The royalties and corporate taxes paid by Shell to the Nigerian government last year increased to $1.4bn from $1.1bn in 2015 on the back of the rise in crude oil prices, while the Shell Petroleum Development Company-operated joint ventures alone contributed $29bn to the federation’s purse between 2012 and 2016. The royalties and taxes would […]
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Etisalat Nigeria’s estimated 23million subscribers can now heave a sigh of relief as the anxiety over its possible takeover by 13 creditor banks has now been laid to rest with its parent company, Etisalat Abu Dhabi, showing stronger willingness to inject fresh funds to recapitalise its subsidiary. This was part of the outcomes of a […]
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Sterling Investment Management SPV Plc, a special purpose vehicle floated by Sterling Bank Plc, at the weekend listed its ₦8 billion bond on the Nigerian Stock Exchange (NSE). A total of 7.965 million units were listed at par value of N100 at the weekend. Sterling Investment Management SPV’s ₦7.965 billion bond is a seven-year 16.50 […]
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Yahoo Inc said on Tuesday it would buy back $3 billion of its common shares, ahead of the company’s pending deal with Verizon Communications Inc. Shares in Yahoo, which has a 15 percent stake in Chinese e-commerce company Alibaba Group Holding Ltd, were up 0.6 percent at $50.15 in premarket trading. Verizon agreed to buy […]
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Unilever Plc, United Kingdom (UK), will inject about ₦38 billion into its Nigerian subsidiary, Unilever Nigeria Plc under a new capital raising programme approved by the shareholders of the fast moving consumer goods company last week. Shareholders of Unilever Nigeria at the annual general meeting in Lagos approved a proposal by the board of the […]
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Airtel Nigeria and Ericsson, a world-class telecommunications and equipment service company, have announced the launch of Nuvu (nuvu.tv), a subscription-based video-on-demand (VOD) service. Nuvu will provide subscribers access to more than 3,000 local and international TV and film titles, empowering Airtel customers to download content directly to their smartphones or tablets at no additional data […]
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Dispute between the Petroleum and Natural Gas Senior Staff Association of Nigeria and a subsidiary of United States’ ExxonMobil Corporation has taken a turn for the worse on Monday as the union extended its industrial action to other international oil companies operating in the country. This followed the rejection of the directive by the Minister […]
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Federal Airports Authority of Nigeria on Monday declared that all measures adopted in 2014 to curtail the spread of the dreaded Ebola virus at airports across the country had been adequately fortified. It also assured passengers and other users of their safety at the nation’s airports following the World Health Organisation’s recent announcement on the […]
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Gap between the official and black market rates is shrinking – courtesy of the Central Bank of Nigeria (CBN), which has pumped over $4 billion into the interbank, bureaux de change, wholesale spot and forwards auction. The injection has been in the last three months. The exchange rate gap yesterday narrowed to ₦80 from ₦214 […]
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Dufil Prima Foods, makers of Indomie Noodles, recently rewarded Nigerian youths on social media as it seeks more ways to interact with its teeming consumers at their passion point. The brand used the opportunity to improve on its brand equity with consumers creating several engagement platforms. Some of the platforms were: comedy – “Belleful Comedy […]
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Oil prices rose on Tuesday, extending gains after a joint announcement by top producers Saudi Arabia and Russia to push for an extension of supply cuts until the end of March 2018. Brent crude futures were at $52.05 per barrel at 0129 GMT, up 23 cents, or 0.44 percent, from their last close. U.S. West […]
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The Wall Street Journal reports that Ford Motor Co. is planning substantial job cuts in order to boost profits and raise its stock price. The newspaper says the cuts would target salaried employees and would reduce Ford’s global headcount by an equivalent of 10 percent. Ford didn’t confirm the report Monday night. In a statement, […]
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