Investment

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General News Investment

China opens talks with Niger State on illegal mining activities of Chinese

Minna, May 25, 2023 -The Chinese Government has opened talks with the Niger State Government on the arrest of some Chinese perpetrating illegal mining activities in the state. A delegation of the Chinese Government, led by the Chinese Ambassador to Nigeria, H.E. CUI Jianchun, met with the Niger State government on Thursday at a closed-door meeting. At the end of the meeting, the State Governor-elect, Mohammed Bago, spoke on the outcome of the meeting with some journalists. He said that the Chinese delegation was in the state to discuss ways …

ICT Investment

Airtel pays N58.7bn to renew spectrum licence

Lagos, May, 10, 2023 – Airtel Networks Limited (Airtel Nigeria) has paid N58.7 billion to the Nigerian Communications Commission (NCC) to renew its 2×10 MHz 2100 MHz spectrum license. Airtel Africa, in a statement to the Nigerian Exchange Limited (NGX), signed by Company Secretary Simon O’Hara, said that once renewed, the license would be valid for 15 years after the expiration of the previous licence on 31 April 2022. “This investment to renew the license reflects our continued confidence in the opportunity inherent across the Nigerian market, supporting the local …

Business Planning Investment

Ecobank partners LCCI in promoting export businesses

Lagos, April 2, 2023 – Ecobank Nigeria in collaboration with Lagos Chamber of Commerce and Industry (LCCI) has organised a seminar to provide insights into the various financing options available to exporters. The seminar also avail exporters of the regulatory frameworks as well as the role of public and private sector institutions in promoting exports businesses. Speaking at the ceremony, Dr Oladele Cole, the President of LCCI, said breaking barriers to export finance was critical to stakeholders in the export and import business. He said the seminar was to expose …

Business Planning Investment Money market

Avoid investment offers with quick, high returns – NDIC boss

Enugu, March 30, 2023 – Mr Bello Hassan, the Managing Director of the NDIC, has advised Nigerians to avoid investment offers with quick and arbitrarily high returns. Hassan, gave the advice in Enugu on Thursday while speaking at the NDIC Day at the Enugu International Trade Fair. He said that the safest, smartest and most prudent place to deposit money is in the formal banking system because of the protection of such deposits by the NDIC. “Such deposits also enjoy the benefit of effective regulation and supervision of relevant authorities, …

General News Investment

NAFDAC advises water producers to maintain good manufacturing practices

Lagos, March 29, 2023 – NAFDAC has advised packaged and sachet water producers in Nigeria to always adopt good manufacturing practices to safeguard the wellbeing of consumers. Prof Mojisola Adeyeye, the Director General of NAFDAC, gave the advice at the 2023 World Water Day commemoration in Lagos on Wednesday. Adeyeye, who was represented by Mrs. Abayomi Juliana, the Director (Food Registration and Regulatory Affairs) in NAFDAC, said that poor quality water would kill faster than what could be imagined when consumed by unsuspecting consumers. Adeyeye said that this year’s World …

Foreign Investment

Afreximbank collaborates with Islamic Trade Finance Corp on trade finance

Cairo, March 22 2023 – African Export-Import Bank (Afreximbank) is to collaborate with International Islamic Trade Finance Corporation (ITFC) in a risk participation facility designed to enhance Afreximbank’s ability to support trade finance in Africa. Under the arrangement, Afreximbank will act as a confirming bank or trade confirmation guarantor on behalf of the approved financial institutions in Africa and provide these services in favour of beneficiary or international banks. ITFC will act as the issuer of irrevocable reimbursement undertakings to cover up to 50 per cent of Afreximbank’s risk exposure on …

General News Investment

Four millionaires emerge from Ecobank Supper Reward campaign

Lagos, Feb. 21, 2023 – Ecobank Nigeria Limited, a subsidiary of Ecobank Transnational Incorporated (ETI), has rewarded four customers, being winners in the Super Rewards deposit promo, with N1 million each. The Super Rewards Campaign is a customer-focused initiative designed by Ecobank Nigeria to reward customers’ loyalty and consistent use of the bank’s electronic payment platforms. This edition of Super Reward campaign, tagged, ‘Season 3.1,’ rewarded 100 customers monthly since November, 2022 with cash prizes of N50,000, while four customers won N1 million each at the end of the three-month campaign which ran …

Capital market Investment

NGX appoints advisory panel on digital technology products

Lagos, Feb. 8, 2023 – The Nigerian Exchange Limited (NGX) has set up the NGX Digital and Technology Products Advisory Panel as part of its development strategy.   The panel is to provide a forum for the Exchange to interact with the capital market community and the fintech ecosystem to enhance and increase NGX’s digital product offerings. A statement by the NGX in Lagos on Tuesday said the responsibilities of the panel would also include providing insight into product innovation and proposing ways to increase technology listings on NGX. The …

Capital market Investment

Moody’s downgraded banks should expect share price losses – experts

Lagos, Feb. 2, 2023 – The nine Nigerian banks affected by the Moody’s downgrade should expect share prices losses. This is the opinion of some experts who expressed their opinions on the issue in the latest edition of Proshare’s “Analysts Note”. Proshare is a research and information service company in Lagos. The experts, who weighed the implications of the downgrade, said their share prices of the affected banks could drop as “the downgrade slightly waggles investors’ confidence.”  “The international agency downgraded the long-term deposit ratings and senior unsecured debt ratings …

Investment Money market

Nigeria’s downgrade by rating agency worrisome – Obi

Abuja, Feb. 2, 2023 – Peter Obi, the Labour Party Presidential Candidate, says the downgrade of Nigeria’s credit rating by Moody’s Investors Service from B3 to junk bonds is worrisome. Obi said the downgrade was a verdict on the government’s inability to fix the Nigerian economy. According to a statement by his campaign organization in Abuja on Wednesday, Obi, however, said that the situation did not call for any blame games.   “The seriousness of the issue does not call for blame games, but a determined effort to provide the …