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Business MTN Records First-Ever Loss After NCC Fine
South Africa’s MTN Group has reported its first-ever per-share loss as a public company, after Africa’s biggest mobile-phone operator agreed to settle a record fine in Nigeria and was hurt by weaker earnings in South Africa. The loss will be between 2.85 rand and 3.15 rand per share in the six...- ProfRem
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Business Yahoo Confirms Sale of Web Business To Verizon For $4.8Bn
Yahoo! Inc. has agreed to sell its main web businesses to Verizon Communications Inc. for $4.8 billion, ending a two-decade run as an independent company that took it from Stanford University startup at the dawn of the internet age to also-ran behind nimbler online rivals such as Google and...- ProfRem
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Business What CBN Governor, Emefiele Told Investors in U.S, UK This Week
Nigeria’s Central Bank Governor, Godwin Emefiele and Deputy Governor Sarah Alade travelled to the United States and United Kingdom this week to try and entice bond investors to buy assets in Africa’s largest economy, Bloomberg reports. Emefiele and Alade met investors in Los Angeles, Boston...- ProfRem
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Business Crude Oil Price Falls To 2-Month Low At $46
Global oil benchmark, Brent crude, fell by to a two-month low on Friday after the United States government reported a weekly crude draw within analysts’ forecasts, disappointing market bulls who had expected larger declines. Brent, against which half of the world’s oil is priced, was down by...- ProfRem
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Business CBN Float: Foreign Investors Want Naira To Fall Above N300/US Dollar
Foreign traders are expecting Nigeria’s currency devaluation to trigger a rush of cash into Africa’s largest economy are rapidly concluding that the naira’s 30 percent drop wasn’t enough. Investors got the foreign-exchange policy change they asked for, but still aren’t flocking to buy naira...- ProfRem
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Business Naira Strengthens Against US Dollar Since CBN Floats Currency
Nigeria’s naira, yesterday, rose against the dollar, heading for its first gain since starting to trade without a peg three days ago, as the central bank sought to stabilize the market by selling dollars. According to Data obtained from the Bloomberg terminal, the naira rose 0.7 percent to...- ProfRem
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Business Naira Falls 0.5% to 286/USDollar Despite CBN’s $100m Intervention
Naira fell for a third day of trading without a peg, even after the nation’s central bank said it was confident it had cleared a backlog of foreign-currency demand. The naira fell 0.5 percent to 286 per dollar by 8:40 a.m. in Lagos, the commercial capital, after weakening 0.7 percent Tuesday...- ProfRem
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Business CBN To Announce New Naira Policy This Week
Central Bank of Nigeria may announce new foreign-exchange policy this week, Bloomberg quoted a source who attended meeting between Governor Godwin Emefiele and bankers in Abuja on Thursday. CBN will probably move to a dual exchange-rate system and make announcement via a circular to banks, said...- ProfRem
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Politics 3 Inspiring Things Jonathan Said in His Bloomberg Speech
Nigeria's former President Goodluck Jonathan on Monday gave a speech at Bloomberg during which he called for a Universal Bill of Rights for all Nigerians. Here are 3 inspiring things he said in the speech: 1. On conceding defeat to his successor, Muhammadu Buhari Some may think it is ironic...- LequteMan
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Politics Nigeria May Revisit Law on Gay Marriage - Jonathan
Former President, Goodluck Jonathan, on Monday said Nigeria may revisit the law that banned same-sex marriages. He said as the quest for Nigerians and other citizens worldwide to have equal rights deepens, there is need for Nigeria to appropriately revisit the law. Jonathan said this at a...- ProfRem
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Politics Former President, Goodluck Jonathan's Full Speech At Bloomberg [See Photos]
Former Nigerian President, Dr. Goodluck Jonathan, today, gave a live interview and discussed a wide range of issues. Jonathan was introduced by the Right Honorable Mark Simmonds, former UK Minister for Africa. The former President also gave a speech at Bloomberg calling for a Universal Bill of...- ProfRem
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Business Nigeria: President Buhari Backs CBN's "Technical" Devaluation of the Naira - Bloomberg
Nigeria's President Muhammadu Buhari is in support of CBN's "technical" devaluation of the Naira, a Bloomberg report claims. The CBN governor, Godwin Emefiele, had sowed seeds of confusion into the public domain when he announced that the apex bank had removed the peg on the naira-dollar...- LequteMan
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Business Economic Crisis: United Airline Pulls Out Of Nigeria
United Airlines has announced ending its carrier’s only route to Africa because of weakness in the energy sector and difficulties in collecting money from tickets sold in Nigeria. The daily route from Houston to Lagos had underachieved for years but was kept alive because of its importance to...- ProfRem
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Business Nigeria's Oil Output Drops to 20-Years Low as Chevron Shuts Down Operation
Oil disruption that has pushed production to the lowest in 20 years, as attacks against facilities in the country increase in number. According to Bloomberg, Chevron Corporation said on Friday it had shut down about 90,000 barrels a day of output following an attack on an offshore platform that...- ProfRem
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Business Oil Extends Gains in Asia After US Output Falls to 18-Month Low
Oil prices gained momentum Thursday after data showed US production fell to 18-month lows as Iraq pushed for a fresh meeting of crude majors on limiting output. The advances come just days after the collapse of weekend talks aimed at negotiating an output freeze, which had fuelled worries a...- ProfRem
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Business Nigeria Economics Loses to Politics as Buhari Takes Naira Stand [Bloomberg]
Bloomberg, the privately held financial software, data, and media company headquartered in Midtown Manhattan, New York City has written another mindblowing piece on President Muhamamdu Buhari's stand on naira devaluation and how it has favoured politics more than the economy of Nigeria...- ProfRem
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Business Oil Prices Above $41 as OPEC Predicts Moderate Rebound
Oil prices dipped slightly in Asia Tuesday but stayed above $41 a barrel as OPEC raised hopes of a moderate rebound from a meeting of key producers in Qatar in April. At around 0400 GMT, US benchmark West Texas Intermediate (WTI) for delivery in May, a new contract, was five cents down at...- ProfRem
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Business [LIST] 5 Things Buhari Has Done That's Pushing Foreign Investors Away - Bloomberg
Foreign investors are pulling their funds out of Nigeria's troubled economy. This is evident in the gradual and continued depreciation of the country's stocks. The Nigerian stock exchange yesterday recorded its 9th consecutive daily loss. A report published by Bloomberg, has enumerated 5...- LequteMan
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