Browsing Category

Business

Nigeria Stock Exchange Outshines Kenya, JSE Bourses

THE Nigerian Stock Exchange has outshone bourses in Kenya and South Africa for the year 2017, underlining the West African country's status as the continent's biggest economy. It outpaced the Nairobi Stock Exchange and Johannesburg Stock Exchange respectively in local currency unit terms, and remains ahead year-to-date (ytd) this year. It has gained 6 percent on that basis, compared with 2,4 percent in Nairobi and a decline of 4,7 percent in Johannesburg. First Bank of Nigeria (FBN) Quest Capital Research said the trend…

World Bank confirms economic growth in Nigeria

The World Bank on Wednesday said Sub-Saharan Africa’s growth is projected to reach 3.1 percent in 2018, and to average 3.6 percent in 2019–20. This is contained in Africa’s Pulse, a bi-annual analysis of the state of African economies conducted by institution. The report noted that the moderate pace of economic expansion reflects the gradual pick-up in growth in the region’s three largest economies, Nigeria, Angola and South Africa. The growth forecasts are premised on expectations that oil and metals prices will remain…

May & Baker Rebounds with N371 Million Profit After Tax

May & Baker Nigeria Plc recorded significant growths in sales and profitability in 2017 as the  healthcare company continued  to implement  its medium-term strategic plan aimed at enhancing shareholders’ value. Highlights of the  audited results showed that turnover rose by 10.39 per cent from N8.47 billion in 2016 to N9.35 billion in 2017. Gross profit grew by 29.13 per cent to N3.28 billion in 2017 as against N2.54 billion in 2016. Operating profit jumped by 51.04 per cent from N820.87 million to cross the billion…

FG not implementing 13% derivation in full, says Dickson

Governor Seriake Dickson of Bayelsa State has claimed that the oil-producing states in the country are not getting the complete 13 per cent derivation of revenue derived from oil production as provided for in the Constitution. The Governor said that in spite of the express provisions of the constitution for the disbursement of 13 per cent to the producing states, those entrusted with the responsibility have not ensured effective implementation of the Derivation Act. Dickson, who said that successive governments had violated…

Bus Strike Threatens to Bring South Africa to Standstill

Thousands of commuters will wake up on Wednesday to the nationwide bus strike that is set to kick off at 05:30 while taxi and rail operators are bracing for crowds and long queues. Nationwide bus services such as MyCiTi in Cape Town, Putco, Rea Vaya and Gautrain bus service in Gauteng and Algoa Bus Company in the Port Elizabeth area are among those whose services will be suspended. Others include Greyhound, Buscor and Mphakathi in Mpumalanga, Bojanala in the North West, Mayibuye in East London, Go George in George, Areyeng…

Is U.S. Using ‘Petty Policy’ to Force Used Clothes into Africa?

Fostering international development has long been viewed as central to the moral, humanitarian, strategic and security interests of the United States. In particular, there is one area where the United States has been a leader in development assistance -- providing trade preferences to African countries, most of which are low-income countries. This has been achieved through the African Growth and Opportunity Act (AGOA), which was initially passed by U.S. Congress in 2000 and signed into law by President Bill Clinton. The…

Kenya: Proposed New JKIA Parking Fees Suspended

The Kenya Airports Authority (KAA) has put on hold the new parking fees at Nairobi's Jomo Kenyatta International Airport (JKIA), barely two days after motorists started paying more to drop and pick passengers at the facility. The State Authority, in a public notice issued Tuesday, said it will hold off on the proposed new parking charges to allow for further consultation with airport stakeholders. "Jambo, we would like to notify the general public that KAA has put on hold the propped new parking rates pending further…

Anger as Kenya Airways Sacks Nigerian Employees

Kenya Airways has sacked at least 22 of its Nigerian workers in an unprecedented move that has infuriated aviation union workers who have vowed to disrupt the airline's operations in the country. Lagos — Aviation unions have threatened a showdown with the East African carrier, Kenya Airways over the disengagement of 22 out of its 26 Nigerian workers. It was learnt that the 22 employees were issued sack letter on Friday with only four workers including the Country Manager, Mr. Afeez Balogun retained. Also retained were the…

Nigeria: South Korea Cuts Iranian Oil Import for Nigeria’s Light Crude

South Korea's leading energy company SK Incheon Petrochem plans to increase imports of light crude oil from sources including Nigeria to replace Iranian condensates, due to rising prices for the Middle Eastern oil. SK Incheon Petrochem, fully owned by SK Innovation, South Korea's largest refiner, was quoted by Reuters to have said in a statement that it would bring in a combined three million barrels of light crude oil for April as an alternative to supplies of Iranian condensate. Since the fourth quarter of last year, SK…

Nigeria: Despite Growth Projections, IMF Says Nigeria’s Economy May ‘Not Be So Lucky’

The International Monetary Fund, IMF, said yesterday that Nigeria's economy might not be so lucky despite the growth projections from various quarters. Giving his opening remarks at the unveiling of the 2018 World Economic Outlook, Maurice Obstfeld, IMF's chief economist, said commodity exporting countries would need to diversify their economies to boost further growth. With a 0.8 percent growth signalling an exit from its 2016 recession, Nigeria's economy was projected to grow by 2.1 percent in 2018. He said: "Emerging and…

Nigeria: OPEC Loses $1 Trillion Investment in Two Years

The Organisation of the Petroleum Exporting Countries (OPEC) has said that more than a $1 trillion of frozen capex or cuts were recorded in 2015 and 2016. Speaking on Monday at the 5th Kuwait Oil & Gas Show, OPEC Secretary General, Mohammad Sanusi Barkindo, said that the oil and gas sector would require an investment of $10 trillion by 2040 to meet the growing global energy need. He said the oil and gas sector is expected to provide more than half of the world's energy needs by 2040, with their combined share relatively…

UBA Plc: Strong fundamentals may spike investor sentiments

AMIDST a flicker of hope on recovery from the Nigerian Stock Exchange, NSE, three-week long bear run, the shares of United Bank for Africa, UBA, may be one of the early beneficiaries of the bottom-out. The stock had positive investor sentiment pulling it back from slide and lifting it by 2.15 per cent gain last week, as against 0.08 per cent decline recorded by the NSE benchmark week-on-week. Investment analysts and stockbrokers had attributed the initial price down on the stock to the bandwagon effect of the general market…

Ecobank partners Calabar Sports Club on tennis championship

Ecobank has partnered with the Calabar Sports Club on the 2018 East of the Niger Inter Club Tennis league Championship. Commending Ecobank for the partnership, President of the Club, Ambassador Asam Asam said that this year’s event was a huge success due largely to partnership by Ecobank and other farsighted sponsors, who are concerned about creating a positive and engaging future for the youth. Expressing appreciation to the bank, he said the 2018 East of the Niger Inter Club Tennis league Championship (ENIC) had…

Improved sales, cost efficiency boost May & Baker’s PBT by 75 %

May & Baker Nigeria Plc has recorded significant growth in major financial indices as its Profit Before Tax, PBT for the year ended March 31, 2017 rose by 75 percent to N605.6 million from N345.94 million in 2016. The company attributed the growth in PBT to improved sales , efficiency in cost minimisation and quality services. The audited report and accounts of May & Baker Nigeria for the year ended December 31, 2017 released on the Nigerian Stock Exchange (NSE) showed impressive improvements in the underlying…

NSE: Bargain hunting to prevail ahead of QI‘18 earnings release Read more at:…

As the first quarter 2018, Q1’18, draws close, investment bankers and financial analysts have said that bargain hunters will rule the equities market pending the commencement of release of Q1’18 results by quoted companies. Though they expressed divided opinion on whether the market would be majorly positive or negative this week, they indicated that investors will tread cautiously as they review their investment decisions. According to Mr. Johnson Chukwu, Managing Director/CEO, Cowry Asset Management Limited, the market…