Companies

UBA grosses N315bn, pays N22bn dividend

United Bank for Africa (UBA) Plc recorded considerable growths in the top-line and bottom-line in 2015, bucking a downtrend that had seen many banks warning of declining earnings. Key extracts of the audited report and accounts of UBA for the year ended December 31, 2015 released yesterday at the Nigerian Stock Exchange (NSE) showed that […]

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NNPC divided into 4 major units

Into four major unit was the Nigerian National Petroleum Corporation (NNPC) been broken into. Minister of State for Petroleum Resources Dr. Ibe Kachikwu yesterday announced the new structure at a briefing in Abuja. According to The Nation, the minister, who is also the Group Managing Director of the organisation, said President Muhammadu Buhari approved the restructuring. He said: […]

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NNPC’s revenue falls by N53.54bn in one month

BETWEEN December 2015 and January 2016, the operating revenue of the Nigerian National Petroleum Corporation fell by N53.54bn, the firm’s financial and operations report released on Friday showed. According to the report, which was for the month of January 2016, the corporation’s group operating revenue for December 2015 was N184.4bn, while it made N130.86bn in […]

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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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