Companies

Power supply in Nigeria drops by 1,647MW

POWER supply in the country has dropped by 1,647.88 megawatts from 4,447.88MW achieved on February 2, thereby worsening the rationing that the electricity distribution companies have been subjecting consumers to in recent days. The Nigerian Electricity Regulatory Commission said on Tuesday that power supply through the national grid had dropped below 2,800MW due to vandalism […]

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Sterling Bank

Sterling Bank presents Ikpeazu with highway kits

AS part of its corporate social responsibility (CSR), through its communual initiative, “Sterling Environmental Makeover” (#STEM) series, staff of Sterling Bank Plc, has embarked on a national cleaning exercise and also presented reflective kits to Governor Okezie Ikpeazu, of Abia State, for street sweepers and highway managers in the state. The staff of the One […]

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FBNH completes sale of FBN Microfinance Bank to Botswana’s Letshego Holding

First Bank of Nigeria Holding (FBNH), has finally completed the sale of FBN Microfinance Bank to Letshego Holdings a Botswana based financial institution. The bank announced last December that it has applied for the Securities and Exchange Commission (SEC) approval for the deal, the company has obtained its board approval to dispose of the unit […]

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Coca-Cola acquires 40% stake in Chivita

THE Coca-Cola Company is now a shareholder of the holding company of Chi Limited, Tropical General Investments Group. Both companies, in a statement on Saturday, said a binding agreement had been concluded for the Coca-Cola Company to acquire an initial minority equity shareholding in Chi Ltd. In the statement by Chief Public Affairs and Communications […]

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New electricity tariffs take effect on Monday – NERC

THE new tariffs approved for electricity consumers across the country will become effective on Monday and will enable the power distribution, generation and transmission companies to acquire needed infrastructure, the acting Chairman of the Nigerian Electricity Regulatory Commission, Dr. Anthony Akah, has said. Akah, who said this when he led top executives of the regulatory […]

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Honeywell appeals freezing of accounts by Ecobank

Honeywell Flour Mills Plc has appealed against partial freezing of its accounts by the Federal High Court in Lagos following an application by Ecobank Nigeria Limited. The court had, following an ex-parte application by the bank’s lawyer, Mr. Kunle Ogunba (SAN), restrained chairman of Honeywell Group, Dr. Oba Otukedo, the company’s directors and subsidiaries from […]

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Again, Skye Bank plans to raise fresh capital

SKYE Bank has revealed that it is seeking to raise fresh capital in the first quarter of 2016 in a bid to shore up its capital base. This was disclosed by the company’s Group Managing Director/Chief Executive Officer of the Bank, Mr. Timothy Oguntayo at an at an interactive session with top stockbrokers in Lagos […]

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Obama auto Industry

PRESIDENT Barack Obama took to the Detroit auto show today for a victory lap around the industry his administration saved in the depths of the financial crisis. There’s no doubt that the American car business today reflects the goals Obama set seven years ago. Detroit automakers enjoy record sales and huge profits, while employing more […]

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PZ Cussons Heads For Another Profit Drop

Profit loss suffered by consumer goods company, PZ Cussons Plc, for the second year at the end of its 2015 financial year ended May, may continue at the end of the current financial year ending May 2016. This is because the company lost one-third of the after tax profit on year-on-year basis at the end […]

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Union Bank Faces Likely Drops In Revenue, Profit At Full Year

The challenges of inability to grow revenue being faced by major financial institution, Union Bank Plc, could lead to a drop in gross earnings for the bank at full year. Rising interest cost is hurting profit capacity and the bank isn’t likely to achieve up to one-half of its preceding year’s profit based on the […]

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Guinness Sues NAFDAC Over Controversial N1bn Fine

Guinness Nigeria Plc has approached a Lagos High Court in Igbosere to challenge the N1bn fine imposed on it by the National Agency for Food and Drug Administration and Control. The company urged the court to perpetually restrain NAFDAC from publicly discussing, analysing or providing any information to the media, whether print, electronic or in […]

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Syke Bank Trills Customers In Ikorodu With ‘Reach For The Skye’ Reward Scheme

Customers and traders in Sabo Market Ikorodu were super excited to witness another stimulating draw. Several people went home with cash prizes and instant gift items in the Skye Bank “Reach for the Skye Millionaire Reward” scheme. The monthly draw which took place at the Better Life Market day in Sabo Market on Wednesday, December […]

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