Showing posts with label Business. Show all posts
Showing posts with label Business. Show all posts

Monday, 27 November 2017

Nigerian Workers Need Living Wage Not Minimum Wage - Labour Leaders.


Labor leaders on Sunday expressed optimism that the Federal Government would give workers a living wage not minimum wage.

Tuesday, 29 August 2017

First Bank Dethroned As The Biggest Bank In Nigeria.

Zenith Bank Nigeria PLC appears to be flourishing despite the harsh economic realities in the country as it overtakes its competitors in size at the financial market.

Zenith Bank Nigeria PLC has just overtaken First Bank PLC as the largest bank in Nigeria.

The data is based on both bank’s financial reports which showed that Zenith Bank’s total asset base is now NGN4.9 trillion compared to FBN Holdings’ NGN 4.8 trillion total asset base.

As seen on this table, Zenith Bank took over the position with a slight margin and either of FBN Holdings or Zenith might take the lead at by the time they both disclose their financials for the third quarter of the year.

Looking at these data from another angle, Ecobank, registered as Eco Transnational Incorporated, ETI, is the largest financial services group in West Africa and not in Nigeria.

This is because of its asset base aggregates all the asset position of its pan-African spread and its other subsidiaries. The table also showed a list of their liabilities to further have a deeper view of things.

Note that there some bank’s asset were based on their last financial reports. This list will be updated from time to time as soon as all results are released.

See financial details below:

Tuesday, 25 July 2017

CBN Injects Another $195m Into Forex.

The Central Bank of Nigeria (CBN) on Monday injected another 195 million dollars into the various segments of the inter-bank Foreign Exchange (Forex) Market ahead of Monetary Policy Committee’s (MPC) decision.

Mr Isaac Okorafor, the Bank’s Acting Director in charge of Corporate Communications, said this in a statement in Abuja. According to Okorafor, the bank offered 100 million dollars of the sum to the wholesale interventions while 50 million dollars was offered to the Small and Medium Enterprises(SME). He said the invisible segment, comprising Business/Personal Travel Allowances, tuition and medical fees, received 45 million dollars.

According to Okorafor, the apex bank has continued to intervene in the inter-bank sector, to ensure adequate liquidity in the market.

He said,“ the CBN Management is quite pleased with the performance of the naira against other major currencies around the world, particularly now that the forex rates at both the inter-bank and BDC segments neared convergence.

He expressed optimism that the Bank’s intervention had put a check on the activities of speculators.

He also underscored the determination of the CBN in sustaining stability in the forex market through monitoring of authorised dealers, to reduce sharp practices.

Meanwhile, the naira maintained its steady rate against major currencies around the globe, exchanging for N363 to the dollar in the BDC segment of the market on Monday.

Nigeria's Power Generation Drops To 2,563MW

Nigeria’s power generation dropped below the 3,000 megawatts at the weekend as the number of idle power plants increased to eight on Sunday from five on Friday.

The nation’s power grid lost a total of 743.4MW over the weekend as generation dropped from 3,306.6MW on Friday to 2,632.4MW and 2,563.2MW on Saturday and Sunday, respectively.

The total generation stood at 2,886.7MW as of 6am on Monday, with seven power plants, including Sapele II and Alaoji II not generating any megawatt.

Other idle plants on Monday were Afam IV & V, Gbarain II, AES, ASCO and Rivers IPP, according to the latest data from the Federal Ministry of Power, Works and Housing.

Electricity generation from the nation’s biggest power station, Egbin, located in Lagos, dropped to 272MW as of 6am on Monday from 381MW and 312MW and on Friday and Sunday, respectively.

The power grid, which has suffered 13 total collapses this year, experienced a partial collapse last Wednesday, the third of such this year.

At Afam IV & V, units GT1 to 12 have been de-commissioned and scrapped; GT13 to 16 are out on blade failure; GT17 and 18 out due to burnt generator transformer; and GT19 and 20 are awaiting major overhaul.

Sapele II’s GT1 unit was said to be out on undisclosed fault; GT2 tripped on low gas pressure; GT3 out on bearing lift pump trouble; and GT4 tripped on loss of auxiliary.
Units GT1, 2 and 4 of Alaoji were said to be out due to gas constraints, while GT3 was shut down due to generator air inlet filter trouble.

Gbarain II’s GT2 was said to be out for frequency management, while AES has been out of production since September 27, 2014.
Unit GT1 of ASCO has been shut down due to leakage in the furnace, while the Rivers Independent Power Plants has been out of production since September 16, 2016.

Tuesday, 4 July 2017

Nigeria To Export Processed Yam Products - Audu Ogbeh.

The Federal Government of Nigeria is planning to export processed yam products to Britain, the U.S. and the European Union, EU.

The Minister of Agriculture and Rural Development, Audu Ogbeh, who disclosed this to News Agency of Nigeria on Tuesday in Lagos, said that the exportation of fresh yam tubers had already started.

“The target markets are millions of Africans, especially Nigerians in the Diaspora, who want to buy and eat fresh yam.

“For those who will prefer yam flour and pounded yam, the ministry has identified five companies to process yam tubers into those products.

“We will get the UK certified standards for the exportation of those yam value chains.

“We will also put in our own checks and balances to ensure that every export meets the set standard.

“This is to ensure that the processed products are not rejected, once we start to export,” he said.

Mr. Ogbeh said that Nigeria was under great pressure to export roasted cashew nuts to Japan and all categories of beans and sesame seeds, among others, to India.
He identified lack of organisation and planning as the bane of the nation’s agricultural exports potential.

The minister, however, said that the ministry was working with relevant agencies to facilitate exportation activities in the agricultural sector.
According to him, the ministry is putting modalities in place to ensure that all agricultural products for export meet the highest global standards.

Mr. Ogbeh said that the ministry had been sensitising the Nigerian Ports Authority (NPA) to the salient processes involved in the export of agricultural produce and its processed products.

According to him, every Nigerian should support the Federal Government in its efforts to create jobs, wealth and make everybody happy.

He assured the citizens that the nascent yam exports would not in any way affect local consumptions, noting that most of the yams produced in the country often rot away before the harvest of new ones.

Mr. Ogbeh, nonetheless, underscored the need for the youth to engage in farming in order to boost the country’s agricultural production and enable it to meet the emerging demands in the new frontier of crop exportation.

He assured the youth that the government would provide the enabling environment that would facilitate their agricultural production.

Category: Business News.

Wednesday, 21 June 2017

N541 Billion Debt: Access Bank, Others Take Over Etisalat Nigeria.

A consortium of banks , led by Access Bank PLC and other Nigerian and foreign banks , has taken over the management of Etisalat Nigeria , effective June 15.

The takeover followed the collapse of the effort by Emerging Markets Telecommunications Services , EMTS , promoted by - one time Chairman, United Bank for Africa, UBA, Hakeem Bello-Osagie, to reach agreement with the banks on debt restructuring plan in the protracted $ 1.72 billion (about N541 . 8 billion ) debt impasse .

However , EMTS Holding BV, established in the Netherlands , has up to June 23 to complete the transfer of 100 percent of the company ’s shares in Etisalat to the United Capital Trustees Limited , the legal representative of the consortium of banks .

Etisalat Group , the parent company of Etisalat Nigeria , announced the takeover on Tuesday in a filing to the Abu Dhabi Securities Exchange in Abu Dhabi , United Arab Emirate .
The filing , with reference number Ho /GCFO/ 152 / 87 , and dated June 20 , 2017 signed by Etisalat Group Chief Financial Officer , Serkan Okandan, said efforts by EMTS to restructure the repayment of the syndicated loan by a consortium of banks to Etisalat Nigeria collapsed .

“Further to our announcement dated 12 February , 2017, Emirates Telecommunications Group Company PJSC , “Etisalat Group ” would like to inform you that Emerging Markets Telecommunications Services Limited “EMTS ” (“ the company ), established in Nigeria and an associate of Etisalat Group with effective ownership of 45% and 25% ordinary and preference shares respectively, defaulted on a facility agreement with a syndicate of Nigerian banks (“EMTS Lenders”).

“Subsequently , discussions between EMTS and the EMTS Lenders did not produce an agreement on a debt restructuring plan .

“Accordingly , the Company received a default and security Enforcement Notice on 9 June 2017 requesting EMTS Holding BV (EMTS BV) established in the Netherlands , and through which Etisalat Group holds its interest in the company ) requiring EMTS BV to transfer 100 % of its shares in the company to the United Capital Trustees Limited (the Security Trustee”) of the EMTS Lenders by 15 June 2017.

“Subsequently the EMTS Lenders extended the deadline for the share transfer to 5.00 pm Lagos time on 23 June 2017, ” the filing said .
Etisalat has been under pressure since 2016, following the demand notice for the recovery of a $1. 72 billion (about N541 . 8 billion ) loan facility it obtained from a consortium of banks in 2015.

The loan , which involved a foreign -backed guaranty bond, was for the mobile telephone operator to finance a major network rehabilitation and expansion of its operational base in Nigeria .

Unable to meet its debt servicing obligations agreed since 2016, the consortium , prodded by their foreign partners, threatened to take over the company and its assets across the country.
But the intervention of the telecom sector regulator , Nigerian Communications Commission , NCC , and its financial sector counterpart , the Central Bank of Nigeria , CBN , persuaded the banks to rethink their threat and give Etisalat a chance to renegotiate the loan ’ s repayment schedule.

Late last week, PREMIUM TIMES reported exclusively that Etisalat was sinking deeper into trouble , with Mubadala, its majority shareholder , representing Etisalat of UAE , on the verge of pulling out following irreconcilable differences concerning the loan issue.

Source – PremiumTImes.

Category: Business News.

Tuesday, 20 June 2017

CBN Injects $195 Million Into FX Market.

Following its 800 million dollars intervention in the Interbank Foreign Exchange Market last week, the Central Bank of Nigeria (CBN), on Monday, injected 195 million dollars into the market to meet the requests of customers in the various segments of the market.

The acting Director, Corporate Communications, Mr Isaac Okorafor, said in a statement in Abuja that the bank would soon introduce a new FOREX retail option.
Giving a breakdown of funds injected on Monday, he said the apex bank offered 100 million dollars to authorised dealers through the interbank wholesale window, while it allocated $50m to Small and Medium Enterprises window.

Okorafor said the Invisibles segment was allocated $45 million dollars to meet the needs of those who applied for FOREX to settle Business/Personal Travel Allowances, school tuition and medicals.
The CBN spokesperson said the bank would continue to ensure adherence to its forex policy by insisting on transparency by stakeholders to guarantee stability in the market.

The CBN made two major interventions in the interbank Forex market last week, totaling $831.5m.
Since February 2017, the bank had boosted transactions at the Investors’ and Exporters’ segment of the market to the tune of $2.2bn.
Also last week, the CBN, in a bid to tackle inflation, unveiled plan to mop up N200.32bn from the Nigerian banking system through special Open Market Operation (OMO) at the rate of 16 per cent per annum.
Meanwhile, the Naira had continued to maintain its stability in the FOREX market, exchanging at an average of N364 to a dollar at the parallel segment of the market on Monday.

Category: Business News.

Friday, 9 June 2017

Nigerian Stock Market Gains N117bn To Hit 23-Month High.

  Activities on the Nigerian Stock Exchange (NSE) remained on a bullish trend on Friday with the All-Share Index crossing the 33,000 mark for the first time since June 2015.

  NAN reports that the index, being led by Oscar Onyema (pictured), grew by 338.70 points or 1.03 per cent to close at 33,276.68 against 32,937.98 achieved on Thursday.

  Similarly, the market capitalisation inched N117 billion or 1.03 per cent to close at N11.503 trillion compared with N11.386 trillion posted on Thursday due to huge gains by some blue chips.

  A breakdown of the price movement chart indicated that Seplat led the gainers’ table, growing by N43.56 to close at N468.56 per share.

  Market analysts attributed Seplat’s steady price appreciation to recovering of  lost crude output after force majeure was lifted on the Forcados export terminal.

  Seplat said in a statement that the lifting of the force majeure helped it to successfully reinstate gross production at its oil mining licences (OMLs) 4, 38 and 41 to levels last seen before the terminal’s closure.

  Further analysis of the price movement table showed that Forte oil followed with N5.97 to close at N64.30 and International Breweries increased by N2.99 to close at N32.23 per share.

  Presco gained N2.97 to close at N62.50, while Total N2.50 to close at N282 per share.
On the other hand, Flour Mills topped the losers’ pack with a loss of N1.20 to close at N27.60 pet share.

  Mobil trailed with a loss of N1.14 to close at N285.86, while Nigerian Breweries shed 50k to close at N156 per share.

  Unilever declined by 45k to close at N35.55, while UPL depreciated by 37k to close at N3.46 per share.

  NAN also reports that Access Bank was the toast of investors in volume terms, accounting for 125.01 million shares valued at N1.29 billion.
It was trailed by FCMB Group with 105. 75 million shares worth N147.48 million, while Diamond Bank sold 72.96 million shares valued at N108.26 million.

FBN Holdings traded 71.99 million shares worth N504.32 million and Fidelity Bank exchanged 55.78 million shares valued at N80.12 million.

  In all, a total of 686.30 million shares worth N6.07 billion were exchanged by investors in 6,785 deals against 528.69 million shares valued at N4.84 billion in 5,603 on Thursday.

Category: Business News.