Business News in Brief

Global Ethical Finance Forum (GEFF) 2017

Middle East Global Advisors, a leading financial intelligence platform spearheading the agenda of sustainable and inclusive finance, will convene the second edition of the much-coveted Global Ethical Finance Forum (GEFF).

Ethical Finance: Merging Profit & Purpose

September 13 & 14, 2017

RBS Conference Centre in Edinburgh, Scotland.


Ambode to Launch Ikeja Bus Terminal

Governor Akinwunmi Ambode will anytime from now launch in Ikeja, capital of Lagos state a world class Bus Terminal, first of its type in Nigeria

The Ikeja Bus Terminal was developed by the State Government as part of the infrastructures for the Lagos Bus Reforms Project.

It will serve as the hub of all transport activities within the Ikeja Zone, serving over 50,000 passengers daily and providing access to many destinations including Oshodi, Ojota, Iyana-Ipaja, Maryland, Agege, Ogba, CMS, Obalende, Iyana-Ipaja, etc.

Oil Prices Ease on Signs of Steady Output from Some Producers

Oil prices were about 1 percent lower on Monday as investors continued to await strong indications that an OPEC-led effort to drain a glut was proving effective but output increases in some top producers eased, keeping losses in check, Reuters reports.

Libya's national oil production stood at 1.03 million barrels per day (bpd), little changed from its level since the end of last month, an oil industry official said.

Debt Office Sells Local Bonds at 16.25%, Same as Inflation Rate

Nigeria sold 10 and 20-year bonds denominated in the local currency at 16.25 percent, the same as the inflation rate, at an auction on Wednesday, auction data showed on Thursday.

Nigeria's annual inflation eased for the fourth straight month in May to 16.25 percent from 17.24 percent in April, while analysts expect the consumer price index to have declined further in June, Reuters reports.

Etisalat Nigeria Now 9Mobile as Banks seek Cash Flow Clarity

Etisalat Nigeria's rescue has put the country's banks in a quandary as they prepare for half-year results due this month as they do not know whether to provision for loans to the company until they can work out its value, Reuters reports.

A banking source told Reuters that the lenders first wanted to determine Etisalat Nigeria's free cash flow to help them value the telecoms business before deciding on whether to impair the assets or hold on to find new investors.

Insurer Prudential Enters Nigeria

British insurer Prudential said it had bought a majority stake in Nigeria's Zenith Life to give it access to the African country's fast-growing insurance market, Reuters reports.

It said it had also signed a deal with the Nigerian insurer's parent Zenith Bank Plc to sell life and other insurance products via the bank in Nigeria and Ghana.

"Today's announcement is an important milestone for Prudential and our growing portfolio of high-quality life insurance businesses in Africa," Matt Lilley, chief executive of Prudential Africa.

Etisalat Nigeria's New CEO Targets Profit after Regulator Rescue

Etisalat Nigeria is focused on getting the telecoms group back on track to make a profit after it was saved from collapse, while working on the paperwork to eventually raise new capital.

"Our mandate is to make sure the business runs as profitably as it can. What is most important now is to ... ensure that the business runs and meets its obligations," the company's new chief executive Boye Olusanya told Reuters on Tuesday.

NAICOM Queries Erring Insurance Companies

The National Insurance Commission (NAICOM) says it has approved 39 out of 49 insurance companies 2016 financial reports submitted to it.

The Head, Corporate Affairs of the commission, Mr Rasaaq Salami said in a statement on Thursday in Abuja that reports of two companies were queried, while eight were undergoing review.

Salami named the queried companies to be Nigeria Reinsurance Corporation and KBL Insurance Ltd.

Microfinance Bank Gets Citibank’s ₦500m Loan

The Citibank (Citi) has granted a N500 million loan to Accion Microfinance Bank (Accion MFB) as part of efforts to promote the development of the microfinance sector in Nigeria.

Lola Oyeka, the bank’s Country Public Affairs Officer for Nigeria and Ghana made the announcement in a statement she issued on Tuesday in Lagos.

According to her,the grant will fund Accion’s loan portfolio and support the development of approximately 5,000 micro and small enterprises in the country.

Fitch Rates Nigeria's USD Diaspora Bonds 'B+'

Fitch Ratings has assigned Nigeria's USD300m 5.625% senior unsecured bonds a final rating of 'B+'. The final rating is the same as the expected rating that Fitch assigned on 14 June 2017.

The final rating is in line with Nigeria's Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'B+'. The Outlook on the IDR is Negative.