Business

Banks clear N1.3trn cheques in 5 months

•Paper transactions dip further Deposit money banks in the country cleared cheques valued at N1.3 trillion between January and May, this year. While this showed a 31.5 per cent decline when compared with N1.9 trillion recorded in the same period of 2019, the 2020 record was achieved amidst a 30-day suspension of cheques clearing due […]

Business

IMF: Only 60% of Nigerians have access to Internet

…says low access driving inequality globally Despite its record of 138.7 million active internet subscriptions as of April 2020, the International Monetary Fund (IMF) has said that Nigeria falls among the category of countries where only 40-60 people have access to the internet out of 100 inhabitants. The body in the latest report on global […]

Business

Interswitch donates equipment, kits to LASG

In furtherance of its efforts to assist the government in ramping up the testing capacity for the coronavirus (COVID-19) across the country, integrated digital payment and e-commerce company, Interswitch Group, has donated personal protective equipment (PPE) and rapid diagnostic test kits (RDTs) to the Lagos State Government. The donation, which was presented to the state […]

Business

MainOne: We invested $400m in infrastructure in 10 years

MainOne, West Africa’s leading provider of wholesale and enterprise connectivity and data centre, said it had invested a total of $400 million in infrastructure in West Africa as part of its efforts to bridge the digital divide and enable digital economy. The company disclosed this as it celebrates 10 years of operation in the sub-region. […]

Business

UNCTAD: Global FDI set to fall by 40 per cent

Global Foreign Direct and Investment flow is forecast to drop by as much as 40 per cent this year from last year’s total of $1.54 trillion following impediments caused by the deadly COVID-19 to global trade, according to the United Nations Conference on Trade and Development (UNCTAD). The slump could bring annual FDI below $1trillion […]

Business

VAT: Need for reverting to old order

The Nigeria Employers’ Consultative Association (NECA) has requested the Federal Government to reverse the current Value Added Tax (VAT) from 7.5 per cent to the former five per cent in order to boost businesses post-COVID-19. Taiwo Hassan reports Indeed, the tension created by the deadly COVID-19 in the economy is yet to douse as businesses […]

Business

OPS: Nigeria’s debt profile worrisome

With Nigeria’s total debt now in excess of $84 billion, the external debt component accounting for over $27 billion and debt service costs gulping about 55 per cent of government’s revenue in 2019, members of the organised private sector (OPS) have said they are becoming increasingly wary about the country’s ability to sustain the payment […]

Business

Facebook supports African SMB’s with virtual impact programmes

Social media giant, Facebook, has announced that all its Economic Impact Programmes will be offered virtually as the platform seeks to equip small businesses with digital marketing skills to help them stay open, connect with and acquire new customers to survive challenges presented by Coronavirus. Facebook’s Economic Impact Programmes include Boost with Facebook currently implemented […]

Business

Report: African banks contribute 2% of global profits

Despite their small size compared with lenders in other parts of the world, African banks are one of the most profitable, contributing, “two per cent of global profits and delivering a 19.49per cent return on capital — the third highest level in the world,” according to the The Banker Magazine. The publication stated this in […]

Business

Coronation Capital training to focus on corporate finance

Leading private equity firm in Nigeria, Coronation Capital, is set to host the 2nd edition of its Corporate Finance and Business Valuation online training (“Valuation Master Class”). Scheduled for between July 20 and 28, 2020, the four-day event is designed to provide participants with a deeper understanding of corporate finance, valuation methodology and financial statement […]