After the one month extension given by the Central Bank for customers to update their account, queues were still seen at banks yesterday as people tried to meet the deadline. Bank customers hurried to get their accounts updated yesterday at some of the banks visited. In December, the Central Bank directed banks to carry out updates on customers profile in…
Ten stockbroking firms out of the suspended 65 at the Nigerian Stock Exchange (NSE) have met the N70 million minimum capital base requirements stipulated by the Securities and Exchange Commission (SEC), the market regulator. While 61 of the suspended dealing member firms were suspended for inadequate shareholders fund in their 2009 audited accounts, five others were sanctioned for inadequate shareholders…
Nigeria’s $500 million debut Eurobond was yesterday admitted to trading at the London Stock Exchange’s (LSE) Main Market. The bond, which was 2.5 times subscribed, netting $1.25 billion, offers an annual interest rate of 6.75 per cent, and matures in January 2021. A statement by the LSE said the offering creates a benchmark US Dollar bond yield curve that should…
Burundi’s annual inflation rate dropped to 6.5 percent last year from 10.5 percent 2009 thanks to lower food costs, but prices will likely rise again in 2011, the country’s statistics board said on Friday. “Prices of food products were generally low in 2010 compared to 2009,” said Elie Ndiririkirirenza, head of the price index at the Institute of Economic Studies…
Kenya’s biggest sugar miller, Mumias, forecast an improved second half after six-monthly pretax profit fell to 1.18 billion shillings from 1.52 billion because heavy rain disrupted cane deliveries. Production in the six months to the end of December 2010 fell to 113,521 tonnes from 123,183 tonnes while sugar sold was down 7 percent to 108,110 tonnes. Earnings from the sale…
Tanzania’s top-grade coffee fetched an all-time high at this week’s auction as the harvest of high quality supply dwindled, traders said on Friday. The price of benchmark grade AA coffee rose to $339.80 per 50 kg bag from $338.00 per bag at the last sale on January 20. “The prices recorded at this week’s auction for premium grade coffee are…
Nigerians would have to brace up for some tough times ahead as experts say the persistent rise in food prices is set to continue in 2011. Bismarck Rewane, Managing Director, Financial Derivatives Company said “The high food prices experienced in the first half of 2010 are expected to resume in 2011 as increased prices of key food imports such as…
I think the Central Bank of Nigeria’s policy rate is still too low! After nearly two days of meeting early last week, the CBN’s rate-setting committee (the Monetary Policy Committee) agreed to raise the policy rate by 25 basis points. The problem with discussing the monetary policy rate (MPR) in this country is its apparent divorce from the other indices…
The Federal Government said yesterday it would strictly monitor and evaluate all capital projects by its Ministries, Departments and Agencies (MDAs) as a way of improving budget performance and service delivery. Minister of Finance, Olusegun Aganga, who disclosed this at the Procurement Planning Sensitisation Workshop organised by the Bureau of Public Procurement (BPP) last Thursday in Abuja, said this was…
The debate on Nigeria's debt debacle appears an endless cycle. Available statistics on the spiralling figures do not add up with reasons adduced in government circles. While government claims the various loans, both domestic and foreign, were to facilitate the provision of basic socio-economic infrastructure that would make for qualitative living standard for the people, Nigerians do not seem to…
While the Dutch parliament yesterday held a public hearing on Shell activities in Nigeria, the company denied allegations by human rights and environmental groups. On Tuesday, Amnesty International and Friends of the Earth International said that it will file an official complaint against the company for breaches of basic standards for responsible business set out by the Organisation for Economic…
The decision to focus more attention on domestic sources to raise funds for its services, rather than relying on external sources is responsible for Nigeria’s burgeoning debt profile, the Debt Management Office said. Abraham Nwankwo, the director general, said in Abuja on Tuesday, in an interview with journalists. “A strategic decision was taken in the course of debt management situation,…
The Dutch parliament yesterday placed the Royal Dutch Shell before the mirror in a groundbreaking act of scrutiny over the severe environmental and social footprint of the oil giant on the Niger Delta. Shell may be the only one being grilled but that does not by any means suggest that the likes of Chevron, Exxon, ENI and Total are not…
The Cement Manufacturers Association of Nigeria (CMAN) says estimated supply of 17 million metric tonnes of local production of cement is achievable in 2011. The executive secretary of CMAN, James Salako, said in Lagos that this was part of the manufacturers’ efforts to guarantee self sufficiency in the local demand of cement. He said that new cement plants with combined…
Only two small scale enterprises in Bauchi State have met the CBN guidelines for its intervention loans to operators in the sector, an official has said. The chairman of the National Association of Small Scale Industries, Tijjani Jallaba, on Thursday, named the two enterprises as Gambo Marafa and Baba Buba, adding that Fatima Idris Enterprises was in the final stage…