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Champion Breweries optimistic as profit rises by 696%

The operating profit of Champion Breweries Plc rose by 696 per cent to N207m in the 2015 financial year, up from the N26m recorded in 2014. The brewer, therefore, at its 40th Annual General Meeting held in Lagos, promised shareholders of its determination to sustain the current growth with a view to achieving payment of […]

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Generated electricity power drops to 1,400MW – TCN

The quantum of electricity generated in the country fell by over 1,000 megawatts within a space of eight hours on Tuesday. According to the Transmission Company of Nigeria, the generated electricity dropped by 1,018.5MW between 6am and 3pm. Data from the System Operator showed that the country generated 2,418.5MW of electricity as of 6am. But in a […]

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Forex scarcity, N300bn revenue shortfall hit power firms

As many parts of the nation continue to experience blackout, electricity distribution companies have said their inability to obtain foreign exchange to import equipment and a revenue shortfall of N300bn are some of the factors hampering their operations. According to Punchng, The firms said the low electricity generation occasioned by gas supply shortages as a […]

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FG may close Abuja airport, sack workers

The Federal Government on Monday decried the high level of infrastructural rot at the Nnamdi Azikiwe International Airport, Abuja, particularly its only runway, and declared that it might close the airport soon. It also stated that it would trim down what it termed as the bloated workforce, particularly managers of the Federal Airports Authority of […]

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Fuel Scarcity in Aviation: Airlines cancel flights, reschedule

The scarcity of aviation fuel, which has affected the industry over the past few days, became worse on Sunday as a number of domestic airlines cancelled their evening flights out of Lagos, while others simply rescheduled them. Among the airlines that cancelled their flights were Aero Contractors, Medview and First Nation, while Dana Air rescheduled […]

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‘How Wema Bank and CBN was defrauded of over N340m’

A member of staff of Wema Bank, Mrs Abosede Oyelakin, yesterday gave an account of how some members of staff of the bank allegedly defrauded both the bank and the Central Bank of Nigeria (CBN) of over N340 million in the mutilated currency scam. Mrs. Oyelakin is the first prosecution witness in the ongoing case […]

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Glo sustains lead in Q1internet subscriber report

[G]lobacom has sustained its lead in internet subscriptions in the telecoms market as the industry report for the first quarter of this year shows that the company strengthened its position as Nigeria’s preferred network for new data subscribers. In a statement, the telco said in the report released by the industry regulator, covering the first […]

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N5.5bn Debt: Ecobank want restrain order from Honeywell, Otudeko

Ecobank Nigeria Limited has urged the Federal High Court in Lagos to restrain Anchorage Leisures Limited from accessing its funds in 20 banks over an alleged N5.5 billion debt. The bank is claiming that Anchorage and its sister companies, Honeywell Group Nig. Limited and Honeywell Four Mills Plc, all owned by billionaire businessman, Dr Oba […]

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First Bank Nigeria to downsize its workers by 1,000

FBN Holdings Plc, the parent company of First Bank Nigeria Limited, is planning to cut about 1000 jobs and focus less on providing loans to the oil industry in a bid to reverse the 2015 financial year’s 82 per cent slump in profit. The lender expects to boost its return on equity, a key measure of […]

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Nestle builds N5.7bn water factory

Nestle says it has built a state-of-the-art water factory valued at N5.7bn. The project, according to a statement by the firm, was made possible through a loan provided by the Bank of Industry and guaranteed by the First City Monument Bank. The new factory, according to the firm, occupies 14.13 hectares of land with a […]

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Nigeria Stock Exchange may penalise 35 companies for delayed audit report

[su_dropcap]T[/su_dropcap]he Nigerian Stock Market(NSE) may sanction 35 companies for failing to meet the deadline for the submission of their audited reports and accounts for the immediate past business year. Post-listing rules at the NSE require quoted companies to submit their earnings’reports, not later than three months after the expiration of the period. Most quoted companies including […]

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Babatunde Fashola

Nigeria power sector lost N7.7bn to workers’ strike – Fashola

[su_dropcap]T[/su_dropcap]he frequent industrial action by workers in the electricity supply industry has resulted in the loss of about N7.734bn between 2014 and 2016, the Minister of Power, Works and Housing, Babatunde Fashola, has said. Fashola disclosed this at the third triennial delegates’ conference of the Senior Staff Association of Electricity and Allied Companies in Abuja […]

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