Infrastructure Bank to partner insurance industry on PPP investments

By Meletus EZE The Infrastructure Bank (TIB) is to partner operators in insurance industry to  select Private-Public Partnership (PPP) projects to enable insurance companies make profits to meet long-term liabilities. Its Managing Director, Mr Adekunle Oyinloye, said this in Lagos on Thursday at the on going 2018 National Insurance Brokers Conference and Exhibition organised by Nigerian Council of Registered Insurance Brokers (NCRIB). Oyinloye said that enormous opportunities existed for insurance operators in infrastructure development and finance in Nigeria. According to him, the Federal Government’s infrastructure blueprint named “the National Integrated…

Read More

Dollar stands tall, stocks fall after hawkish Fed minutes

By Aliyu DANLADI The dollar rose to a one-week high on Thursday and stocks edged lower after signs that the Federal Reserve will keep raising interest rates through 2019 undermined a bounce in world markets. China’s stock markets were hit hard – its benchmark stock index fell to four-year lows – in a gloomy session for Asian equities and for the yuan which approached a two-month low. China’s premier warned of risks to the economy from an escalating tariff war with the United States. European shares, however, largely shrugged off…

Read More

Blue chips post price depreciation on NSE

By Thompson ABISOLA The bears regained control on the Nigerian Stock Exchange (NSE) on Wednesday as major blue chips posted price depreciation, the TBI Africa reports. Seplat and Dangote Cement led the losers’ table with a loss of N5 each to close at N615 and N200 per share respectively. CAP decreased by N2.05 to close at N30.95, while UACN went down by N1 to close at N10 per share. GlaxosmithKline dipped 50k to close at N13.50 per share. Consequently, the All-Share Index shed 284.83 points or 0.87 per cent to…

Read More

AGM: Cutix Plc records N662m Profit Before Tax in 2018 fiscal year

By Giwa SHILE Cutix Plc., a leading electrical cables manufacturing company in Nigeria has declared N661.6m as Profit Before Tax (PBT) for its 2018 financial year which ended on April. 30. The company made the disclosure at the pre-2018 Annual General Meeting (AGM) news conference in Nnewi on Wednesday. the outgoing Chief Executive Officer (CEO) of the company, Mr Ifeanyi Uzodike, said that the amount represented an increase of 79 per cent over N370.1 million recorded in 2017. Uzodike said the company generated N5.1 billion in revenue against N3.7 billion…

Read More

NSE: Market capitalisation rebounds by N113bn

By Aliyu DANLADI Transactions rebounded on the Nigerian Stock Exchange (NSE) on Tuesday following gains posted by some highly capitalised equities. The market capitalisation inched N113 billion or 0.95 per cent to close at N11.946 trillion against N11.833 trillion recorded on Monday. Similarly, the All-Share Index, which opened at 32,413.48, rose by 308.70 points or 0.95 per cent to close higher at 32,722.18. A breakdown of the price movement table indicates that Dangote Cement led the gainers’ table, growing by N5 to close at N205 per share. Nigerian Breweries followed…

Read More

Standard Chartered sees increased China-Africa trade due to U.S. trade war

By Meletus EZE China is likely to boost imports from African countries as it seeks new sources of commodities in the wake of a trade war with the U.S., a senior executive of Standard Chartered Bank in China said. Trade links between the Asian economic powerhouse and African nations like Kenya have been growing robustly in recent years, offering opportunities to lenders who serve Chinese clients doing business on the continent like Standard Chartered. Carmen Ling, Standard Chartered’s global head of the internationalisation of the Chinese Currency Renminbi (RMB), cautioned…

Read More

Bayelsa posts N4bn as balance of funds for September, declares N1bn IGR

By Aliyu DANLADI The Bayelsa Deputy Governor, Rear Admiral Gboribiogha John Jonah (rtd) on Tuesday declared N4.4 billion as balance of funds available to the state as at September 30, 2018. John-Jonah announced this while presenting the income and expenditure financial statements for the months of August and September in Government House, Yenagoa, in line with the administration’s accountability and transparency policy. He explained that the amount consisted of N3 billion balance brought forward from the month of August and N1 billion balance of funds at the end of September.…

Read More

FMBN reiterates commitment to promoting affordable housing for civil servants

By Meletus EZE The Federal Mortgage Bank of Nigeria (FMBN), has reiterated its commitment to urgently address the housing needs of Nigerian workers, by providing affordable housing across the country. The Managing Director of FMBN, Mr Ahmed Dangiwa, said this on Tuesday in Ubani, Abia State, during the Ground Breaking ceremony of the National Affordable Housing Project for Nigerian workers in Abia. Dangiwa said that the bank had initiated the National Affordable Housing project to solve the deteriorating housing situation in urban areas across the country. He said that the bank would…

Read More

FMBN spends N2.8 bn on 985 housing units in Enugu-MD

By Meletus EZE The Managing Director, Federal Mortgage Bank of Nigeria (FMBN), Mr Ahmed Dangiwa, says the bank has so far expended N2.8 billion on construction of 985 housing units in Enugu State. Dangiwa said this on Monday in Nsukka, Enugu State during the ground-breaking ceremony of the National Affordable Housing Project at Nsukka. He said that the housing units were located in five housing estates spread across the state. According to him, the bank has advanced the sum of N123.62 million to 183 National Housing Fund (NHF) contributors under the…

Read More

NSE indices dip by 0.13%

By Giwa SHILE Weekly activities on the Nigerian Stock Exchange (NSE) resumed on negative note on Monday as the market indices dipped by 0.13 per cent. The volume of shares traded also dipped by 43.72 per cent. Specifically, the All-Share Index lost 43.50 points or 0.13 per cent to close at 32,413.48 against the 32,456.98 achieved on Friday. The market capitalisation, which opened at N11.849 trillion, shed N162bn billion to close at N11.833 trillion. Unilever recorded the highest price loss of N2.30 to close at N41.20 per share. Nigeria Breweries…

Read More