Master Reality International Concepts Limited has revealed plans to construct a N5 billion ($14.6 million) Information Communication Technology (ICT) mart and laboratory in Lagos, Nigeria. To be sited on a three-acre land in Ikeja, Lagos, the ICT centre will be a one-stop shop solution to all ICT related issues, provide content, and help in diversifying the Nigerian economy from oil, according...

The Republic of Indonesia has expressed readiness to expand and promote trade relations with Nigeria which has a large population and high growth rates. In this framework, the country is sending a trade mission team to the West African nation from July 20-26, 2017. In a press statement on Wednesday, Trade Minister, Enggartiasto Lukita (photo), explained that the visit was scheduled to fast...

In Madagascar, 2,800 land deeds were issued to farmers of Andriambilany, in the central region, in the framework of the project for Agricultural growth and improvement of land tenure (CASEF), News Mada reported. “Valued at $53 million which were secured through a loan from World Bank, CASEF has been implemented in various parts of the country in the past year. In the Andriambilany...

The Nigerian Stock Exchange (NSE) on Monday said it has launched a new market surveillance platform that will enable it reduce fraud in the Nigerian market. Powered by SMARTS, a Nasdaq’s flagship surveillance solution, the platform will allow NSE monitor market manipulation, detect and prevent manipulative tendencies and carry out multi-asset and cross-market surveillance, among...

Idriss Linge and Brice Mbodiam, both journalists of Agence Ecofin (Ecofin Agency) are laureates of the third and fourth promotions of the Bloomberg Media Initiative Africa (BMIA). Last July 10, the two pressmen received in Lagos, Nigeria, where they took a 6-month course offered by experts of Bloomberg and the Lagos Business School, which partnered the initiative. The Bloomberg foundation...

The FINACTU Group has just finalized the actuarial valuation and certification of the technical commitments for the Mutuelle Agricole Marocaine D'Assurance (MAMDA), the Mutuelle Centrale Marocaine d’Assurance (MCMA), and the Mutuelle Ataamine Chaabi (MAC). Since 2011, FINACTU has conducted an annual audit of the technical commitments of these mutual insurance companies and produced an...

The improvement in foreign-exchange supply in the market has made Nigerian banks increase dollar spending limits for payment cards denominated in local currency by tenfold, Bloomberg reports. Indeed banks like Guaranty Trust Bank, the country’s biggest bank by market value, increased the maximum amount its Mastercard holders can spend abroad in a month from $100 to $1,000. Ecobank...

In its latest report, British insurer Lloyd’s said a global cyberattack could cause losses of about $53 billion to the world’s economy. Released yesterday, the study which was co-written by risk-modeling firm Cyence, suggests that in the event operating systems used by businesses were to be hacked, losses could range between $9.7 billion and $28.7 billion average. However,...

Shell Petroleum Development Company of Nigeria Ltd (SPDC) has again declared a force majeure on Bonny Light crude oil exports, two weeks after it lifted previous force majeure on exports of the grade. Effective from last week Thursday, the force majeure was declared after Aiteo, shut down the Nembe Creek Trunk Line, one of the two pipelines that export the Bonny Light grade. Bonny Light was...

Flour Mills of Nigeria Plc. (FMN), says it has increased its stakes in ROM Oil Mills (ROM), from 90% to 95 per cent. In a statement to the Nigerian Stock Exchange (NSE) on Monday, the company said that with the development, the Shahimi family (ROM Oil’s founding family) jointly own five per cent minority stake in ROM. According to the Group Managing Director of FMN, Paul Gbededo (photo), the...