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 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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[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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[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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[su_dropcap]F[/su_dropcap]orte Oil Plc is set to raise N100 billion fresh capital to expand its operations within Nigeria. Consequently, the directors of the company are seeking the approval of shareholders at the forthcoming annual general meeting to raise the funds, reports. According to the company, the N100 billion could be raise through a rights issue, bond […]
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[su_dropcap]T[/su_dropcap]ransnational Corporation of Nigeria Plc (Transcorp), Nigeria’s foremost investment conglomerate has announced its audited 2015 Financial Results. The Group posted a profit before tax of N3.3bn for the period under review. Transcorp Group Operating Profit went up by 11% from N14bn in 2014 FY to N15bn. Its posted turnover of N40.8bn and profit before tax […]
Read More [su_dropcap]F[/su_dropcap]ollowing an 11-day Universal Safety Oversight Audit Programme conducted on Nigeria’s aviation industry, the International Civil Aviation Organisation has described the progress and development of the sector as satisfactory. This was disclosed by the auditors during the presentation of the preliminary audit result and their assessment of the aviation industry at the closing meeting of […]
Read More Unilever Nigeria has recorded Profit After Tax (PAT) of N1.19billion in the forth quarter of 2015, as against the N141 million it posted at the close of trading in the third quarter. The company also recorded a turnover of N59.2 billion for the year ended 31 December ,2015, representing a 6.2 per cent growth in […]
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[su_dropcap style=”light”]N[/su_dropcap]o fewer than 120 deaths arising from accidents were recorded in the power sector in 2015, the Nigerian Electricity Regulatory Commission has said. According to NERC, the sector also recorded 117 injuries during the period, as it decried the high number of casualties in the industry despite having trained engineers in the workforce. The Manager, […]
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ETISALAT Nigeria’s Director for Channel Sales, Victor Nwaobia, says that the telecoms company places a lot of value on its partners whose roles are critical to the success of the business. He spoke at the company’s exclusive business conference and gala night for its crème of channel partners. Nwaobia said, “It is part of the […]
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STERLING Bank Plc has posted a profit after tax of N10.3bn for the year ended December 31, 2015, which represents a rise of 14.3 per cent over last year’s figure. Its profit before tax rose by 2.5 per cent to N11bn, which the bank attributed to a higher retention of organic capital, compared to the previous […]
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Over the years, the trouble in the Power ministry has been one of the reasons slowing down the growth in electricity generation and supply across the country, the Minister of State for Power, Works and Housing, Mustapha Shehuri, has said. Shehuri also announced the Federal Government’s new power generation target of 25,000 megawatts by the […]
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