Category: Business

Shareholders of Transnational Corporation of Nigeria Plc (Transcorp) have commended the Board and Management of the company for their remarkable achievements demonstrated in the company’s record-setting financial performance in 2018.  Speaking at the company’s 13th Annual General Meeting, which was held at the iconic Transcorp Hilton, Abuja on Friday, March 15, 2019, the shareholders lauded Transcorp for remarkably exceeding its financial performance in previous years while positively impacting the lives of its stakeholders across the country.  Transcorp’s results for the financial year ended December 31, 2018, showed that the Group’s revenue hit an impressive N104.16bn…

….Driven by Market Share Gains Across Africa  …Records Profit of  N106.8 billion The Pan-African financial institution, United Bank for Africa Plc has announced its Audited 2018 Financial Results with impressive growths achieved across major financial lines.  According to the 2018 financials filed at the Nigerian Stock Exchange on Tuesday, the Africa’s global bank’s gross earnings grew by 7.0 percent toN494.0 billion, compared to N461.6 billion recorded in the corresponding period of 2017. The Bank’s total assets also grew significantly by 19.7 percent to an unprecedented N4.9 trillion for the year under review….

The General Secretary, National Union of Textile Garment and Tailoring Workers of Nigeria (NUTGTWN), Mr Issa Aremu, has commended the Central Bank of Nigeria (CBN) for the  ban on sale of FOREX.  The CBN had on March 5, at its meeting with stakeholders in the cotton, textile, garment value chain in Abuja, banned the sale of FOREX to importers of textiles into the country.  The CBN listed all forms of textile materials among items prohibited from foreign exchange in its official windows.  It also promised a financial intervention to textile…

…………..continues to focus on scaling its business NOVA Merchant Bank Limited declared a profit after tax of N1.15bn for the year ended 31st of December 2018, an increase from N510.6m in 2017, as it begins to reap the benefits of its investments in its operations, technology and people. This impressive result demonstrates the Bank’s growth trajectory which is expected to accelerate as it scales its business and grows its client base. It achieved strong growth across all parameters. The Bank recorded a 54.10% growth in gross earnings from N1.22bn in…

Renault SA, Nissan Motor Co and Mitsubishi Motors Corp plan to set up a joint board meeting structure to discuss issues related to their alliance in a step toward integration of operations, according to reports from Tokyo on Sunday. Citing multiple sources involved in the matter, the report said the heads of the three automakers – Nissan Chief Executive Hiroto Saikawa, Mitsubishi Motors Chairman Osamu Masuko, and Renault Chairman Jean-Dominique Senard – are preparing to announce the plan for the joint meeting soon. If approved at Nissan’s scheduled board meeting…

…..Boosting Access To Electricity Key For Development, Africa will not fully develop if hundreds of millions of its people continue to live without electricity, Economic Commission for Africa’s Executive Secretary, Vera Songwe said Thursday. Addressing a Res4Africa business-to-government high level workshop on accelerating the renewable energy transition in Ethiopia, Ms. Songwe said energy was at the heart of development and access to electricity would lift productivity within and across sectors. “Right now the continent is moving towards the game-changing African Continental Free Trade Agreement where collectively we can wield the…

Delegates from China Civil Engineering Construction Corporation Ltd (CCECC) paid a courtesy visit to Dangote Industries Limited Head Office in Ikoyi on Tuesday. L-R: Managing Director, CCECC Nigeria Ltd., Michael Jiang and Group President/Chief Executive, Dangote Industries Limited, Aliko Dangote L-R: Managing Director, CCECC Nigeria Ltd., Michael Jiang; Group President/Chief Executive, Dangote Industries Limited, Aliko Dangote, and Group Managing Director, Dangote Cement Plc, Engr. Joseph Makoju. 

……. With 57.1 PMI points As At February  The Central Bank of Nigeria (CBN), said the Manufacturing Purchasing Managers’ Index (PMI) stood at 57.1 index points as at February, indicating an expansion in the manufacturing sector for 23 consecutive months. The CBN said this in its monthly “Purchasing Managers’ Index (PMI) Survey Report’’ by the Statistics Department posted on its Website. The report said the index grew at a slower rate when compared to 58.5 index points recorded in February. According to the report, 13 out of the 14 sub-sectors…

… still number 1 in Africa President of Dangote Group, Aliko Dangote has significantly moved up in the World billionaires’ list as he emerged 64th richest person in the world, with an estimated worth of $16.6 bn, as against his previous ranking of 103rd in the world.   Dangote, who remains the richest man in Africa for the 8th year running, was the only Nigerian on the list of the top 500 billionaires, as released last week by Bloomberg in its yearly billionaires list. Jeff Bezos remains the richest in…

Thirty engineering graduates have been inducted to the fifth batch of the Shell Nigeria internship programme, a four-year old scheme designed to help young graduate engineers upscale their skills in readiness for employment in the energy sector. The internship programme, run in collaboration with the Petroleum Technology Association of Nigeria (PETAN), places the interns with various Nigerian oil and gas service companies to gain industry experience for one year. SPDC Nigerian Content Manager, Mr. Olanrewaju Olawuyi, described the programme as a critical intervention in bridging the manpower gap in the…