Nigeria’s ratings risk downgrade over rising debt and lower revenue

Berger Paints declares dividend of 25k per share, announces 6% increase in revenue

This was announced to shareholders during the 60th AGM which was held virtually on Wednesday.

Eco currency: Collaboration is crucial for success

by CSL Stockbrokers

June 25, 2020

ECOWAS countries would have to relegate the independence of their monetary authorities to a regional monetary body.

Macro weakness: Justification for cheap Nigerian stocks?, Google wants to start banking with you , Afreximbank bags $100 million credit facility The African Export-Import Bank (Afreximbank) has sealed an agreement with the International Islamic Trade Finance Corporation (ITFC) to receive a $100 million credit facility in order to promote Arab-Africa trade and investments. The signing which took place in Egypt at the Africa 2019: Investment in Africa Forum had the President of Afreximbank, Prof. Benedict Oramah, and Chief Executive Officer of ITFC, Hani Sombol in attendance on behalf of the two organisations. How the facility will be deployed: According to the agreement document as reported by Daily Trust, the facility would help finance and de-risk trade flows between the Arab and Africa regions, thereby raising the level of trade, which currently stands at about $500m. Speaking on the deal, Afreximbank said the pact will help in leveraging other Arabian funds in support of Arab investments in Africa. The bank also said the facility was part of the Afreximbank/ITFC Arab-Africa Trade and Investment Promotion Programme launched two years ago to deepen the partnership between them. Also present at the signing of the agreement in Egypt was the Egypt Prime Minister, Mostafa Madbouly, and Egypt’s Minister of Investment and International Cooperation, Dr. Sahar Nasr. What you should know: Afreximbank also recently signed an agreement to partner with South Africa-based Railway company, Thelo DB Proprietary Limited as reported by Nairametrics. The agreement which will benefit Nigeria and other African countries is for the purpose of developing, financing and operating railway projects in Africa. The Memorandum of Understanding (MoU) was signed between the two organisations on the sidelines of the ongoing Africa Investment Forum. The terms of the MoU, include Afreximbank and Thelo DB partnering to support the modernisation and renovation of Africa’s railways in different countries. By doing so, the organisations aim to promote trade, investment and economic skills development. Afreximbank bags $100 million credit facility The African Export-Import Bank (Afreximbank) has sealed an agreement with the International Islamic Trade Finance Corporation (ITFC) to receive a $100 million credit facility in order to promote Arab-Africa trade and investments. The signing which took place in Egypt at the Africa 2019: Investment in Africa Forum had the President of Afreximbank, Prof. Benedict Oramah, and Chief Executive Officer of ITFC, Hani Sombol in attendance on behalf of the two organisations. How the facility will be deployed: According to the agreement document as reported by Daily Trust, the facility would help finance and de-risk trade flows between the Arab and Africa regions, thereby raising the level of trade, which currently stands at about $500m. Speaking on the deal, Afreximbank said the pact will help in leveraging other Arabian funds in support of Arab investments in Africa. The bank also said the facility was part of the Afreximbank/ITFC Arab-Africa Trade and Investment Promotion Programme launched two years ago to deepen the partnership between them. Also present at the signing of the agreement in Egypt was the Egypt Prime Minister, Mostafa Madbouly, and Egypt’s Minister of Investment and International Cooperation, Dr. Sahar Nasr. What you should know: Afreximbank also recently signed an agreement to partner with South Africa-based Railway company, Thelo DB Proprietary Limited as reported by Nairametrics. The agreement which will benefit Nigeria and other African countries is for the purpose of developing, financing and operating railway projects in Africa. The Memorandum of Understanding (MoU) was signed between the two organisations on the sidelines of the ongoing Africa Investment Forum. The terms of the MoU, include Afreximbank and Thelo DB partnering to support the modernisation and renovation of Africa’s railways in different countries. By doing so, the organisations aim to promote trade, investment and economic skills development, Google is facing another probe for its $2.1 billion Fitbit acquisition

Google to auto-delete your data, location history, others

by Abiola Odutola

June 25, 2020

It will boost public trust after hefty fines were levied against Facebook and Google for privacy violations.

Shareholders authorise NEM Insurance directors to increase company’s share capital

by Emmanuel Abara Benson

June 25, 2020

The plan to increase NEM Insurance's issued share capital has long been in the works.

Top AgriTech deals currently on sale in Nigeria – June 2020

by Ruth Okwumbu-Imafidon

June 25, 2020

These options were picked from firms known to insure their farms and farm produce.

FEC approves NESP’s N2.3 trillion stimulus plan

by William Ukpe

June 25, 2020

The NESP was chaired by Vice President, Yemi Osinbajo, and made up of Cabinet Ministers.

Naira unification may lead to losses for black market speculators

by Olumide Adesina

June 25, 2020

Naira unification around NAFEX could burn the fingers of speculators.

COVID-19 could save naira from depreciating further, Many odds against the naira, Naira forwards and parallel market crash puts pressure on official exchange rate, Naira appreciates to N386.94 to $1 at investor and exporters window. , Naira set for recovery as ABCON issues guideline to members for forex sales resumption, Naira falls against the Euro, British pound sterling but gains against the U.S dollar, Naira falls at black market, dollar liquidity remains relatively low , Forex, Naira drops further at the black market despite appreciating at I&E window

Naira recovers sharply at black market but falls at I&E forex window

by Chike Olisah

June 25, 2020

Forex turnover at the Investor and Exporters (I&E) window on Wednesday, June 24, 2020, stayed relatively flat when compared to the day before. This ...

Brent crude drops to $25, oil demand drops by about 10% of world’s consumption, Brent Crude Oil hits $26, as Nigeria's Sweet Crude demand falls, Oil price pushes up before OPEC meeting, Asian equity markets mixed, NIGERIA OIL: Darker days ahead as Brent falls below production cost, Brent crude drops, as oil traders focus on OPEC+ meeting

Nigeria’s Black Gold under pressure, stays on $40

by Olumide Adesina

June 25, 2020

To tackle weakened oil demand, OPEC and its major allies agreed to a record supply cut.