Consumer Rights Advancement Organisation has appealed to the Federal Government to stop electricity generation companies from shutting down their operations over N156 billion debts. The GenCos, in newspaper advertisements on Aug. 8, threatened to shut down their plants over N156 billion debts owed by some government agencies. Mr Adeolu Ogunbanjo, the President of CRADO, a […]
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First City Monument Bank (FCMB) has announced the opening of its branch in Gbagada, in Lagos State with effect from June 13 this year. The lender also plans to raise its customers’ base to 3.8 million, with 600,000 expected join its base within this year. The new branch, on Diya Street, Ifako-Gbagada, is in line […]
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United States carrier, United Airlines, will stop flying to Nigeria next month, ending operations on its only African route because of weakness in the energy sector and difficulties in repatriating money from tickets sold in the country, Punchng report. This came barely six weeks after Spain’s national carrier, Iberia Plc, stopped flights to Nigeria, citing […]
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Vitafoam Nigeria Plc, Diamond Bank Plc and Transnational Corporation of Nigeria Plc, led the stock market into a loss of N56bn at the close of trading on the floor of the Nigerian Stock Exchange on Tuesday. Data from the NSE showed a drop in market capitalisation to N9.172tn from N9.228tn, while the NSE All-Share Index […]
Read More 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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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 […]
Read More 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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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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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 […]
Read More 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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[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 […]
Read More 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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