Officials of both the World Bank and the African Union (AU) in Addis Ababa have launched the 2011 World Development Report, published by the World Bank. Sarah Cliff, a World Bank Representative, and Ramtane Lamamra, the AU Commissioner for Peace and Security, represented the two bodies at the occasion. Presenting the executive summary of the report, which was titled ‘Conflict,…
Bankers have expressed optimism that the sector would be better disposed to create new assets by increasing their loan facilities to more applicants this year. This is because some of the banks in their 2010 year end books have demonstrated that with the intervention of the Asset Management Company (AMCON), they have been able to clear their non performing loans…
The chief executive of Ecobank Nigeria Plc, Jubril Aku, has advised the Federal Government to be cautious over its huge expenditure. Mr Aku, who was speaking with Business Editors last week in Lagos, said that the issue of fiscal dominance had become a problem in the country because of the structure of Federal Government revenues. He said this was so…
Wall Street wavered, oil slipped, and the dollar weakened further against the euro in thin trading on Monday, as major European markets were shut for Easter. U.S. stocks were little changed, just below three-year highs, after strong first-quarter earnings. Seventy-five per cent of SP 500 companies that have reported beat analysts’ expectations, just above the average of the past four…
The dollar won a reprieve on Monday after last week’s steep slide but traders said it could head for a test of its all-time low against a basket of currencies if the U.S. Federal Reserve takes a cautious stance towards tightening later in the week. In thin trade due to Easter holidays in Australia and much of Europe, Japanese importer…
Improving trade links within the African continent is opening new opportunities for Nigerian businesses to leverage on as commercial activities among Africans boost the airlines and banking industries. Jibril Aku, managing director of Ecobank Nigeria Plc, said trade, which was formerly restricted to regional blocks, has expanded across the various trade corridors on the continent. “Rather than trade with former…
Oil prices yesterday rose above $124 a barrel as violence continued in the oil- producing Middle East along with post-election unrest in Nigeria. Brent, the primary of the major classifications of crude oil, gained 40 cents to sell at $124.39 a barrel while US crude rose by 44 cents to $112.73, according to a Reuters report published yesterday. “Brent is…
Some finance experts have urged investors to trade cautiously, following the wobbly performance in the market and the slightly tense political atmosphere in the country. The market capitalisation of equities at the Nigerian Stock Exchange (NSE) closed for Easter holiday on a negative note last Thursday at N7.994 trillion after opening the week at N8.086 trillion, reflecting N92 billion losses.…
How would you like to spend your retirement years? Will your nest egg be able to provide the kind of lifestyle that you have become accustomed to and how much will it cost? Sadly, many people end up impoverished in their later lives or are totally dependent on their children or other family members. Yet other retirees are redefining retirement…
As more banks reel out their 2010 year end reports, industry watchers have observed that the sector has shown remarkable improvement and signs of quick recovery from the impact of the 2009 financial crisis. Most of their earnings are back in the green, although it has not been an entirely smooth ride. Finance experts think investors should keep an eye…
CBN governor, Sanusi Lamido Sanusi, on Wednesday, restated the commitment of the apex bank to building a virile financial system in the country. Mr Sanusi made the statement at a public hearing on bills to establish the Nigerian International Financial Centre (NIFC), Office of the Nigerian Financial Obudsman, and National Alternative Dispute Resolution Commission. The hearing was organised by the…
The Independent Petroleum Marketers Association of Nigeria (IPMAN) on Thursday called for full deregulation of the energy sector to address problems of scarcity of diesel and kerosene. Olumide Ogunmade, chairman, western zone of IPMAN, told the News Agency of Nigeria (NAN) in Lagos that the failure of government to attract investors to the sector contributed to scarcity of these products.…
The marketplace has become highly dynamic and vibrant and as a result, brand strategies should focus on aligning with changing market realities. It is evident now that old strategies may not work again with the present scenario in the marketplace. Competition has become stiff and consumers are more discerning than before. Unlike before, brand strategies should focus on raising consumer…
The National Pension Commission (PenCom) has said it would no longer hesitate to take legal actions against companies that flout its orders on registration of employes for the scheme. In a memo, the management of the commission also warned that it would sanction errant companies that deduct contributions from their staff but fail to remit such. Private sector organisations and…
The Anglo-Dutch oil giant, Shell Petroleum Development Company (SPDC), has been accused of not being truthful in its decision to end gas flaring in Nigeria. Friends of the Earth International, an environmental organisation dedicated to preserving the health and diversity of the planet for future generations, said Shell has once again flouted its promise to cut down on its gas…