5 things you need to know in Nigeria business today

1. Airtel Africa IPO

This morning, Airtel Africa announced that it had appointed 8 global banks for its international IPO

The global banks are JP Morgan, Citigroup Inc, BofA Merrill Lynch, Absa Group Limited, Barclays Bank Plc, BNP Paribas, Goldman Sachs International and Standard Bank Group Ltd.

The telecom firm had also explained that the initial public offering will be used to further reduce its $5 billion existing debt and grow the continent’s market.

2. GTBank's Habari

Guaranty Trust Bank Plc has announced the launch of Habari, a platform for music, shopping and lifestyle content

The platform offers users direct access to the largest catalogue of local and foreign music online, a seamless shopping experience and an exciting way to connect with friends, amongst other features.

Segun Agbaje, GTBank CEO, said the platform offers an end-to-end shopping experience that allows users to buy goods and services directly from over 10,000 small businesses.

He said Habari catalogue includes local and foreign music, curated videos that range from short engaging self-help kits to captivating full-length movies, and books that cut across all literary genres.

3. Nigerian equities negative performance

The stock market ended trading last week on a negative performance as the Nigerian Stock Exchange (NSE) All-Share Index (ASI) fell below the 32,000 benchmarks. The NSE ASI declined by 1.2% to close at 31,678.70, compared with a decline of 0.44%.

Also, the market capitalisation shed N138.6 billion to close at N11.6 trillion.

4. Nigeria loses $6 billion in oil deal linked to fraud

There are corruption charges against Eni and Shell in a controversial oil deal that led to Nigeria losing an estimated $6 billion, according to a BBC report.

Eni and Shell are accused of knowing the money they paid to Nigeria would be used for bribes but the two giants have denied any wrongdoing.

5. Brent Crude Oil price is threatening 2019 budget benchmark

Global crude oil price gained 2.61% on Monday from a nearly 8% plunge the previous session. Brent crude which Nigeria and other international organisation trade on jumped back above $60 per barrel, but sentiment remained weak amid a broad sell-off in financial markets in past weeks.

US West Texas Intermediate (WTI) crude futures, were up 66 cents, or 1.3% at $51.08 per barrel.

Last Friday's price at $58 per barrel fell off the oil benchmark set by President Muhammadu Buhari in the 2019 budget.

5 things you need to know in Nigeria business today

Here are the current happenings across the business world in Nigeria.

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