Browsing Category
Business
Nigeria Customs rakes in N976.6 billion in 8 months despite COVID-19
The Nigeria Customs Service (NCS) generated N976.6 billion from January to August, despite the COVID-19 pandemic, which led to the shutdown of the country in March. The…
Nigeria’s largest cement makers see profits jump to 7-year high despite Covid-19
Nigeria’s biggest cement makers by market value appear to be doing relatively well despite the Covid-19 pandemic which has upended key sectors of the Nigerian economy. Two…
FG seeks $1.1b from Eni, Shell in graft case
THE Federal Government yesterday asked a Milan court to order Eni and Royal Dutch Shell to pay $1.092 billion as an immediate advance payment for damages in one of the oil industry’s…
Apple announces September 15 date for online iPhone 12 reveal event
Despite acknowledging that this year’s iPhone launches will be delayed by a few weeks relative to their traditional late September street dates, Apple isn’t stopping the hype train from leaving the station this month. The…
Lloyds Bank sacks 865 workers
Lloyds Bank in the UK is shedding 865 jobs, as it resumes cost-cutting measures amid COVID-19 pandemic. Lloyds, the biggest domestic banking group in UK, had temporarily stopped job losses and…
Shoprite to leave Kenya after announcing plans to close 2 more stores
Shop-rite Holdings announced that it would leave the East African nation of Kenya after entering the market 2 years ago and will be closing 2 more stores. The company…
FCMB Reduces Interest on Consumer Loan Products, Offers Customers Opportunity To Restructure Tenure…
First City Monument Bank (FCMB) has again lived up to expectation as a customer-centric and responsive Bank. The latest in the series of actions…
Business leaders, others oppose bill to give CBN governor immunity
Leaders in Nigeria’s private sector have risen against a controversial bill that aims to give the Central Bank of Nigeria (CBN)…
Jim Ovia is king as Nigeria’s top bank chiefs earn N2.3bn in interim dividend
Top Nigerian bank executives will earn a total of N2.3 billion in interim dividend for the half year ended June 30, according to an analysis done by TheCable. Despite the…
Shoprite hits brickwall at Lagos court over bid to vacate restraining order
A Federal High Court sitting in Lagos south west Nigeria today rejected an application filed to lift an injunction restraining South African retail outlet, Shoprite Checkers (PTY)…
Emefiele Rebuilds Investor Confidence, Begins Clearing FX Backlog
A major concern among Foreign Portfolio Investors (FPIs) in Nigeria since the twin shocks of the oil price and COVID-19 had been the repatriation of their funds.…
CBN places ban on gaming, sports betting company account
The Central Bank of Nigeria on Friday placed a “Post no debit order” on the account of several gaming and sports betting companies in a letter made available to…
Fuel Price Hike: Depot Owners, Marketers Rake In N4.2bn Extra Profit In 3 Days
••••Sell old stocks at new price Following the increase in the price of the Premium Motor Spirit (PMS) known as petrol by the Pipelines and Products Marketing Company (PPMS), some fuel depots…
NPA terminates boat contract handled by Atiku’s Intels
The management of the Nigerian Ports Authority (NPA) has terminated a boat operation contract being handled by Intels Nigeria Limited, INL. In a marine…
NNPC obtains circa $1b to fund Upstream Operations of NPDC
The Nigerian National Petroleum Corporation has obtained a prepayment funding of circa $1 billion to support the upstream operations of its subsidiary, Nigerian Petroleum…
GTBank Releases 2020 Half Year Audited Results, Reports Profit before Tax of ₦109.7Billion
Guaranty Trust Bank plc has released its audited financial results for the half-year ended June 30, 2020, to the Nigerian and London Stock Exchanges. The half-year result reflects GTBank’s leading position as one of the…
CBN Begins Clearing of $2bn Forex Backlog
In line with its earlier promise to foreign portfolio investors (FPIs), the Central Bank of Nigeria (CBN) has started the sale of foreign exchange (FX) to banks to clear the backlog…
Tyler Perry officially a billionaire
Tyler Perry, who was once homeless and slept in a car, has now become the latest addition to Hollywood’s list of billionaires. Forbes magazine, known for keeping track of celebrities’ net worth,…
Heineken buys more stakes in Nigerian Breweries
Netherlands-based Heineken N.V has continued its direct acquisition of additional equities stakes in Nigerian Breweries (NB). The latest transactions, which occurred between August 27 and…
Stock Exchange suspends six firms
The Nigerian Stock Exchange (NSE) has suspended trading in six companies over their inability to comply with extant corporate governance rules and best practices that mandate them to submit…
BUA Group signs France’s Axens for new refinery project
The new project will go head-to-head with Nigeria's other large scale refinery project, being built by the Dangote Group. France’s largest hydrocarbons group Axens has won a contract to license key refinery…
Zoom shares soar as earnings rocket
Zoom shares soared on Monday after the video-meeting service reported that quarterly revenue rocketed as its ranks of users more than quadrupled. The Silicon Valley-based company that has become a popular way to work, learn or…
CBN reduces interest rates on savings deposit from 3.9% to 1.25%
The minimum interest payable on savings deposited in banks across the country will be at least 10 percent per annum of the monetary policy rate. In an August 31 letter to deposit money banks signed by Bello Hassan,…
Brent hits five-month high at $46
OIL prices rose on Monday with Brent topping $46.50 reaching its highest level in over five months. Strong crude demand from China has been one of the most important drivers in the ongoing…