A former Managing Director of the Assets Management Corporation of Nigeria has said the liberalisation of the nation’s power sector will attract over $30bn of investment to the sector in the next three years. Chike-Obi, who is the executive vice chairman, Alpha African Advisory, said this would also make electricity affordable for Nigerians in the […]

The management of the Nigerian Ports Authority has announced the approval of a 10 per cent discount on harbour dues for vessels calling at the eastern ports. According to the agency, this is part of the efforts to increase patronage of the eastern ports. The ports that would be affected by the incentive are Calabar, […]

Power distribution companies require $4.3bn to recapitalise in order to effectively invest in their networks nationwide and improve electricity supply, according to a study conducted by the Transmission Company of Nigeria. TCN also stated that the Federal Government, which owns 40 per cent stake in each of the 11 power Discos in the country, should […]

The nation’s stock market fell further on Monday, extending its losing streak to six consecutive trading sessions. The market opened the week lower as the All Share Index of the Nigerian Stock Exchange shed 0.4 per cent to close at 30,322.19 basis points while the year-to-date loss worsened to 3.5 per cent. The market capitalisation […]

Debt servicing gulps more than 50 per cent of Nigeria’s revenue, the African Development Bank has said. The bank, which said this in its West Africa Economic Outlook 2019, said the servicing of the country’s external debt gulped about 50 per cent of the country’s revenue. According to AfDB, the average revenue spent by West […]

The share price of Oando Plc declined at the close of trading on the Nigerian Stock Exchange on Monday after the Securities and Exchange Commission suspended the firm’s annual shareholder meeting. The oil firm’s share price, which rose by 5.26 per cent to N4.00 on Thursday after falling by 9.52 per cent to N3.80 on […]

The Central Bank of Nigeria (CBN)-led Monetary Policy Committee (MPC) has expressed worry over the concentration and  high non-performing loans (NPLs) in banks. The committee decried the persistent risks in the financial system, especially the high foreign exchange (Forex) exposure of banks, particularly to entities that do not earn forex. CBN Deputy Governor, Edward Lametek, […]

Following its successful $500 million Eurobond issuance, Ecobank Transnational Incorporated , the Lomé-based parent company of the Ecobank Group, was hosted by the London Stock Exchange (LSE) to a market opening ceremony to celebrate the feat The bond was oversubscribed with strong demand from international investors in the United Kingdom, United States, Europe, Middle East, […]

Foreign portfolio investors increased the value of their buy orders for Nigerian equities by 61.4 per cent at the onset of this quarter, halting a sell-off that had seen more outflows than inflows all through the first quarter of this year. For the first time this year,  equities recorded positive foreign portfolio transactions as inflows […]

THE World Bank at the weekend said low–medium income countries will need between $640 billion and $2.7 trillion investment yearly to meet development goals by 2030. It said prudent government spending could help a country avoid economic downturn. The bank in a statement explained that rising debt levels is a concern as many emerging and […]