Monday, March 1African Business News
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Bulls increase traction as market index rise further by N40 billion

Bulls increase traction as market index rise further by N40 billion

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Transactions on the equity sector of the Nigerian Stock Exchange (NSE), sustained a rising profile yesterday, as more blue-chip stocks appreciated in price, resulting in a further increase in market capitalisation by N40 billion. Specifically, at the close of transactions Tuesday, the All -Share Index (ASI), added 75.82 absolute points, a 0.31 per cent rise to close at 24,841.94 points. Similarly, investors gained N40 billion as market capitalisation increased to N13.959 trillion. The upturn was impacted by gains recorded in medium and large value stocks, including Seplat, Nigerian Breweries, Flour Mills of Nigeria, Zenith Bank, and UAC of Nigeria (UACN). Capital market analysts noted that the current undervalued state of the market offers opportunities to position for the sho...
LCCI tasks new members on professionalism, business ethics

LCCI tasks new members on professionalism, business ethics

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The Lagos Chamber of Commerce and Industry (LCCI), has tasked its members on the need to adhere to professional and high ethical standards to achieve profitability and sustainability in their business operations. According to the LCCI President, Mrs Toki Mabogunje, businesses have obligations which transcend profit making, pointing out that adequate attention to integrity of business transactions and practices is key to ensure business continuity and profitability. Mabogunje during the Chamber’s first virtual induction ceremony, added that as a chamber, it believes so much in adopting ethical behaviour and fairness in carrying out business dealings with members, non-members and the society at large, while also expressing the need for the federal government’s protection of the busines...
Too early to rejoice as oil price hits $35

Too early to rejoice as oil price hits $35

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Energy experts in Nigeria are uncertain of the sustainability of current increase in the prices of crude oil, as Brent rose to $35.14 per barrel, while Bonny Light traded for $33.92 gaining about $4.11. While the other grades of Nigeria’s crude – Brass River, and Qua Iboe stood at $35.20, some experts urged the Federal Government to carefully study the trend before making decisions. Surging to two-month highs, the current increase has been linked to growing signs of a rebound in oil demand, as the easing of lockdowns from the outbreak of Coronavirus takes effect across the world. Indeed, the reopening of economy in world’s top oil importer, China has pushed its demand back to pre-coronavirus levels, a report by Bloomberg said, even as the price increase comes on the backdrop of accelera...
Buhari appoints substantive DG for SEC three years after

Buhari appoints substantive DG for SEC three years after

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One year after the Director-General (DG) of the Securities and Exchange Commission (SEC), Mary Uduk, had spearheaded its affairs in an acting capacity, the Senate yesterday, received a request from President Muhammadu Buhari for the confirmation of Lamido Yuguda, as new Director-General of Commission. Also to be screened and confirmed are three nominees as full-time commissioners. The request comes three years after the apex capital market regulator has been operating without a substantive head, following the suspension of the former DG, Mournir Gwarzo, in 2017, on allegations of financial misconduct, unlawful carting away of sensitive documents, and unsatisfactory response to queries served on him. Gwarzo, was alleged to have requested and received the sum of N104million as sever...
Nigeria-Saudi Arabia investment plan in limbo as FG fumbles

Nigeria-Saudi Arabia investment plan in limbo as FG fumbles

Economy, Uncategorized
A much trumpeted oil and gas investment plan between Nigeria and Saudi Arabia that would have addressed key challenges in the downstream sector, including establishment of refinery has been left in limbo. The development, hinged on the inability of the Federal Government to follow up after endorsing a draft pact by the Kingdom of Saudi Arabia, The Guardian learnt yesterday, messed up the opportunity. The expectations were that if the deal became feasible, Nigeria could address oil and gas infrastructure shortfall hovering around N18 trillion and stabilise economic development, particularly by blocking leakages, addressing pipeline infrastructure and vandalism challenges as well as spurring industrial activities through gas sector development. When The Guardian contacted the Presi...
Aganbi Marks 20yrs of Tech Broadcasting in ICT Advocacy

Aganbi Marks 20yrs of Tech Broadcasting in ICT Advocacy

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Don Pedro Aganbi, one of Nigeria’s top information communication technology (ICT) broadcast journalist, is set to celebrate 20 years of reporting the information technology (IT) and telecoms industry in Nigeria and championing the course of ICT advocacy in the country. Tagged “Celebrating 20 years of positive impact in Tech Broadcasting and Advocacy”, the event which is set to hold in June 2020 in Lagos will host leading stakeholders in the IT and telecoms industry in Nigeria. Aganbi, who made this known at an interactive session with the media in Lagos recently, described his contribution towards the growth of the IT and telecoms industry of the country as one of the best part of his life saying that it has been twenty years of passion, consistency and resilience. He disclos...
China’s Shipping Nears a Standstill Amid Coronavirus Disruption

China’s Shipping Nears a Standstill Amid Coronavirus Disruption

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Executives say large container ships are leaving Chinese ports as little as 10% full, and sailings are being canceled as carriers brace for a financial retreat, shipping volumes out of China are plummeting as the impact of the coronavirus outbreak takes a deeper toll on industrial production, and ocean carriers are bracing for financial blows from the diminished output. “Substantially less cargo is being moved between China and the rest of the world” said Lars Jensen, head of Denmark-based maritime research group Sea-Intelligence. “Last week we had an additional 30 sailings canceled, with 23 across the Pacific and the rest to Europe.” Mr. Jensen said the canceled trips, which have topped 50 since late January, will delay or reduce shipments into the U.S., where retailers may see a slow...
FCTA targets N3 billion advert revenues in 2020

FCTA targets N3 billion advert revenues in 2020

Economy, Uncategorized
The Federal Capital Territory (FCT) Administration, said it is targeting over N3billion from outdoor advertisement in the second quarter of 2020, as part of its internally generated revenue drive, the Director FCT Department of Outdoor Advertisement and Signage, Dr. Babagana Adams, has said. He said the Department is optimistic about achieving the target, as efforts have been put in place to rid it of unlawful and greedy agents that have continued to defraud the system, stressing that 2020 revenue generation must  be higher than the N500million realised last year. Adams disclosed this Sunday, in Abuja, during an interaction with journalists on plans by the Department to increase its Internally Generated Revenue (IGR). He said the Department ...
Ibadan varsity bursar refutes ICPC’s claim on auditor’s blindness

Ibadan varsity bursar refutes ICPC’s claim on auditor’s blindness

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Bursar of the University of Ibadan, Dr. Michael Alatise, has clarified that the auditor he talked about at the National Assembly neither died nor went blind while auditing the university’s accounts. He was responding to allegation of budget padding by the Independent Corrupt Practices and Other related Offences Commission (ICPC), saying, “I was surprised that Chairman of ICPC, Professor Bolaji Owasanoye, could make such claims unverified claim about University of Ibadan. He stated this on a live radio programme with Diamond FM, insisting that the auditor was alive. “The Vice Chancellor was invited by the Public Accounts Committee, but he was not around and so the Deputy Vice Chancellor (Administration), Professor Kayode Adebowale represented him at the public hearing. ...
China sacrifice a province to save the world from Coronavirus

China sacrifice a province to save the world from Coronavirus

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Musician Zhang Yaru’s grandmother died on Monday after slipping into a coma. She was repeatedly turned away from the hospital. John Chen, a college graduate, is desperately seeking help for his mom. She has a high fever, but isn’t strong enough to stand in line for hours to be tested for the virus raging through their city. On the front line, a 30-year-old respiratory doctor has slept only a few hours in two weeks. Scenes of chaos and despair are emerging daily from China’s Hubei province, the landlocked region of 60 million people where the new coronavirus dubbed 2019-nCoV was first identified in December, and where it has since cut a wide, deadly swathe. While cases have spread around the globe, the virus’ impact has been most keenly felt in Hubei, which has seen a stagge...