The successful issuance of the $500 million Eurobond in January has improved Nigeria's path towards being regarded as an emerging market economy. The director general of the Debt Management Office (DMO), Abraham Nwankwo, in his keynote address at the two-day workshop on ‘Investments in Bonds and Securities in Emerging Economies' organised by the Chartered Institute of Bankers of Nigeria in…
Tokunbo Ishmael, Principal Partner in Alitheia Capital, says value of impact investment in Africa has the potential to exceed 500 billion dollars over the next decade. Mrs. Ishmael described impact investing as investment strategy whereby an investor proactively seeks to place capital in business that would have intentional social or environmental goal. She made the observation in an article on…
The market capitalisation of equities at the Nigerian Stock Exchange, on Monday, rebounded to N8.086 trillion as investors scramble for Transcorp and banks' stocks. The market capitalisation had plunged middle of last month from the N8 trillion region following low confidence in the market as a result of political uncertainty. However, the Exchange's capitalisation of the 194 First-Tier equities closed…
Nigerian stocks rose their most in more than one month on Monday to the highest since mid-March as the completion of presidential elections held the promise of renewed inflows of foreign money. Although rioting erupted in largely Muslim northern Nigeria after results showed victory for President Goodluck Jonathan, Nigeria's All-Share Index rose 2.8 percent to cross the psychologically important 25,000…
Plans to demutualise the Nigerian Stock Exchange (NSE) seem to be bringing major capital market parties into collision. The procedure to demutualise the NSE, which has been on the drawing board since the last three years, means that its shares would be sold to the public and listed on its daily official list. However, since the plan was mooted, it…
Now that we have chosen our president for the next four years, we will do well to think through what we can expect to feature on his to-do list, every day, until this stage is reached again at the start of the next election cycle. Ordinarily, it would help to start with the different planks on the party platform of…
International Monetary Fund (IMF) member countries sought to bridge sharp differences over the global economy, acknowledging that rising inflation in emerging markets poses a risk to rich countries too. Addressing one of their biggest challenges, the 187 IMF nations on Saturday recognised the alarm among developing countries about huge inflows of speculative cash that are stoking their growth but also…
In the 1970s and 80s, he was the most popular comedian in the land. Millions bought his records and thousands flocked to his live performances as he took his rib cracking show across the country. But today, Moses Olaiya, known to one and all as Baba Sala, is flat broke. Forced to retire to his hometown of Ilesha, in Osun…
You recently embarked on a financial literacy campaign that focuses on entrepreneurship. Could you explain what informed that decision? Unemployment is one of the greatest problems facing Nigeria today and I believe the best solution is through entrepreneurship. Nigeria needs entrepreneurs to help tackle unemployment and its associated ills. Employment by government agencies and multinationals cannot solve the problem of…
The Nigerian naira is seen firming in the next week to Wednesday if the country’s elections are credible and peaceful, while Kenya’s shilling could weaken due to dollar demand from the oil sector, traders said. NIGERIA Nigeria’s naira could start appreciating if Saturday’s presidential elections are credible and violence-free, with foreign investors likely to view a victory by incumbent President…
The management of Intercontinental Bank yesterday denied that there was a court order to seal up its headquarters on Danmole Street, Victoria Island, Lagos. Sources however confirmed that a former employee of the bank secured the order to seal up the place. Two employees of the bank who work at the headquarters corroborated that policemen came to the premises to…
A new national identity registration would begin after the elections, the National Identity Management Commission, said on Wednesday, after the initial efforts by the federal government years ago could not yield the desired results. Chris Onyemenam, the Director General, National Identity Management Commission, the guest speaker at the April edition of Information Value Chain Breakfast Forum, stated this at a…
Military police fired tear gas on Thursday to disperse a crowd of more than 1,000 marching to the centre of the Ugandan capital, Kampala, in protest against steep rises in food and fuel prices, Reuters witnesses said. Opposition leader, Kizza Besigye, President Yoweri Museveni's closest rival in February elections, marched with the demonstrators, who had gathered in a Kampala suburb…
Uncomfortably high oil prices, unsustainable sovereign debt burdens, and Japan's uncertain future cloud the global economic outlook, as world finance leaders gathered yesterday. Group of Seven members, who met behind closed doors in the evening, tried to assess the economic damage from Japan's earthquake to uprisings in the Arab world. "There's very high uncertainty about Japan's outlook," said Naoyuki Shinohara,…
Royal Dutch Shell said on Thursday it had resumed production at its Nigerian Bonga offshore oil and gas facility after routine maintenance which started in February. Bonga has a nameplate oil production capacity of more than 200,000 barrels per day (bpd) -- around 10 percent of total Nigerian output -- but produces less. It also has the capacity to produce…