The International Monetary Fund has said Nigeria needs to be cautious about the use of its foreign exchange reserves, saying oil prices could decline at any time. The nation’s external reserves have been declining in recent months, falling fell to $44.30bn on September 28 from $45.83bn at the end of August. The reserves dropped further…
THE Nigerian Stock Exchange, NSE, has commenced move towards introducing electronic-Initial Public Offering, e-IPO, in the Nigerian capital market, just as stock broking firms were charged to adopt technology in their services to clients to boost market participation. Speaking at the 22ND Chartered Institute of Stockbrokers, CIS, Conference in Lagos, with the theme: ‘‘Evolution of…
The Asset Management Corporation of Nigeria has said it wants a quick sale of Polaris Bank, the lender created to take over the assets and liabilities of the failed Skye Bank Plc. The Chief Executive Officer, AMCON, Ahmed Kuru, in an interview with Bloomberg in Lagos, said the divestment would be quick as the agency…
Equities Market The Nigerian equities market closed the day trade on a decline at the end of the day’s trading activity, as both NSE ASI and market capitalization decreased by 0.11% respectively, as they both closed at 32,382.58points and N11,822.14tr respectively. Year-to-Date ASI is at a negative of 15.37%. Volume of trades and No of…
an upswing in economic risks due to rising trade tensions and debt levels has prompted the International Monetary Fund to cut its forecast for world growth for this year and next.With trade growth set to slow sharply amid a trade war between the United States and China, the IMF cut its outlook for global GDP…
International Finance Corporation (IFC), a member of the World Bank Group, has issued its inaugural Indonesian Rupiah Komodo green bond, attracting strong investor demand and raising 2 trillion IDR—the equivalent of $134 million in U.S. currency—to combat climate change, according to a statement from the Bank on Monday, in Bali, Indonesia. This is the first…
Skyway Aviation Handling Company Limited (SAHCOL) will next month open to public investors as it enlists on the floor of the Nigerian Stock Exchange (NSE).The Guardian learnt that the listing was aimed at improving the financial status of the company, especially to enable it acquire more state-of-the-art ground handling equipment. It was yesterday gathered that…
The Chairman and Chief Executive Officer, Dangote Cement Plc, Aliko Dangote, says Bank of America Merrill Lynch and Standard Chartered Bank could be among the banks to organise the 2019 London public listing of Dangote Cement. Dangote, when asked by Reuters who the bankers could be for the Initial Public Offering, was quoted in part…
The Managing Director/Chief Executive, Bank of Industry (BoI), Mr. Olukayode Pitan yesterday disclosed that the sum of N2.8 billion had been disbursed to entrepreneurs in Kaduna State. He said over 280 small and medium scale enterprises (SMEs) and 20,550 MSMEs benefited from the intervention in the state. Speaking at the 20th edition of National Micro,…
The Federal Government realised N3.9tn in tax revenue between January and September this year and this is N1tn higher than the N2.9tn realised in the corresponding period of 2017. The Chairman, Federal Inland Revenue Service, Mr Tunde Fowler, disclosed this in a presentation made at the meeting of the African Union High Level Panel on…