• Number of billionaires has doubled in last decade – Oxfam

    Number of billionaires has doubled in last decade – Oxfam
    The number of billionaires has doubled in the past decade and the world’s wealthiest 2,153 people controlled more money than the poorest 4.6 billion combined last year, the charity Oxfam said Monday.
    Meanwhile, unpaid or underpaid work by women and girls adds three times more to the world’s economy each year at least $10.8 trillion than the technology industry, the Nairobi-based charity said in its “Time to Care” report.
    Women around the world work 12.5 billion hours comb
  • Inequality: Number of billionaires has doubled in last decade

    Inequality: Number of billionaires has doubled in last decade
    The number of billionaires has doubled in the past decade and the world’s wealthiest 2,153 people controlled more money than the poorest 4.6 billion combined last year, the charity Oxfam said Monday.
    Meanwhile, unpaid or underpaid work by women and girls adds three times more to the world’s economy each year at least $10.8 trillion than the technology industry, the Nairobi-based charity said in its “Time to Care” report.
    Women around the world work 12.5 billion hours comb
  • N8.5tr target: 50 directors, others affected in massive shake-up at FIRS

    N8.5tr target: 50 directors, others affected in massive shake-up at FIRS
    Uche Usim, Abuja
    Ahead of his plans to realize the 2020 revenue target of N8.5 trillion, the Executive Chairman of the newly constituted board of the Federal Inland Revenue Service (FIRS), Muhammadu Nami, has begun implementing a massive reorganisation blueprint that has seen the transfer of over 100 staff, cutting across various cadres, especially directors.
    The move did not totally come as a surprise, however, to many because Nami, shortly after his inaugural speech on January 16, hinted of hi
  • Why inflation may rise further – analysts

    Why inflation may rise further – analysts
    Economists at Financial Derivative Company (FDC) have said the country will experience a rise in the inflation rate and a further decline in its foreign exchange reserves as the government juggles various options to steady the economy on the path of growth in the year.
    The post Why inflation may rise further – analysts appeared first on TODAY.
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  • Sanitary Pads among 20 Basic Items Exempted From 7.5 VAT

    Sanitary Pads among 20 Basic Items Exempted From 7.5 VAT
    By Johnbosco Agbakwuru – Abuja
    Sanitary Pads are among the list of 20 basic food items in the Finance Act 2019 exempted from the new 7.5 Valued Added Tax, VAT expected to take effect from February this year.
    President Muhammadu Buhari had penultimate week signed the Finance Act to improve the revenue base of the country.
    The new law which has generated a lot of controversy according to the government will promote fiscal equity and support MSMES. Laolu
    A statement from the office of the Vi
  • Sanitary pads, 19 other items exempted from VAT hike

    Sanitary pads, 19 other items exempted from VAT hike
    By Johnbosco Agbakwuru – Abuja
    Sanitary Pads are among the list of 20 basic food items in the Finance Act 2019 exempted from the new 7.5 Valued Added Tax, VAT expected to take effect from February this year.
    President Muhammadu Buhari had penultimate week signed the Finance Act to improve the revenue base of the country.
    The new law which has generated a lot of controversy according to the government will promote fiscal equity and support MSMES. Laolu
    A statement from the office of the Vi
  • Afreximbank unveils $500m fund for African creative industry

    Afreximbank unveils $500m fund for African creative industry
    By Babajide Komolafe
    FOLLOWING the example of the Nigerian Bankers Committee N200 billion creative industry initiative, the African Export-Import Bank (Afreximbank) has announced a $500 million credit facility to support the production and trade of African cultural and creative products over the next two years.
    Read also: Nigeria accounts for 50% of glaucoma cases in Africa  — TCFAfreximbank President, Prof. Benedict Oramah disclosed this in Kigali, capital of Rwanda, while speaking
  • 2020: Vibrant microfinance banking sector to emerge with higher turnover

    2020: Vibrant microfinance banking sector to emerge  with higher turnover
    By Providence Adeyinka
    Banking hall
    A MORE vibrant  Microfinance Bank, MfB, sector is expected to emerge in 2020 buoyed by the Central Bank of Nigeria, CBN’s mandated recapitalisation exercise.
    The new capital requirement mandates Tier 1 unit MfBs to N200 million capital base, N50 million capital base for Tier 2 unit MfBs. While the paid-up capital base of State MfB’s and National MfBs were raised to N1 billion and N5 billion respectively.
    Speaking
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  • Julius Berger, MTN others rated high in assets, performance, revenue, profits

    Julius Berger, MTN others rated high in assets, performance, revenue, profits
    By Peter Egwuatu
    Julius Berger Nigeria Plc has been ranked in the upper top 100 Nigerian companies in terms of assets, revenue and profits in fiscal year 2018.
    Buhari cannot be compelled to declare assets publicly ― Presidency
    Alongside MTN Nigeria , Dangote Group and Zenith Bank, the companies were announced as “Nigeria’s Top 100 Companies”; an exclusive club of the country’s corporate elite.
    A survey by influential Business weekly magazine, NEXTMONEY in its Decem
  • Seven firms jostle to beat deadline for release of end year results

    Seven firms jostle to beat deadline for release  of end year results
    By Peter Egwuatu
    In their bid to meet the deadline for the release of the 2019 financial results, which is    a post listing requirements of the Nigerian Stock Exchange, NSE, seven companies before the end of weekend notified the Exchange of their close period for the year under consideration.
    The seven companies are First Bank Nigeria Holding, FBNH Plc, United Bank of Africa, UBA Plc, Julius Berger Nigeria Plc, Honeywell Flour Mills Plc.
    FG fixes Dec 31 next year for final review of
  • Equities pricing: Analysts expect mixed performance this week

    Equities pricing: Analysts expect mixed performance this week
    By Nkiruka Nnorom
    As the equities market continues to benefit from the monetary policy induced low interest rate regime, economic experts have said that activity in the market this week would be a mixed bag of profit taking and bargain hunting as investors seek to re-invest maturing Open Market Operation (OMO) bills.
    Equities defy earning reports, declines 0.38%
    Though profit taking bucked the eight day rally that resumed at the beginning of the year on Tuesday and Wednesday, interest in heavy
  • Access Bank customers win N50m in DiamondXtra savings promo

    Access Bank customers win  N50m in DiamondXtra savings promo
    By Babajide Komolafe
    VIVIAN Onyebukwa, a Journalist with one of the national dailies and 1,044 Nigerians across the country, emerged winners at the quarterly, senior citizens and women’s draw of the Access Bank’s DiamondXtra season 11 reward scheme.
    Speaking shortly after receiving the N500,000 prize cheque, Onyebukwa said she has been a customer of Access Bank for years, adding that she never knew she would emerge winner someday.
    READ ALSO: Buhari, Adeshina meet in Aso Rock
  • 2020: Anxiety over prospects of PFAs investment in equities

    2020: Anxiety over prospects of PFAs investment in equities
    CBN Governor, Godwin Emefiele
    …As investment in equities declines for 2nd year by 8.3%
    By Nkiruka Nnorom
    THERE are anxieties over the prospect of Pension Fund Administrators (PFAs) investment in equities in 2020, with capital market operators projecting a reversal of the 8.2 percent, year-on-year, y/y,  decline recorded in the eleven months ending November 30, 2019, which indicated second consecutive year of decline.
    Financial Vanguard’s analysis of the latest data on pension
  • Fidelity Bank splashes N50m cash prizes on customers

    Fidelity Bank splashes N50m cash prizes on customers
    By Elizabeth Adegbesan
    FIDELITY Bank has improved the living standard of its customers with N50 million cash prizes and 93 consolation prizes through its Get Alert in Millions (GAIM) Season 4 Promo.
    READ ALSO: China to cut reserve requirement for banks as economy slowsSpeaking at the third monthly draw of the Promo in Lagos, the Chief Executive Officer/Managing Director Fidelity Bank, Nnamdi Okonkwo, said the bank has given out N50 million   cash prizes out of N110 million cash prizes
  • External reserves halt 6-month downward trend, rise to $38.32bn

    External reserves halt 6-month downward trend, rise to $38.32bn
    …Cost of funds decline to persist amidst N833bn inflow
    By Babajide Komolafe
    THE nation’s external reserve halted a six months downward trend, as it rose to $38.32 billion last week, the first week-on-week (w/w) increase since July last year.
    The development which raises hope of continued exchange rate stability in 2020 saw the external reserves first rising by $53 million to $38.342 billion on Wednesday, January 15, from $38.289 billion on Friday, January 9, the previous week,
  • Access Bank secures final approval to acquire Kenyan bank

    Access Bank secures final approval to acquire Kenyan bank
    By Nkiruka Nnorom
    Access Bank Plc said it has secured final approval from all relevant authorities in Kenya to proceed with the acquisition of majority stakes in Kenyan-based Transnational Bank (TNB).
    The bank said, Friday, in a regulatory filing that the approval followed a ‘no objection’ granted it by the Central Bank of Nigeria (CBN) in October last year.
    Abortion: MSION promotes better access to modern contraceptive
    According to the bank, the acquisition is in line with its stra
  • CeBIH: Leveraging Open Banking for collaboration, e-payment growth

    CeBIH: Leveraging Open Banking for collaboration, e-payment growth
    •Stanley Jacob ,CeBIH Chairman
    By Babajide Komolafe
    OPEN Banking addresses the challenge confronting many bank customers especially those with multiple bank accounts.
    Such customers have to visit the branches of each bank, or use their different mobile apps before they can access or use their money in any of the different bank accounts.
    Open Banking addresses this challenge by creating an arrangement that gives the customer the opportunity to share his financial details in different financi
  • First Bank supports schools with N10 billion loan

    First Bank supports schools with  N10 billion  loan
    By Babajide Komolafe
    FIRST Bank of Nigeria Limited said it has supported educational institutions in the country with N10 billion loans in the last ten years.
    The bank in a statement said that the loan support is carried out through its FirstEdu product, an educational solution created to enhance the educational facilities in schools with a view to improving the quality of education across the country.
    READ ALSO: Ministry of Education not recruiting – AdamuThe bank stated that the &l
  • Mercedes achieves 9th consecutive record year, retains No 1 spot

    Mercedes achieves 9th consecutive record year, retains No 1 spot
    Moses Akaigwe
    The year 2019 was the ninth consecutive record year for Mercedes-Benz, with growth of 1.3 percent to a total of 2,339,562 units delivered worldwide. At the same time, Mercedes-Benz maintained its leading position among the luxury car brands for the fourth year in a row. In all three of its main markets – China, Germany and the USA – the Stuttgart-based brand with the three-pointed star surpassed the high levels of the previous year. 
    China, Mercedes-Benz’s la
  • Queues reduce on Lekki-Ikoyi bridge as motorists embrace cashless tolling

    Queues reduce on Lekki-Ikoyi bridge as motorists embrace cashless tolling
    Moses Akaigwe
    Shorter travel time, ease of passage, and little or no traffic. This is the summary of the observations of some of the motorists who have been crossing the bars of the popular but hitherto congested Lekki-Ikoyi Link Bridge toll plaza since the new cashless payment policy took effect on January 1, 2020 {though actual implementation commenced January 2}.
    Some of the motorists who shared their experiences after passing through the plaza on Tuesday, exactly two weeks after the cashless
  • Lagos govt. explains purchase of vehicles, bikes for traffic enforcement

    Lagos govt. explains  purchase of vehicles, bikes for traffic enforcement
    The vehicles and motorbikes presented to the combined Traffic Enforcement Team recently by the Lagos State Government was meant to enhance the group’s capability to carry out its enforcement operations regarding the unlocking of traffic gridlocks in the metropolis. 
    This was disclosed at the handover ceremony in Alausa, Ikeja, by the Commissioner for Transportation, Dr. Frederic Oladeinde, who assured that more enforcement equipment (vehicles and motorbikes) would be deployed by gover
  • Hyundai, Uber take to the sky with ‘S-A1’ air taxis

    Hyundai, Uber take to the sky with ‘S-A1’ air taxis
    Moses Akaigwe
    One of the highpoints of this year’s annual Consumer Electronics Show (CES 2020) held in Las Vegas, United States of America recently {from January 6 to 9} was the world premiere of the first concept Personal Air Vehicle {PAV} courtesy of Hyundai Motor Company.
    Named ‘S-A1’, the concept PAV is the product of a partnership between Hyundai and Uber on the development of Uber Air Taxis.
    The concept vehicle represents the Urban Air Mobility (UAM) solution, which was p
  • Weststar, Utobras pledge after-sales support for Comil luxury bus

    Weststar, Utobras pledge after-sales support for Comil luxury bus
    Moses Akaigwe
    As the count-down to the Tuesday, January 28 date for the launch of Comil Invictus 1200, the latest model in the luxury bus industry in Brazil, continues, the two firms behind the coming of the vehicle to Nigeria, have assured the market of a solid after-sales backup for users of the vehicle. 
    Weststar Associates Limited and Utobras Nigeria Limited said last week that beyond the unique selling point of quick return on investment, operators of Invictus 1200 luxury bus will enjo
  • Shacman sends GM to Nigeria, mulls CKD assembly plant

    Shacman sends GM to Nigeria, mulls CKD assembly plant
    As the popularity of heavy duty vehicles continues to spread in Nigeria through the efforts of its franchise company, Transit Support Services Ltd (TSS), there are indications that the Chinese manufacturer is desirous of consolidating on the remarkable success so far achieved by the brand.
    Part of the plan is the expansion of the existing sales and after-sales network and the establishment of a Shacman assembly plant in Nigeria to produce the heavy and medium duty trucks, as well as road tractor
  • US-Iran feud divides stakeholders on benefit to Nigeria

    US-Iran feud divides stakeholders on benefit to Nigeria
    Adewale Sanyaolu with agency reports
    Stakeholders in the energy sector appears divided over the current crisis involving the United States of America (USA), a world power and major oil producer , and Iran, also a major contributor to the global oil market.
    While some believe that the crisis involving the two countries could lead to a spike in oil prices, others believe that not much would happen to prices rising to higher levels.
    US President, Mr. Donald Trump had, on Thursday, January 2, 2020,
  • Shell inducts professors, 22 others into Shell sabbatical

    Shell inducts professors, 22 others into Shell sabbatical
    Thirty–one Nigerian academics and research interns including nine professors and four senior lecturers were last week inducted for a one-year sabbatical programme and research internship in Shell companies in Nigeria at a ceremony held at the Port Harcourt Headquarters of Shell Petroleum Development Company of Nigeria (SPDC).
    Drawn from 10 Nigerian and one British universities, the 31 participants are the highest in the 40-year history of the Shell Nigeria sabbatical programme, and the num
  • River ports: NIWA’s intervention’ll boost economy, create jobs

    River ports: NIWA’s intervention’ll boost economy, create jobs
    Steve Agbota, [email protected]
    Over the years, all four river ports in Onitsha, Oguta, Baro and Lokoja have remained obsolete and in very poor conditions thus jeopardising their use.
    But before the present administration, contracts were awarded and several billions of Naira released for the construction and rehabilitation of these river ports across the country.
    Despite government intervention and promises, the river ports, which are supposed to complement the road in movement of passenge
  • NESREA, EPRON, E-TERRA destroy goods seized at TIN CAN port

    National Environmental Standard and Regulatory Enforcement Agency (NESREA),  E-waste Producer Responsibility Organisation Nigeria (EPRON) and E-TERRA have destroyed items siezed at the Tin Can Island port in order to prevent  hazardous effect on the environment and to ensure compliance of Basel convention on  e-waste.
    The burning exercise, which took place at E-TERRA facility in Lagos, saw goods , such as television sets, computers and monitors and other items, destroyed.
    Speaking
  • WACT handles another largest container ship at Onne port

    Barely one month after handling its first gearless vessel and the largest containership to call at Onne Port, Rivers State; leading container terminal operator, West Africa Container Terminal (WACT) has handled another large gearless containership deployed by leading Far Eastern shipping line, Pacific International Lines (PIL). 
    Before now, only the ports in Lagos were able to handle such class of vessels in Nigeria.
    The PIL gearless vessel named KOTA KASTURI with a capacity of 3,081 TEU (t
  • Finance Act: How to tackle corruption, unfriendly business climate before implementation –Experts

    Finance Act: How to tackle corruption, unfriendly business climate before implementation –Experts
    Uche Usim, Abuja
    “Government has a lot to do for businesses to thrive, as a basis for raising enough tax targeted by the new law. Infrastructure is critical, as the country’s facilities are poor. The signing of the law should be supported by improved infrastructure stock and enabling business environment, as the law alone is not enough”.
    These were the views of a council member of the Chartered Institute of Taxation of Nigeria (CITN), Dr. Titilayo Fowokan, while advising the Fe
  • How we saved over N400bn with salary inspection –Egbule, NSIWC ex-Chairman

    How we saved over N400bn with salary inspection –Egbule, NSIWC ex-Chairman
    Isaac Anumihe, Abuja
    “I know that we should look into requests for salary review by agencies that are paid buoyantly,” says Dr Richard Egbule, the pioneer Chairman/Chief Executive of National Salaries Incomes and Wages Commission (NSIWC).  Giving reason for this, he explained that  “if you would do that without any compromise, you must at least be well paid. So, we  needed to do something about the job. These people who carry it out must be paid well.&r
  • Anxiety over use of carbide on fruits deepens

    Anxiety over use of carbide on fruits deepens
    Okwe Obi
    The Federal Government’s outcry against the widespread use of carbide to quicken the  ripening of fruits seems to have fallen on deaf ears, as most fruit sellers, retailers, wholesalers across the country still use this dangerous chemical to ripen and preserve fruits despite health hazards.
    Definitively, calcium carbide (CaC2), both of which contain arsenic and phosphorus, which can prove fatal to human beings are still added in fruits. CaC2 is a known carcinogen – an a
  • Nanono seeks partnership with US on food sufficiency

    Nanono seeks partnership with US on food sufficiency
    The Minister of Agriculture and Rural Development (FMARD), Alhaji Muhammad Sabo Nanono, has solicited a stronger partnership and collaboration between the ministry and the United States of America (USA), through the United States Agency and International Development (USAID), towards achieving food sufficiency and job creation.
    The minister disclosed this when the USAID delegation, led by the US Ambassador to Nigeria, Mary Beth Leonard, paid him a courtesy visit in his office in Abuja on Wed
  • UK-Africa investment summit’ll boost Nigeria’s FDI 

    Merit Ibe
    British Deputy High Commissioner in Nigeria, Ms Harriet Thompson, has said the inaugural UK-Africa Investment Summit, which kicks off today in London, is part of measures to strengthen Nigeria’s Foreign Direct Investment (FDI). 
    Thompson explained that the summit, organised by United Kingdom government, is designed to create new, long-term partnership that will deliver more investment and jobs in Nigeria and Africa at large.
    Thompson noted that the global market for FDI
  • Manufacturing sector struggling despite CBN’s support –LCCI

    Manufacturing sector struggling despite CBN’s support –LCCI
    The Lagos Chamber of Commerce and Industry (LCCI) has lamented that the country’s manufacturing sector is still struggling in terms of growth even as the biggest beneficiary of the Central Bank of Nigeria’s (CBN) support to the real sector of the economy.
    The Director-General of LCCI, Muda Yusuf, made the disclosure in Lagos during LCCI 2019 Economic Review and Outlook for 2020.
    He  pointed out that the sector got N459.69 billion out of N1.17 trillion disbursed by deposit money
  • Drug makers groan over N1bn codeine seizure 

    Pharmaceutical manufacturers have disclosed that the Federal Government is yet to compensate them for un-lawfully holding on to the N1 billion worth of codeine products seized from their factories last year.
    According to the manufacturers, this is barely one year, the Federal Government through the National Agency for Foods and Drug Administration and Control (NAFDAC), commenced mop up exercise to recall codeine syrup products in circulation nationwide.
    Particularly, they lamented that the conti
  • FAAN Bill: Minister’s absolute powers proposal raises concerns

    FAAN Bill: Minister’s absolute powers proposal raises concerns
    Chinelo Obogo, [email protected]
     
    On Tuesday, November 19, 2019, President Muhammadu Buhari transmitted a letter to the Senate, seeking consideration and passage of six Aviation Sector Bills for amendment. The bills include Civil Aviation Bill 2019; Federal Airport Authority of Nigeria (FAAN) Bill 2019; Nigerian College of Airspace Management Agency Establishment Bill 2019; Nigerian Meteorological Agency Establishment Bill 2019 and Nigerian Safety Investigation Bureau Establishment
  • Declare Nov 19, National Management Day, Iyanda tells Buhari

    Declare Nov 19, National Management Day, Iyanda tells Buhari
    Simeon Mpamugoh
    The outgoing president and chairman of council, Nigeria Institute of Management (NIM), Olukunle Iyanda, has called on President Muhammadu Buhari to declare November 19 as Management Day in Nigeria.
    Iyanda at this year’s Management Day lecture series of the institute in Lagos said such proclamation by the Federal Government would provide a diplomatic leverage to the efforts of the institute.
    He said, “Management Day is a platform the Institute uses to celebrate the ide
  • VAT increase’ll add to our burden, chemical workers tell FG

    VAT increase’ll add to our  burden, chemical workers tell FG
    Bimbola Oyesola
    Workers in the chemical sector of the economy have warned the Federal Government that the proposed Value Added Tax (VAT) invrrease from 5 to 7.2 per cent would further impoverish them.
    The workers, under the umbrella of the National Union of Chemical Footwear Rubber Leather and Non-Metallic Products Employees (NUCFRLANMPE), recently, rejected the Federal Government’s VAT proposal, adding that they would intensify campaigns against the increase.
    National president of the uni
  • Ngige restates govt’s commitment to better workers’ welfare

    Ngige restates govt’s commitment to  better workers’  welfare
    The Minister of Labour and Employment, Senator Chris Ngige, has commended Nigerians, especially workers, for their resilience and support for government’s efforts at re-building the nation, assuring them of continued  commitment to their welfare in the new year. 
    In a New Year message to the nation’s workforce by his Special Adviser Media, Nwachukwu Obidiwe, the minister said the understanding showed by workers over the challenges the Federal Government faced in repositioni
  • Nestle to offer family leave pay to 300,000 workers worldwide

    Officials of the Swiss-based company in Frankfurt, said on Wednesday that the multinational food company Nestle would offer paid family leave to its 300,000 employees worldwide.
    The programme, which applies equally to men and women as well as to families who adopt or foster children, is to be launched next year and rolled out globally by 2022.
    The company said people caring for children would be offered up to 18 weeks of paid leave on top of state benefits.
    As a producer of baby and children&rsq
  • Minimum wage: We’ll battle states to standstill –Adeyemi, PSI vice president

    Minimum wage: We’ll battle states to standstill  –Adeyemi, PSI vice president
    Bimbola Oyesola, 
    The battle for the new national minimum wage has now moved to the states, and, for organised labour, it is time to take appropriate action against states that have failed to keep to the December 31, 2019, implementation deadline. 
    The global vice president for Africa and Arab nations of the Public Service International (PSI), Peters Adeyemi, notes that the rascality of some of some governors would not make them comply with the deadline from the Nigeria Labour Congress
  • NCDMB, Waltersmith to support Equatorial Guinea on modular refinery development

    NCDMB, Waltersmith to support Equatorial Guinea on modular refinery development
    Uche Usim, Abuja
    Equatorial Guinea will be enjoying the technical support of the Nigerian Content Development and Monitoring Board (NCDMB) and Waltersmith Petroleum Oil Limited as it seeks to establish modular refineries that will refine its crude and hydrocarbon resources. 
    The bi-lateral cooperation was confirmed at the weekend when the Executive Secretary of NCDMB, Mr Simbi Wabote and Chairman Waltersmith, Mr. Abdulrazaq Isah hosted the Minister of Mines and Hydrocarbons, Equatorial Guin
  • Mouka rewards customers with insecticide-treated nets

    In an effort to fight malaria, Mouka manufacturing company is set to give insecticide-treated nets to customers on every single purchase of selected sizes of its ‘Comfy’ mattresses. This was disclosed at the weekend by the company’s Head of Marketing, Tolu Olanipekun.
    She said the effort is a measure geared towards checking malaria in a country with a record 100 million malaria cases and over 300,000 deaths annually.
    “In line with the essence of the brand, which is adding
  • Customs armoured vehicles rot away, as smugglers kill officers in Ogun, Lagos

    Customs armoured vehicles rot away, as smugglers kill officers in Ogun, Lagos
    Steve Agbota
    Officers of the Nigeria Customs Service (NCS) are regularly being killed by dare devil smugglers, as the Armoured Personnel Carriers (APCs), procured by the Service have been abandoned across various commands.
    The immediate past Comptroller General  of NCS, Abdulahi Dikko, had in 2014 procured the APCs for Custom officers in Lagos and Ogun to combat smuggling. But, since 2015, the APCs have been abandoned while smugglers are having a field day killing, maiming and wounding offi
  • Unclaimed dividends: SEC targets reduction via electronic offering

    Unclaimed dividends: SEC targets reduction via electronic offering
    The introduction of electronic offering in the Nigerian capital market has been described as a major achievement that will help solve the problems of unclaimed dividends.
    To this end, the rules have been developed and espoused to the market.
    This was stated by Acting DG of the Securities and Exchange Commission (SEC), Ms. Mary Uduk, in an interview, at the weekend in Abuja.
    Uduk said the SEC is excited about electronic offering and is in full support hence the need to develop the rules to guide
  • GAIM 4: Fidelity Bank rewards 13 customers with N16m

    For being faithful and committed to servicing their accounts, top Nigerian lender, Fidelity Bank Plc, gave out N16 million to 13 customers in the categories of N2 million and N1 million respectively.
    This was even as the bank doled out 19 consolation prizes in form of fridges, television sets and power generating sets.
    Speaking at the bank’s third monthly draw of the Get Alert in Millions (GAIM) promo season 4 in Lagos, Managing Director / Chief Executive Officer, Nnamdi Okonkwo, noted it
  • OGSPAN to launch digital platform for stakeholders

    OGSPAN to launch digital platform for stakeholders
    The Oil and Gas Service Providers Association of Nigeria (OGSPAN) has concluded plans to launch a digital platform, PETROHUB, that will allow all stakeholders in the oil and gas value chain to buy or sell products seamlessly.
    Speaking to journalists at the weekend, the Executive Secretary of the association, Mazi Obasi, stated that PETROHUB is aimed at easing logistics hiccups and bring together all major players in the value chain.
    On how it works, he explained that a seller would sign up on th
  • NSE delists CRe Plc shares

    NSE delists CRe Plc shares
    The Nigerian Stock Exchange (NSE) at the weekend, delisted 10,372,744,312 ordinary shares of Continental Reinsurance (CRe) Plc from its daily official list.
    The exchange had granted the company’s approval to delist after it filed an application for voluntary delisting, stating that the delisting was consequent upon a scheme of arrangement between Continental Reinsurance and the holders of its fully paid ordinary shares of 50 kobo each.
    Meanwhile, the company had denied delisting plans, sta
  • Sun Trust Bank appoints Mrs Buba as MD/CEO

    Sun Trust Bank appoints Mrs Buba as MD/CEO
    Sun Trust Bank has appointed Mrs Halima Buba as its Managing Director/Chief Executive Officer.
    A statement from the bank says the Central Bank of Nigeria (CBN) has given nod to the appointment via a letter signed by the Director, Banking Supervision, Mr. Ahmed Abdullahi.
    The letter noted that Mrs Buba would take over from Mr. Ayo Babatunde.
    Her appointment was premised on her years of experience as a financial expert and a seasoned banker with over 20 years of experience in both the private and