Some April-loading Angolan crude cleared on Monday while some fresh tenders were issued and were expected to mop up some Nigerian BP sold a cargo of Kissanje to Unipec. BP was previously offering the cargo at dated Brent plus $1.30 a barrel. The deal price did not immediately emerge but it was below $1 … Read more
Zimbabwe’s central bank governor on Monday said the exchange rate for the new transitional currency is unlikely to remain at 2.5 per U.S. dollar by the time tobacco auctions open next week, suggesting the local unit will be devalued further. The southern African nation faces a dearth of dollars that has caused shortages of fuel, … Read more
The African Development Bank (AfDB) and Sophia University in Japan, have signed a Memorandum of Understanding, MoU to promote capacity development within the two institutions for their mutual benefit and the entire African continent. “It is our sincere wish that this day will be an opening of bright future possibilities for all of us. … Read more
The downward trend of the Nigerian Stock Exchange (NSE) which followed the announcement of the presidential election two weeks ago persisted yesterday with investors losing N108 billion. Trading results showed that market capitalisation which represents investors’ worth on the Exchange declined by N108 billion to close at N11.797 trillion from N11.905 billion on Friday. Similarly, … Read more
The Nigeria Employers’ Consultative Association, NECA, has called for improved border policing to complement the foreign exchange (forex) restriction on textile importation. It will be recalled that the CBN last week banned the sale of forex to importers of textile materials. Reacting to the development, Director-General of NECA, Mr. Timothy Olawale, said: “The decision … Read more
The federal government needs to do more than improving the nation’s Ease of Doing Business (EoDB) ranking to attract Foreign Direct Investment (FDI). Analysts at Lagos-based investment firm, Afrinvest Plc, stated this stressing that attaining higher World Bank’s Ease of Doing Business (EoDB) ranking is insufficient to attracting foreign direct investment (FDI). They stated … Read more
Access Bank Plc yesterday announced it had signed a subordinated syndicated loan agreement for $162.5 million to fund its five-year strategy of becoming Africa’s gateway to the world. A statement from the bank said: “The facility has been arranged by FMO, the Dutch development bank, and is provided together with BIO (Belgian Investment Company … Read more
Nigerian airline, Air Peace has clarified the order it placed for 10 brand new Boeing 737 Max 8 aircraft. In a statement from the Corporate Communications Manager, Chris Iwara, he stated that the company is still at the design and configuration stage and yet to take delivery of the aircraft. “This clarification has become necessary … Read more
FSDH Merchant Bank has called on the federal government to focus on addressing pressure points in the nation’s economy as a priority after the conclusion of the presidential election. Making this call at the media presentation of the bank’s monthly economic and financial market outlooks, Head of Research, FSDH Merchant Bank, Mr. Ayo Akinwunmi noted … Read more
Guaranty Trust Bank Plc has recorded 9.1 percent increase in its profit before tax which grew to N215.6 billion in the financial year ended December 31, 2018 from N197.7 billion in 2017. The bank disclosed this in its audited financial results for the year ended December 31, 2018 released to Nigerian and London Stock Exchanges. … Read more
Forward-looking Organisations must have real time, cutting edge technology as the fulcrum of its business operations. The Head of ICT for Sovereign Trust Insurance Plc, Mr. Lekan Oguntunde, who made this assertion at the company’s transformation retreat in Lagos, noted that companies must embrace ICT in pushing its operations beyond the shores of the … Read more
Customers of Allianz Nigeria have given the company four star rating across different performance metrics in its first full months as Allianz Nigeria. The company which recently launched in Nigeria said it is leaving no stone unturned in seeking a position of dominance in the local insurance market. Speaking on the development, Head of … Read more
African alliance insurance plc, has unveiled a new corporate brand identity and a new logo with a focus to strengthen its customer service delivery and leverage to digitalization. The new corporate identity marks the company’s first major re brand since its launch in 1960. Its new identity features a new logo and new website, … Read more
Nigerian Communications Commission, NCC, has reiterated its call on telecom consumers to eschew patronage and usage of counterfeit handsets and other substandard mobile devices in the country. This was the focus of a one-day event, tagged “Sensitisation programme on hazardous effect of non-type approved handsets and impact on quality of service and e-waste,” held at … Read more
The Independent National Electoral Commission, INEC, on Thursday warned that there will be no voting for those without Permanent Voters Cards, PVCs. INEC’s Chairman, Prof Mahmood Yakubu also said those whose PVCs are not recognized by the Commission’s Smart Card Readers won’t be allowed to vote during the general elections, starting from Saturday. Yakubu stated … Read more
The director of Africa Canada Trade Investment Ventures, Mr. Kenneth Oguzie has called on Nigeria government and business owners to explore foreign businesses especially in Canada. He said this in an interview during his visit to Nigeria in preparation for a 2 days summit that is stated to hold in Canada by 23-24th of March, … Read more
Ibrahim Magu, the acting Chairman of the Economic and Financial Crimes Commission (EFCC), has accused 10 unnamed commercial banks of money laundering. Magu stated this on Friday, while speaking at a round table meeting with managing directors of financial institutions in Nigeria. The EFCC boss spoke on the theme: “Roles and Obligations of Managing Directors … Read more
The Independent National Electoral Commission (INEC) has announced an extension of the collection of Permanent Voters Card (PVCs) scheduled to end today Friday 8th February 2019 nationwide to Monday February 11th. The information was disclosed via its Twitter handle in a series of tweets, shortly after a meeting between the national leadership of the electoral body and the … Read more
Jimi Agbaje, governorship candidate of the Peoples Democratic Party (PDP) in Lagos state has described the plot to impeach Akinwunmi Ambode, governor of the state as a ploy to intimidate him. The state house of assembly had accused Ambode of incurring expenditure from the 2019 budget without presenting it to the assembly. The lawmakers issued … Read more
Lagos state police have arrested a man believed to be the leader of a gay group, and a teenager for engaging in homosexuality. Prince Chinecherem, 32, is the ringleader of a gay gang who engage in their illegal acts in Lekki, Lagos police claim. He was arrested alongside a 16-year-old boy. According to Lagos state Police Commissioner Imohimi … Read more