Uncategorized Archives - Inside Business Africa

Sep152021 by Joshua OlotuNo Comments

Arabian & African Hospitality Investment Conference (AHIC) 2021 at a glance: a sneak peek at the sessions and speakers set for this year’s highly anticipated event

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The Arabian & African Hospitality Investment Conference (AHIC) (https://AHIC.com) returns to Madinat Jumeirah in Dubai live in person from 20-22 September 2021, bringing together four powerful, active investment communities from across the region. For the first time, AHIC 2021, organised by Bench and MEED, will house the four close-knit investment communities of the Arabian Hospitality Investment Conference (AHIC), Saudi Arabia Hospitality Investment Conference (SHIC), Africa Hotel Investment Forum (AHIF) and the Global Restaurant Investment Forum (GRIF) under one roof. United by the theme Rise Together, investors, owners, private equity firms, financiers, franchise owners, innovators, developers, and government entities will meet to network, share insights and do business,...

Jul32021 by Joshua OlotuNo Comments

Why efforts by Côte d’Ivoire and Ghana to help cocoa farmers haven’t worked

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A cocoa pricing agreement designed to protect farmers in Côte d’Ivoire and Ghana from destitution is being circumvented by multinationals, the main buyers of cocoa beans. Cocoa is the plant from which chocolate is made. Côte d’Ivoire and Ghana together account for 65% of global cocoa production, but farmers in these two countries earn less than 6% of the chocolate industry’s total revenue. The cocoa bean value chain has five major segments. The first is cocoa bean production, which involves local farmers. The second is sourcing and marketing, which involves local and international traders and exporters of cocoa beans and semi-processed products. The third is processing, which involves grinders and chocolate manufacturers. The fourth is distribution, whi...

May282021 by Joshua OlotuNo Comments

Sell-off persists on NGX as capitalisation plunges further by N98b

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Trading on the Nigerian Exchange Limited (NGX) closed on a downturn yesterday, following price losses that outweighed gains, causing market capitalisation to dip further by N98 billion. The All-Share Index (ASI) decreased by 189.10 absolute points, representing a dip of 0.49 per cent to close at 38,044.58 points. Similarly, the market capitalisation value shed N98 billion to close at N19.830 trillion. The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; Dangote Cement, Guaranty Trust Bank, MRS Oil Nigeria, Eterna and UAC of Nigeria (UACN). Analysts at Afrinvest Limited said: “We expect the market to close the week in the negative region.” Investor sentiment as measured by market breadth declined, as 16 stocks advanced while 21...

Apr162021 by Joshua OlotuNo Comments

FG signs new Sustainable Development Goals agreement with UN

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The Nigerian Government has signed a deal with the United Nations to develop new cooperation towards achieving Sustainable Development Goals. This was disclosed by the Minister of Foreign Affairs, Geoffrey Onyeama, in a statement on Thursday after the agreement was signed with the United Nations Office for Project Services, UNOPS, represented by Ifeoma Charles. The Nigerian Government has signed a deal with the United Nations to develop new cooperation towards achieving Sustainable Development Goals. This was disclosed by the Minister of Foreign Affairs, Geoffrey Onyeama, in a statement on Thursday after the agreement was signed with the United Nations Office for Project Services, UNOPS, represented by Ifeoma Charles. The Minister said, “On behalf of the Niger...

Apr162021 by Joshua OlotuNo Comments

Stakeholders bemoan security attacks, loopholes at airports

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*Beware of insiders’ threats, Ojikutu warns Aviation stakeholders have bemoaned heightened security concerns and attacks in and around airports nationwide, saying nothing has changed after many years of raising the alarm. Though they acknowledged that the airport could rarely be immured from general insecurity, experts said the aerodromes are national security and deserved better intelligence and new counter security measures. Similarly, Aviation Security Consultant, Group Capt. John Ojikutu (rtd), has said the major security compromises are those that would come from within the airports. The fresh complaint is not unconnected with the recent red flag raised by the Ministry of Aviation over planned attacks on some major airports nationwide. The Ministry of Aviation, in ...

Mar32021 by Joshua OlotuNo Comments

NPA offers to partner NLNG to increase gas production capacity

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Managing Director, Nigerian Ports Authority (NPA), Hadiza Bala Usman, said the agency was ready to partner with the Nigeria Liquefied Natural Gas(NLNG) Limited in increasing natural gas production capacity by 36 per cent. Represented by the Executive Director, Marine and Operations, NPA, at the virtual multilogues-2 organised by the Nigerian Gas Association (NGA), Usman said the agency would support NLNG in increasing natural gas production from 22 million tonnes to 30 million tonnes yearly. “The NPA is poised to offer necessary collaborative support to the NLNG in achieving the goals of its Train 7 projects, which we are informed will increase Nigeria’s liquified natural gas production capacity by 36 per cent from the current 22 million tonnes per annum to 30 million tonnes per...

Aug52020 by Joshua OlotuNo Comments

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...

May222020 by Joshua OlotuNo Comments

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...

May212020 by Joshua OlotuNo Comments

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...

May212020 by Joshua OlotuNo Comments

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...