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Month: January 2017

Recession: Shareholders’ hopes shrink as banks’ directors meet

Shareholders’ expectation of robust dividend payout by listed companies may be shrinking as the boards and managements of Access Bank Plc., Zenith Bank Plc., others are set to meet this week to decide on 2016 financial report and dividend payout. The board and management of Zenith Bank are expected to meet on Tuesday, January 24, …

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External reserves increase by 15% in three months

The nation’s external reserves have risen by 15 per cent in the past three months; the latest data from the Central Bank of Nigeria have shown. Specifically, the foreign exchange reserves increased by $3.6bn from $23.8bn on October 19, 2016 to $27.4bn on January 19, 2017, the CBN data showed on Sunday. The statistics also …

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MEA Awards

Rosabon Emerges MEA 2016 Winner For Bespoke Wealth Management Services

Rosabon Financial Services, Nigeria’s leading Non-Banking Financial Intermediary firm has once again recorded another global success as it recently clinched the MEA Business Award for Leading Experts in Bespoke Wealth Management Services. The 2016 MEA Business Award which focuses on all sectors and industries recognizes and rewards truly outstanding work done by the Middle East …

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Tobacco costs global economy $1trn annually —WHO

A study has revealed that tobacco costs global economy more than $1 trillion annually. The study, The economics of tobacco and tobacco control, conducted by the World Health Organization (WHO) and the National Cancer Institute of the United States of America, indicated that effects of unchecked tobacco production into global economy costs more than six …

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Efritin shuts Nigeria office, blames bad economy

Efritin (pronounced ‘Everything’) has stopped further investments in Nigeria and has wound down operations, just 16 months after its official launch. Investigation showed that high cost of data and operational demands forced the e-classified advert player to close shop. The company’s staffs are already vacating the head office located in Ikeja while office properties are …

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Naira on a free fall as it crashes to nearly 500/Dollar in open market

The Nigerian naira fell close to 500 against the dollar on the unapproved open retail market due to dollar shortages on Friday as retail currency operators set their quotes for dollar purchases at 399 for next week, traders said. Bureau de change operators said the central bank had approved 399 naira for retail trades this …

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FDC Predicts further depreciation of the Naira

Under the current market regulatory framework, the naira is bound to remain under pressure and unstable until the market is allowed to operate freely and efficiently. This was disclosed by a group of analysts at Financial Derivatives Company (FDC) Limited in their outlook for the naira in 2017. According to Bismarck Rewane, FDC’s Chief Executive …

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FG To boost Agric earnings

With substantial boost in production of many agricultural produce and traders from central and North African countries flooding Nigeria to import commodities, the Federal Government (FG) is moving to maximize its advantage by resuscitating the moribund Nigeria Commodities Exchange (NCX). Since the abolition of marketing boards by the Babangida administration, there has not been any …

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