Category Archives: Finance

Canadian Lady who won $6million lottery receives cheque from robot due to pandemic

For the first time in Quebec’s lottery history, a winner was handed a $6 million check from a life-sized robot built by college students, according to lottery officials.After 25 years of playing the same lucky numbers, Guylaine Desjardins, a resident of Laurentides, won the July 1 Lotto 6/49 drawing. The new multimillionaire bought the lottery ticket at her workplace using the numbers 1, 12, 27, 30, 34, 49 and bonus number 35.

Total loans to businesses In Nigeria hit N18.9 trillion in one year

Total gross credit for various transactions in Nigeria rose by N3.33 trillion from N15.56 trillion at end-May 2019 to N18.90 trillion at end-June 2020.

These credits were largely recorded in manufacturing, consumer credit, general commerce, and information and communication and agriculture, which are productive sectors of the economy.

Nigeria missing from Africa’s $311 million aviation bailout Fund

Airlines on the African continent have amassed a total of $311 million bailout funds from governments’ bailout funds, but conspicuously missing among the “aviation-friendly nations” is Nigeria.

Although the Federal Government of Nigeria has since May pledged to support the local sector with at least N27 billion in loans and grants, the sector is yet to receive the pledge despite resumption of flight operations.

Presco reports 71% growth in H1’2020 profit

Presco Plc has posted 70.55 per cent increase in profit after tax for the half-year ended June 30, 2020.

According to a report obtained from the Nigerian Stock Exchange, the unaudited financial result for the half-year showed profit after tax of N4.39bn from N2.57bn recorded in 2019, accounting for a growth of 70.55 per cent.

Nigeria Applying For Another $3b Chinese Loan – Amaechi

The Minister of Transportation, Mr. Rotimi Amaechi, has revealed that the Nigerian government is about to borrow another $3billion from China.

This is coming at a time when there are controversies trailing the Federal Government’s planned securement of $500million loan from China.

Shell posts $18.4bn loss, writes down Nigerian oil block

Royal Dutch Shell said on Thursday that it posted a loss of $18.4bn in the second quarter of this year, compared to a profit of $3.5bn in the same period of 2019.

The oil major said its Q2 write-downs included the Oil Prospecting Licence 245 for an offshore oil block in Nigeria which it holds alongside Eni and which is at the centre of an ongoing corruption court case in Italy.

NIRSAL disburses N105bn to farmers

The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending has provided funds amounting to N105bn to support different agricultural sectors in the country.

The agency, in a statement on Wednesday, said the beneficiaries of the funds were selected from the pre-upstream, upstream, midstream and downstream segments of the agricultural value chain in in the country.

Foreign reserves drop by $673.13m in two months

The country’s foreign reserves fell by $673.13m from $36.57bn on June 1 to $35.89bn on July 28, the latest figures from the Central Bank of Nigeria showed on Thursday.

The CBN, in its first-quarter economic report, titled ‘Gross official external reserves,’ said the gross external reserves fell in the first quarter of 2020.

MTN Nigeria posts 4.7% decline in profit after tax

MTN Nigeria Plc has recorded a profit after tax of N94.88bn for the half-year ended June 30, 2020 as against N99.537bn reported in 2019, accounting for a drop of 4.7 per cent.

Profit before tax stood at N139.570bn from N142.404bn in 2019, a two per cent drop.

IMF introduces new Transparency Code for Nigeria, others

The executive board of the International Monetary Fund has approved the new IMF Central Bank Transparency code.

It said in a statement on Thursday that the development of the CBT followed on the board’s direction in April 2019 to update the 1999 Monetary and Financial Policies Transparency code, and bring it in line with the recommendations of the 2017 Joint Review of the Standards and codes Initiative.