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Investors shun bank shares despite N260 billion Q1 profit
• Over 65% of stocks undervalued • Banks trade at a discount • Operators blame capital flight, task govt on patronage Nigeria’s investment climate, especially that of…
Dangote cement boosts 54,000 jobs in four African countries
PRESIDENT of Dangote Group, Aliko Dangote has said that despite the challenging economic situation in 2019, Dangote cement was able to sustain 54,000 jobs in four African countries, where the…
AMCON ‘demolishes ex-British Governor-Generals’ Lagos residences
A Federal High Court sitting in Lagos on Friday heard that the Assets Management Corporation of Nigeria has sold and demolished the former Lagos residences of British…
Lloyd’s of London, Bank of England apologise for roles in slavery
The Lloyd’s of London insurance market apologised on Thursday for its “shameful” role in the 18th and 19th Century Atlantic slave trade and pledged to fund opportunities for black and ethnic…
Huawei’s chief accuses U.S. of giving Canadian court ‘misleading’ evidence
Huawei executive Meng Wanzhou has accused the United States of providing a “grossly inaccurate and misleading” summary of evidence to the Canadian court hearing her extradition case. She argued that…
Coronavirus: Bank pumps £100bn into UK economy to aid recovery
The Bank of England will pump an extra £100bn into the UK economy to help fight the "unprecedented" coronavirus-induced downturn. Bank policymakers voted 8-1 to increase the size of its…
Orange, biggest telco in France, plans entry into Nigeria
Orange, the largest telecommunications operator in France, says it is making plans to expand its operations to Nigeria and South Africa. Stéphane Richard, Orange CEO, told Les Echos newspaper that the company believes it would…
Netflix to support black creators, business owners with $5 million
American streaming platform, Netflix said it will donate $5 million to organizations dedicated to creating opportunities for Black creators, Black youth, and…
Dangote Owns the Obu-Okpella Mines
… As FG declares BUA’s mining leases non-existent The Management of Dangote Group on Monday denied the claim by the BUA Group to the mining sites in Obu, Okpella, Edo State,…
Nigeria’s collective investment funds rise to N1.32trn
Total net asset of collective investment schemes and funds in Nigeria has risen to N1.322 trillion, according to latest records provided by Nigeria’s apex capital market…
Airlines’ losses may exceed $84bn – IATA
Airlines are expected to lose $84.3 billion this year, the International Air Transport Association (IATA) said at the weekend. The global airlines’ regulator said revenue will fall by 50…
COVID-19: Banks battle new wave of non-performing loans
Banks are literally quaking under the COVID-19 headwinds as the portfolio of non-performing loans continue to rise at an all-time high, reportsIBRAHIM…
Saudi Aramco buys petrochem giant SABIC for $69.1bn
Saudi Aramco has acquired 70 per cent shares of Saudi Basic Industries Corp (SABIC) for $69.1 billion. The acquisition was done in four special transactions on Sunday.…
Investors Oversubscribe N150bn Third Sovereign Sukuk
The Debt Management Office (DMO) has disclosed that the third Sovereign Sukuk for which it recently offered N150 billion to investors posted a very impressive level of…
NIPC approves three-year tax holiday for eight companies
The Nigerian Investment Promotion Commission (NIPC) approved the pioneer status applications of eight companies in the first quarter of 2020. This is according to NIPC first quarter report released…
Dangote Refinery has new rival in $20bn Chinese plant
Billed to be the world’s biggest single-refinery train at 650,000 barrels per day capacity (bpd), the Dangote Petroleum Refinery could meet Nigeria’s,…
Confusion over bid rounds for 57 oil fields
• DPR assures investors of fairness • N’ Delta demands right of first refusal About 57 marginal fields being auctioned by the Federal Government, may end up in the wrong hands or…
ZoomInfo founders become billionaires
ZoomInfo’s three-day stock surge has turned founders Henry Schuck and Kirk Brown into billionaires. According to Bloomberg, the business-intelligence company’s stock price…
Ghana plans to curb MTN’s market dominance
Ghana will implement a set of policies to reduce the dominance of MTN in the country’s telecommunications market, the government said in a statement. “The National Communications Authority (NCA)…
Foreign companies with revenue above N25m will pay tax – FG
Foreign companies operating in the country will be liable to tax if they derive an income of at N25 million or its equivalent in other currencies. The federal government has gazetted the provisions of the finance act that amended…
World shares advance on surprise U.S. job recovery, oil steadies
Global share prices edged higher on Monday after a surprise recovery in U.S. employment provided cause for optimism that global economies could quickly revive after many weeks of…
Oil prices rise as China’s imports hit all-time high
Oil prices climbed on Monday after OPEC+ agreed to extend a deal on record output cuts to the end of July and as China’s crude imports hit an all-time high in May.…
COVID-19: Nigeria Private jet operators lose over $5b – Official
Private Jets Nigeria (aviation service provider) has disclosed that the association had suffered $5 billion financial loss due to the outbreak of COVID-19 pandemic. Omotade Lepe, the…
Why Elon Musk called for Amazon’s dissolution
Tesla CEO Elon Musk called for Jeff Bezos’s retail giant Amazon to be broken up, after the latter refused to sell a book on its platform. Amazon tried to block a book about the…