Category Archives: Global Economics

Ecobank Nigeria MD Canvasses Artificial Intelligence To Check Cybercrimes

The Managing Director, Ecobank Nigeria, Patrick Akinwuntan has advocated the use of artificial intelligence to predict security threats and proffer solutions. Akinwuntan who made this assertion at a webinar themed, “Cyber threat Landscape: Financial services, 2021 and beyond.”organised by Information Security Society of Africa, Nigeria (ISSAN) on Tuesday, said as cyber-attacks continue to grow in intensity and frequency, Artificial Intelligence (AI) can be a game changer, stressing that the manual and semi-automated techniques of monitoring and responding to systems issues of the past are grossly inadequate to take care of the risk of the future.

FCMB records profit of N19.610bn

FCMB Group Plc has released financial scorecard for the year ended December 31, 2020, posting profit of N19.610 billion.
The amount represents an.increase of N2.273 billion or 13.11 per cent compared with N17.337 billion reported in the preceding year.

Ecobank group posts N641.8bn revenue

Ecobank Group has recorded a revenue of N641.8 billion for the year ended December 31, 2020. The amount represents nine per cent increase compared with N586.9 billion posted in the corresponding period of 2019.
In its audited report submitted to the Nigeria Stock Exchange (NSE), the pan-African bank also recorded good performance in other key financial indices despite the harsh operating environment during the period.

Forex market remains calm as crude prices, foreign reserves rise

The foreign exchange (forex) market was muted last week, even as crude oil prices in the international market rose marginally and the nation’s foreign reserves inched up.
Specifically, the Central Bank of Nigeria (CBN) spot and parallel markets trade. Flat to close at N379/$ and $486/$ respectively. The situation was the same at the Investors’ and Exporters’ window as the rate closed flat at 410/$.
Activity level however dipped 20.7 per cent to $312 million from $393.6 million in the previous week.

Food inflation is major culprit of COVID-19 in Nigeria … Exacerbated by disruptions in crop production

The COVID-19 pandemic that hit the world , particularlyNigeria early last year may have dislocated the food supply chain from the farms to the home homes, causing food prices to hit the roof in the country.
While the COVID-19 made it difficult for food to be supply liberally to all parts of the country, attacks on farms caused less food production.

AGPC raises $260m to complete ANOH project and drive energy transition in Nigeria

Seplat Petroleum Development Company Plc (“Seplat” or the “Company”), a leading Nigerian independent energy company listed on both the Nigerian Stock Exchange and the London Stock Exchange, announces that its Incorporated Joint Venture (“IJV”), the ANOH Gas Processing Company (“AGPC”), has successfully raised US$260m in debt to fund completion of its ANOH Gas Processing Plant (“ANOH”).

Mouka rewards partners with 54 trucks, Others to boost trade

Mouka has given out 54 brand new trucks and other fabulous gifts to its Business Partners who have demonstrated a high level of commitment to its growth trajectory. The rewards are expected to boost the morale and trade of Business Partners.

Nigeria’s $3.5bn Brass methanol plant to generate 35,000 jobs

The $3.5 billion methanol production plant Brass project is expected to provide employment for at least 35,000 jobs when completed.

Nigeria, Morocco reinstate commitment to 5,660km gas pipeline … Set to complete fertilizer factory by 2024 … Deal sealed in telephone chat between Moroccan King and President Buhari

Nigeria and Morocco renewed their commitment on Sunday to building a gas pipeline that will take an onshore and offshore route and a fertilisers plant, the royal palace in Rabat said.
The renewed commitment came during a phone call between Morocco’s King Mohammed VI and Nigerian President Muhammadu Buhari, the palace said. The two countries agreed to the pipeline in December 2016 and launched feasibility studies.

Tony Elumelu Foundation Announces Three Senior Executive Appointments … Female appointments demonstrate leadership as a global champion for gender inclusion and equality

The Tony Elumelu Foundation (TEF), the leading philanthropy empowering African entrepreneurs, has announced three senior executive appointments, effective February 1, 2021. This follows the launch of the 2021 TEF Entrepreneurship Programme, on www.TEFConnect.com, which this year prioritises the economic recovery of small and medium scale enterprises and young African entrepreneurs, following the disruptive effects of the Covid-19 pandemic.