Business News

Wednesday, 03 February 2021 04:10

Profit-taking shaves off N164bn from stocks value on NSE

Nigerian stocks heaped up further loss on Tuesday as the market shed 0.74 per cent, equivalent to N164.313 billion, with mid-cap stocks including Nigerian Breweries, WAPCO, Ardova, BOC Gases and Zenith accounting the most for the depreciation. The Banking Index crashed by 3.06 per cent to 410.72 index points to emerge the worst performer among the sectorial indices, compounding losses. Market breadth was negative, with 50 losers emerging against nine gainers. All Share Index (ASI) edged lower to 42,043.79 index points while market capitalisation slipped to N21.994 trillion. Year to date, the index is up by 4.4 per cent. TOP…

Wednesday, 03 February 2021 04:06

Jeff Bezos, Amazon’s founder, will step down as CEO

Jeff Bezos, who founded Amazon as an online bookstore and built it into a shopping and entertainment behemoth, will step down later this year as CEO, a role he’s had for nearly 30 years, to become executive chairman, the company announced Tuesday. Bezos, 57, will be replaced in the summer by Andy Jassy, who runs Amazon’s cloud-computing business. In a blog post to employees, Bezos said he planned to focus on new products and early initiatives being developed at Amazon. He said he would have more time for side projects, including his space exploration company Blue Origin, his philanthropic initiatives…

Wednesday, 03 February 2021 04:05

GameStop: David and Goliath or a political fable?

Take a company that's been around for years. Think of a high street VHS video store in the age of Netflix, for example. I, a cynical financial investor, think to myself - I don't like the prospects for that company - it looks out of date, I reckon it's doomed. The shares cost £1 each - a year from now I reckon it will surely be bust. Thanks to the way the financial markets work there is a way I can make money out of this company's seemingly inevitable demise. I find someone who owns the shares and I borrow…

Wednesday, 03 February 2021 04:03

The GameStop saga started a disruption that cannot be stopped

What happened with GameStop will happen again. The rules have changed. GameStop’s stock was once a quirky story for finance geeks. Now it’s about much more than that. It’s an example of accelerated digital disruption — and its effects are here to stay. By now, of course, most people have heard about the stratospheric rise of GameStop’s stockthanks to the concentrated efforts of millions of Reddit users betting against hedge funds. Regulators, brokerages, and hedge funds are in panic as all notions of a “rational” market has gone into a tailspin. These Reddit investors have picked up the gauntlet to…

Tuesday, 02 February 2021 06:13

Nigeria’s crude oil exports decline due to infrastructure issues - Report

Nigeria -- West Africa’s biggest oil producer - has seen its shipments curtailed in recent months by infrastructure issues affecting several of its biggest crude streams. The nation’s loadings fell to 1.37 million barrels a day in January, the lowest for four years, according to separate data based on loading schedules compiled by Bloomberg. Exxon Mobil Corp.’s Qua Iboe stream was placed under force majeure until late Januaryfollowing a fire in mid-December at the grade’s oil export terminal. Revised loadings of Qua Iboe slumped to about 61,000 barrels a day over December and January, the lowest rate in more than…

Tuesday, 02 February 2021 06:12

Nigeria, Morocco renew commitment to gas pipeline, fertilizer plant

Morocco and Nigeria renewed their commitment on Sunday to building a gas pipeline that will take an onshore and offshore route and a fertilisers plant, the royal palace in Rabat said. The renewed commitment came during a phone call between Morocco’s King Mohammed VI and Nigerian President Muhammadu Buhari, the palace said. The two countries agreed to the pipeline in December 2016 and launched feasibility studies. The pipeline will be 5,660 km (3,517 miles) long, the two countries said in June 2018, adding that construction will be in phases covering 25 years. The two leaders also agreed to speed up…

Tuesday, 02 February 2021 06:11

FG floats new savings bonds at N1,000 subscription

Debt Management Office (DMO) on Monday announced an offer for subscription for two years and three years federal government savings bonds. The unit of sale, the nation’s debt management office said, is N1,000 per unit. DMO said in a circular posted on its website Monday that the two years bond with Feb. 10, 2023 as due date would attract an interest rate of 4.214 per cent per annum. On the other hand, the three-year bond, with Feb.10, 2024 as due date, will attract an interest rate of 5.214 per cent per annum. The bond is subject to a minimum subscription…

Tuesday, 02 February 2021 06:09

Lagos port traffic congestion expected to ease as Apapa port is connected to Lagos-Ibadan rail line

China Civil Engineering Construction Company (CCECC), the contractor handling the construction of Lagos-Ibadan rail line, says it has linked the tracks to Apapa port in Lagos. The construction company said, in a tweet on Monday, that the connection was achieved on January 25 “with the successful pouring of the last 25-meter monolithic track bed superstructure of Apapa Port Break Bulk Line.” “The Apapa Port Spur Line of Lagos-Ibadan Railway starts from the Mobolaji Johnson Station, Ebute Metta and extends southward to Apapa Port, with a total length of 8.72km. As a crucial channel linking the main line of the Lagos-Ibadan…

Tuesday, 02 February 2021 06:08

Many poultry farms fold up as costs of feed inputs skyrocket

For several months now, Ibrahim Abdullahi, a maize farmer in Lere, Kaduna State, has not been able to cultivate his farm. He is afraid. Being on his farm means being vulnerable to attacks by bandits or being kidnapped for ransom. This fear, he acknowledges, has spread like a pestilence amongst farming communities. “I am not alone,” Abdullahi said, “Insecurity has made many farmers in the North avoid their farms.” This fear, coupled with other challenges such as poor yields, crop diseases and floods have resulted in a looming food crisis. Maize, which constitutes the staple meal for a significant number…

Tuesday, 02 February 2021 06:03

4 lessons CEOs taught us about the value of prioritizing employees

Your employees are your business. Take care of them. It's estimated that the average adult makes about 35,000 decisions each day. As absurd as even that sounds, consider, too, that as your level of responsibility grows, so does the gamut of choices. Founders and CEOs from companies of all sizes, in every category and market worldwide, are subject to lauding and criticism alike for the decisions they make every day. But there is one resounding corporate strategy that has prevailed: take care of your employees and they will take care of your business. After a year where kindness and compassion…

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Monday, 01 February 2021 06:05

Rising crude oil prices boost Nigeria’s external reserves

Nigeria’s external reserves was $36.39bn as of January 27, latest figures from Central Bank of Nigeria revealed. Figures obtained from CBN showed that the reserves, which commenced the year at $35.65bn, rose to $36.52bn as of January 25, before experiencing a slight decline. On the external reserves position, CBN noted that there had been an increase in the level of external reserves, which was $36.23bn as of January 21 compared with $34.94bn at the end of November 2020. It stated that this reflected improvements in crude oil prices, partial global economic recovery amid optimism over the discovery and distributions of…

Friday, 29 January 2021 05:31

FG redeems $500m Eurobond, commits to paying outstanding $10.37bn at maturity

Debt Management Office has said that Nigeria’s 6.75 per cent $500m January 2021 Eurobond, which matured on Thursday, will be redeemed. It disclosed this on Thursday in a press release titled ‘Nigeria redeems $500m’. DMO had earlier disclosed that Nigeria’s eurbond debt profile was $10.87bn as of the end of September 2020, most of which had future maturing dates. This leaves an outstanding of about $10.37bn after the redemption of $500m. For this purpose, it added, funds had been made available by the Federal Government to the fiscal agent to repay the principal sum of $500m and final interest payment…

Friday, 29 January 2021 05:30

Ghana displaces Nigeria as West Africa air travel hub

Nigeria has lost the West African air market to Ghana as no Nigerian airline is operating to destinations such as Accra, Abidjan, Dakar, Freetown, Monrovia and the Gambia. Industry operatives said the aforementioned routes used to be lucrative for Nigerian airlines, where they generated dollar revenue and were known as low hanging fruits. Since international flights started on September 5, last year, no Nigerian airline has been operating to any of the aforementioned routes, which are currently dominated by Ghana-based African World Airlines (AWA), Asky, Air Senegal and others. Along with the loss of these air travel market are also…

Friday, 29 January 2021 05:28

Airtel pays FG N71.6bn for license renewal

Nigerian Communications Commission (NCC) has approved the renewal of the spectrum licenses in the 900 megahertz (MHz) and 1800MHz bands for Airtel Nigeria. In a notice to the Nigerian Stock Exchange (NSE) on Thursday, Airtel Nigeria said it paid N71.61 billion ($189 million) in respect of the license renewal fees, adding that the payment is under the terms of the spectrum licences. According to the telecom company, these spectrum licences were otherwise due to expire on November 30, 2021. Following the approval, NCC offered Airtel Nigeria the opportunity to renew its spectrum licences in both the 900MHz and 1800MHz bands…

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