Business

  South African economy has regained the position of Africa’s largest in dollar terms, as the value of the nations’ currencies moved in opposite directions, this is coming barely two years after losing it to Nigeria. According to Bloomberg report, based on GDP at the end of 2015 published by the International Monetary Fund (IMF), the size of South African’s …

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The African Development Bank has approved a nine million dollar equity investment in the Fund for Agricultural Finance in Nigeria (FAFIN) to provide expansion capital to agricultural small and medium-sized enterprises (SMEs). This was contained in a press statement issued by the bank on Monday and published on its web: www.afdb.org. According to (NAN) the statement said that FAFIN is a first-generation private …

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The Tincan Island command of Nigeria Customs Service (NCS) generated N130. 7 billion within a period of seven months. Controller of the command, Comptroller Y. U. Bashar, who made the disclosure during an interactive session with strategic stakeholders in his office also explained that the statutory function of the command remain revenue generation and facilitation of legitimate trade. He noted …

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A new study by Juniper Research titled AI & Machine Learning: Fintech Dynamics, Disruption & Future Opportunities 2016-2021 predicts that unsecured consumer loans that use artificial intelligence or machine learning technology will jump to 960 per cent over the next five years (2016-2021) . Fueling this growth will be advances in analytics and accessible computing power. The study also predicts that machine learning spend in Fintech will advance …

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FRIDAY  EKEOBA Wema Bank, Nigeria’s longest surviving indigenous bank wrote its name in the annals of innovation in the Nigerian banking industry as it successfully concluded the groundbreaking 945 Game Show hosted live on Facebook. Wema Bank is the first ever Nigerian lender to host a live game show on Facebook, a social media platform with 7.2 million daily users from Nigeria. In a statement …

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Owners of Android phones have been warned of a serious security flaw that could give attackers complete access to a phone’s data. The problem has been identified in software used in about 900 million Android phones, including the HTC One, and Sony Xperia Z Ultra.While there is currently no evidence of the flaws being used by hackers, experts say it is a race as to …

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Jaguar Land Rover has recalled 54,000 vehicles in the United States of America (USA)  in the latest round of Takata airbag recalls. The recall breaks down to 20,000 Jaguar XF sedans and 34,000 Range Rovers for frontal passenger airbag inflators that may rupture. According to Automotive News, the  first phase of the recall covers certain 2009-11 Jaguar XF models and certain 2007-11 Land Rover …

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Considering the enormity of quest to re-engineer its operations and further boost returns on investment, forte oil has concluded plans to raise N50billion debt instrument from the capital market. Similarly, the company disclosed that the second leg of its capital raising which will be done through equity financing in 2017 or beyond when the need arises. Addressing the capital market …

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FRIDAY EKEOBA Nestlé Nigeria Plc has announced draw-down in its operations for the half year period ended June 30 , 2016, as finance costs rose by 361 per cent to impact negatively on profitability. According to the multinational company finance costs rose by 361 per cent to N14.89 billion in half year ended July 30, 2016 from N3.2billion in half year ended July …

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Barring any last minute change in decision, the Association of Nigerian Licensed Customs Agents (ANLCA) has threatened to shut down the nation’s ports over 43 per cent hike in customs duty. President of the association, Alhaji Olayiwola Shittu who made this disclosure on Thursday in Lagos, noted that the association condemned in totality the monetary policy that led to the collapse of the maritime industry. …

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