per cent of their  Foreign Exchange, (forex) purchases from all sources (interbank inclusive) to  manufacturers and 40 per cent to other users for the purpose of trade and other obligations. In …

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  Union Bank of Nigeria Plc has recorded profit after tax of N8.7 billion for the first six months of this year, compared with N6.3 billion within same period in 2015. An x-ray of the bank’s financial statement, showed that, total assets also increased from N1.046 trillion of full year 2015 results to N1.152 trillion as at the end of …

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E-divided Complaint: SEC re-interate June 2017 Deadline Date …To withdraw operators license over recapitalisation failure by December FRIDAY EKEOBA Worried about the slow adherence by investors in the capital market on the issue of e-dividend, the Security and Exchange Commission (SEC) has reiterated that June 31st 2017 remain the final compliance date in the equity market. SEC said it has …

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