Finally, Access bank acquires Diamond bank

 Access Bank has finally acquired Diamond Bank, and the official announcement of the transaction will be made in the course of the week by the Central Bank of Nigeria (CBN), according to TheCable. The development at the weekend is coming after Access Bank last month denied reports that it is in merger and acquisition talks with Diamond Bank Plc. But TheCable gathered at the weekend that the acquisition was midwifed by the CBN in a bid to further consolidate the banking industry. Last week, Diamond Bank announced its decision to…

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We need to bring those refineries back to work – Ibe Kachikwu

By Ita Akpan Calabar Minister of State Petroleum Resources, Dr. Emmanuel Ibe Kachikwu over the weekend in Calabar made a point that; both government and private sector in the country need to join hands by bringing the life of all the refineries in the country back to work. In his words, the Minister maintained that, “Both government and the private sectors need to join hands together by bringing back the life of our refineries back; we need to bring back those refineries back to life” The Minister made this remark…

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Calabar: FG declares council on hydrocarbon open, vows to complete 3 modular refineries in 2019

  By Ita Akpan Calaar The Permanent Secretary, Ministry of Petroleum Resources, Folasade Yemi-Esan over the week make certain that the Federal Government through the Minister of State Petroleum Resources, Emmanuel IbeKachukwu is working every modalities to ensuring that 3 out of 40 map-out refineries are completed before end of 2019. The Permanent Secretary gave the assurances in Calabar while declaring open the 3rd National Council on Hydrocarbons tagged “Oil and Gas Reform the Key to Unlocking the Potentials of Nigeria’s Hydrocarbons”. According to the Permanent Secretary, despite the progress…

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Using data and tech to transform Nigerian retail market

By Murray Anderson  The convergence of AI, tech, and data on Nigeria’s multi-billion dollar plus retail market – will be a strategic focus to local & international developers, investors and retailers at the 4th annual West Africa Property Investment Summit taking place on 15 and 16 November 2018 in Lagos. Considered one of the world’s most significant and accessible investment opportunities, the opportunity in the country has long whet the appetites of the world’s capital movers; however, for many, the opportunity has been missed or misjudged to a lack of…

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Delta will soon join the leagues of states producing rice –Prof Eboh

 By Onome Prosper  Delta State Chief Jobs Creation Officer, Prof. Eric Eboh has said Delta State will soon join the leagues of rice producing states in the country as 21 youths under the YAGEP scheme currently undergoing training in the 42 hectares of rice farm in Deghele, Sapele Local Government Area of the state is set to produce the first batch  of SMART rice. Conducting newsmen round the rice farm, Prof. Eboh said the essence of the tour was to show the extent the Okowa’s administration is succeeding in using…

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Zenith, GTB, UBA drive Nigerian stock market index up 0.30% higher

   By Adesola Afolabi The lead indicator of the Nigerian equities market, the All-share Index closed 0.30 percent higher to settle at 34,933.68 points on Tuesday as a result of sustained buying interest in banking stocks – ZENITH (+2.3%), GUARANTY (+1.5%) and UBA (+1.9%). Market capitalization also increased by N36.1 billion to reach N12.8 trillion, while year-to-date losses improved to -8.7 percent. Activity level improved as volume and value traded advanced 82.8 percent and 15.2 percent to 240.5 million units and N3.6 trillion respectively. UBA (54.4m), ACCESS (38.5m) and STANBIC…

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Bears maintain grip on Nigerian stocks as benchmark index dips 0.13%

By www.businessamlive.com The bears at the Nigerian equities market maintained a firm grip in Monday’s trading session as benchmark index, the NSEASI declined 13bps to settle at 35,399.28 points while year-to-date (YTD) loss further dipped to -7.4 percent. As a result, market capitalization lost N17.0 billion in value to close at N12.9 trillion. The day’s negative performance was largely driven by selloffs in UBA (-3.2%), GUINNESS (-4.3%), GUARANTY (-0.5%) and ZENITH (-0.6%) – stocks with a large weight on the index. On the flip side, activity level was mixed as…

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MRA inducts Department of Petroleum Resources into ‘FOI Hall “of Shame’

For its relentless dedication to secrecy and attendant disregard for the Freedom of Information (FOI) Act, Media Rights Agenda (MRA) today inducted the Department of Petroleum Resources (DPR), Nigeria’s petroleum regulatory agency, into its “FOI Hall of Shame.” MRA’s FOI Programme Manager, Mr Ridwan Sulaimon, noted in a statement in Lagos that “the induction of the DPR into the FOI Hall of Shame evidences a rot in the oil and gas sector that is pervasive, deep-seated and apparently intractable, as it is the fourth public institution in the sector to…

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Free float deficiency: NSE grants extension to erring listed companies

By www.businessamlive.com Lagos The Nigerian Stock Exchange (NSE) has once again extended the deadline of compliance for companies that have free float deficiencies. The NSE requires that companies listed on its ASEM Board maintain a free float equivalent to 15 percent of market capitalization, while the requirement for Main Board listed companies is 20 percent of market capitalization. For companies on the Premium Board it is 20 percent of market capitalization or above N40 billion on the date the Exchange receives the issuer’s application to list. According to the NSE,…

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‘Why residents of Nigeria should tap into Coin–For-All’

  By Emmanuel Udom Lagos Residents in Nigeria now have the golden opportunity to tap into the digital asset economy in order to solve their basic energy needs at very moderate prices. This is coming on the heels of a new initiative being pioneered in sub-Saharan Africa, by Coin For All, CFA, an emerging digital asset platform, determined to lessen the energy challenges in Africa, especially Nigeria. With the digital assets so acquired, Nigerians will be able to buy petroleum products like petrol, gas and kerosene at prices below the…

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