Thursday, November 05, 2020
Stakeholders Advocate Review of New CAMA to Revive Market
Stakeholders who converged for the Chartered Institute of Stockbrokers (CIS) annual conference in Lagos yesterday called for the amendment of some sections of the new Company and Allied Matters Act (CAMA) as a precondition for revival of the Nigerian capital market. Read more
MAN Commends CBN on N100bn Healthcare Intervention Fund
The President of the Manufacturers Association of Nigeria (MAN), Mr. Mansur Ahmed, has commended the Central Bank of Nigeria (CBN) for creating a N100 billion intervention fund for the pharmaceutical industries in the country. Read more
Biden in Cusp of Victory, Trump Goes to Court
Former United States Vice President Joe Biden was on the cusp of victory yesterday as he surged his path to triumph with a win of Michigan that added 16 Electoral College votes to his ballots, rallying them up to 264. Read more
Three Nigerian-Americans Win Legislative Seats in US
Two Americans with Nigerian descent, Oye Owolewa, Esther Agbaje, and Nnamdi Chukwuocha have emerged victorious in the US elections held on Tuesday. While Agbaje won a House of Representatives seat in Minnesota, Owolewa was declared winner of the shadow election in the District of Columbia (DC). Read more
UK’s CDC provides $75m funding to Stanbic IBTC
CDC Group, the UK’s development finance institution and impact investor, announced a $75m debt commitment to Stanbic IBTC Bank Plc, a subsidiary of Stanbic IBTC Holdings Plc and member of the Standard Bank Group. CDC said in a statement that the long-term funding would enable the bank to continue lending to businesses in subsectors of the economy important for domestic consumption and exports including food, manufacturing, telecommunications and construction. Read more
Rising debt servicing cost can impede growth – CBN
The Central Bank of Nigeria has expressed concern over the rising cost of debt service being incurred by the Federal Government. The CBN, in its half-year 2020 economic report, said the trajectory of Federal Government’s debt further constrained fiscal policy during the period, as interest payment obligations amounted to N1.15tn in the first half of 2020. Read more
Chevron Nigeria gets new chairman/MD
Chevron Nigeria Limited has appointed Mr Richard Kennedy to the position of chairman and managing director, effective November 1, 2020. The oil major disclosed this on Wednesday in a statement signed by its General Manager, Policy, Government and Public Affairs, Esimaje Brikinn. It said until his appointment, Kennedy was the director, deepwater and production sharing contracts, in charge of the company’s deepwater portfolio and assets. Read more
Nigeria to migrate fixed line network to 10-digit number
Although, fixed lines represent only 0.13 per cent of the total telephone subscription in Nigeria, there are, however, plans that all fixed subscriber numbers will be migrated from seven to a 10-digit number like the mobile counterpart. Read more
Analyst expresses concerns over rising inflation, increased public debt
Nigeria, Africa’s largest economy began the Fourth Quarter (Q4), facing some of the biggest protests ever witnessed since the military rule ended in 1999. As the protests boiled over, amid an already turbulent period, not only in the local but global economy, the cumulative effects of the COVID-19 pandemic lockdowns and other restrictions triggered a downturn, together with a sharp increase in public debt. Read more
