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Latest News Weatherman forecasts cloudy weather with chances of localised thunderstorms Shehu clears Buhari over PUNCH reporter’s expulsion from Aso Rock Amosun commissions ultra-modern Automobile Workshop, promises 3 more Nnamdi Kanu: SERG hails judiciary, urges FG to obey order this time Nigeria equity market sustains growth Ekiti LG laments 14 months blackout, begs BEDC NRC boosts Abuja-Kaduna rail service Bayelsa Govt. bemoans delay in release of second tranche of Paris Club refunds Economy: VP seeks banks’ support Mass redeployment of senior officers hits Customs CBN sells $25m in new FX window for investors, exporters African Development Bank approves $280m to support Nigerian youths in agriculture

 

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GM quits Venezuela after government seizes its factory

GM quits Venezuela after government seizes its factory General Motors announced Thursday that it was shuttering its operations in Venezuela after authorities seized its factory in the country, a move that could draw the Trump administration into the escalating chaos engulfing the South American nation amid days of deadly protests. The plant in the industrial city of Valencia was...... more

Cashless Policy: CBN suspends charges on large withdrawals

Cashless Policy: CBN suspends charges on large withdrawals The Central Bank of Nigeria (CBN) has directed Deposit Money Banks to suspend charges on over-the-counter or ATM withdrawals of above N500,000 or deposit of same amount. The apex bank’s Director, Banking and Payments System Department, Mr Dipo Fatokun, in a circular dated April 20, 2017, said all the charges introduced...... more

NEXIM injects $10m to rehabilitate Golden Guinea Breweries

NEXIM injects $10m to rehabilitate Golden Guinea Breweries The Nigeria Export Import Bank (NEXIM) says it has injected $10 million for the restoration and rehabilitation of the abandoned Golden Guinea Breweries Plc. The loan facility was obtained by a core investor, Pan Marin Limited, in Umuahia, Abia State, with about 90% control for a medium term, in its bid...... more

NLNG unveils 2017 Facts and Figures publication

NLNG unveils 2017 Facts and Figures publication The Managing Director and Chief Executive Officer of Nigeria LNG Limited (NLNG), Tony Attah, today in Lagos, publicly presented the company’s Facts and Figures on NLNG 2017 publication, a compendium of the NLNG business. The publication was presented in the presence of the company’s Deputy Managing Director, Sadeeq Mai-Bornu; General Manager,...... more

Unilever Nigeria Q1 results show continued strong growth

Unilever Nigeria Q1 results show continued strong growth Unilever Nigeria Plc results for the quarter ending 31st March 2017 shows continued strong growth. The company posted a turnover and profit after Tax of N22.2 billion and N1.6 billion respectively with improvements across the board. The growth in turnover has a strong volume component with a 32% growth in turnover...... more

Dangote Flour divests from noodles, cedes assets to Dufil

Dangote Flour divests from noodles, cedes assets to Dufil As part of its regular business portfolio review, Dangote Flour Mills (DFM) has exited its noodles business as it does not consider it strategic. The company has sold the assets of Dangote Noodles to Dufil Prima Foods, makers of Indomie noodles. To smoothen the transition, DFM has offered Dufil the use...... more

Dangote Flour finally returns to profitability

Dangote Flour finally returns to profitability Nigeria’s Dangote Flour Mills, which failed to make a profit under Tiger Brands’ control, has reported a 10.6-billion naira (R445m) after-tax profit for the 15 months to December 2016. After four successive years of losses, Tiger Brands sold the Nigerian-based consumer products’ company back to Aliko Dangote for $1 in December...... more

Uber’s revenue hits $6.5bn

Uber’s revenue hits $6.5bn Ride-hailing service Uber Technologies Inc generated $6.5bn in revenue last year and its gross bookings doubled to $20bn, the company said on Friday. Its adjusted net loss was $2.8bn, excluding the operation in China it sold last year, Uber said. As a private company, now worth $68bn, Uber does not report...... more

Lagos hunts for more Foreign Direct Investment, deepens ease of doing business with one-stop shop for investors

Lagos hunts for more Foreign Direct Investment, deepens ease of doing business with one-stop shop for investors As part of preparations for the Lagos@50 celebrations, the State Government has reiterated its commitment to further enhance the ease of doing business in the state through its one-stop-shop (Lagos Global) so as to attract more Foreign Direct Investments as well as increase the its Gross Domestic Product (GDP) to the...... more

Transcorp rises to a Top 500 company in Africa

Transcorp rises to a Top 500 company in Africa Transnational Corporation of Nigeria (Transcorp) is on the list of Africa’s top 500 companies recently released by The Africa Report (February 2017 issue), a leading news magazine publication owned by Paris-based media group, Jeune Afrique. The list is compiled annually with each company listed assessed based on total turnover as well as net...... more

Africa Finance Corporation issues US$500 million 7-year Eurobond

Africa Finance Corporation issues US$500 million 7-year Eurobond Africa Finance Corporation (‘AFC’), a leading pan-African multilateral development finance institution and project developer, has issued a US$500 million seven-year Eurobond. The senior, unsecured Eurobond which carries a coupon of 3.875% was priced to yield 4.000% and matures in April 2024. The Eurobond received strong global interest, with an order book...... more

Elumelu lauds FG, CBN over efforts to revive economy

Elumelu lauds FG, CBN over efforts to revive economy The Chairman of the United Bank for Africa Plc, Mr. Tony Elumelu, has commended the Federal Government and the Central Bank of Nigeria (CBN) for their efforts in stimulating the Nigerian economy, and bringing to bear a coordinated policy response that will positively jumpstart the Nigerian economy. According to Mr Elumelu,...... more

Subscribers kick over MTN recharge card price hike

Subscribers kick over MTN recharge card price hike   MTN subscribers are expressing anger over alleged sudden increase on the price of the telecommunications giant’s recharge cards by some retailers and dealers. The development, which gradually became evident over the weekend, has forced some subscribers to opt for other networks’ recharge cards. Except for those who have no alternative...... more

Samsung posts higher profit despite Galaxy 7 fiasco

Samsung posts higher profit despite Galaxy 7 fiasco Samsung Electronics posted its best quarterly profit in nearly four years despite its de-facto boss enmeshed in a political corruption scandal and taking a faulty Galaxy Note 7 off the market. From January to March, Samsung estimated a 48 percent rise in profits of $8.8 billion from last year on strong...... more

Investors laud Ogun’s friendly business policies

Investors laud Ogun’s friendly business policies Reckitt Benkiser’s Vice President for Africa, Mr. Ata Sadfar, on Friday lauded the business friendly policies of the Governor Ibikunle Amosun-led government in Ogun State, saying that it is appreciated worldwide. Sadfar, who led a delegation on a courtesy visit to the governor in his Oke-Mosan, Abeokuta office, as part of...... more

UBA Plc grows profit, dividend

UBA Plc grows profit, dividend United Bank for Africa (UBA) on Friday approved payment of final dividend of N19.9 billion for the financial year ended Dec. 31, 2016. Shareholders of the bank gave the approval at the 55th Annual General Meeting (AGM) held in Lagos. The dividend translates to a final dividend of 55k per share,...... more

Unilever to review dual structure

Unilever to review dual structure Unilever is considering doing away with its long-standing structure of maintaining separate corporations in the UK and the Netherlands, wading into a political storm with governments in both countries likely to put up a fight to keep the headquarters. The owner of Dove soap and Hellmann’s mayonnaise planned to divest its...... more

BP cuts CEO pay by $8 million after shareholder revolt

BP cuts CEO pay by $8 million after shareholder revolt The boss of oil firm BP just took a huge pay cut. CEO Bob Dudley’s total pay package for 2016 was cut by 40% to $11.6 million, BP said in its annual report. The reduction follows a rare shareholder revolt last year when 59% voted against Dudley’s 2015 pay and benefits...... more

Proshare CEO advocates reform of CBN

Proshare CEO advocates reform of CBN Chief Executive of Proshare Nigeria, Mr Femi Awoyemi, has spoken of the urgent need to comprehensively reform the Central Bank of Nigeria (CBN) to ensure it is in good position to respond to the challenges of national economic management. Awoyemi says the current structure of the apex bank makes it function...... more

Warren Buffett becomes face of Coke in China

Warren Buffett becomes face of Coke in China The likeness of billionaire Warren Buffett is gracing Cherry Coke cans in China, where the company’s largest investor enjoys a legendary reputation. Coca-Cola announced over the weekend that a grinning cartoon portrait of the American business magnate would adorn cans and bottles of his favourite flavour after it was introduced in...... more

NIPCO acquires Mobil Oil for N90bn, changes name

NIPCO acquires Mobil Oil for N90bn, changes name   Following the complete acquisition of ExxonMobil’s 60 per cent equity stake in Mobil Oil Nigeria (MON) Plc operations by NIPCO Plc in a N90 billion deal, the new owners have announced a new name for MON. Group Managing Director of NIPCO Plc, Mr. Venkataraman Venkatapathy, at a media briefing to...... more

58 Nigerian firms among fastest growing in Africa

58 Nigerian firms among fastest growing in Africa The London Stock Exchange Group (LSEG) on Friday launched a report that listed 58 Nigerian companies among the fastest growing private businesses in Africa. The report published on the LSEG website-www.lseg.com in London and accessed by the News Agency of Nigeria (NAN) in Abuja, identified 343 companies in 42 African countries....... more

Samsung unveils Galaxy S8 smartphone

Samsung unveils Galaxy S8 smartphone Samsung on Wednesday unveiled its latest flagship smartphone, the Galaxy S8, that will be available for sale worldwide April 21. The phone is the first premium offering released by the South Korean company since the Galaxy Note 7 was released late last year, caused a public relations disaster and a massive...... more

Nigeria increases 2017 Eurobond to US$1.5 billion as investor appetite grows

Nigeria increases 2017 Eurobond to US$1.5 billion as investor appetite grows The Nigeria Government on Wednesday announced that it has priced its offering of US$500 million aggregate principal amount of notes (the “Notes”) at a yield of 7.5% under its US$1.5 billion (increased from US$1 billion) Global Medium Term Note Programme, which will be consolidated and form a single series with the Republic’s existing...... more

Nnanna appointed Chairman of Africa Finance Corporation

Nnanna appointed Chairman of Africa Finance Corporation Africa Finance Corporation (AFC), a leading pan-African multilateral development finance institution and project developer, on Wednesday announced the appointment of Dr Joseph Nnanna, Deputy Governor at the Central Bank of Nigeria (CBN), as the new Chairman of the AFC Board of Directors. It said that the appointment is with effect from...... more

Amazon to acquire Arab world’s biggest e-commerce retailer

Amazon to acquire Arab world’s biggest e-commerce retailer Amazon announced Tuesday it would acquiring Middle East online retailer Souq.com, the largest e-commerce platform in the Arab world. Amazon nor Souq, which is based in Dubai, United Arab Emirates, disclosed details of the deal, but Amazon approached Souq last November about acquiring a 30 percent stake for $1 billion. Goldmann...... more

Breaking News: CBN approves licence for Development Bank of Nigeria (DBN) Plc

Breaking News: CBN approves licence for Development Bank of Nigeria (DBN) Plc The Central Bank of Nigeria (CBN) has approved the grant of a Wholesale Development Finance Institution Licence with national authorisation to the Development Bank of Nigeria (DBN) Plc, the Minister of Finance, Mrs. Kemi Adeosun has confirmed. A statement issued Wednesday evening and signed by Finance Ministry’s Director (Information) Salisu Na’inna...... more

UBA hits N91 billion Profit Before Tax •Declares 55 kobo final dividend per share

UBA hits N91 billion Profit Before Tax •Declares 55 kobo final dividend per share United Bank for Africa (UBA) Plc has released its audited 2016 full year results, showing significant growth in gross earnings and profits, an attestation to its resilience, enhanced productivity and geographic diversification, evident in the impressive contribution from its African subsidiaries. The pan-African financial services group recorded an impressive 22 percent...... more

Shell sells onshore Gabon oil assets for $587m

Shell sells onshore Gabon oil assets for $587m The Carlyle Group has bought Royal Dutch Shell’s onshore assets in Gabon for $587 million, the firm said on Friday. The firm said in London that by the sale, Shell’s Gabon assets would be incorporated into Carlyle-backed Assala Energy. Carlyle-backed Assala Energy is led by former Tullow Oil executive David Roux...... more

Conference on Cryptocurrencies holds April 7 in Lagos

Conference on Cryptocurrencies holds April 7 in Lagos   The African Youth Peace Call (AYPC), Nigeria, is set to host CoinFest Nigeria, an international gathering of BitCoiners, Crypto-Enthusiasts, Programmers/Developers (eCommerce) Entrepreneurs, Merchants, and Traders. AYPC in a statement made available to News Express said that the conference is designed to “incentivise Cryptocurrency acceptance while educating the public on the importance of...... more

 

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