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Business
Kellogg injects additional $420 million in Nigeria’s packaged food business
Kellogg has released its Q1 2018 financial statements results. Highlights of the result show an improvement in net sales performance, driven by key business brands across the portfolio. The net sales grew by 4.7% in the quarter…
DSTV says it may consider pay-as-you-consume option
Multichoice Nigeria, parent company of DStv, says it may consider the pay-as-you-consume (PAYC) payment option in the future. The proposed pay-as-you-consume pricing scheme allows users pay according to their effective resource…
Inside Nigeria’s Currency Swap with China
What took so long and what next? Nigeria first announced that it had signed a bilateral currency swap agreement with China in early April 2016. More than two years later, the deal was finally made official in Beijing on Friday 27th…
Why Nigerian Internet fraudsters target Chinese, HK bank accounts — Report
West Africa’s infamous Internet scammers have evolved, dropping their impersonations of online love interests, princes and United States soldiers in favour of hijacking corporate emails, costing businesses hundreds of millions of dollars…
Pension Assets Hit N7.8tn, FG to Clear Outstanding Obligations
The National Pension Commission (PenCom) has put the net asset value of the contributory pension scheme (CPS) at N7.779 trillion as of February 28, just as it said that N54 billion released by the federal government last year would boost…
FBN, Stanbic, StanChart, Zenith Appointed Settlement Banks for Naira/RMB Currency Swap
First Bank of Nigeria Limited, Stanbic IBTC, Standard Chartered Bank (SCB) and Zenith Bank Plc have been appointed the settlement banks for the $2.5 billion bilateral currency swap agreed between the Central Bank of Nigeria (CBN) and the…
Indomie manufacturer acquires Mimee — months after buying Dangote noodles plant
De-United Foods Industries Limited (DUFIL), makers of Indomie noodles, have acquired the food unit of May & Baker Plc, makers of Mimee noodles. In November 2017, Dangote Food, makers of Dangote noodles, sold two of its…
MTN Nigeria adds 2.3m customers in three months
MTN Nigeria says it added 2.3 million subscribers between January and March 2018 to report a total customer base of 54.5 million. In a statement released on Thursday by Funso Aina, the company’s PR and protocol manager, it said its…
Kachikwu asks NNPC, DPR, PPPRA bosses to reply Falana
The Minister of State for Petroleum Resources, Ibe Kachikwu, has ordered the Group Managing Director, Nigerian National Petroleum Corporation, Maikanti Baru; the Director, Department of Petroleum Resources, Modecai Ladan; and Executive…
Good news for Nigerian businesses as CBN signs $2.5bn swap deal with China
Nigerians doing business with China will no longer have to worry too much about sourcing for dollars. This is a highlight of the execution of a bilateral currency swap agreement between the Central Bank of Nigeria (CBN) and the…
CBN boosts foreign exchange market with $210m
The Central Bank of Nigeria (CBN), on Wednesday, injected 210 million dollars into the Inter-bank Foreign Exchange Market in continuation of its efforts to sustain liquidity in the market. The acting Director, Corporate…
Chairmen, CEOs of Union, Skye, Diamond, Others Risk Sanctions, Removal
The recent Central Bank of Nigeria’s (CBN) announcement that the chairmen and chief executives of any licensed bank who fail to publish their financial statements will face sanction or be removed has put eight banks at risk. Findings by…
31.4million customers captured in BVN – CBN
No fewer than 31 million customers have been captured in the Bank Verification Number (BVN), the Central Bank of Nigeria (CBN) has said. “As at December 2017, the implementation of the project recorded 31,426,091 registered BVNs and…
12 manufacturing sub-sectors record growth as PMI expands for 13th consecutive month
A report released by the Central Bank of Nigeria on Monday has shown that 12 of the 15 sub-sectors of the manufacturing sector recorded a growth in April. According to the report, which is called the Purchasing Mangers’ Index for…
NCC remits N49.7bn to Nigerian govt in Q1 2018
The Nigerian Communications Commission (NCC) said it remitted N49.7 billion to the Federal Government in the first quarter of 2018. Tony Ojobo, NCC Director of Public Affairs said in a statement on Thursday that the remittance was in…
IT’S OFFICIAL: Zenith Bank now Nigeria’s largest bank by customer deposits
Zenith Bank, a Tier one bank, has displaced First Bank as the largest bank in the country in terms of its reported customer deposit. In its first quarter results made available on the Nigerian Stock Exchange website, the bank…
CBN to sack CEOs, chairmen of banks with delayed accounts
Any bank which fails to publish its annual account 12 months after the financial year end will have its chief executive sacked, the Central Bank of Nigeria (CBN) has directed. Also to be fired is the chairman of such a bank. This…
Nigerians on alert as Uganda reveals plans to tax WhatsApp, Facebook users
In a bid to shore up its revenue the Ugandan government is making plans to impose a tax of 100 shillings ($0.03) per day for users of social media in the country. The new tax regime would apply to users of services including Facebook…
With $45bn Turnover, FX Stability Nigeria’s Prospect of Re-joining JP Morgan Index Brightens
About 20 months after JP Morgan, the largest financial services holding company in the United States and world’s fifth largest bank, delisted Nigerian bonds from its Government Bond Index-Emerging Market (GBI-EM), the managers of the…
Power generation hits 5,090MW, highest in 2018
Latest documents obtained from Nigeria’s power System Operator indicated that peak electricity generation crossed the 5,000-megawatt mark last week.According to the SO, a peak power generation of 5,090MW was recorded on April 26, 2018,…
See how much Oando said it sold its 2009 Bombardier Private Jet for
Oando Plc has been selling off assets in the last two years as it embarks on a massive restructuring of its operations and cash flows. Gone are the days where grandiose spending was tolerated especially by Oil companies splurging on the…
Foreign Portfolio Investment on the NSE up by 48.52% in March
The Nigerian Stock Exchange (NSE) has disclosed that Nigeria’s Foreign Portfolio Investment increased by 48.52% in March to ₦132.21 billion; against the ₦83.22 billion recorded in February. This information is contained in a report…
CBN pegs daily mobile transactions at N100,000
The Central Bank of Nigeria (CBN) yesterday pegged maximum daily transactions through mobile phone- Unstructured Supplementary Service Data (USSD)— at N100,000. The implementation of the policy starts June 1. Due to absence of set…
34 Nigerian cinemas ‘generated N3bn’ in 2017
Adedayo Thomas, executive director, National Film and Video Censors Board (NFVCB), says 34 cinemas in the country generated over N3 billion in 2017. Thomas made the disclosure on Thursday in Warri during the ‘2018 World Intellectual…