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Nigerian News: Macro-Economics, Politics and Others

Equity market’s Year-to-Date gain hits 10.4% on continuing bullish trading: The year-to-date (YTD) gain by the Nigerian equities market hit 10.4% yesterday as the bullish performance extended further on a day the Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema unveiled plans of the Exchange for 2020. Click here for more. Nigeria debt service hits $1.31 billion in 2019:Available data from Central Bank of Nigeria (CBN) showed that Nigeria spent $1.31…

Nigeria Food-to-Logistics Company UAC Joins Naira Complaints

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LAGOS, Nigeria, Capital Markets in Africa: UAC of Nigeria Plc, an investor in foods, logistics and real-estate services in Africa’s largest economy, said the central bank’s delays in announcing details of a more flexible foreign-exchange system are holding back business decisions because of confusion over future costs. “They should have done it yesterday, rather than tomorrow,” Larry Ettah, UAC’s chief executive officer, said in an interview Wednesday in Lagos, Nigeria’s commercial capital. “We are hopeful that…

Desperate for Funding, Nigeria Prepares to Face Bond Investors

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LAGOS, Nigeria, Capital Markets in Africa: The odds are stacked against Nigeria as it looks to raise debt on the international markets for the first time in almost three years. Finance Minister Kemi Adeosun is leading a team of officials that will meet bond investors at London’s five-star Corinthia Hotel on Tuesday at a time when Africa’s biggest economy is on the verge of a recession, oil production has fallen to about a three-decade low, and the budget deficit…

Nigerian Ex President Goodluck Jonathan Defends Record on Curbing Corruption

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LAGOS, Nigeria, Capital Market in Africa: Former Nigerian President Goodluck Jonathan defended his government’s record on fighting corruption and denied his successor’s assertion that the country’s Treasury was left empty when he handed over power last year. Jonathan, 58, was succeeded in May 2015 by President Muhammadu Buhari, who accused the previous administration of looting billions of dollars and leaving the country’s finances “virtually empty.” “There’s no way he would have inherited an empty Treasury,” Jonathan said in…

MTN Slumps After Nigeria Suspends Talks on $3.9 Billion Fine

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Johannesburg, South Africa, Capital Markets in Africa: MTN Group Ltd. shares fell after Nigeria suspended talks about a $3.9 billion fine on the South African mobile-phone company while the country’s House of Representatives completes an investigation into the nature of the penalty. The stock declined as much as 2.9 percent, the most since May 12, and traded 1.5 percent lower at 126.50 rand as of 10:23 a.m. in Johannesburg, valuing the company at 233 billion rand ($15 billion)….

Nigeria | Violent Struggle Over Oil and Money Rattles Global Energy Market

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LAGOS, Nigeria, Capital Markets in Africa: After years of relative peace, militants are again blowing up the pipelines that criss-cross the mangrove swamps of Nigeria’s Niger River delta, reducing oil output to the lowest in almost three decades and fueling a rally in global crude prices. The resurgent conflict in Africa’s largest economy has a long history, interweaving corruption and poverty with regional rivalries and presidential politics, but at its core is money. Between 2006 and…

FBN Says Director Questioned as Nigeria Probes Bank Transactions

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LAGOS, Nigeria, Capital Markets in Africa: FBN Holdings Plc, Nigeria’s biggest lender by assets, said one of its directors was invited and questioned by the Economic and Financial Crimes Commission as part of a wider probe into alleged illegal transactions by the country’s banks. Executive Director Dauda Lawal was questioned about sums allegedly distributed by a former minister of petroleum, and is cooperating fully with the agency, the Lagos-based lender said in a statement Friday on the Nigerian…

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