Friday, February 19, 2021
United Capital Approves N4.2bn Dividend for Shareholders
The Board of Directors of United Capital Plc has approved the payment of N4.2 billion as dividend to shareholders for the year ended December 31, 2020. The dividend, which translates to 70 kobo per share, is 40 per cent higher than the 50 kobo paid the previous year. In a notification to the Nigerian Stock Exchange (NSE), the investment banking firm said the dividend would be paid after approval by shareholders. Read more
NLC Declares Strike in 18 States over Minimum Wage
The Nigeria Labour Congress (NLC) yesterday directed workers in all the states where the national minimum wage of N30, 000 is yet to be paid to immediately proceed on strike. Although it did not name the states yet to honour the minimum wage, NLC said about half the 36 states of the federation were yet to conclude negotiations on payment of the minimum wage. Read more
Banks cut borrowings from CBN over excess liquidity
Deposit Money Banks have continued to reduce their borrowings from the Central Bank of Nigeria. The CBN attributed this new development to excess liquidity in the system. Banks borrowed N15.95bn from the CBN in the Standing Lending Facility window in November, the CBN disclosed this in its latest monthly economic report for November. Read more
Banks turning female marketers to sexual slaves – Senator
The Senate, on Thursday, considered a bill seeking to stop employers in the private and public sectors from engaging employable Nigerian graduates as casual workers. The Prohibition of Casualisation Bill 2020 was sponsored by Senator Ayo Akinyelure. Akinyelure said casualisation of Nigerian graduates in the Nigerian labour market had become a subject of great concern. Read more
Experts rate economy as weak despite exit from recession
Nigeria exited recession after the country’s Gross Domestic Product recorded a slight growth of 0.11 per cent in the fourth quarter of 2020, the latest figures from the National Bureau of Statistics revealed on Thursday. The NBS also stated in its report on ‘Nigeria’s Gross Domestic Product for Q4 and full-year 2020’ that the GDP contracted by 1.92 per cent in 2020. Read more
Inaccessible spectrum cut-off 950m Africans from Internet
Despite continued progress in the expansion of mobile service and Internet connectivity, 50 per cent of Africans (680 million people) did not use mobile phone in 2019 while about 75 per cent or 950 million people did not access mobile Internet in the same period. Read more
FG, Brazil seal $1.2 billion loan to boost agric sector
Nigeria and the Brazilian Government have signed a $1.2 billion Memorandum of Understanding to boost agricultural modernisation in the country. The credit facility provided by the Development Bank of Brazil would help support the Federal government’s drive to provide agricultural mechanisation and agro-processing centres across the country. Read more
