The Central Bank of Nigeria (CBN) has injected the sum of 218.41 million dollars into the retail Secondary Market Intervention Sales (SMIS). The bank’s Director, Corporate Communications Department, Mr Isaac Okorafor made this known in a statement in Abuja on Friday. Okorafor said 18 million Yuan was also injected in the spot and short-tenored forward … Read more
The U.S Agency for International Development (USAID), on Thursday, signed a memorandum of understanding with the United Bank for Africa (UBA) to increase two-way trade and investment between the United States and the nations of Africa. Recognizing tremendous growth opportunities, USAID and UBA are collaborating to advance Prosper Africa’s goal of substantially increasing two-way trade … Read more
Recall that on Saturday, February 1, 2020, the Lagos state government implemented a ban on commercial motorcycles (Okada) and tricycles (Keke) in six local governments and this as left many residents stranded and put motorbike hailing services out of business. Gokada, one of the affected ride-hailing companies, has reacted by restrategising with plan to launch … Read more
UNITY Bank Plc has partnered Nigerian cashew farmers under the auspices of the Association of Cashew Farmers, Processors and Aggregators of Nigeria (ACFAP) to boost production and drive export. The bank, which is reputed for its focus on the Agribusiness value chain, partnered ACFAP to host a stakeholders’ and export summit intended to promote cashew … Read more
Governor Nasir El-Rufai of Kaduna State has commended Olam group, a leading player in the Nigerian agriculture value chain for paving the way through its agricultural investments and reforms in the country. El-Rufai, who was speaking recently at the ground-breaking ceremony for a Tomato processing factory, held at Kangimi, in Igabi Local Government Area of … Read more
Nigeria could earn over $200 million (N72billion) yearly from cashew nuts export, stakeholders said. The stakeholders stated this at the Cashew Stakeholders Export Summit in Abuja. They listed the factors affecting export to include poor link between actors in the value chain, old age of most trees, deforestation, low-yielding varieties, dominance of small holdings and … Read more
The Board of Directors of Coronation Merchant Bank Limited has announced the appointment of Banjo Adegbohungbe as the bank’s Acting Managing Director. The appointment took effect from February 1, following the Central Bank of Nigeria’s approval. Adegbohungbe succeeds Abubakar Jimoh, who has retired. Coronation Merchant Bank Chairman, Babatunde Folawiyo, said: “The seamless transition is a … Read more
Polaris Bank has lent its voice to support the global “HeForShe” movement initiative of the United Nations (UN) in line with its Sustainability and Corporate Social Responsibility (CSR) Policy thrust, even as the bank’s CEO, Tokunbo Abiru, is nominated Gender Equality Champion by the Lagos State Ministry of Women Affairs & Poverty Alleviation in conjunction … Read more
Automobile importers and the Lagos Chamber of Commerce and Industry have kicked against the proposed increase in import tariff for new and used vehicles. The National Automotive Design and Development Council on Thursday proposed higher import tariffs of 100 per cent on fully built new vehicles and 125 per cent on used cars, whose current … Read more
Quickteller, a leading consumer payment platform of Pan-African integrated digital payments company – Interswitch – known for providing seamless payment solutions, has launched a new campaign themed “Everything is Possible”. The campaign demonstrates the ubiquitous nature of the Quickteller platform. The commercials, which have just been released, are in two versions: ‘The Big Idea’ and … Read more
Hyundai Motor, South Korea’s largest automaker, suspended the domestic production of its flagship sport utility vehicle, Palisade SUV this weekend as a result of a supply disruption caused by the deadly virus outbreak in China. The deadly virus that first appeared in the central Chinese city of Wuhan has resulted in 259 deaths and spread … Read more
Lagos State Government is set to introduce eight brand-new boats as well as mobile application, towards improving water transportation in the state. The Managing Director, Lagos Ferry Services (LAGFERRY), Mr Abdoulbaq Ladi-Balogun, made this recognized in Ikeja on Saturday at a press conference on the business launch of procedures of LAGFERRY. Ladi-Balogun stated that the … Read more
Ecobank Nigeria says all is set for its Agric Business Summit 2020. The Agribusiness summit is part of the bank’s determination to further showcase the potentials in the agricultural sector of the nation’s economy in partnership with Vanguard newspapers, the Economic Forum Series and Nigeria Agribusiness Group (NABG). The summit with the theme: “Unlocking productivity … Read more
Amazon shares shot higher Thursday after the internet colossus released quarterly earnings figures for the holiday quarter that trounced market expectations. Profit in the final three months of last year rose eight percent from a year ago to $3.3 billion as revenue as net sales grew 21 percent to $87.4 billion, according to the Seattle-based … Read more
TAJBANK, Nigeria’s second non-interest financial institution has opened its third office in less than two months of operations at the National Assembly in Abuja. The launch was attended by the Clerk of the House of Representatives, Mohammed Ataba Sani-Omololu, TAJBANK’s Chairman, Alhaji Tanko Isiaku Gwamna, directors, and staff members. Gwamna said: “We are delighted to … Read more
MTN Group said it has set aside $1.6billion to expand its network in the country. Its Group President/CEO, Mr. Rob Shuter, spoke when MTN Board led by MTN Group Chairman, Mabisi Jonas, visited President Muhammadu Buhari at the State House, Abuja. The president urged the telco give consumers quality services at reasonable prices. In a … Read more
United Bank for Africa (UBA) Plc has launched the ‘UBA Bumper Account’, a hybrid account, targeted at transforming the lives of its customers. The new account, which is in line with the bank’s mission of creating superior value for its stakeholders while encouraging saving cultures among Nigerians, was launched on Tuesday. The account, carefully crafted … Read more
Global stocks and oil dropped on Monday as panicked investors fled risky assets for safer bets gold, bonds, the dollar and the yen after China warned that a deadly new coronavirus was spreading fast. Luxury goods makers and airlines suffered particularly on equity markets, as Chinese tourist spending is a key factor for them. Shares … Read more
Stanbic IBTC Holdings PLC, a member of Standard Bank Group, is set to host the third edition of its Youth Leadership Series. The Youth Leadership Series is an annual event which is fashioned after the Business Leadership Series, also organized annually by Stanbic IBTC. It is a platform designed to engage young Nigerians, thus empowering … Read more
The Nigeria Liquefied Natural Gas Limited (NLNG) says it has signed a LNG Sale and Purchase Agreement (SPA) with ENI for some of the remarketed volumes from NLNG’s Trains 1, 2 and 3. NLNG disclosed this in a statement signed by Eyono Fatayi-Williams, its General Manager, External Relations, in Abuja, on Monday. It said the agreement was … Read more