Olamide Ologunagbe

Lagos

Business Journalist at BusinessDay Nigeria

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Articles

Local firms' tax payments to FG drops 15% in Q4

Mar 31, 2024 | businessday.ng | Olamide Ologunagbe

Tax payments from local companies in Nigeria dropped by 15 percent in the fourth quarter of last year, according to the latest Company Income Tax (CIT) report by the National Bureau of Statistics. The report showed that the tax revenue to the Federal Government declined for the second straight quarter to N533.93 billion in Q4 from N651.62 in the previous quarter.
How SMEs in Nigeria, others can be drivers of growth - UNCTAD

Mar 31, 2024 | businessday.ng | Olamide Ologunagbe

Small and Medium-sized Enterprises (SMEs) are seen as important players in the global market, despite facing increased competition for large projects and a growing focus on regional markets. A recent report by the United Nations Conference on Trade and Development (UNCTAD) said SMEs have a pivotal role in achieving sustainable development and can significantly contribute to cross-border economic growth, innovation, and job creation.
From M&As to capital raise: What to expect from banks’ recapitalisation

Mar 29, 2024 | businessday.ng | Eniola Olatunji |Olamide Ologunagbe

The Central Bank of Nigeria (CBN) has announced a ten-fold jump in minimum capital requirements for banks, nearly two decades since the last exercise. The apex bank aims to enhance the resilience of an industry faced with high inflation, naira devaluation and weak economy.
BUA Cement’s bank borrowings more than triple in 2023

Mar 28, 2024 | businessday.ng | Olamide Ologunagbe

BUA Cement Plc recorded a 233 percent surge in its bank borrowings last year, a BusinessDay analysis shows. The firm’s latest financial statement shows that bank borrowings rose to N418.16 billion from N125.44 billion in 2022. Read also: Market heads further south by 0.03% as BUA Cement tops laggards“The borrowing spike is largely attributed to the company’s expansion efforts, with most of the foreign exchange losses stemming from these borrowings,” a Lagos-based research analyst said.
Nigeria, South Africa rate decisions in focus

Mar 25, 2024 | businessday.ng | Olamide Ologunagbe |Eniola Olatunji

The central banks of Nigeria and South Africa have pivotal rate decisions coming up this week while the United States will auction three and six month treasury bills. March 25Possible rate hike as Nigeria MPC meets on MondayThe Central Bank of Nigeria will be holding the 294th meeting of the Monetary Policy Committee on Monday & Tuesday with a possible rate hike in view. Market analysts anticipate a cautious approach from the MPC, balancing economic growth with price stability.
NBCC inducts new members, advocates collaborative efforts for excellence

Mar 24, 2024 | businessday.ng | Olamide Ologunagbe

In its drive to connect businesses while exploring opportunities in the business world and the bilateral economy, the Nigerian-British Chamber of Commerce (NBCC) has inducted 15 new members. The induction ceremony, which took place on Thursday, was attended by NBCC members, inductees, and representatives from public and private sectors. The chamber emphasised the importance of collaborative efforts for business excellence.
Five ways to boost intra-African trade for growth, prosperity - McKinsey

Mar 21, 2024 | businessday.ng | Olamide Ologunagbe

Improving manufacturing competitiveness for both local markets and exports, as well as boosting agricultural productivity, are critical tactics to stimulate intra-African trade for future economic advancement, McKinsey & Company says in its latest report. Other tactics include shifting from mere growth to prioritising productivity, nurturing African multinationals, and enhancing urban infrastructure in major African cities.
Tony Elumelu foundation set to unveil 2024 cohort of entrepreneurship programme

Mar 21, 2024 | businessday.ng | Olamide Ologunagbe

The Tony Elumelu Foundation (TEF), an African philanthropic organisation, will announce 1,200 entrepreneurs from 54 African countries as recipients of its flagship entrepreneurship programme on Friday. According to a statement, the announcement is scheduled for March 22, 2024, marking the 10th cohort in the program’s decade-long journey.
Eterna’s cash from operations turns negative for first time in 4 years

Mar 20, 2024 | businessday.ng | Olamide Ologunagbe

Eterna Plc, a downstream oil and gas company in Nigeria, has reported a loss in its operating activities for the first time in four years, according to data compiled by BusinessDay. The company’s latest financial statement shows that it recorded a negative cash flow generated from operating activities of N2.03 billion last year, compared to a positive N1.66 billion in 2022.
Insurers see sector growth rising on policy enforcement

Mar 19, 2024 | businessday.ng | Modestus Anaesoronye |Olamide Ologunagbe |Eniola Olatunji |Zainab ADEROUNMU

Operators in the nation’s insurance industry have said the enforcement of compulsory policies, strengthening regulation and collaboration of operators will help to drive growth of the sector and its contribution to the economy. They said this at the BusinessDay Insuring Prosperity Conference held on Tuesday in Lagos.