Thailand's military rulers have announced a series of emergency measures aimed at averting an economic crisis - two weeks after taking power in a coup. The proposals include a price cap on fuel and an offer of loan guarantees for small businesses.
Updated 5 Years ago

The return to civilian rule in 1999 boosted the growth of the Nigerian stock market as its capitalisation soared by N13.473 trillion during the last 15 years of democracy, THISDAY checks have revealed. After years of military rule, Nigerian transited to civilian government on May 29, 1999, when Olusegun Obasanjo assumed office as a civilian president. And by May 29, last week, the country has witnessed 15 years of uninterrupted democracy. THISDAY checks on the performance of the stock market during these 15 years showed that the market soar by 6,068 per cent or N13.473 trillion from N222 billion on May 1999 to N13.695 trillion May 30, 2014.
Updated 5 Years ago

The Central Bank of Nigeria (CBN) last week sold treasury bills worth N200 billion through its Open Market Operations (OMO) instrument. In fact, the central bank continued to mop up liquidity with the issuance of OMO bills in all the trading days last week. The market did not open last Thursday because the public holiday declared to commemorate the democracy day in the country. The instrument was auctioned at an average stop rate of 10.8 per cent.
Updated 5 Years ago

Guaranty Trust Bank Plc (GTBank) has launched an e-commerce portal for small and medium scale enterprises (SMEs) in the country. The portal tagged “The SME MarketHub” was unveiled in Lagos at the weekend. The e-commerce and business directory portal is part of GTBank’s strategy to empower and support Nigerian SMEs and also contribute to the growth and development of the Nigerian economy.
Updated 5 Years ago

The nation’s external reserves have fallen by $11.3bn from $48.4bn in May last year to $37.1bn as of May 27 this year, representing a 23.3 per cent drop. The foreign reserves also declined by 2.62 per cent month-on-month to $37.14bn as of May 27, from $38.14bn a month earlier, according to the latest data from the Central Bank of Nigeria.
Updated 5 Years ago

Euro Global Foods and Distilleries Limited, maker of Sabrina Gin, Seaking Schnapps and Czar Ice has increased its share of the Nigerian wine and beverage market with the introduction of a new 25cl small pack Amphora Tempranillo wine. Originally available in 75cl and 37.5cl bottles, the new product will allow Euro Global the opportunity to reach out to low income buyers who also desire to consume wine.
Updated 5 Years ago

The Federal Ministry of Aviation on Monday announced plans to introduce airport development charges in all the nation’s airports in a bid to clear a debt of over N174bn. This was disclosed by the Supervising Minister of Aviation, Dr. Samuel Ortom, when the House of Representatives Committee on Aviation visited the ministry. The House, however, described the debt as alarming and stated that it would take more than 20 years to clear it.
Updated 5 Years ago

The Senate Committee on Finance has said that President Goodluck Jonathan should be blamed for the unilateral spending of N685.910bn by the Nigerian National Petroleum Corporation on kerosene subsidy in 2012 and 2013. The committee which probed the alleged $49.8bn missing oil money, said Jonathan set aside a directive by the late President Umaru Yar’Adua in 2010 that kerosene subsidy payments should be stopped.
Updated 5 Years ago

Senator Iroegbu, Yemi Akinsuyi in Abuja and Michael Olugbode in Maiduguri Once they are freed, the Borno State Governor, Alhaji Kashim Shettima, has promised to relocate the abducted Chibok schoolgirls to other parts of the country to conclude their secondary school education. The governor’s statement coincided with news from Borno State that Boko Haram terrorists who have turned his state into a killing field continued their onslaught on villages and a church in the state, resulting in the death of 24 persons, including 14 suspected terrorists.
Updated 5 Years ago

The All Progressives Congress (APC) yesterday asked the federal government to lead the way on the issue accountability by accounting for the huge budgetary allocation it receives monthly from the Federation Account in view of its poor record of development. This came as the Lagos State Governor, Mr. Babatunde Fashola (SAN), monday lamented the growing trend of insecurity in different parts of the country, noting that it poses daunting threats to the 2015 general election.
Updated 5 Years ago