Friday, August 28, 2020 Logistics firms squeezed by multiple taxes in Lagos Logistics and courier firms say they are extorted by touts who claim to represent local council development areas (LCDAs) in Lagos State, alleging that this is squeezing an industry that is just beginning to gain an online traction. According to logistics players who…
DetailsThursday, August 27, 2020 To beat dollar crunch, Nigeria’s central bank eyes special OMO for foreigners Central Bank of Nigeria (CBN) is weighing the option of creating a special Open Market Operation (OMO) auction for foreign investors with the hope that it lures in badly-needed foreign exchange, according to two sources familiar with the matter.…
DetailsWednesday, August 26, 2020 Financial sector grew by 28.41% in Q2 on increased electronic transactions The National Bureau of Statistics (NBS) on Monday released its second quarter report for Gross Domestic Product (GDP), which is a monetary measure of the market value of all the final goods and services produced in a given period. The…
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Tuesday, August 25 , 2020 Nigeria now a quarter away from second recession in 4yrs Nigeria is now a short crawl away from another recession after the latest gross domestic product (GDP) figures released Monday showed Africa’s most populous nation recording negative growth in the second quarter (Q2) of 2020. The Nigerian economy contracted by…
DetailsFriday, August 21 , 2020 ‘Modular refineries not immediate solution to fuel problems’ Contrary to expectations, the coming up of modular refineries will not provide the much needed succour for Nigeria’s refining problems in respect of Premium Motor Spirit (petrol) in the immediate future. This is because the promoters of the projects may first of…
DetailsThursday, August 20 , 2020 Stock market volatility fuelled by companies with locked-in shares The current rate of volatility in Nigeria’s stock market will continue unless regulatory push is stronger to cause companies release most of their locked-in shares (smaller free float) into the hands of wiling investing public. ‘Free float’ is generally described as…
DetailsWednesday, August 19 , 2020 Nigeria’s exchange rate crisis pushes business demand for bitcoin upward Nigeria’s exchange rate crisis is pushing many business owners towards bitcoin (BTC) as a preferred means of buying goods from manufacturers outside the country. The pressure on naira is projected to be heading towards N480 per dollar later this week.…
DetailsTuesday, August 18 , 2020 Unilever Overseas Holdings raises equity stake in Unilever Nigeria Unilever Overseas Holdings B.V, the majority shareholder of Unilever Nigeria Plc has increased its stake in the company. In the latest translations, Unilever Overseas Holdings B.V purchased 67.09million ordinary shares of the company’s shares valued at about N838.69million, details of the…
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Wednesday, July 29, 2020 Nigerian banks face biggest revenue drop since 2016 Nigerian banks could see the biggest yearly decline in revenues since 2016 by the end of this year, according to estimates by Renaissance Capital and Fitch Ratings, which point to at least a 20-percent dip. “Banks are dealing with slow growth, fall in…
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