Tuesday, November 13, 2018
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    Zainab Ahmed’s comments good for MTN’s growth, says HSBC

Zainab Ahmed’s comments good for MTN’s growth, says HSBC

HSBC, one of the biggest financial services organisation in the world, says Zainab Ahmed, Nigeria's finance minister's comments are encouraging for the growth and valuation of MTN Group.In one of it investor advisory reports published in November, HSBC said the minister's comment at the 24th Nigerian Economic Summit (NES24) is a positive development for the telco.HSBC highlighted three positive developments, for [...]

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    Ogun leads as Nigeria’s solid minerals output jumps by 33%

Ogun leads as Nigeria’s solid minerals output jumps by 33%

The Nigeria Extractive Industries Transparency Initiative (NEITI) says the solid minerals sector contributed N43.22 billion to government coffers in 2016.In a report released by the agency on Tuesday, it was also recorded that Nigeria's solid minerals production jumped by 33 percent in the same year, with Ogun state taking the lead in production and revenue receipt.The report, signed by Orji [...]

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    MTN to acquire banking licence in Nigeria, says CEO

MTN to acquire banking licence in Nigeria, says CEO

Rob Shuter, the chief executive officer at MTN Group, says the group will acquire an independent banking licence in Nigeria by 2019.Speaking at a telecoms conference in Cape Town, South Africa on Tuesday, the MTN CEO said it will put in an application in December and should lunch the bank in second quarter 2019.“We will be applying for a payment service [...]

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    Fashola: Mambilla power plant will cost $5.72b

Fashola: Mambilla power plant will cost $5.72b

Nigeria’s 3, 050 megawatts Mambilla Power Plant will cost $5.72 billion, Babatunde Fashola, minister of power, works and housing, has said.He said arrangements were at an advanced stage to secure the funds from the Chinese government in the form of loans.Fashola said this at a ceremony to mark his three years in office.He added that work on the Mambilla Power [...]

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    Otunuga: Defending the naira may become a headache for CBN

Otunuga: Defending the naira may become a headache for CBN

Lukman Otunuga, FXTM research analyst, says the Central Bank of Nigeria (CBN) may find it hard to defend the naira against an appreciating dollar, regardless of its resilience.The naira has maintained stability in the foreign exchange (forex) market owing to a series of interventions by the apex bank.In October, Godwin Emefiele, CBN governor had said the central bank prefers to save [...]

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    Teleology finally takes over 9mobile, names new board

Teleology finally takes over 9mobile, names new board

Teleology Holdings Limited has finally taken over 9mobile.This is coming 11 months after the company made it to the top five companies making a bid to take over the telecommunications company.In a statement seen by TheCable, and signed by Mohammed Edewor, Teleology said it "is pleased to announce the constitution of a new Board of Directors for Nigeria's multi-award-winning telecommunication company, [...]

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    Removing fuel subsidy, amending Land Use Act… Oby Ezekwesili unveils roadmap

Removing fuel subsidy, amending Land Use Act… Oby Ezekwesili unveils roadmap

Oby Ezekwesili, the presidential candidate of the Allied Congress Party of Nigeria (ACPN), says if elected as president, she would let go of fuel subsidy.The former vice-president of the World Bank, said this while unveiling her roadmap for 2019 in Lagos on Monday.She said the Muhammadu Buhari government has renamed oil subsidy and under-recovery and has spent N1.3 trillion on [...]

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    Zimbabwe to sell 38-year-old national airline

Zimbabwe to sell 38-year-old national airline

Zimbabwe has invited bids for its 38-year-old the state-owned airline, Air Zimbabwe.The airline was originally founded in 1967 as Air Rhodesia Corporation, but commenced operations in April 1980.President Emmerson Mnangagwa’s government is pushing ahead with a drive to privatise and end state funding to loss-making firms, Air Zimbabwe’s administrator said on Monday.Air Zimbabwe, which owes foreign and domestic creditors more [...]

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    Alibaba records over $30bn sales in 24 hours

Alibaba records over $30bn sales in 24 hours

Chinese e-commerce giant Alibaba filled a record $30.7 billion in orders on Sunday during its annual “Singles Day” shopping frenzy, but growth slowed from previous years.The world’s biggest 24-hour shopping event, celebrating its tenth year, kicked off early Sunday and once again shattered its own sales mark as Chinese online buyers seized on promotions to snap up everything from electronics [...]

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    Inside the Nigeria Industrial Council

Inside the Nigeria Industrial Council

Excitement filled the air in the conference room of Vice-President Yemi Osinbajo, where he announced that "President Muhammadu Buhari has approved new anti-smuggling reforms".It was at the recent meeting of the Nigeria Industrial Policy and Competitiveness Advisory Council (Industrial Council), chaired by the Vice President. As the deliberations of the day were being summarized to close the meeting, a member [...]

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Exchange Rates

November 13, 2018USDGBPEUR
INTERBANK306397354
LAGOS359475418
KANO359476420
PH360476420
ABUJA359478419
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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