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Business Day Newspaper Today, Tuesday 20th November 2018

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Atiku eyes $9.3bn FDI, offers tax incentives to investors
Tue, 20 Nov 2018
Atiku Abubakar, former Nigerian vice president and presidential aspirant of the Peoples Democratic Party (PDP), says his administration will increase Foreign Direct Investment (FDI) inflows into Nigeria to $9.3 billion annually, vowing to offer tax incentives to investors. The $9.3 billion signifies 2.5 percent of Nigeria’s Gross Domestic Product (GDP). Abubakar, 71, made this claim…
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Buhari lauds Nigeria- India relationship
Tue, 20 Nov 2018
President Muhamamdu Buhari has lauded relationship between Nigeria and India, describing it as ‘ a worthy one and mutually beneficial’ The President stated this when he received the outgoing Indian High Commissioner to Nigeria, B.N Reddy, at a farewell audience in State House Monday. The President recalled that he had his military staff college training…
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Opportunists making N300bn-N800bn from Nigeria’s poor FX management- Atiku
Tue, 20 Nov 2018
Presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, says that fraudsters and arbitrators are making as much as between N300 billion and N800 billion from the country’s poor management of its foreign exchange market. ‘The Nigerian government leaves between N300 billion and N800 billion to opportunists, rent-seekers, middlemen, arbitrageurs, and fraudsters, by continuing…
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Atiku to increase MSME funding window to N500bn
Tue, 20 Nov 2018
Nigerian opposition candidate Atiku Abubakar will increase Micro, Small and Medium Enterprises (MSME) funding window to N500 billion from N200 billion previously held if he becomes president next year, according to a draft copy of his manifesto. He plans to promote awareness of the National Collateral Registry of Nigeria and further simplify the collateral registration…
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NEITI confirms allocation increase three consecutive quarters with N2.28trn shared in Q3
Tue, 20 Nov 2018
Revenue disbursement by the Federation Account Allocation Committee (FAAC) to the three tiers of government has witnessed a steady increase in three consecutive quarters of this year with N2.28 trillion shared in Q3 2018, the Nigerian Extractive Industries Transparency Initiative report reveals. A breakdown shows that the Federal Government received the highest sum of N904.8…
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Ondo Assembly condemns illegal budget reordering
Tue, 20 Nov 2018
At least 18 out of the 26 Members of the Ondo State House of Assembly have condemned the illegal budget reordering by Governor Rotimi Akeredolu in connivance with the impeached Speaker, Bamidele Oleyeloogun and 7 others. According to them, Governor Akeredolu on the receipt of the Paris Club Refund whose sum he has not disclosed…
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US grew oil output in 2018 more than Nigeria’s total production
Tue, 20 Nov 2018
The United States this year has increased its oil production by 2.31 million bpd, which is higher than Nigeria’s current total output of 1.9million bpd, highlighting how poorly Africa’s biggest energy producer is performing when it comes to making its oil sector attractive for investments. Analysts fear that the country is not making the kind…
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OML 30: How alleged $18.48mNNPC surveillance contract is raising storm
Tue, 20 Nov 2018
All hell may be about to break loose over the award of an oil facilities surveillance contract by the Nigerian National Petroleum Corporation (NNPC), which is said to be a violation of extant rules. BusinessDay gathered that the NNPC, on September 26, 2018, approved a contract for the security surveillance of the 87 kilometer Trans-Forcados…
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Standard Chartered Bank cancels ATM charges
Tue, 20 Nov 2018
In what seems to be good news for customers and a shift in the banking landscape, Standard Chartered Bank has taken a decision to cancel charges on its Automated Teller Machines (ATMs). A source who preferred to be anonymous disclosed this to BusinessDay on Monday. However all efforts to confirm this was not successful as…
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Buhari targets 120,000km broadband penetration
Tue, 20 Nov 2018
President Muhammmadu Buhari has promised massive infrastructure expansion in his second tenure, including expanding broadband network to 120,000km of fibre network across Nigeria. Buhari said this while unveiling his second term agenda at the Presidential Villa on Sunday. He promised action packed second term, saying that the first tenure was used to lay solid foundation….
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Atiku plans to decongest Lagos ports, facilitate inland dry ports
Tue, 20 Nov 2018
Apparently moved by the plight of commuters, motorists and port users, who come to Apapa metropolis on daily basis for business, Atiku Abubakar, the presidential candidate of the People’s Democratic Party (PDP), has assured Nigerians that efforts would be made by his administration to decongest the roads leading to the two major seaports in Lagos,…
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African body tasks media professionals to check spread of fake news
Tue, 20 Nov 2018
African Freedom of Expression Exchange (AFEX) rose from its crucial meeting in Accra, Ghana early this month, with call on media professionals and media professional bodies in Africa to take urgent steps to check and counteract the spread of ‘fake news’ which is now regarded as one of the greatest threats to democracy around the…
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How investors missed out on decades of easy profit
Tue, 20 Nov 2018
Timing the stock market is never an easy game. There is usually more money to be made investing in the long run than chasing yields in the short term. Yet, market anomalies occur rather too frequently in the short term that provides courageous investors ample opportunities to make outsize profits in the short run. One…
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NSE reels out penalties for defaulters in SEC-approved amendments to Dealing Members rules
Tue, 20 Nov 2018
The Nigerian Stock Exchange (NSE) has received the approval of the Securities and Exchange Commission (SEC) to implement the amended Dealing Members Rule(s) 7.4 and 7.5. SEC approved the amendments to Dealing Members Rules (Part XIIB) on November 9, 2018 while it becomes effective on November 19, 2018, according to a notice signed on November…
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Nigeria Eurobond yields second highest among seven largest African economies
Tue, 20 Nov 2018
Nigeria will pay a higher interest on its recent Eurobond as its yields are the second highest among seven largest Africa’s largest economy. The country’s bonds with maturities of 30 years were priced at 9.25 percent, this compares with Ivory Coast, (6.60 percent), Ghana ;( 8.60 percent), South Africa; (6.30 percent), but lower than Angola’s…
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Equities shed N1.9 trn as stakeholders await MPC’s decisions on rates
Tue, 20 Nov 2018
Investors and other stakeholders in the nation’s capital market eagerly await the decisions of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) as the body meets between Monday 19th and Tuesday 20th of November, which will the last time it will be meeting in 2018. Analysts are of the views that…
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