Production and employment levels and raw materials inventories grew at a slower rate, while new orders and supplier delivery time grew at a faster rate in September 2019. Central Bank of Nigeria disclosed this in its Purchasing Managers’ Index survey report for the month of September. Manufacturing PMI in September stood at 57.7 index points, indicating expansion in the manufacturing sector for the 30th consecutive month. The index grew at a slower rate when compared to the index in August. Thirteen of the 14 surveyed subsectors reported growth in the review month in the following order: cement; petroleum and coal…

Nigeria’s sustainability champion, Access Bank Plc., yesterday launched the Global Principles for Responsible Banking as one of the Founding Signatories alongside other global banks. This is a further commitment to strategically align its business with the Sustainable Development Goals and the Paris Agreement on Climate Change. By signing the Principles, Access Bank is demonstrating its commitment towards using its products and services to support and accelerate positive changes in both local and international economies as well as promote lifestyles necessary to achieve shared prosperity for both current and future generations. Mr Herbert Wigwe, Group Managing Director of Access Bank Plc.,…

Banking was re-defined some 29 years ago in Nigeria when some young Nigerian bankers, Mr. Jim Ovia, and the duo of Mr. Fola Adeola and Mr. Tayo Aderinokun, and much recently, Aigboje Aig-Imoukhuede and Herbert Wigwe, took the Nigerian banking industry by storm to create banks today regarded as ‘new generation banks’. Zenith, GTBank and Access are indigenous banks that emerged to lock horns with the likes of First Bank, Union Bank and UBA Plc, otherwise referred to as the ‘old generation banks’. These three banks and others licensed by the Central Bank of Nigeria (CBN) in the same period…

Power Generation Companies of Nigeria (GenCos), at the weekend, vowed to declare force majeure on their operations if the Federal Government’s 0.75 per cent administrative charge is implemented. Nigeria Bulk Electricity Trading (NBET), is a public liability company created by Federal Government to incentivise private investment in power and act as the buffer to the GenCos. But it was, however, discovered that the thermal GenCos are not making pro-rata payments of 15 per cent of the gas invoice to gas suppliers and transporters and so decided to take over the payment through the compulsory 0.75 per cent per cent charge.…