MTN, Airtel to apply for mobile banking licence

Leading telecommunication service providers, MTN Nigeria and Airtel Nigeria have shown major interest in operating in the financial services space and have formed subsidiary companies in order to apply for a mobile banking licence as stipulated in the payment service banking policy guidelines released by the Central Bank of Nigeria (CBN), BusinessDay can report. Once……

Nigeria’s cocoa price rises 21% in three weeks, as flooding cuts output

The price of cocoa beans in Nigeria, the country’s second-largest export earner after oil, jumped 21 percent in three weeks, on fears that flooding that ravaged farms could cut output,  forcing the industry to lower its output forecast for the year, officials, farmers and traders say. Price per metric ton rose to N700,000 ($2,282.36) from N580,000, as buyers scrambled……

Reps: Release of N5.8bn from Eurobond without NASS approval was illegal

Nigeria’s House of Representatives on Tuesday disclosed that the approval for the release of N5.8 billion from the Eurobond account without the consent of National Assembly was in contravention of extant financial regulations. According to Ali Isa, deputy chairman, House Committee on Emergency and Disaster Preparedness who stated this at a press briefing held in……

Stock market up marginally by 0.03%

Nigerian stock market recorded slight increase at the sound of closing gong on Tuesday November 13 as only 16 stocks gained against 26 losers. The Nigerian Stock Exchange (NSE) All Share Index (ASI) increased marginally by 0.03percent at the close of trading, causing the Year-to-Date (ytd) return to stand at a negative of 15.93percent. The……

Sifax Shipping, 2 others to receive large chunk of N1.83bn SAHCOL offer proceed

The Initial Public Offering (IPO) of Skyway Aviation Handling Company Limited (SAHCOL) priced at N4.65 per share opened on Monday November 12, 2018.  The net proceeds of  the  Offer,  estimated  at  N1.83billion will be  disbursed to the three Vendors  in consideration for the shares divested under the Offer, the offer prospectus seen by BusinessDay shows.The Vendor in the……