Tuesday, July 21, 2020
Manufacturers invest billions in local raw materials as FX scarcity hurts
Manufacturers are pumping billions of naira into local raw materials sourcing as foreign exchange (FX) scarcity continues to hurt their capacity to import inputs. FX crunch due to oil price lows since 2014 has disrupted productions and projections, forcing 54 small factories to shut down in 2016 and threatening more closures and job losses. Read more
Nigerian Banks Restructure $20 Billion of Loans as Virus Hits Customers
Nigerian banks are restructuring 41% of loans in the country after the central bank placed a moratorium on interest charges and principal debt repayments to cushion the blow of lower oil prices and fallout from the coronavirus. Read more
Nigeria losing FX battle as banks limit dollar spending abroad
Nigerian banks limiting how much dollars customers can spend abroad is the latest sign of Nigeria’s worsening foreign exchange crisis. The banks are making moves last seen during the dark days of 2016 when an acute dollar scarcity hobbled the balance sheet of lenders and paved way for a big naira devaluation. Read more
Access Bank completes acquisition of Kenyan bank
Access Bank Plc on Monday announced the completion of the acquisition of Transnational Bank (Kenya) Plc. The bank, in a notice to the investing public and the Nigerian Stock Exchange, noted that the acquisition followed the receipt of full regulatory approvals and fulfillment of all conditions precedent to completion. Read more
Forex uncertainty worries businesses as CBN retains 12.5% interest rate
The Central Bank of Nigeria on Monday retained the country’s benchmark interest rate or Monetary Policy Rate at 12.5 per cent. It also held all other monetary policy parameters constant, as the bank stated that its interventions in the economy were yielding positive results. Read more
Fidelity Bank appoints Onyeali-Ikpe MD-designate
Fidelity Bank Plc has notified the Nigerian Stock Exchange and the general public of the appointment of Mrs Nneka Onyeali-Ikpe as its incoming Managing Director/Chief Executive Officer, effective January 1, 2021. The bank made the announcement on Monday, in a notice on the NSE website, signed by its Company Secretary, Ezinwa Unuigboje. Read more
NELMCO to dispose 216 assets of defunct PHCN
The Nigeria Electricity Liability Management Company on Monday said it would sell 216 non-core assets of the defunct Power Holding Company of Nigeria in phases. It disclosed this on the sidelines of a visit by the Senate Committee on Power to the Head Office Annex of the Abuja Electricity Distribution Company. Read more
Unilever holds 95th AGM, declares N60.487bn turnover
Unilever Nigeria Plc. has declared a turnover of N60.5 billion for the financial year ended December 2019. In line with its resolve to enhance profitability, the Board and Management of Unilever Nigeria Plc. has assured the shareholders of their commitment to good corporate governance that would, in turn, drive sustainability and efficiency across every aspect of the Company’s operations. Read more
Calabar, Kaduna, Yola airports open amid traveler apathy
At least another two airports were yesterday certified ready and opened to commercial flights services after three months of COVID-19 lockdown. The facilities, Margaret Ekpo Airport, Calabar and Yola Airport, Adamawa State, reopened, although amid general traveler apathy since local flight services resumed a fortnight ago. Read more
