U.N. Agency Calls for $1 trn Developing World Debt Write-Off

CoronavirusEconomyWorld NewsU.N. Agency Calls for $1 trn Developing World Debt Write-Off

PilotnewsApril 23, 2020

The UN Conference on Trade and Development (UNCTAD) said on Thursday that around one trillion dollars of debt owed by developing countries would be cancelled under a proposed global deal. The UN agency said that the plan was to help them overcome the impact of the coronavirus pandemic. The world’s developing economies, which were already struggling with a rapidly growing debt burden, must now confront a record global downturn, plummeting prices for their oil and...

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Stopping Corruption and Prostitution in Nigerian Banks (Part 2)

ColumnsMoneyNigeriaSpecial ReportStopping Corruption and Prostitution in Nigerian Banks (Part 2)

PilotnewsApril 23, 2020

There is hardly any Nigerian adult who doesn’t know about what goes on in Nigerian banks in the name of “marketing.” It beats the hell out of me that for all these years, bank CEOs and branch managers in Nigeria have sent out these young women (both singe and married—it makes no difference) into what is to all intents and purposes a life of prostitution, without any repercussions. We all know the country is a...

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Stopping Corruption and Prostitution in Nigerian Banks (Part 1)

ColumnsMoneyNigeriaSpecial ReportStopping Corruption and Prostitution in Nigerian Banks (Part 1)

PilotnewsApril 23, 2020

In the last 20 years, Nigerian banks have not only become irredeemable money laundering organizations, they have also institutionalized the immoral exploitation of their female employees. It’s time somebody or some people did something about it. In this two-part article which I originally wrote three years ago, I lay out the enormity of these twin problems. There is a kind of person called a “pimp.” Not the “PIMP” described by my late father Dr. Nnanna...

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Chinese Firm in Nigeria for Fraud by the AFDB

AfricaBusinessCrime & SecurityChinese Firm in Nigeria for Fraud by the AFDB

Adeola Oladipupo (Correspondent)April 22, 2020

A Nigeria-based civil engineering firm, China Zhonghao Nigeria has been sanctioned by the African Development Bank (AFDB) for fraudulent activities. The firm was suspended from participating in executing projects financed by the bank, following an investigation conducted by the bank’s Office of Integrity and Anti-Corruption which uncovered that China Zhonghao as part of a joint venture with Oceanic Construction, was culpable in its joint venture partner’s fraudulent claims. According to the statement by the AFDB...

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S. Africa to Spend Billions on Coronavirus Rescue Package

AfricaCoronavirusEconomyS. Africa to Spend Billions on Coronavirus Rescue Package

PilotnewsApril 22, 2020

South African President Cyril Ramaphosa announced a historic rescue package worth billions of dollars to help stabilise the economy during the COVID-19 pandemic. In a speech to the nation late Tuesday, Ramaphosa said the government plans to spend 500 billion rand (27 billion U.S. dollars) to support the economy and the country’s 58 million people. That is about 10 per cent of the country’s gross domestic product. In South Africa, 58 people have died from...

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Nestlé Nigeria Donates N700 Million Towards COVID-19 Response

BusinessCoronavirusNigeriaPhilanthropyNestlé Nigeria Donates N700 Million Towards COVID-19 Response

PilotnewsApril 22, 2020

As more corporate organisations and individuals continue to donate toward boosting the response to the Coronavirus (COVID-19) pandemic, Nestle Nigeria Plc has contributed items and cash worth N700 million to support the cause. The News Agency of Nigeria (NAN) reports that the donation includes nutritious food and beverage products worth N450 million expected to reach about 600,000 vulnerable people hit by the crisis. Mr. Mauricio Alarcon, the outfit’s Managing Director, in a statement in Lagos,...

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Global Oil Price: NSE Market Capitalisation Loses N152bn

InvestingNewsNigeriaGlobal Oil Price: NSE Market Capitalisation Loses N152bn

PilotnewsApril 21, 2020

The Nigerian Stock Exchange (NSE) market capitalisation on Tuesday inched lower by N152 billion, amid sell pressure in 27 stocks. Specifically, the market capitalisation which opened at N11.945 trillion lost N152 billion or 1.27 per cent to close at N11.794 trillion. Also, the All-Share Index (ASI) dipped 290.49 points or 1.27 per cent to close at 22,629.92 compared with 22,920.41 on Monday. The downturn was impacted by losses recorded in medium and large capitalised stocks,...

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The Lagos Revenue Plan Threatened by COVID-19

CoronavirusEconomyNigeriaThe Lagos Revenue Plan Threatened by COVID-19

Adeola Oladipupo (Correspondent)April 21, 2020

In January, the Commissioner for Economic Planning and Budget in Lagos, Mr. Sam Egube, during the 2020 budget analysis, announced a grand ambition to increase the state’s monthly internally generated revenue (IGR) from about 35 billion to 73.8 billion Naira. The internal revenue goal which comes to about N866 billion for the year is expected to partly finance the N1.168 trillion budget the legislature had passed in 2019, which allocated more funds to education and...

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How Citizens Ignore Lockdown Directive, “Creep” Into Ilesha Central Market

BusinessCoronavirusNigeriaHow Citizens Ignore Lockdown Directive, “Creep” Into Ilesha Central Market

Beloved John (Staff Writer)April 21, 2020

Akinyemi Sunday sells clothes. He mainly trades male items of clothing at Ilesha central market within Osun state. Akinyemi’s daily earnings mean the most to himself and his family. He reaches for the market every day despite the curfew. He believes the stay-at-home order is unnecessary and would do the masses little or no good. West African Pilot visited his stall, as well as many others. He looked tensed and agitated. He had been running...

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FBN Holdings Gross Earnings Hits N159.7bn in Q1 2020

BusinessNewsNigeriaFBN Holdings Gross Earnings Hits N159.7bn in Q1 2020

PilotnewsApril 21, 2020

FBN Holdings Plc. on Monday announced gross earnings of N159.7 billion for the three months ended March 31, 2020. The gross earnings represented a growth of 14.5 per cent when compared with N139.4 billion achieved in the corresponding period of 2019. The company’s unaudited results released by the Nigerian Stock Exchange (NSE) indicated a  profit before tax of N28.7 billion against N17.8 billion in March 2019. Profit after tax stood at ₦25.7 billion in contrast...

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