inside business Archives - Inside Business Africa

Jun132020 by Joshua OlotuNo Comments

COVID-19: ACFE Optimistic about Economy

Economy

The Association of Certified Fraud Examiners, ACFE, Lagos State Chapter, has expressed optimism about Nigerian economy bouncing back post COVID-19. President of ACFE, Lagos State Chapter, Prof. Godwin Oyedokun, made this position known in Lagos while addressing the press recently. According to the fraud examiner, the event of COVID-19 has changed people’s orientation and opened their eyes to economic opportunities that were hitherto ignored . He noted that the pandemic has brought about innovations, reinvention and creativity that could lift the economy if well managed and sustained. “For instance, before now, Nigerian tailors have never taught of producing facemask, the crisis has opened their eyes to new opportunities that is creating jobs for others. Many organisations are e...

Jun102020 by Joshua OlotuNo Comments

IOCs urged to mitigate impacts of Covid-19 in oil producing communities

Energy

Deputy Chairman, House Committee on Petroleum Resources, Preye Influence Oseke, representing Southern Ijaw Federal Constituency, Bayelsa State, has urged International Oil Companies (IOCs), especially Eni Group to mitigate the impacts of Covid-19 across oil producing communities in the region. While there have been repeated advocacies and agitations aimed at ensuring oil producing communities benefit from crude oil resources, the prevailing shocks from the outbreak of Corona reportedly worsened living condition in the region, where farmland and other natural resources are threatened. Oseke noted that with lockdowns and environmental challenges hitherto faced by host communities of oil and gas exploration and exploitation activities within the context of their surrounding ecosyste...

Mar312020 by Joshua OlotuNo Comments

AfDB Launches $3bn COVID-19 Bond

Growth & Insight

The African Development Bank (AfDB) has raised $3 billion in a three-year bond to help alleviate the economic and social impact the Covid-19 pandemic will have on livelihoods and Africa’s economies. The Fight Covid-19 Social bond, with a three-year maturity, garnered interest from central banks and official institutions, bank treasuries, and asset managers including Socially Responsible Investors, with bids exceeding $4.6 billion. This was the largest Social Bond ever launched in international capital markets to date, and the largest US Dollar benchmark ever issued by the Bank. It will pay an interest rate of 0.75 per cent. According to a statement, the AfDB is moving to provide flexible responses aimed at lessening the severe economic and social impact of this pandemic on its re...

Mar282020 by Joshua OlotuNo Comments

COVID-19: CBN Suspends BDCs’ Trading for Two Weeks

Business

The Central Bank of Nigeria (CBN) has suspended activities of Bureaux De Change operators for two weeks in line with measures to halt the spread of the COVID-19. This becomes effective from today. This followed a request by the Association of Bureaux De Change Operators of Nigeria (ABCON) to the CBN for the regulator to grant its members the two weeks break in view of the global pandemic. Gwadabe also advised members of the public not to go into panic buying, hoarding as well as patronising street traders, saying the CBN has enough resources to meet demand when the BDCs return to operations. “This is to urgently bring to the notices of our members nationwide that following our letter of recommendations to the CBN to grant us a market holidays on our bidding days as a proactive and p...

Mar282020 by Joshua OlotuNo Comments

CSCS Goes Digital as Stock Market Closes on Positive Note

Capital Market

The Central Securities Clearing System (CSCS) Plc, which is the financial market infrastructure for the Nigerian capital market, has suspended services to walk-in clients, and switched to the use of digital channels as part of efforts to check the spread of the COVID-19 pandemic. In a notification to all its stakeholders, the company reiterated its commitment to continued delivery of efficient service through the challenging Coronavirus pandemic, hence the activation of its business continuity plan and going fully digital. CSCS explained that it would leverage its digital channels to meet all requests at this period, as it joins global institutions in the campaign for social distancing. Commenting, the Chief Executive Officer, CSCS Plc, Mr. Haruna Jalo-Waziri, said: “As the finan...

Mar282020 by Joshua OlotuNo Comments

BOAN Applauds Customs’ Reversal of Ban on Cargo Movement

Business

The Barge Operators Association of Nigeria (BOAN) has applauded the Comptroller-General of the Nigerian Customs Service (NCS), Col. Hameed Ibrahim Ali (rtd.) over the recent reversal of ban on the use of barges to move cargoes at the nation’s seaports. The President of BOAN, Mr. Edeme Kelikume, who stated this at a media briefing in Lagos, noted that lifting of the ban would allow its members resume operations across the country’s waterways. However, BOAN has requested the NCS authorities, in accordance with government procedures, to issue a circular effecting the reversal. The customs had recently banned barging activities along the waterways, citing irregularities and safety concerns. Kelikume, said until they begin to see the actual implementation of those initiatives, they...

Mar272020 by Joshua OlotuNo Comments

Workers may lose $3.4 trillion income to COVID-19, says ILO

Business

The International Labour Organisation (ILO) has disclosed that about 25 million people would become unemployed, while over $3.4 trillion income would be lost to the novel coronavirus globally. The ILO stated that the ravaging Coronavirus has exposed how vulnerable the global economy is to unanticipated shock. Director General of ILO, Guy Ryder, said the human dimensions of the COVID-19 pandemic reach far beyond the critical health response. He added that all aspects of the global future will be affected – economic, social and developmental.AdvertisementAdvertisement He insisted that the global response to the pandemic must be urgent, coordinated and on a global scale, and should immediately deliver help to those most in need. It stated that: “All aspects of our future will ...

Mar272020 by Joshua OlotuNo Comments

Investors lose N2.3tr in three weeks of first COVID-19 case in Nigeria

Capital Market

Stock market investors have lost over N2.3 trillion barely three weeks after the first case of coronavirus, which is currently ravaging the whole world, was confirmed in Nigeria on January 28, 2020. Specifically, the market capitalisation of listed equities, which stood at N13.657 trillion as at Friday, February 28, 2020 depreciated by N2.349 trillion to N11.308 trillion yesterday, while the All-share index which measures the performance of quoted companies closed at 21,700.98 from 26,216.46 representing 4,515.48 points or 20.8 per cent drop. Nigeria has recorded fewer confirmed cases of Covid-19, when compared to other countries, but the global pandemic’s impact on the economy is far more significant. While global oil demand drops drastically in the wake of the outbreak, Nigeria...

Mar262020 by Joshua OlotuNo Comments

COVID-19: Ikeja Electric Closes Offices Partially

Economy

The Ikeja Electric (IE) Plc has announced that no physical transaction of business will take place across offices in its franchise network for the next one week. It said the partial closure was in line with the ongoing efforts nationwide to prevent further spread of the dreaded COVID-19 pandemic and to protect its customers and staff. The Disco, in a statement explained that the partial closure, which took effect from Tuesday, was part of precautionary measures necessitated by the need to safeguard the health of customers and staff by limiting their exposure to the deadly virus. “The spread of the virus, according to World Health Organisation (WHO), is believed to be mainly through person-to-person contact, which enables respiratory droplets from infected individuals, who exhibi...

Mar262020 by Joshua OlotuNo Comments

IMF proffers initiatives to mitigate economic impact of pandemic in SSA

Economy

The International Monetary Fund (IMF) has stated that what began as a health crisis and now a major global economic crisis, may have substantial economic impact on Nigeria and other sub-Saharan African countries. According to the IMF, many countries in sub-Saharan Africa have limited room in their budgets to increase spending, as they have had rely more on global capital markets since the financial crisis a decade ago. Already, it has stated that growth forecast in April’s regional outlook would be significantly lower, as slowdown will mean revenues take a hit, just as countries face additional public spending needs.AdvertisementAdvertisement The IMF had on Monday, warned that the world might witness a global recession that is as bad as 2008 financial crisis, as a result of t...