Thursday, April 22, 2021
CBN, ICT as Economic Stimulant
The information and communications technology (ICT) sector has in recent times been a major player in solving societal issues and the Covid-19 pandemic made its essence felt even more. Across the globe, technological advancement is being used to proffer solutions and Nigeria is not left behind in the fast changing world of technology. Read more
AMCON Denies Allegation of Criminal Conduct
The Asset Management Corporation of Nigeria (AMCON) has denied allegations of criminal conduct levelled against it by the Association of Victory Park Estate Land Owners. Specifically, it described the allegation that its Receiver/Manager was acting in defiance of the Order of Injunction made by the Lagos State High Court on October 24, 2019 and the Judgment delivered by the Court of Appeal on December 15, 2020, as falsehood. Read more
$160m forex spent on food import in January
The country spent $160m from its foreign exchange on food importation in January according to figures obtained from the Central Bank of Nigeria. The CBN’s economic report on ‘Sectoral utilisation of foreign exchange’ for January showed that this was lower than $310m spent in December. Part of the report read, “Total foreign exchange utilization by sectors decreased by 40.3 per cent from the preceding month to $2.75bn, reflecting a drop in end-user demand for foreign exchange, owing to year-end ease in economic activities. Read More
FCMB’s shareholders approve N2.97bn dividend
Shareholders of FCMB Group Plc have approved the payment of N2.97bn dividend, translating to 15 kobo per ordinary share for the year ended December 31, 2020, as against 14 kobo per share in 2019. A statement from the bank titled ‘Shareholders applaud FCMB, approve dividend of N2.97bn at AGM’ said the shareholders gave the approval at the 8th annual general meeting of the group which held virtually on Wednesday. Read More
MTN to invest $10b on Nigeria, other Africa’s telecoms infrastructure
Telecommunications firm, MTN is committing about $10 billion in the next five years to improving infrastructure, especially telecoms on the continent.
The firm, which operates in about 17 African countries, with the largest market being Nigeria, said investment in the telecommunications industry is only going to increase in the years ahead.The President and Chief Executive Officer of MTN Group, Ralph Mupita, disclosed this during the latest episode of ‘Connecting Africa’ Read More
‘Nigerian ports undermining trade, industrialization’
Stakeholders have decried the state of Nigerian seaports, saying they are largely underdeveloped, poorly ranked among their peers in the West Africa sub-region, and undermining the ease of doing business. According to the stakeholders, Nigerian seaports remain at the potential level despite their impacts on other value-chains of the economy. Read More
