Stock market drops by 0.18 per cent in profit taking trading

Transactions at the Nigerian Stock Exchange (NSE), yesterday remained on a downward trend due to profit taking.
The lead indicator, NSE-ASI shed 49.55 absolute points or 0.18 per cent to closed at 27,707.12 points. Similarly, the market capitalization shed N17 billion to close at N9.518 trillion.
The downturn was significantly imparted by value depreciation recorded by the following large capitalised stocks, PZ Industry, International Breweries, Nigerian Breweries, Dangote Cement, Guaranty Trust Bank and Glaxosmith.

Okowa partners S’Africa on diversification of economy, exploration of natural gas

Arthur Ifeanyi Okowa

Governor Ifeanyi Okowa of Delta State has said his administration will explore avenues to harness the more than 25 trillion cubic feet of natural gas in the state.
The governor who assured investors of his commitment to diversifying the state’s economy to speed up the prosperity agenda of his administration, stated that with the natural gas that abounds in the three senatorial districts of the state, efforts would be made to reduce gas flaring with its attendant health and environment hazards.

Investment in ICT sector over $35bn – NCC

The Nigerian Communications Commission (NCC) on Monday said that over $35 billion had been invested in the nation’s telecommunications industry from Foreign Direct Investments.
The Executive Vice Chairman of the commission, Prof. Umar Danbatta, made this known in Lagos during a stakeholders’ forum for International Telecommunication Union (ITU) Telecom World 2016.
Danbatta said that local investments in the sector were also in billions of dollars in the past 15 years.

FirstBank appoints Olusegun Alebiosu as Chief Risk Officer

FirstBank of Nigeria Limited has appointed Olusegun Alebiosu as its new Chief Risk Officer (CRO). Prior to this appointment, Olusegun was the Chief Risk Officer of Coronation Merchant Bank.
Alebiosu’s appointment, which is still subject to approval by the Central Bank of Nigeria (CBN), according to a statement by Folake Ani-Mumuney, First Bank’s Group Head, Marketing & Corporate Communications, is consistent with bank’s focus on corporate governance and best practice, and ensuring a balance of knowledge, judgment and experience at the highest decision making level in the Bank.
Before joining Coronation Merchant bank in 2015, Olusegun at various times, worked with African

Naira gains marginally at the interbank market

The Naira on Monday appreciated marginally at the interbank market, gaining N0.57 against the dollar.
The Nigerian currency closed at N314.20 from N314.77 it traded at the interbank market on Friday.
The Naira, however, dipped three points to N425 at the parallel market, from its Friday rate of N422

10,000 Rice farmers benefit from CBN soft loan in Kano

About 10, 000 rice farmers in Kano State are to benefit from the Central Bank of Nigeria (CBN) Initiated Rice Anchor Borrowers programme, under the first phase.
The first batch of 5, 540 beneficiaries have been cleared for participation in the programme while the rest are awaiting clearance from the apex bank to enable them participate.

Naira bounces back after record low

The naira opened strong on Monday, recovering from last week’s record low of N425 per dollar at the parallel market.
The interbank market also experienced a strengthening of the local currency from 315.25 on Friday to 310 to the dollar at about 11am in Lagos.
As at 2pm, the naira was trading at 314.75 to the dollar at the interbank market.

NACCIMA commends CBN over additional licence for 11 IMTOs

National President, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dr. Bassey Edem, has commended the Central Bank of Nigeria (CBN) for licensing eleven additional international Money Transfer Operators (IMTOs) to operate in the country as part of efforts to liberalize the foreign exchange market, ensure liquidity and make foreign exchange more readily available to low end users.
He said: “We believe that this policy decision is a step in the right direction in ensuring that remittances from Nigerians in the diaspora remain a viable source of foreign exchange for the Nigerian economy”.

CBN vows to sanction banks frustrating N213bn power sector financing

The Central Bank of Nigeria (CBN) has warned banks participating in the N213 billion power sector financing that acts of sabotage would be followed with commensurate penalties.
The CBN, therefore, listed 18 infractions, which it circulated Monday to banks participating in the scheme, an action which is intended to remove bottlenecks responsible for low power generation.
Some participating banks are yet to fulfill their December 22, 2014 agreement with the apex bank with regards to releasing funds to generating and distributing companies by the first week of last year.
This situation is therefore frustrating investors plan to upgrade their processes aimed at effective and efficient delivery of electricity.

How Nigeria slipped into economic recession – Experts

Running an oil-dependent economy, lack of sustainable developmental strategies, and mismanagement of Nigeria’s petroleum revenues have been identified as some of the reasons the country slipped into recession.
Experts, such as the Vice Chancellor, Federal University Oye-Ekiti, Kayode Soremekun, former Head of Department, Political Science and International Relations, Covenant University, Dr. Duruji Moses Metumara, all blamed successive governments for operating mono-product economy, which is vulnerable to economic challenges.
The Vice-Chancellor, Federal University, Oye-Ekiti, Kayode Soremekun, in an interview declared that Nigeria is not oil producing nation but a rental economy.
According to him, collecting rents from multinationals that are producing the country’s natural resources cannot be used as basis for development.