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Today’s Business Day Newspaper Headline, Thursday 29th November 2018

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Nigeria, Saudi Arabia advance talks on stabilisation of global crude prices
Thu, 29 Nov 2018
Minister of petroleum, industry and mineral resources of the Kingdom of Saudi Arabia, Khalid Al-Falih, Wednesday held talks with the Federal Government as parts of efforts to bring about stability in the crude oil price and in the international crude oil market. Speaking at a visit to Ibe Kachikwu, minister of state for petroleum resources,…
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2019: No complaints of breach of campaigns rules from parties ‘ INEC
Thu, 29 Nov 2018
Ahead of the December 3 take-off of governorship campaigns in Nigeria, the Independent National Electoral Commission (INEC) has said it could not sanction erring political parties and their candidates accused of campaigning before the official date because the commission had not receive official complaint from any political party or candidate. Recently, opposition parties in the…
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Nigeria economy to grow slightly below 2% in 2018 ‘ World Bank
Thu, 29 Nov 2018
Nigeria’s economy is projected to grow slightly below 2 percent in 2018, largely driven by non-oil industry and services, according to the World Bank Nigeria’s bi-annual Economic Update released on Wednesday. Titled Investing in Human Capital for Nigeria’s Future, the World Bank, in the report raised concerns that, Nigeria, like many other countries, has underinvested…
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Corruption, rule of law and another undiplomatic diplomat
Thu, 29 Nov 2018
Something has gone wrong with the theory and practice of diplomacy. I don’t know what it is but I will soon find out. Whatever the ailment is, it has one key feature: diplomats are now telling their hosts the unadulterated truth and devoid of niceties. On 2/8 18, we discussed the undiplomatic utterances of the…
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How does Nigeria avoid the coming anarchy
Thu, 29 Nov 2018
The politicians may tell us otherwise, but data shows us that Nigeria is currently sitting on a keg of gunpowder with over 40 million of its working population either unemployed or underemployed even as 2.6 to 3 million people join the labour market yearly. If Nigeria hopes to escape the coming anarchy, it must begin…
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CDC plans to invest $1.2-Billion in Nigerian banking sector in four years
Thu, 29 Nov 2018
CDC Group Plc, a U.K-based development and financial institution, plans to invest about $1.2 billion in the Nigerian banking space over the next four years, the chief executive officer has said. The deal is coming as a result of the firm’s move to expand its market horizon in Africa if its plan to exit the…
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AFC to invest in Cameroon’s ‘1.2bn power project, Corp says
Thu, 29 Nov 2018
Africa Finance Corporation (AFC), the continent’s leading infrastructure development finance institution, will invest in a Cameroonian ‘1.2-billion power generation project, the corporation has said. The Nachtigal Hydro Power Company, located 65KM north of Yaounde, the capital and second-largest city, will consist of a 420MW hydro-electric power station as well as a 50KM transmission line, AFC…
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Experts urge increased investment in deficit sectors of economy
Thu, 29 Nov 2018
Experts at the 2018 Investment Advisers and Portfolio Managers (IAPM) forum/launch of Association of Corporate and Individual Investment Advisers (CIIA) called for increased investment in needy sectors to drive economic growth. They believe that major challenges to some sector in the economy were poor funding and lack of access to finance, stating that this will…
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Growth enablers receive fresh impetus in Edo as Obaseki budgets N7bn for investment drive in 2019
Thu, 29 Nov 2018
Building on the gains of his administrations industrialisation drive in the outgoing year, Edo State Governor Godwin Obaseki plans to rev up activities that will increase the growing list of investors that will berth in the state in 2019, with N7.007 billion. Obaseki said this during the presentation of the states 2019 budget proposal before…
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ExxonMobil supported us with training, positive feedback and huge patronage
Thu, 29 Nov 2018
OBIDIKE UZU is the Managing Director of Global Process and Pipeline Services Ltd (GPPS), the only Nigerian company focused solely on process and pipeline product service line for the oil and gas sector. In this interview with FRANK UZUEGBUNAM, he talks about the company’s brand new office complex/operations base, local content in the oil and…
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TechnoServe increases support for food fortification with SAPFF initiative
Thu, 29 Nov 2018
In a bid to tackle issues of malnutrition, TechnoServe is providing support to processors in Nigeria through the Strengthen African Processors of Fortified Foods (SAPFF) initiative to drive food fortification in the country. The main objective of the SAPFF initiative is to increase the fortification of food products towards increasing consumption of nutritious food, improving…
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Access Bank to redeem $400m Eurbond, as firm eyes other funding sources
Thu, 29 Nov 2018
Access Bank, Nigeria’s fourth-largest lender by asset, plans to buy back a $400 million Eurobond due in 2021, even as the firm targets other funding sources. ‘The bank will repay investors next year as the bond, issued in June 2014, no longer qualifies as capital five years after being sold’, Chief Financial Officer Seyi Kumapayi…
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The curious case of cement company, CCNN
Thu, 29 Nov 2018
Cement Company of Northern Nigeria (CCNN), will be seeking shareholders’ approval for the terms of a proposed merger with Kalambaina Cement Company at an Extraordinary General Meeting today Nov. 29. The cement maker, majorly owned by BUA cement, needs a 75 percent buy-in from minority shareholders. The curious terms of the merger, which has drawn…
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Movable asset lending plan will boost credit, says FITC CEO
Thu, 29 Nov 2018
The Financial Institutions Training Centre (FITC) has said that the move to entrench the use of movable assets in financing, as opposed to fixed and huge collateral, would have a positive impact on the economy. Re-emphasising the need to get the initiative right, FITC said that as the next level of credit management, it would…
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Stanbic IBTC reviews rate on N30 billion corporate bonds upward
Thu, 29 Nov 2018
Stanbic IBTC, a local unit of South Africa’s Standard Bank, has reviewed upward the pricing guidance range for its N30 billion Series 1 corporate bond offer, the bank said in a memo released today. The N30 billion bond offer, which is the first series under the Banks’s recently renewed N150 billion structured note programme was…
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Ethiopia overtakes Dubai as top source of air traffic to Africa
Thu, 29 Nov 2018
Ethiopia has overtaken Dubai as a conduit for long-haul passengers to Africa, highlighting the success of the state airline’s expansion drive and the reforms of its new prime minister. Travel consultancy ForwardKeys said on Wednesday that Addis Ababa airport had increased the number of international transfer passengers to sub-Saharan Africa for five years in a…
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USAID ends activity supporting 625,000 AIDS orphans, vulnerable children, caregivers
Thu, 29 Nov 2018
The United States Agency for International Development (USAID) has concluded a five-year activity that provided support for 500,000 children orphaned or made vulnerable by the Acquired Immune Deficiency Syndrome (AIDS) epidemic, and 125,000 of their caregivers in an elaborate ceremony held in Abuja on Wednesday. The $45.3 million Sustainable Mechanisms for Improving Livelihoods (SMILE) activity,…
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