Category: Business

NOVA Merchant Bank, a leading merchant bank in Nigeria, began 2021 on a high note as it announced several promotions for its employees who excelled in the performance of their responsibilities. The Bank announced on Monday that the promotions are in line with its goal of building a high performance culture, adding that they cut across most grade levels including General Manager subject to approval by the Central Bank of Nigeria. Managing Director/Chief Executive Officer of the Bank, Mr Nath Ude, explained that the Bank set out to reward its…

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Some economists on Wednesday in Lagos, commended the Monetary Policy Committee (MPC) of the Central Bank of Nigeria for leaving all Monetary Policy Rates (MPR) unchanged. The experts who gave the commendations said the committee took an ‘excellent resolution’ by leaving key parameters unchanged. The committee had on Jan. 26 decided by a unanimous vote to retain the MPR at 11.5 per cent; the asymmetric corridor of +100/-700 basis points around the MPR; the CRR at 27.5 per cent; and the Liquidity Ratio at 30 per cent. MPR is the…

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Air Peace, one of Nigeria’s leading airline, has announced the launch of new domestic routes and resumption of suspended ones, as part of its route expansion drive and vision to interconnect several cities, the airline’s Chief Operating Officer (COO), Mrs Oluwatoyin Olajide said. In a statement in Lagos, Olajide said the airline would be receiving all its aircraft on overseas maintenance in February, hence the decision to launch the new routes as well as reactivate suspended ones. She added that the planned launch of the new routes was an effort…

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Activities on the nation’s bourse resumed the week on Monday on a positive note following investors’ interests in Dangote Cement and Airtel Africa. Specifically, the All-Share Index inched higher by 86.97 points or 0.21 per cent to close at 41,088.96 from 41,001.99 on Friday. Consequently, month-to-date and year-to-date returns increased to 2.0 per cent. Also, the market capitalisation, which opened at N21.448 trillion improved by N46 billion or 0.24 per cent to close at N21.494 trillion. The market gain was driven by price appreciation in large and medium capitalised stocks…

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The Federal Government has been advised to explore data and intelligence in order to ease tax collection and improve its revenue base. Tax experts, speakers, panelists and government functionaries gave the advice at the recently held First Annual National Tax Dialogue, in Abuja, organized by the Federal Inland Revenue Service (FIRS), with the theme “Taxation in a Post-Covid Economy”. In his Keynote Address at the event, President, African Development Bank, Dr. Akinwunmi Adesina, highlighted the pandemic’s impact on Africa’s economy and the various interventions by the bank and national governments.…

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Polaris Bank says it will unveil its first set of millionaires in its ongoing ‘Save and Win’ promo on Feb. 9. The bank in a statement on Sunday said that the first set of winners would be determined through a raffle draw. “One millionaire will emerge with 60 others going home with N100,000 prize money each and several others winning instant consolation prizes,” it said. The statement encouraged Nigerians to save a minimum incremental sum of N10,000 in three consecutive deposits of the remaining promo period, to qualify and be one…

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The Nigerian Ports Authority (NPA) says its electronic call-up system for trucks has taken off. This is contained in the authority’s official Twitter page on Friday. “The Authority is pleased to announce the commencement of Eto, the Electronic Truck call-up system, designed for the management of truck movement and access to and from the Lagos Ports Complex and the Tin Can Island Ports, Apapa, Lagos. “All trucks doing business at the ports will be required to park at the approved truck parks until they are called up into the port…

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Polaris Bank has introduced a cash flow lending product for Small and Medium Enterprises (SMEs) know as Polaris Business Loan. The facility offers both existing and new SME customers of the Bank the opportunity to access quick loans for stock replacement, equipment finance, working capital and business expansion to sustain and scale up in the business. This forms part of the lender’s continuous efforts to support the growth of small and medium scale businesses. The loans can be used for a wide range of purposes such as stock replacement and…

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…..Approves Board Members For NPA, TCN President Muhammadu Buhari has approved the re-appointment of Hadiza Bala Usman as Managing Director of Nigerian Ports Authority (NPA) for another five-year tenure. Mr Femi Adesina, the President’s spokesman, who confirmed this in a statement in Abuja on Thursday, revealed that the president also approved the reconstitution of the Non-Executive Board of the NPA, with Mr Emmanuel Olajide Adesoye (from South-west zone), as Chairman. Other members of the Board are: Ekenyem Nwafor-Orizu (South-east zone), Akinwunmi Ricketts (South-south zone), Ghazali Mijinyawa (North-East zone), Mustapha Amin…

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Kano Investment and Diaspora, in partnership with the Foreign Commonwealth Development ((LINKS) and Manufacturers Association of Nigeria (MAN) have secured a N10 billion intervention fund from the Central Bank of Nigeria (CBN) to revive companies impacted by the Covid-19 pandemic. Speaking at the sensitization meeting on Kano Turnaround Project, on Monday, in Kano, the Director General of KanInvest & Diaspora, Hajiya Hama Ali, said the programme, which was designed to revive companies that had been affected by COVID-19 pandemic, would target at least 50 companies. She explained that the CBN…

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